Shibarium Launches To Chaotic Start As Platform Suffers Technical Issues: Developers Say Funds Safe

In light of recent concerns surrounding the launch of the Layer 2 network Shibarium (CRYPTO: SHIB), lead developer Shytoshi Kusama said Thursday there are no bridge issues and all user funds remain secure.

Contrary to circulating rumors, any screenshots suggesting otherwise have been deemed false by the platform, according to a new blog post from Kusama. 

The technical challenges faced by Shibarium are attributed to an unprecedented surge in traffic rather than any inherent flaw in the platform.

This surge was triggered by the announcement that Shibarium had gone live Wednesday, leading to a massive influx of transactions and users.

The developers stated that to put this into perspective, within 30 minutes of the launch, the platform experienced a consumption of over 160 million-plus compute units, based on analytics provided by Alchemy.

This rate of consumption is on track to rival some of the most active L2 blockchains in existence, the developers said. 

The Shiba Inu network, built on the Ethereum (CRYPTO: ETH) blockchain, unveiled its Ethereum Layer 2 blockchain, Shibarium, during the Blockchain Futurist Conference in Toronto.

After a testnet phase that saw over 21 million user wallets, Shibarium was officially introduced.

The developers said Shibarium’s core purpose is to serve as the base for the Shiba Inu community, prioritizing decentralization, compatibility and a user-focused approach.

The launch of the mainnet seeks to tackle issues related to slow transaction speeds and elevated gas costs in the blockchain domain.

The Shibarium team said it is actively working on scaling solutions to accommodate the growing user base and urged users to exercise caution, advising against clicking on unofficial links.

SHIB Price Action: The Shiba Inu crypto is trading down 11.4% at $0.00000859 Thursday. 

Produced in association with Benzinga