Shibarium, the Layer 2 blockchain created by the minds behind memecoin Shiba Inu, is now once again allowing token withdrawals over the bridge, a device that moves tokens across networks.
The Shibarium ecosystem token withdrawals, including ETH, SHIB, LEASH, and wrapped ether (wETH), take 45 minutes to three hours to process, according to Shytoshi Kusama, the project’s pseudonymous principal developer. Bone removals from the network will take up to 7 days.
Shiba Inu’s developer gave users the long-awaited assurance that their assets are safe and that “Shibarium is ready for prime time. The action is a component of a larger plan to improve the network’s standing in the blockchain community.
The relaunch update was initially alluded to on August 22, showing that the team was assiduously working to fix the problems that the network had previously encountered at its introduction.
Shibarium’s “overwhelming” inflow of transactions has ended.
On August 16, Shibariun had its mainnet debut. Subsequently, the network experienced major failures. A number of assets became stuck on the bridge, sparking irrational speculation on cryptocurrency Twitter and causing the markets to see considerable negative movement.
The price of SHIB coins dropped 10% after the rocky debut, which was reportedly marred by technical issues.
In contrast, the engineers claimed that the server failures were caused by an “overwhelming” surge of transactions that surpassed the network’s capacity rather than the bridge.
Shibarium experienced great success in the testing phase before launch, gathering millions of wallets and conducting over 22 million transactions over the course of four months.
Kusama stated that the network “accumulated over 65,000 wallets and 350,000 transactions” before its launch. He expressed gratitude to the decentralised Shibarium team, Unification, and Polygon for rectifying the problem.
A final thank you to everyone who resisted the FUD and disregarded the false information that was carelessly placed on numerous news websites.