- Shibarium L2 mainnet goes live, both $SHIB and gas fee token $BONE plunge.
- The Ethereum-Shibarium bridge stumbled upon technical issues on launch.
- On-chain data tracker suggests a five-hour lag on 1,003 Ethereum (ETH).
The long-awaited Shibarium mainnet is finally live. However, the Layer-2 scaling solution’s launch went through some hiccups right from the start. The freshly-launched mainnet has many pending transactions, causing a traffic jam on the blockchain network.
This was spotted on Shibariumscan.io, the official live data tracker for the mainnet. The average block time, produced in a matter of seconds during the testing, now returns a prolonged average of five minutes, highlighting the network’s technical issue.
Stuck in the Bridge: Blockchain Security Company Raises Eyebrows
Blockchain security audit company Beosin spotted that something was off with the Layer-2 scaling solution in the early hours of Thursday. Beosin took to X to alert the users to “temporarily stop using Shibarium,” while blockchain reporter Colin Wu spread the news on X half an hour later.
Shibarium’s primary on-chain data explorer showed no new confirmed transactions for five hours but has wholly gone offline at the time of this publication. Meanwhile, SHIB Token’s lead dev Shytoshi Kusama penned a comforting blog post, explaining that “All is well.”
Kusama disclosed the 400 million compute units per month limit with the Alchemy Web3 development platform. According to him, the enterprise plan for Shibarium might not suffice for all the crypto enthusiasts trying to bridge onto the Shibarium L2. The 160 million compute units taken simultaneously on launch were apparently too much to handle.
At press time, Shiba Inu (SHIB) is changing hands at $0.00000889, according to CoinGecko. Tumbling by 8% in the last 24 hours, SHIB has been hit softer by the cross-chain bridge incident than Bone ShibaSwap (BONE).
The official gas fee and governance token for Shibarium has already lost 9% of its market value in the last 24 hours. Previously, $BONE had an impressive lead into Shibarium – the gas fee token inked 35% last month but couldn’t hold the $1.80 critical support line and now trades at $1.30, according to CoinGecko.
On the Flipside
- The developer team behind Shibarium didn’t acknowledge the cross-chain bridge’s technical issue, downplaying it as “insane traffic.”
Why This Matters
Shibarium Layer-2 aims to bring Shiba Inu on par with other Layer-2 altcoins, being the first memecurrency to do so.
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