- Shibarium launch has come with a significant hurdle barely 24 hours into its release.
- Nearly $2 million worth of ETH has become locked within the Shibarium.
- Shiba Inu ecosystem tokens have taken a significant hit following this incident.
Shiba Inu’s Shibarium launch has come with a significant hurdle for the crypto community barely 24 hours into its release. In a recent tweet, Chinese reporter Colin Wu highlighted that transaction activities on Shibarium, the Layer 2 solution for Shiba Inu, are currently experiencing a pending state. According to the data shared, nearly $2 million worth of ETH has become locked within the Shibarium.
Furthermore, the well-known crypto sleuth ZachXBT shared further insight into the Shibarium situation. ZachXBT noted that 954 Ethereum (ETH) tokens worth approximately $1.7 million are stocked on the Shibarium cross-chain bridge.
The development particularly startled the crypto community as Shibarium had reached an impressive milestone during its testing phase. Specifically, Wu highlighted that Shiba Inu enthusiasts generated over 21 million wallet addresses while Shibarium was in testnet.
In light of the current situation, users are advised to exercise caution and temporarily refrain from utilizing Shibarium.
Meanwhile, Shiba Inu ecosystem tokens have taken a significant hit following this incident. In the last 24 hours, Shiba Inu has lost a leading zero again, trading at $0.000009289. This figure implies a significant 6.68% crash over the past day. Similarly, Bone (BONE), the official gas token of Shibarium, is down by over 12% in the past 24 hours.
Notably, Shibarium launched yesterday August 16 after months of teasers. Its development revolves around a pioneering consensus mechanism called proof-of-participation (PoP). This consensus approach selects delegators based on the magnitude of their cryptocurrency holdings.
The Shiba Inu team opted for PoP to eliminate the inherent costs of the traditional proof-of-work consensus. Furthermore, according to the Shiba Inu team, Shibarium has been designed to interact with the Ethereum layer one blockchain to ensure an efficient and cost-effective platform.
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