Shibarium, the Layer 2 blockchain brought to life by the creators of the popular memecoin Shiba Inu, has exciting news for its community. After a period of anticipation, token withdrawals via the bridge are once again up and running, facilitating the smooth transfer of tokens across different networks.
Shytoshi Kusama, the pseudonymous lead developer behind the Shiba Inu project, made a significant announcement on Monday. He revealed that within the Shibarium ecosystem, withdrawals of tokens such as ETH, SHIB, LEASH, and Wrapped Ether (wETH) are now being processed within a window of 45 minutes to 3 hours. However, for the network’s native BONE withdrawals, users should expect a processing time of up to 7 days.
This eagerly awaited update from the Shiba Inu developer not only assures users of the security of their assets but also marks Shibarium’s readiness for mainstream adoption. The move is in line with a broader strategy aimed at enhancing the network’s reputation within the larger blockchain landscape.
The relaunch and updates were initially hinted at on August 22, revealing the dedicated efforts of the team to address and rectify the issues that had plagued the network during its initial launch phase.
Navigating Through Challenges: Shibarium’s Journey
Shibarium stepped onto the mainnet stage on August 16, and its entry was met with a series of hurdles. A number of assets found themselves stuck in the bridge, sparking speculation and discussions across crypto-related platforms. This situation even contributed to a significant 10% drop in the value of the SHIB coin, which was seemingly impacted by these technical complexities.
It’s worth noting that the development team clarified that the disruptions were not directly tied to the bridge itself. Instead, they were a consequence of an “overwhelming” surge in transaction volume that exceeded the network’s capacity, leading to server failures.
However, it’s important to recognize that prior to its official launch, Shibarium demonstrated impressive success during its testing phase. Garnering millions of wallets and facilitating over 22 million transactions over the span of four months, the project showcased its potential.
Kusama highlighted that before its full release, the network had already amassed a user base of over 65,000 wallets and had processed a staggering 350,000 transactions. In acknowledging the collaborative efforts, he extended gratitude to Polygon, Unification, and the decentralized Shibarium team for their crucial role in resolving the challenges.
He also expressed appreciation to those who helped dispel misinformation and disregarded unwarranted fears that were propagated across various news platforms.
With the resumption of token withdrawals and the network’s renewed stability, Shibarium is poised to embrace a new phase in its journey, further solidifying its place in the dynamic world of blockchain technology.