Shiba Inu Layer-2 Launch Faces Challenges: Shibarium Network Still Down

Introduction

In this article, we will be discussing the recent launch of Shibarium, the layer-2 network on Ethereum, by the Shiba Inu (SHIB) developers. Despite high expectations, the launch of Shibarium has faced significant challenges, with the network still offline and nearly $2 million of user assets stuck. While the developers claim that there is no cause for concern, there are conflicting reports and growing frustrations among users.

The Assurance from Shytoshi Kusama

The main developer of Shiba Inu, Shytoshi Kusama, has assured the community that everything is under control. He explicitly stated that there was no issue with the bridge and that all user assets are safe. Kusama’s statement referred to the $1.8 million worth of cryptocurrencies that appeared to be stuck in a bridge for transferring assets to Shibarium.

Disputing Allegations and Threatening Legal Action

A screenshot circulating online claimed that Kusama admitted to the mistake and the inability to retrieve the ETH. However, Kusama vehemently denied the authenticity of the screenshot, stating that he never sent such a message. Kusama’s frustration with the screenshot led him to threaten legal action in a blog article. He vowed to identify the source of the fake image and take them to court, emphasizing that malicious attacks on their system will not be tolerated.

The Stalled Shibarium Network

Despite the developers’ reassurances, the Shibarium network remains down. Kusama attributed the issues to network congestion caused by the overwhelming influx of transactions and new users immediately after the Shibarium launch. While the network is designed to handle 400 million transactions per month, within just half an hour, it received 160 million transactions. It seems that the network simply could not handle the sudden surge. As a result, the Shibarium blockchain has been inactive for over 24 hours, leaving users frustrated and concerned.

Conclusion

The launch of Shibarium, the layer-2 network on Ethereum by Shiba Inu developers, has been far from smooth. Despite claims of no significant issues, the network remains nonfunctional, and almost $2 million of user assets are locked. The community is left questioning the developers’ credibility and waiting for a resolution. As the situation unfolds, it is essential for the developers to provide clear communication and take necessary steps to regain trust.