ETH

Shibarium Reopens Amidst Skepticism: What Are The Improvements?

by BSC News

August 28, 2023

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The Shibarium reopening follows the initial launch of Shibarium on August 16, which experienced a temporary setback when approximately $1.7 million worth of Ethereum was reportedly stuck on the Ethereum bridge.

Shibarium Reboot

Shytosi Kusama, the mastermind behind Shiba Inu's development, has announced the reopening of Shibarium on Aug. 28. 

In an official blog post, Kusama shared that Shibarium is now fully operational and thriving. He disclosed that the layer has already attracted over 65,000 wallets and processed a remarkable 350,000 transactions. Notably, Shibarium's user base is exploring an array of tokens, showcasing the network's diverse utility.

Kusama took the opportunity to express gratitude to various contributors, including the Polygon team, who played an instrumental role in the evolution of Shibarium. He emphasized that the strategic decision to fork Polygon was the right path forward, highlighting Shibarium's current success as a result of the collective effort.

Source: Shytosi Kusama Twitter

Swift Withdrawal Process

The announcement laid out the procedure for withdrawing different tokens from Shibarium. The system is designed for efficient withdrawals, typically clearing within a reasonable timeframe of 45 minutes to 4 hours.

As per Kusama, users can now smoothly withdraw various assets, including SHIB, LEASH, and wrapped Ether (WEth) tokens. However, withdrawals involving the native BONE token might require a longer window of up to seven days for processing, aligning with the network's intended design.

This reopening of Shibarium follows its initial launch on August 16, an event marked by approximately $1.7 million worth of Ethereum getting temporarily trapped on the Ethereum bridge. 

In response to this incident, the Shibarium development team clarified that the bridge was not at fault. Rather, the issue arose due to an extraordinary surge in user activity, overburdening the servers and exceeding their operational capacity.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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