The price of Shiba Inu SHIB/USD tokens has experienced a decline of around 8% in the last 24 hours following widespread reports of bridging issues after the launch of the highly anticipated layer-2 Shibarium network on Wednesday.
What Happened: Blockchain data from Shibariumscan reveals that transactions on the network were halted for at least five hours. Users had attempted to transfer 954 Ethereum ETH/USD, which is valued at approximately $1.7 million, as well as $750,000 worth of BONE (BONE), a governance token associated with Shibarium, to the contract.
There appear to be several transactions within the Shibarium network that have been pending for approximately 9 hours, confirmed by Benzinga.
According to an alleged screenshot, a Shibarium user encountered a technical issue with the block scanner, preventing them from querying their bridged balance over the RPC (Remote Procedure Call). This issue indicates a hurdle in accessing and retrieving information related to their transferred tokens within the Shibarium network.
Bridges serve as vital tools within the crypto market, facilitating the transfer of tokens between different networks.
As of the current time, the Shibarium RPC website is inaccessible or experiencing downtime.
The alleged screenshot also shows Shytoshi Kusama, the lead developer of Shiba Inu, saying in a Telegram channel, “We f***ed up hard, we can’t recover the ETH bridge.”
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Why It Matters: The problematic launch of Shibarium hampers what was intended to be a gateway to a thriving and cost-effective ecosystem.
Shibarium serves as the fundamental layer for the Shiba Inu ecosystem, with a focus on principles such as decentralization, interoperability, and user-centric design.
Kusama emphasized the significance of community involvement and decentralization within the blockchain landscape. Notably, Shibarium operates on the proof of stake (POS) consensus mechanism, making community participation and environmental sustainability key aspects of its design.
Price Action: At the time of writing, SHIB was trading at $0.000009304, according to Benzinga Pro.
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