Crypto Updates

Shiba Inu Developer Says Layer-2 Protocol Shibarium Is Live and Ready for Prime Time

Most Dogecoin Holders Are in Profit While Majority of Shiba Inu Owners Remain Underwater: IntoTheBlock

Pseudonymous memecoin developer Shytoshi Kusama says Shiba Inu’s (SHIB) scaling solution Shibarium is “live and operating well.”

In a new blog post, Kusama says that “Shibarium is ready for prime time” after technical issues blamed on a “massive influx” of users cropped up following its official launch earlier this month.

According to the blockchain security firm Beosin, the technical issues led to millions of dollars worth of crypto getting stuck on its Ethereum (ETH) bridge.

The developer says that SHIB, Wrapped Ethereum (WETH) and other tokens in its ecosystem such as the loyalty token DogeKiller (LEASH) and the governance token Bone ShibaSwap (BONE) can now be withdrawn. On how long it will take to withdraw each of these crypto assets, Kusama says,

“It is by design that the SHIB, LEASH, WETH withdrawals through the bridge take at least two checkpoints (45 Minutes to 3 hours), and BONE withdrawal will take up to 7 days.”

According to the developer, the number of wallets and transactions on the layer-2 network has exploded since the scaling solution went live.

“We have accumulated over 65,000 wallets and 350,000 transactions. We’ve seen a variety of fun, unusual, and sometimes offensive tokens deployed on Shibarium alongside a variety of platforms. Within these thousands of tokens, we will see which will rise to the top.”

Last week Kusama said that the team behind Shiba Inu’s scaling solution had enabled a “new monitoring system and additional fail-safes” to prevent technical issues from cropping up again if the protocol witnesses another surge in network traffic.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Click Here to Read the Full Original Article at The Daily Hodl…