Shiba Inu’s Shibarium Bridge has finally achieved full functionality, allowing users to withdraw their tokens. However, withdrawals vary in processing time depending on the token type, as outlined in the latest update.
Token Withdrawals Live
After an initial launch marred by software bugs and subsequent issues, Shiba Inu’s Shibarium Bridge is now operational, enabling users to withdraw their tokens. Developers revealed that withdrawals of SHIB, LEASH, and wETH tokens will be processed within 45 minutes to 3 hours. Meanwhile, BONE withdrawals might take up to 7 days to complete.
Steps Taken to Ensure Smooth Operations
Chief developer Shytoshi Kusama acknowledged the challenges faced during the launch and emphasized. It measures have been implemented to prevent similar outages in the future. The team collaborated with Polygon blockchain developers to address potential issues. Shibarium is built on a modified version of Polygon’s code, known as a fork.
Shibarium’s Role and Success
Shibarium operates as an Ethereum layer-2 network and employs SHIB tokens for transaction fees. This strategic move aims to position Shiba Inu as a prominent player in the blockchain realm. The network targets metaverse and gaming applications, while also providing a cost-effective settlement option for DeFi projects.
During the testing phase, Shibarium witnessed considerable success, boasting millions of participating wallets and conducting over 22 million transactions within four months.
Initial Hiccups and Overcoming Challenges
Despite a promising start, Shibarium faced setbacks soon after its launch. Transactions were stalled for approximately eleven hours due to an influx of user transactions, leading to millions of dollars being trapped on the bridge. This incident caused a 10% plunge in SHIB prices.
Developers clarified that the problem was not due to the bridge itself but rather resulted from an overwhelming surge in transactions that exceeded the network’s capacity. They promptly addressed the issue and have since implemented a new monitoring system and additional fail-safes to prevent similar disruptions.
Despite the efforts to restore stability and functionality, SHIB prices declined by 2.2% in the last 24 hours, reflecting the prevailing bearish sentiment in major cryptocurrencies like bitcoin (BTC).
In conclusion, the journey to achieve full functionality for Shiba Inu’s Shibarium Bridge has been challenging. However, the team’s dedication to resolving issues and enhancing the network’s capabilities demonstrates their commitment to establishing Shiba Inu as a serious contender in the blockchain and DeFi space.