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Shiba Inu's Shibarium Bridge Achieves Full Functionality, Meeting High Expectations

Aug 28, 2023 at 02:28 pm

According to a recent update released on Monday, the time required for withdrawing tokens can range from 45 minutes to a week, contingent upon the specific token, as detailed by the developers. Following weeks of eager anticipation, the functionality for withdrawing tokens from the Shibarium bridge has been successfully activated and is now accessible to users. This development follows the initial launch of the bridge, which encountered software bugs, resulting in substantial challenges and leaving a considerable amount of funds stranded on the network.

As per the information provided in the Monday update, the processing duration for withdrawing Shibarium ecosystem tokens, including shib (SHIB), leash (LEASH), and wrapped ether (wETH), is expected to fall within the range of 45 minutes to 3 hours. Conversely, the withdrawal process for bone (BONE) tokens might extend to a period of 7 days to ensure completion.

In response to the initial difficulties faced, Shytoshi Kusama, the chief developer, had previously emphasized that proactive measures were taken to avert the recurrence of such disruptions. The development team collaborated with Polygon blockchain developers to effectively address any potential concerns. Notably, Shibarium is built upon the Polygon framework and utilizes a modified code derived from it.

Operating as a layer-2 network on the Ethereum platform, Shibarium leverages SHIB tokens for transaction fees. This strategic move forms a part of the broader initiative to establish Shiba Inu as a notable blockchain project. The network's central focus revolves around metaverse and gaming applications, while also serving as an economical settlement choice for DeFi applications constructed on its framework.

During the testing phase of Shibarium, significant achievements were witnessed, with millions of wallets participating and facilitating approximately 22 million transactions over a four-month period. However, shortly after its official launch earlier this month, the network encountered operational challenges. This resulted in transaction delays and funds becoming trapped on the bridge, consequently leading to a substantial 10% decline in SHIB prices during that timeframe.

Developers attributed the initial disruptions to an influx of transactions from users that overwhelmed the network's servers, leading to failures due to excessive load. They explicitly clarified that the issues were not rooted in the bridge itself. In response, the development team took proactive steps by implementing a "new monitoring system and additional fail-safes" to effectively mitigate the risk of similar disruptions, particularly during periods of heightened network activity.

Despite the network's restart and the team's concerted efforts to address the preceding issues, SHIB experienced a 2.2% decline within the past 24 hours. This decline aligns with the prevailing bearish sentiment evident in the market, affecting major cryptocurrencies like bitcoin (BTC).

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