Shiba Inu's Layer-2 network, Shibarium, Faces Issues with Bridge Contract
The highly anticipated Layer-2 network, Shibarium, has encountered significant problems with its bridge contract. Approximately $1.7 million worth of Ethereum is currently stuck in the bridge contract. The launch of Shibarium was expected to boost the price of SHIB, which has been under downward pressure in the past seven days, but that has not been the case.
Shibarium, the much-hyped Layer-2 network of Shiba Inu, encountered major issues just one day after its launch. Despite expectations that the network would turn the tables for the SHIB token, which has experienced a more than 10% decrease since Shibarium's debut, the token has instead continued to decline.
However, while the future of Shiba Inu hangs in the balance, another Shiba-themed meme coin called Shiba Memu (SHMU) has taken the crypto space by storm with its token pre-sale reaching $2.1 million in just over a month. Shiba Memu leverages the power of artificial intelligence (AI) and the hype surrounding meme coins.
What's Happening with Shibarium?
According to an analysis of Shibarium's bridge contract, approximately $1.7 million worth of Ethereum is currently stranded between the two networks during the transfer to the Layer-2 solution. The fund's locking status has been confirmed by the blockchain security team Beosin, which advised people to temporarily refrain from using Shibarium.
Additionally, blockchain expert ZachXBT highlighted that BONE, a Shibarium governance token worth $762,000, was sent to the bridge contract.
In addition to the locked tokens, BlockScout reported that almost two days after the network's launch, only 236 transactions had been validated on the Shibarium Network.
Some users have pointed out issues with Shibarium's Remote Procedure Call (RPC) system, which allows access to a network's server nodes to communicate with the blockchain.
Shiba Inu Developer's Response
Interestingly, the pseudonymous Shiba Inu developer, Shytoshi Kusama, refuted reports that Shibarium was facing "a bridge issue." In a newsletter, Kusama said, "Our technical difficulties are due to the enormous traffic we experienced on Shibarium within a matter of moments. The team is working tirelessly to resolve and scale the issue to provide the ShibArmy with the experience they deserve. All funds are safe."
A moderator of Shibarium's Discord channel also explained that administrators had temporarily restricted access to certain channels as a precaution due to the spread of misinformation and fake websites.
Implications of Shibarium's Misfortune for Shiba Memu
Shiba Inu is a major competitor of Shiba Memu, and its mishaps could be interpreted as an advantage for the new Shiba Memu project, which is well on its way to becoming the most popular meme coin project.
Shiba Memu is a revolutionary token that combines AI and the latest technology to create a fully autonomous marketing powerhouse that deviates from the norm of most meme coins, which rely solely on community participation.
In conclusion, Shibarium's problems with its bridge contract have caused significant setbacks for Shiba Inu. However, it remains to be seen how the project will recover from these challenges and if the emergence of Shiba Memu will further disrupt the Shiba-themed meme coin market.
