Shibarium, Shiba Inu’s Layer 2 blockchain, has resumed withdrawals on its bridge to Ethereum after a temporary suspension due to scalability issues. The mainnet had initially launched on August 16 but was paused due to an overwhelming number of transactions, locking millions in user funds and causing community concern.
According to a blog post by Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu project, users can now withdraw various assets, including ETH, SHIB, LEASH, and wETH, within 45 minutes to 4 hours. Withdrawals of the BONE token may take up to seven days, as per the network’s design. The reopening comes as a relief to the Shibarium community, which had been unable to access their assets for several days.
The pause had been attributed to a surge in transactions that exceeded the network’s capacity, causing server failures. To prevent future issues, Shibarium has implemented a new monitoring system and added extra fail-safes. These measures aim to ensure the network can handle large traffic volumes without another stoppage, bolstering its credibility.
The Shibarium network had shown promise during its testing phase, attracting millions of wallets and facilitating 22 million transactions over four months. However, enthusiasm waned when transactions halted for nearly 11 hours shortly after its public launch, causing SHIB token prices to drop by 10%. The team has clarified that the issue was not with the bridge but rather an unexpected surge in user transactions that overloaded the servers.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/29/
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