December 9, 2023

Shiba Inu’s Shibarium Scaling Protocol Resolves Initial Challenges: Final Updates Revealed

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The Shiba Inu community and its ecosystem expressed dissatisfaction with the initial unsuccessful introduction of Shibarium, a layer-2 scalability protocol. This raised concerns among various stakeholders. However, it is now evident that these issues have been addressed and resolved. 

Shytoshi Kusama, the lead developer of the Shiba Inu network, recently released the “Shibarium Scaling Final Update.” This update confirms that Shibarium is now live and functioning effectively. The announcement emphasized that even before its official public launch, Shibarium had already gained an impressive user base of 65,000 wallets and facilitated an astonishing 350,000 transactions.

Shytoshi also highlighted the diverse range of tokens that currently populate the Shiba Inu network. These tokens encompass a captivating variety, ranging from unique and lighthearted to more substantial offerings. However, it is important to note that not all of these tokens may be suitable for all audiences. The future trajectory and prominence of these tokens within the network remain uncertain.

Related article: Shiba Inu: Shibarium Launch Propels BONE Token Holders to Exceed 90K, Majority in Profit

In addition, Shytoshi provided information regarding the staked tokens within Shibarium. Currently, there are 19,677,336.8931 BONE tokens that have been staked within the protocol. While the safety of all funds is assured, Shytoshi also highlighted the withdrawal timeframes for these tokens.

According to Shytoshi, the withdrawal process for certain tokens may take between 45 minutes to 3 hours. However, for BONE tokens specifically, the withdrawal timeframe might extend to an entire week. It is important for users to be aware of these timelines and plan their withdrawals accordingly, taking into consideration the potential delay for BONE token withdrawals.

The Shiba Inu lead further clarified that the extended withdrawal timeframe for BONE tokens is not a glitch but a deliberate feature implemented for enhanced security purposes. These measures have been carefully put in place to ensure that users’ digital assets are transferred securely from one point to another.

Related Reading: 410B+ SHIB Now Burnt by Shiba Inu Community; Burn Rate at 79.51%

Polygon Network Offers its Assistance to Shiba Inu

Previously, Shytoshi had mentioned that the Shiba Inu team was actively seeking assistance from influential allies. However, he had not disclosed their identities at that time. In a recent blog post, Shytoshi expressed gratitude towards the Polygon network and acknowledged their support during a challenging incident.

In his blog post, Kusama wrote, “Quickly after the incident began, I called Sandeep from Polygon directly and without a second thought, he helped provide additional resources to ensure a perfect outcome to the situation. And that, is why our pivot to fork Polygon was the correct one.”

Despite the successful launch of Shibarium, the SHIB token has witnessed a 2.48% decline in value over the past 24 hours. Currently, the asset is being traded at a comparatively low price of $0.000007924.

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