- The network’s transactions have been frozen for at least five hours.
- SHIB’s price dropped by over 9 percent in the last 24 hours.
The Shibarium blockchain, an Ethereum layer-2 network that utilizes SHIB tokens as fees, went live on late Wednesday. Shibarium is part of a larger strategy that recognizes Shiba Inu as a potential blockchain initiative.
Buckle up #SHIBARMY
Shibarium is officially live and ready to explore: https://t.co/56VsqOa2jt
— Shib (@Shibtoken) August 16, 2023
Developers are already adding functionality to its tokens through the Shibarium network in an effort to establish itself as a participant in the emerging field of decentralized finance (DeFi). Since the network will be using BONE, TREAT, SHIB, and LEASH tokens for blockchain-based apps, the demand for these tokens might drive up their values.
Apart from its usage as a cheap settlement for DeFi apps built atop it, Shibarium is claimed to have an emphasis on metaverse and gaming applications. In particular, the NFT industry is predicted to heat up in the coming years.
On the other hand, as per data from CMC, the Shiba Inu (SHIB) price dropped by over 9 percent in the previous day. Meanwhile, users experienced widespread bridge troubles after the launch of the much-touted Shibarium network late Wednesday.
Transactions on #Shibarium are stuck in a pending state.
$1.7M are currently locked on ETH.
Users are advised to temporarily stop using shibarium.https://t.co/io5puAibBc https://t.co/q2SXqtthoO— Beosin Alert (@BeosinAlert) August 17, 2023
According to blockchain statistics, the network’s transactions have been frozen for at least five hours. There was 954 ether (ETH) worth $1.7 million and BONE worth $750,000 that users had sent to the contract.
Shortly after users started reporting problems, they were prevented from posting on a related community topic on Discord. Shibarium’s shaky introduction to what was intended to be a low-cost, high-growth ecosystem didn’t have the start it had expected.
The crypto community awaits an explanation or a response with a statement on the issue. Meanwhile, so far the Shibarium team remains silent.
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