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Shibarium is now officially live after the network’s rocky start this month
Token withdrawals out of the layer-2 bridge are now available to users; nearly two weeks after the highly-anticipated launch on August 16 was mired in scalability issues that led to millions of dollars stuck on the network.
Now, with over 350,000 transactions and 65,000 wallets, the relaunched Shibarium shows improved capacity.
In their Monday blog post, the pseudonymous Shiba Inu developer Shytoshi Kusama clarified the withdrawal process for different Shibarium ecosystem tokens, noting that the protocol is designed to require a specific amount of time for withdrawals to clear.
Shib (SHIB), leash (LEASH), and wrapped ether (wETH) will take a reasonable timeframe of 45 minutes to 3 hours to be processed. However, bone (BONE) withdrawals could take up to 7 days.
Shibarium’s Initial Troubled Launch
Shibarium, an Ethereum layer-2 network backed by SHIB tokens, aims to position itself as a noteworthy challenger in the blockchain space. With a focus on metaverse and gaming applications, as well as serving as a cheap settlement alternative for DeFi applications, Shibarium aims to showcase the potential of the Shiba Inu as a serious blockchain project and help it shed its meme coin status.
However, the excitement surrounding the much-hyped Shibarium’s initial debut was followed by a disappointing hitch. As ZyCrypto reported, a surge of activity after the mainnet launch overloaded the network, leading to a temporary halt in transactions for several hours. Consequently, millions of dollars were trapped on the cross-chain bridge, triggering an 11% decrease in the price of SHIB.
What’s more, Shibarium was briefly closed to the public, with developers sharing regular updates on the state of the layer-2 network.
According to an update issued recently, Kusama indicated that the network’s developers were focusing on “ensuring perfect security measures are in place,” while also scaling and testing the network to prevent an outage repeat.
In today’s blog post, Kusama went on to say that the Shibarium team worked with Polygon blockchain developers to guarantee the protocol’s reopening success despite the initial hiccups.
“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,” Kusama wrote.
SHIB prices were down 2.3% over the past 24 hours, currently trading at $0.00000795, CoinGecko data shows.