Shiba Inu tokens value slide amid Shibarium bridge restart Shiba Inu tokens value slide amid Shibarium bridge restart
The Shibarium team said withdrawals from the bridge would be subject to prolonged processing times.
2 min read
Updated: Aug. 28, 2023 at 11:32 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Shiba Inu’s layer2 network Shibarium mainnet bridge is now functioning optimally, according to an Aug. 28 update from its lead developer, Shytoshi Kusama.
However, cryptocurrency withdrawals on the network are subject to extended processing times. Per the recent update, digital assets like SHIB, Leash, and Wrapped Ether (WETH) may take up to 3 hours to process, while the network’s native Bone token may require a maximum of seven days.
Kusama attributed this extended withdrawal period to the bridge’s specific design. He further assured the SHIB community that their funds were “safu and that Shibarium is ready for prime time.”
The update comes in response to the developers’ move to temporarily halt access to the Shibarium bridge due to complications during its launch on Aug. 16. Many users experienced issues with stuck transactions and frozen funds, which created significant uncertainty within the community.
Lead developer thanks Polygon
The developer highlighted how the Polygon team helped the bridge to remedy its situation.
Shibarium, originally a fork of Polygon (MATIC), distinguishes itself as an Ethereum (ETH) layer-2 network. It leverages SHIB tokens for transaction fees as part of efforts to establish Shiba Inu as a credible blockchain project.
Data from Shibariumscan further shows that the network was processing transactions, with the nearly 67,000 addresses created on the network processing 368,859 transactions as of press time.
SHIB’s value is down despite bridge restart
CryptoSlate’s data shows that the network restart did not positively affect the price performance of Shiba Inu-related tokens. According to the data, Shibarium’s Bone ShibaSwap’s (BONE) token is among the top 10 losers for Aug. 28, while SHIB is down 2.2% in the last 24 hours.
Meanwhile, these assets struggle amid a general bearish sentiment in the crypto market. According to CryptoSlate’s data, Bitcoin (BTC) continues to trade below $26,000, while the broader crypto market fell by 0.65% in the last 24 hours to $1.04 trillion.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
SHIBA INU
$0.00003
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
Bone
$0.16305
Bone coins are used to as exchange mechanism representing the value of the Dog’s Life Data.
Ethereum
$3,143.63
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Polygon
$0.70922
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
