Shibarium Layer Two Relaunches After Final Scaling Update

Jimmy Aki
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After an initial temporary shutdown, the Shiba Inu development team has announced the reopening of the widely anticipated Shibarium layer two mainnet bridge.

The new bridge will enable users to process seamless withdrawals for crypto assets such as SHIB, LEASH, wETH, and BONE to Ethereum.

Shibarium Offers a New Ecosystem for DeFi Applications

In a recent August 28 official blog post, Shytoshi Kusama, the pseudonymous developer team of the Shiba Inu crypto ecosystem, announced that the Shibarium layer two scaling bridge is live after a final update.

The Shibarium mainnet layer two bridge initially launched on August 16, indicating a massive development to the decentralized finance (DeFi) ecosystem.

However, scalability issues quickly stunted its performance due to a massive transaction surge.

More so, the bridge through which users sent crypto tokens from the Ethereum network was marred, freezing access to millions of dollars in users’ funds.

This led the pseudonymous team to temporarily suspend the mainnet and the bridge to identify issues and profer solutions.

The news of a temporary closure fueled wild speculations on crypto communities and groups on Twitter, which caused a significant downtrend in the market.

Several assets got trapped in the bridge, fueling wild speculation on crypto Twitter and triggering significant downside action on the markets.

Notably, the SHIB token suffered a 10% drop, supposedly driven by activities surrounding Shibarium.

After an in-depth study, the development team attributed the bridge lags to large amounts of transactions, which exceeded the layer 2 network’s capacity.

Now reopened, the Shibarium bridge can process and complete withdrawals for assets such as SHIB, Doge Killer (LEASH), and wrapped ether (wETH). These token withdrawals may take 45 minutes to 3 hours to complete.

Withdrawals for the BONE asset have also been made available. However, unlike the rest of the assets, completing may take up to seven days.

In addition, over 350,000 transactions and a stunning 65,000 wallets suspended during its temporary halt were secured. They are now accessible to their respective owners.

According to the public announcement, the development team thanked Polygon for their contributions in resolving the issue, alongside users who ignored the misinformation posted on numerous news blogs.

No Immediate Price Uptrend for SHIB

The reopening of the Shibarium layer two network bridge marks a significant milestone. This network was developed and deployed within the Ethereum blockchain by the Shiba Inu community.

In the cryptocurrency world, positive news concerning an asset or its ecosystem often triggers an upward price trend. With Shibarium’s final update successful and the capability of bridging crypto assets to the Ethereum bridge, will the SHIB token explode?

Shibarium

At press time, SHIB is trading at $0.000008 per token, indicating a downtrend of 1.93% in the last 24 hours.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.