Shibarium, the second‑level solution from the creators of the meme token Shiba Inu (SHIB), has resumed withdrawals via the Ethereum bridge after prolonged glitches that arose during launch.
The project’s mainnet was deployed on August 16, but a day later Shibarium encountered operational problems. As a result, according to Beosin analysts, about 1003 ETH worth $1.8 million became stuck in the cross-chain protocol.
In addition, governance tokens for Shibarium — BONE — were stuck in the smart contract for about $762,000. For almost two weeks no cross-chain bridge transaction was confirmed.
After the protocol resumed operation, users could withdraw SHIB, LEASH and “wrapped” ETH. It is expected that the process will take from 45 minutes to 4 hours.
Withdrawal of BONE is also enabled, but processing may take up to seven days.
The Shibarium developers said the problem was related to “an enormous volume of traffic that came in within seconds” after the network launch. In their words, the surge in transactions overloaded the servers, causing them to exceed planned operating limits.
To solve the issue, the L2 network team turned to Polygon and created a fork of the protocol based on it.
“Shortly after the incident began, I called directly Sandeep Nailwal, and he, without hesitation, provided additional resources to ensure a perfect outcome of the situation,” said Shiba Inu’s chief programmer under the pseudonym Shatoshi Kusama.
According to the project description, Shibarium offers fast transactions and low fees thanks to the Proof-of-Stake consensus mechanism. It provides “enhanced security” with sovereign identity.
The network uses Shiba Inu ecosystem tokens — SHIB, LEASH and BONE. The latter is chosen as the native asset for rewarding validators and delegators. For these purposes, 20 million BONE are reserved from the total supply of 250 million coins.
As of writing, SHIB shows signs of recovery after a 30% drop. The asset trades at $0.00000795, according to CoinGecko. The decline in BONE has also slowed — the coin is hovering around $1.25, according to CoinGecko.
In March 2022, the Shiba Inu team revealed details of the launch of its own metaverse built on Shibarium.