The recently launched Shibarium protocol has started experiencing problems and this has caused it to stop the production of blocks. This has led to the Shib Whales and the investors to leave behind the tokens compatible with the protocol. Get the full details below.
Faulty Shibarium Protocol and Frustrated Investors
The Shiba Inu developers are working on rectifying the issue Shibarium is facing. According to the latest reports, the assets have been put on hold on the bridge. The Shib whales and other traders have started abandoning their SHIB, LEASH and BONE tokens as a result of frustration.
According to Beosin monitoring, the transaction on Shibarium, Shiba Inu's Layer 2 solution, is in a pending state. Currently, $1.7 million in ETH is locked on the Shibarium cross-chain bridge. Users are advised to temporarily stop using Shibarium. During the Shibarium testnet,…
— Wu Blockchain (@WuBlockchain) August 17, 2023
Blockchain production was going on well until it stopped again after going on for a few minutes. The last transaction that was recorded on the blockchain produced happened at around 5:42 UTC.
The faults behind the Shibarium protocol have led investors to start questioning its reliability and scalability. It is important to note that the development of the Shibarium relied purely on feedback from the Shiba Inu community. According to Beosin, a blockchain security firm says that Shibarium should be put on hold and investors should stop using it temporarily since 1.7$ million of ETH are held back on the bridge. Rumour has it that the assets are unrecoverable. The Shib Mainnet RPC is no longer in use.
This move will set limits within the interactions of the clients and the network and could also impede the recovery of the assets.
There have been no steps taken to give news on the latest trends of the protocol by the Shiba Inu team. Confusion is reigning greatly within the Shiba Inu community. The Discord Server also had challenges after BONE was held back on the bridge.
What Is The Fate Of The Shiba Inu Token?
With malfunctions being reported this early, this could spell bad conditions for the Shiba Inu token. The selling pressure has already started with whales and investors currently dumping their assets.
The value of the token is currently at 0.0000091$ after falling by 9% in the past 24 hours. The values of LEASH and BONE have also dropped as BONE trades at 1.32$ and leash trades at 449$.