Aug 18, 2023

Shiba Inu Crypto Denies Bridge Issues, Calls it FUD

Shibarium Mainnet Launch Causes Technical Difficulties The team behind Shibarium mainnet, a layer-2 scaling blockchain launched on Aug. 17, has denied reports of bridge problems and asset losses, stating that the screenshots circulating in the crypto community are false. Shytoshi Kusama, co-founder of the Shiba Inu ecosystem, attributed the technical difficulties experienced on Shibarium to…

Shiba Inu Crypto - Shibarium Denies Bridge Issues, Calls it FUD.
Shibarium denies bridge issues, calls it FUD

Shibarium Mainnet Launch Causes Technical Difficulties

The team behind Shibarium mainnet, a layer-2 scaling blockchain launched on Aug. 17, has denied reports of bridge problems and asset losses, stating that the screenshots circulating in the crypto community are false.

Shytoshi Kusama, co-founder of the Shiba Inu ecosystem, attributed the technical difficulties experienced on Shibarium to an unexpected surge of transactions and user activity. According to data from Alchemy, 400 million compute units were allocated for the month, yet within 30 minutes of the launch, 160 million compute units were already used. Kusama commented: “Although we expected a very busy moment, we never expected this much traffic, instantly.”

The crypto community began to voice concerns about Shibarium after screenshots of an internal Telegram conversation between Shibarium developers surfaced, suggesting that the team had difficulty recovering assets bridged to the Shibarium network.

Cryptocurrency Revolution: Shibarium and the Proof-of-Participation Consensus Mechanism

Contributing to the investigation, blockchain sleuth ZachXBT explained that while he was unable to confirm whether the assets had been lost, the RPC — the node that runs key blockchain client software — was compromised. At the time of writing, the Shibarium RPC website remains down.

“Give us time to scale […] and then bring up our amazing chain once again,” Kusama said in the blog post, dismissing the rumors as FUD, an acronym for “fear, uncertainty and doubt.”

Shibarium, a project of the Shiba Inu Crypto, relies on a new consensus mechanism called proof-of-participation, in which validators are selected based on their cryptocurrency holdings. It is designed to interact with the primary Ethereum layer-1 blockchain, seeking to offer more efficient and scalable transactions than other platforms like Crypto.com, Gala Crypto, AMP Crypto, Crypto.com Today, Genesis Crypto, Polygon Crypto, and Solana Crypto. Its mainnet was released after months of testing involving millions of users and 21 million wallets created.

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