The expected buzz is real now that the much hyped crypto project of 2023 “Summer of Shibarium” is live, the mainnet finally launched yesterday. The expectation is that the Shiba Inu network will become faster and transactions cheaper.
Shortly after launch, however, the tables were turned upside down when Shubarium experienced a major technical glitch. Users trying to transfer Ethereum to the network encountered serious problems, trapping Ethereum worth about $1.7 million on the bridge between platforms.
What went wrong?
In addition to the Ethereum lockup, the Shibarium network itself experienced problems. The entire block was down for several hours, including the Shibarium Remote Control Protocol (RPC), one of the most important features of the mainnet. This caused a complete network shutdown restricting users and data recovery was severely affected.
One of the Chinese crypto journalists named Colin Wu revealed the real scenario of the Ethereum lockup by pointing out that more than 965 ETH worth $1.7 million were tied up. BeosinAlso, a platform that monitors crypto-related risks has confirmed the news and instructed users to stop using the gateway.
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As concerns grew, DaVinci, a community member and server administrator, advised caution and recommended testing with small amounts due to escalating reports of issues. While Lucie, one of the executives, warns of a greater risk looming on the mainnet. Educated users with tips to prevent phishing and fraud.
Bearish feelings rise
This sudden challenge created a domino effect for the native coin Bone and Shib, which saw a significant drop shortly after its launch. BONE suffered a 16% decline in the past 24 hours, while SHIB’s value fell 6.43%. Not only the native token, but also other tokens tumbled shortly after the failure occurred.
By the analyst Michael Popp, analysis this decline will not last long. He said Shiba Inu has the potential to rise above 45% from its recent low of $0.000009 to $0.00001300. But the condition is that SHIB can hold its support levels and move up gradually. Despite the server outage, the Shib Army is strong and the community is excited about the launch.
As the market is negative, the launch has raised many questions. Investors are concerned about the complexity of blockchain networks and the need to test before launching. As the community resolves these issues, Shibarium’s future and tokens are up for debate.
The launch of the Shibarium mainnet has generated mixed reactions. What is your opinion?