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Struggles Following Shibarium Mainnet Launch
Cryptocurrency enthusiasts were left disappointed after the Shibarium mainnet launch, a Layer 2 scaling solution for Ethereum, got off to a less than optimal start. The impact has been swift, particularly for the associated tokens - Shiba Inu’s SHIB, Shibarium's governance token BONE, and the LEASH token, with all three experiencing significant price drops since the launch on August 16.
Token Prices Take a Hit
The SHIB token has experienced a slump in its price by 8.1% in the last 24 hours, while BONE prospects look even bleaker with a decline of over 14% during the same period.
LEASH token, intended to provide staking rewards, suffered the most significant loss, dipping by 23.5% within a day.
Launch Hiccups
Untimely issues during the launch seem to have contributed to the plunge. Reported screenshots of an internal Telegram discussion among Shibarium developers suggest that lead developer Shytoshi disclosed the team's inability to retrieve assets bridged to the Shibarium network.
ZachXBT, a well-known figure in blockchain analysis, stated that the status of the assets is still unconfirmed. He added that the Remote Procedure Call (RPC) — a node responsible for running essential blockchain client software — was not responsive.
Evidence of Trouble
Somebody, through the Shibarium Scan block explorer, corroborated that no new blocks had been added for the past seven hours at the time of publication. Several previously mined blocks were yet to be imported.
Another user reported technical problems with the block scanner, stating that they could not access their bridged balance over the RPC. With the Shibarium RPC website simultaneously experiencing downtime, suspicions of a flawed bridge are growing. The total value of locked funds is estimated to be nearly $2.46 million, comprising $1.7 million in Ether (ETH) and an extra $762,000 in BONE, Shibarium’s governance token.
