The recent launch of Shibarium, a highly anticipated layer-2 solution for the Shiba Inu blockchain, has sparked a wave of concern within the crypto community. The launch aimed to elevate the status of the meme coin within the industry, positioning it as a more substantial contender.
However, the launch did not meet expectations, leading to criticisms centered around various technical issues and an overall subpar experience.
Community members have specifically slammed the “non-functional” remote procedure call (RPC) system, described the blockchain explorer as “awful,” and used the term “sloppy” to characterize the overall launch experience.
Issues and Observations Plaguing The Shibarium Launch
One of the major issues plaguing the launch is the occurrence of pending transactions on Shibarium. This has led to transactions getting stuck in a pending state, causing disruptions and frustration among users.
Additionally, the community has voiced concerns about the effectiveness of the RPC system. Notably, there are reportedly around $1.7 million worth of funds locked in Shibarium, as reported by blockchain security platforms Beosin and PeckShield. These platforms advised users to temporarily refrain from using the blockchain due to these issues.
Screenshots circulating online appear to show internal conversations, allegedly involving Shiba Inu’s lead developer (known as Shytoshi Kusama). They indicate difficulties in retrieving assets that were bridged to the Shibarium network.
Impact on Tokens
The ripple effect of the launch issues has been felt across tokens associated with the Shiba Inu ecosystem. The SHIB meme coin, which has garnered significant attention in the crypto space, experienced a decline of nearly 10% in its price. This was seen within the span of 24 hours following the launch.
However, it’s the governance tokens of Shibarium, namely BONE and LEASH, that saw more substantial losses. BONE and LEASH recorded drawdowns of around 15% and 24% respectively during the same period. Moreover, TREAT, another token within the ecosystem, also experienced a decline of over 22%. This compounded the negative impact of the launch-related challenges.
Key Takeaways
- Shibarium’s launch fell short of expectations, leading to criticism from the crypto community.
- Technical glitches, including pending transactions and RPC issues, have disrupted user experience.
- A substantial amount of funds (around $1.7 million) is reportedly locked in Shibarium, causing further concern.
- Token prices within the Shiba Inu ecosystem, such as SHIB, BONE, LEASH, and TREAT, declined as a consequence of the launch challenges.
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