Hassan Maishera
TL;DR
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Shiba Inu launched their Shibarium blockchain on Wednesday.
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SHIB dipped by more than 7% following bridge issues with the Shibarium blockchain.
Shiba Inu Launches Shibarium
The Shiba Inu ecosystem launched its highly anticipated Ethereum Layer 2 (L2) blockchain Shibarium on Wednesday, August 16th. The team announced this at the Blockchain Futurist Conference/ETH Toronto.
With the launch of the Shibarium blockchain, it is set to serve as the technical bedrock underpinning the entire Shiba Inu Ecosystem. Having already resonated with a community of over 21 million user wallets during its beta testnet, the live Shibarium mainnet is now ready to on-board millions more who are interested in shaping a new future that honors the principles of decentralization, interoperability, and user-centric design for both blockchain and technology at large.
While commenting on this latest development, Shiba Inu Lead Developer who goes by the pseudonym Shytoshi Kusama stated that;
“Many in the tech world, inside and outside blockchain, are promising ‘everything apps’ and full user interactivity in the world of ideas, goods, services, and other opportunities. However, any such promise absolutely must start at a place of both community and decentralization. As part of one of the most popular cryptocurrencies on the planet, Shibarium lives at the intersection of those two principles in a way that eludes most other technologies, even many other blockchains.”
Shibarium is built on the community-first and environment-friendly consensus mechanism that is Proof of Participation (POP). The blockchain will focus on facilitating high-speed transactions with minimal gas fees and transforming the user experience in the blockchain space.
Validators on the blockchain run nodes, process transactions, and create new blocks, ensuring the seamless operation and overall security of the ecosystem. Delegators, on the other hand, are empowered to support these carefully curated validators by staking support tokens. Both validators and delegators are rewarded for their participation in this ecosystem with a governance token called BONE, which has a total supply of 250,000,000. BONE can also be used to vote on SHIB proposals.
SHIB Dips By 7% Due To Shibarium Bridge Issues
SHIB, the native token of the Shibarium ecosystem, is down by more than 7% in the last 24 hours. The token plunged despite the Shiba Inu team launching its Shibarium blockchain on Wednesday.
The poor performance came following issues with the Shibarium bridge. Blockchain data indicated that transactions on the network were stalled for a minimum of five hours on Wednesday.
SHIB was the worst performer amongst the top 20 cryptocurrencies by market cap, losing more than 7% in the last 24 hours.
