/
/
Shiba Inu’s Shibarium layer-2 solution off to a rocky start
Aug, 17, 2023
2 min read
by Forkast
The Shiba Inu (SHIB) token’s price dropped over 7% Thursday after the bumpy launch of “Shibarium,” a layer 2 scaling solution on the Ethereum blockchain, earlier in the day.
See related article: Shiba Inu explained — diving beyond the memecoin
Fast facts
- Soon after the launch of Shibarium, crypto data tracker PeckShield Alert noted that US$1.7 million worth of ETH was stuck as users tried to transfer tokens to Shibarium.
- As the Shibarium bridging issue unfolded, the SHIB token’s price dropped, losing 7.34% in the 24 hours up to 17:00 p.m. in Hong Kong, according to data from CoinMarketCap. BONE, another token issued by the Shiba Inu developers, slumped 18.25% over the same period.
- Pseudonymous blockchain analyst ZachXBT said on Thursday that Shibarium’s remote procedure call (RPC) — a blockchain node that runs key client applications —- had malfunctioned.
- The Shibarium RPC website was down Thursday evening in Hong Kong.
- Shibarium is part of a broader plan to make the memecoin into a serious blockchain project. But beyond the bridging malfunction, analysts expressed concerns about that strategy.
- “Maybe the community preferred the memecoin-only narrative, rather than the foundation trying to be yet another solution in a crowded DeFi space,” said Justin d’Anethan, head of APAC business development at Belgium-based crypto market-maker Keyrock.
- Unveiled at the ongoing Blockchain Futurist Conference in Toronto, Canada, Shibarium is a proof-of-stake blockchain built by Shiba Inu developers. It aims to allow cheaper and more scalable transactions on the main Ethereum network, its developers said.
- Applications built on the network will use Shiba Inu ecosystem tokens SHIB, BONE, LEASH and TREAT.
- The BONE token will validate transactions and work as a payment for gas fees, while SHIB will serve as the governance token of the SHIB Doggy DAO.
- A decentralized autonomous organization governing the Shiba Inu ecosystem in the future, the SHIB Doggy DAO — which is still under construction — will be advised by digital asset advisory and investment firm Alpha Transform Holdings.
Read More
Tether Scales Back on 5 Blockchains but Expands Bitcoin Plans
Tether updates its plan: USDT will stop on 5 blockchains by Sept 2025, but transfers ...
Aug, 30, 2025
1 min read
by Coinpaper
Tether Scraps USDT Freeze Plan on Five Chains, Ends Issuance and Redemption
Tether has reversed its decision to freeze USDT smart contracts on five blockchains, ...
Aug, 30, 2025
3 min read
by Cryptonews
Shiba Inu’s Shibarium layer-2 solution off to a rocky start
Aug, 17, 2023
2 min read
by Forkast
The Shiba Inu (SHIB) token’s price dropped over 7% Thursday after the bumpy launch of “Shibarium,” a layer 2 scaling solution on the Ethereum blockchain, earlier in the day.
See related article: Shiba Inu explained — diving beyond the memecoin
Fast facts
- Soon after the launch of Shibarium, crypto data tracker PeckShield Alert noted that US$1.7 million worth of ETH was stuck as users tried to transfer tokens to Shibarium.
- As the Shibarium bridging issue unfolded, the SHIB token’s price dropped, losing 7.34% in the 24 hours up to 17:00 p.m. in Hong Kong, according to data from CoinMarketCap. BONE, another token issued by the Shiba Inu developers, slumped 18.25% over the same period.
- Pseudonymous blockchain analyst ZachXBT said on Thursday that Shibarium’s remote procedure call (RPC) — a blockchain node that runs key client applications —- had malfunctioned.
- The Shibarium RPC website was down Thursday evening in Hong Kong.
- Shibarium is part of a broader plan to make the memecoin into a serious blockchain project. But beyond the bridging malfunction, analysts expressed concerns about that strategy.
- “Maybe the community preferred the memecoin-only narrative, rather than the foundation trying to be yet another solution in a crowded DeFi space,” said Justin d’Anethan, head of APAC business development at Belgium-based crypto market-maker Keyrock.
- Unveiled at the ongoing Blockchain Futurist Conference in Toronto, Canada, Shibarium is a proof-of-stake blockchain built by Shiba Inu developers. It aims to allow cheaper and more scalable transactions on the main Ethereum network, its developers said.
- Applications built on the network will use Shiba Inu ecosystem tokens SHIB, BONE, LEASH and TREAT.
- The BONE token will validate transactions and work as a payment for gas fees, while SHIB will serve as the governance token of the SHIB Doggy DAO.
- A decentralized autonomous organization governing the Shiba Inu ecosystem in the future, the SHIB Doggy DAO — which is still under construction — will be advised by digital asset advisory and investment firm Alpha Transform Holdings.
Read More
Tether Scales Back on 5 Blockchains but Expands Bitcoin Plans
Tether updates its plan: USDT will stop on 5 blockchains by Sept 2025, but transfers ...
Aug, 30, 2025
1 min read
by Coinpaper
Tether Scraps USDT Freeze Plan on Five Chains, Ends Issuance and Redemption
Tether has reversed its decision to freeze USDT smart contracts on five blockchains, ...
Aug, 30, 2025
3 min read
by Cryptonews