- Shibarium mainnet is live for users after successful completion of testing and development by Shiba Inu and supporting teams.
- Shytoshi Kusama thanked Polygon’s founder and the Unification team for providing additional resources to Shiba Inu’s Layer 2 chain.
- Users can now withdraw their BONE, SHIB, LEASH and WETH holdings smoothly on the Shibarium mainnet.
Shiba Inu ecosystem’s Layer 2 chain, Shibarium, is live after a botched mainnet launch on August 16. While users lost access to their Ethereum and BONE tokens when they were “paused” (or became stuck) on the Shibarium bridge, Shytoshi Kusama and SHIB developers worked to reinstate withdrawals and reintroduce access to funds on the chain.
With help from Polygon and Unification, Shytoshi Kusama announced the return of Shibarium. Withdrawals of both Shiba Inu ecosystem tokens (SHIB, BONE, LEASH) and WETH (Wrapped Ether) were finally enabled and are now operating smoothly.
Also read: Shiba Inu whales accumulate 880 billion SHIB after botched Shibarium launch
Shiba Inu Layer 2 Shibarium goes live with token withdrawals
Shibarium’s botched mainnet launch was a cause of concern in the SHIB community, since investors had their Ethereum and BONE tokens locked on the chain’s bridge.
Shytoshi Kusama, lead developer of the project, announced that Shibarium is live once again and withdrawals of Shiba Inu ecosystem tokens (SHIB, BONE, LEASH) and WETH have been enabled for users.
With smooth withdrawals resuming, user concerns are likely alleviated alongside the Shibarium comeback. Kusama thanked Sandeep Nailwal, co-founder of Polygon, the largest Ethereum scaling solution and the team at Unification, a blockchain development company, for their cooperation in his latest blog post.
Important note on withdrawals
Kusama explained that by design, SHIB, LEASH and WETH withdrawals through the Shibarium bridge will take at least two checkpoints and between 45 minutes to three hours. BONE withdrawals on the Layer 2 chain will take up to seven days.
The Shiba Inu leader explained that withdrawals of these tokens are confirmed to be working.
Between Shibarium’s mainnet launch and the revival of the Layer 2 solution, SHIB price declined 20% on Binance. At the time of writing, SHIB is exchanging hands at $0.00000797. As withdrawals have resumed, it remains to be seen whether SHIB price makes a recovery.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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