Shibarium Release Date is here!
Shibarium blockchain release date happened on the 17th of August. Introducing the highly anticipated L2 network from the creators of the iconic meme project, Shiba Inu.
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Shibarium is being built to fulfill Ryoshi's vision and provide the community with a tool to build and grow the project on their own terms,
stated in the memo.
It's worth noting that Ryoshi is the mysterious creator (or possibly a group) of SHIB. In Japanese, “ryoshi” means fisherman. Coincidentally, the Shiba Inu dog breed also originates from Japan.
On August 17, 2023, coinciding with the Blockchain Futurist Conference in Canada, the L2 Shibarium made its debut. Designed to lead the way in Web3 services, this new network also focuses on crafting decentralized metaverses and game-centric ecosystems. At its core, Shibarium operates on the foundational tokens of the SHIB ecosystem: SHIB, LEASH, and BONE. With a total supply of 250 million, Shibarium's primary currency, BONE, has set aside 20 million coins (which is 8% of the total) for validator and delegate rewards and for facilitating transactions within the network.
Shibarium promises speedy transactions and low fees, underpinned by its Proof-of-Participation (PoP) consensus mechanism. Within the PoP framework, validators are selected in proportion to the size of their holdings in the relevant cryptocurrency. Currently, to become a validator, users must lock up 10,000 BONE in Shibarium.
Additionally, the new protocol incorporates a SHIB burning mechanism, operational through the Burn Portal. Interestingly, in the months since Shibarium's preliminary testing began, users have crafted over twenty million wallets.
Don't disappoint, Shiba Inu coin!
The Shiba Inu Coin Shibarium release date was unfortunately followed by some turbulence. Within 24 hours, the prices of the SHIB ecosystem's three tokens witnessed a sharp decline, ranging between -8.1% and -23.5%.
Decline of SHIB Post Shibarium Launch Source: CoinMarketCap
The dip was attributed to emerging whispers about technical glitches in the project, which swiftly caught the attention of the crypto community. A screenshot from what appeared to be a private chat among Shibarium developers surfaced on Telegram, hinting at possible issues with assets in the new L2 network. Although the authenticity of this screenshot is questionable, what's evident is the lapse in block formations on the Shibarium Scan blockchain explorer. This led to speculations about a potential system glitch, which might have resulted in user funds getting locked up.
Shytoshi Kusama, the Shiba Inu ecosystem's co-founder, sought to dispel the apprehensions. “Addressing the circulating concerns: there's no issue with the bridge, any claims or screenshots suggesting otherwise are misleading. Rest assured, your funds are safe,” he clarified.
However, Shytoshi acknowledged certain teething troubles. He believed the unexpected volume of concurrent transactions to be the cause. But Kusama views this silver-lined: to him, it indicates a tremendous interest in Shibarium, showcasing the L2 network's promising future within the Shiba Inu community.
If we continue at that rate, we are expected to reach Billions of compute units in a day, on par with the most active L2 Blockchains that exist. Although we expected a very busy moment, we never expected THIS much traffic, instantly,
Shytoshi wrote.
Wrapping up the launch day, Lucie, Shiba Inu's marketing strategist, posted detailed guidelines on a platform to arm users against phishing schemes and deceptive ploys.
Similar to Polygon, Ethereum, and other blockchains, Shibarium is open for anyone to build on. Regrettably, this also provides an avenue for bad actors to develop scam dApps and rug-pull tokens, among other things. The mere incorporation of the term “Shibarium” or “Shib” in their names holds no credibility. Prioritize research: delve into their Telegram and Discord channels, gauge the community's atmosphere, scrutinize their social media posts, and check Etherscan. Prioritizing your safety is paramount,
Lucie highlighted.
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