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Shibarium has been launched, and the Shiba Inu community received the news with excitement. The Shibarium mainnet, an Ethereum Layer 2 scaling solution, was launched on Aug. 16 after months of testing that saw over 35 million transactions on the testnet.
Before its launch, Shiba Inu's lead, Shytoshi Kusama, noted that the L2 was gaining traction from new projects. In line with the exciting prospects presented, the Shiba Inu Twitter account officially announced a new era dubbed "Summer of Shibarium."
That said, Singapore-based crypto exchange Bitrue shares the excitement of the Shiba Inu community over the Shibarium launch.
🐶 It's #Shibarium season!
— Bitrue (@BitrueOfficial) August 17, 2023
1️⃣ Follow @BitrueOfficial, like and RT
2️⃣ Show us your BEST #SHIB memes below!
3⃣️ Stand a chance to share up to 10 million in $SHIB tokens pic.twitter.com/YDMZdwWFvo
Bitrue has announced a massive SHIB giveaway, where users stand a chance to share up to 10 million SHIB tokens.
In an official statement made by the crypto exchange on the Shibarium Carnival, Bitrue expresses excitement about the potential presented by the incoming layer 2 shibarium and the SHIb ecosystem as a whole.
Bitrue's Chief Strategy Officer, Robert Quartly-Janeiro noted that the Shiba Inu ecosystem has been growing in all dimensions from utility to relevance of the SHIB token. According to him, what began as a meme coin has grown quickly and is now pivoting into a self-sustaining protocol with the launch of Puppynet, the beta version of its Ethereum-based shibarium layer 2 protocol.
Shiba Inu lead squashes FUD
As with every other crypto project, Shiba Inu has had its share of FUD targeted at attacking the project and the community.
Shortly after Shibarium launched, screenshots started circulating about bridge issues with the L2 platform.
In light of this, Shiba Inu Lead Shytoshi Kusama has debunked such claims, starting, "There is no bridge issue, any screenshot you see of me saying any issue is false and your funds are safu."
Tomiwabold OlajideKusama offers a peek into what is truly happening on the L2 platform. According to him, the technical difficulty is not an issue with Shibarium but, instead, is from the massive influx of transactions and users that happened concurrently with the announcement of Shibarium going live.
The Shiba Inu lead developer assures readers that the team has been working tirelessly to scale and bring up the chain again to be able to handle the massive influx.
At the time of writing, SHIB was surprisingly down 9% in the last 24 hours to $0.0000088 in reaction to recent events.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov