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Shibarium Basic Design Explained by SHIB Team Member: Details

Sun, 08/27/2023 - 09:12
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Tomiwabold Olajide
Team member reveals design of Shiba Inu's scalable and decentralized solution, Shibarium
Shibarium Basic Design Explained by SHIB Team Member: Details
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Shibarium is now officially live, albeit in private mode. As reported, the new blockchain has attracted new users, as seen in the growth of new addresses for both Shiba Inu and BONE. In light of this, Shiba Inu team member Lucie set out with an enlightening post on the X platform, formerly known as Twitter.

Though she promised to make a video explaining the Shibarium bridge, Lucie shared a screenshot of an explanation from SHIB developer Kaal Dhairya.

Dhairya gives a general understanding of the Shibarium blockchain: Withdrawals for BONE take up to seven days to process, while those for ETH, SHIB and LEASH take a couple of hours in the bridge. He further adds that this, as well as the NFT, is by design.

The SHIB developer pointed out that the next queue shows BONE withdrawal might not happen before Sept. 1, per the contract.

BONE serves as the primary token for paying gas fees for Shibarium transactions as well as staking purposes.

Per the Shibarium documentation, funds cannot be transferred directly from Layer 2 Shibarium to a Layer 1 Ethereum address. Users must first withdraw the funds from their Layer 2 Shibarium wallet before transferring them onto Layer 1 Ethereum.

Depending on this withdrawal method, this period might take a matter of hours or up to seven days.

Shibarium Hits New Utility Landmark on Epic ETH Bridge Reveal

The Shibarium beta bridge, which offers a bidirectional transaction environment between Shibarium and Ethereum, went live for public testing in late July.

Shibarium hits big milestone

While the community is eagerly awaiting the official announcement of Shibarium being made available to the public, the Layer 2 blockchain has made progress.

Per Shibariumscan, Shibarium has seen a total of 325,762 transactions. The number of wallet addresses on the Layer 2 blockchain is also showing significant growth, currently at 62,254.

Shiba Inu (SHIB) and Shibarium Achieve Two Big Milestones: Details

The total number of blocks is currently 315,228, with an average block time of five seconds.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.