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Shibarium, the Ethereum-based Layer 2 protocol from Shiba Inu ecosystem developers, might have launched on the mainnet, but just a few people might have something positive to say about its functionalities thus far. Per insights from crypto data investigator Beosin, a good number of transactions on Shibarium are currently stuck in a pending state.
Shibarium was branded as a more scalable protocol on the Ethereum network with the core aim of increasing the efficiency of transactions and broadly making Ethereum more usable. Despite the hype generated in the weeks leading to the launch of the protocol on the mainnet, the securities platform said about $1.7 million worth of transactions are currently stuck, and users are advised to temporarily halt their usage of the protocol.
🚨Transactions on #Shibarium are stuck in a pending state.
— Beosin Alert (@BeosinAlert) August 17, 2023
$1.7M are currently locked on ETH.
Users are advised to temporarily stop using shibarium.https://t.co/io5puAibBc https://t.co/q2SXqtthoO
At the time of writing, the Shibarium scanner shows there have been no new transactions on the network for the past six hours.
Many in the Shib army anticipated the emergence of Shibarium based on positive feedback with respect to its PuppyNet testnet that was in operation months before the mainnet launch. With thousands of addresses reported to have interacted with the testnet, it is surprising to witness such hiccups on the very first day post-launch.
Is Shibarium here to stay?
The Shiba Inu community is distraught by the current state of the Shibarium protocol, fueling questions as to whether or not the core team has done enough to build a scaling solution that can stand the test of time.
While the rocky start of Shibarium may not necessarily define its future, users may be forced to start comparing it to that of Base, its competing chain from Coinbase exchange that went live for the general public earlier this month.
Shibarium's poor performance has further dampened sentiment toward the Shiba Inu token, which is down by more than 8% to $0.000008824.
Vladislav Sopov
Yuri Molchan
Alex Dovbnya
