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Why Did Shibarium Fail? Team's Reason Might Shock You

Fri, 08/18/2023 - 08:13
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Godfrey Benjamin
Shibarium team has shared update naming core reason behind protocol's rocky start
Why Did Shibarium Fail? Team's Reason Might Shock You
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The Shib army was disappointed after the much-anticipated launch of the Shibarium protocol failed to meet expectations that matched the hype as transactions got stuck just after the mainnet launch. With the team failing to beat everyone’s expectations, there has been growing Fear, Uncertainty and Doubt (FUD) in the ecosystem. But to quell this, the development team has come out to share reasons behind the unexpected hiccup.

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Reasons behind Shibarium's slow start

According to the update from the Shiba Inu developers, the Layer 2 scaling solution recorded a more massive number of early users than had been prepared for. As the team detailed, the millions of "Compute Units" it recorded were followed by thousands of transactions being fused into one block spinning the entire system into a "fail safe" mode.

The team said that fail safe mode was triggered in a bid to help protect users' funds that are held on-chain. Knowing what went wrong, the developers acknowledged that it has called in support from a more experienced team to help work on a quick fix for the protocol and that further updates will be shared as soon as they are available.

The team touched on the wrong narratives spreading in its community that bad actors using bots tried to harm its system. The team said it has insured the funds stuck on the bridge up to $2 million to protect everyone, just in case.

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Team's blame

The Shib army, from the early days of the protocol, are known to be very proactive and passionate about the meme coin and its long-term vision. Despite this, many supporters believe the platform should have done a better job at launch, considering that other L2s on Ethereum, including Arbitrum, Optimism and Polygon zkEVM, among others, almost generated more hype at launch.

The team now has a second chance and, as expected, the community is cheering the developers on to go make a difference.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.