After a couple of years of waiting, the Shibarium mainnet blockchain went live.
Shibarium is a Layer-2 scaling solution by the Shiba Inu crypto project team. The first time, the Shiba Inu team talked about the Shibarium concept nearly 2 years ago.
On 16 Aug 2023, Shibarium mainnet blockchain launched successfully, following several months of test procedures by nearly 21 million crypto users.
Following the Shibarium mainnet launch news, Shiba Inu (SHIB) token failed to grab any rally over the last 24 hours, because of the negative market sentiments.
Shibarium Network issue
Some people reported that they are failing to complete their ETH transactions on the Shibarium blockchain network.
Crypto security firm Bosin suggested Shibarium blockchain users temporarily stop using this network, as $1.7 million worth of ETH is already stuck in the network.
The Bone token is the native token of the Shibarium blockchain, instead of Shiba inu token. For this move, huge numbers of crypto X users are criticising the Shiba Inu project because the launch of the Shibarium blockchain brought zero utility for the Shiba Inu token.
The trade price of the Shiba inu token also failed to grab any better boost, as a part of the usual market downfall.
To boost the increment of the Bone token utility, the Shibarium project team introduced a rule for the interested delegators to maintain at least 10,000 BONE tokens. In the present time, the Shibarium team holds nearly 21 Million Bone tokens in the reserved form to distribute among validators and delegators.