Shibarium denies bridge issues, calls it FUD

The group behind the newly released Shibarium mainnet has rejected reports of bridge problems and possession losses, stating screenshots floating around the crypto neighborhood are false.In a post on Aug. 17, Shytoshi Kusama, co-founder of the Shiba Inu ecosystem, blamed an enormous increase of users and transactions activity for triggering technical troubles in Shibarium, an Ethereum layer-2 scaling blockchain released hours previously. Sharing information from Alchemy, Kusama stated the task has allotted 400 million compute units monthly, but experienced 160 million calculate units in nearly 30 minutes after Shibariums launch. “Although we expected a very busy minute, we never expected this much traffic, quickly,” he stated, adding that:” Our group has been working relentlessly to scale (even though validators were currently on autoscale when we made the statement) and raise the chain once again to an extent that we can manage the increase of our decentralized country state.” Shibariums compute units take in. Source: Alchemy/Shibarium. Very first issues about Shibarium emerged in the crypto community after screenshots supposedly recorded an internal Telegram discussion in between Shibarium designers, showing the group was presumably unable to recover assets bridged to the Shibarium network. In case yall were wondering how Shibarium is going pic.twitter.com/S5vjTxoMDk— ʎppɐꓷ ɯooɹɥS (@shroom_daddy) August 16, 2023

Adding to the investigation, blockchain sleuth ZachXBT explained that while he was not able to verify whether the properties had actually been lost, the RPC – the node that runs key blockchain customer software application – was jeopardized. At the time of composing, the Shibarium RPC site remains down.”Give us time to scale […] and after that bring up our remarkable chain as soon as again,” Kusama asked in the article, dismissing the rumors as FUD, an acronym for “doubt, unpredictability, and fear.”Shibarium relies on a brand-new consensus mechanism called proof-of-participation (PoP), in which validators are chosen based on their cryptocurrency holdings. It is created to interact with the primary Ethereum layer-1 blockchain, seeking to offer more scalable and efficient transactions. Its mainnet was launched after months of testing including millions of users and 21 million wallets created.Magazine: Deposit risk: What do crypto exchanges truly finish with your money?

Other Questions People Ask

What are the main concerns regarding Shibarium's bridge issues and how does it relate to FUD?

The main concerns surrounding Shibarium's bridge issues stem from reports and screenshots suggesting that assets bridged to the Shibarium network were lost. However, the Shibarium team, led by co-founder Shytoshi Kusama, has labeled these claims as FUD, asserting that they are false. The team attributes the technical difficulties to an unexpected surge in user activity and transactions shortly after the mainnet launch, rather than any actual loss of assets.

How did Shytoshi Kusama respond to the allegations of bridge problems in Shibarium?

Shytoshi Kusama responded to the allegations by emphasizing that the reports of bridge problems are unfounded and part of a broader narrative of fear, uncertainty, and doubt (FUD). He explained that the spike in user activity caused technical challenges but assured the community that the team is working diligently to scale the network. Kusama urged users to give them time to resolve these issues and restore the network's functionality.

What technical challenges did Shibarium face after its mainnet launch?

After the launch of Shibarium's mainnet, the network experienced significant technical challenges due to an overwhelming increase in user traffic and transaction volume. According to Kusama, the project allocated 400 million compute units monthly but faced 160 million compute units in just 30 minutes post-launch. This rapid influx of activity led to temporary issues with the RPC site, which remains down as the team works on scaling solutions.

What is the consensus mechanism used by Shibarium, and how does it function?

Shibarium employs a new consensus mechanism known as proof-of-participation (PoP), which selects validators based on their cryptocurrency holdings. This mechanism is designed to enhance interaction with the Ethereum layer-1 blockchain, aiming for more scalable and efficient transactions. By utilizing PoP, Shibarium seeks to create a decentralized ecosystem that can handle increased user demand effectively.

What steps is the Shibarium team taking to address the reported issues?

The Shibarium team is actively working to scale the network in response to the reported issues following its mainnet launch. They are focused on increasing the capacity to handle user demand while ensuring that the network remains stable and functional. Kusama has requested patience from the community as they implement these improvements and work towards restoring full operational capabilities.