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- After a sloppy launch, Shibarium core developers immediately stepped in to resolve the technical difficulties caused by network congestion.
- Lead Shibarium developer Shytoshi Kusama has committed $2 million to ensure the funds are locked in the bridge in case they are irretrievable.
The Shibarium course is well and ready to take the Shiba Inu ecosystem to the next level of utility and adoption. After a sloppy launch that saw users’ assets locked on the Shibarium bridge, core developers led by Shytoshi Kusama have stepped in to demystify the FUD circulating the internet through a screenshot. Notably, Kusama has reassured the Shibarmy that the Shibarium course remains undistracted and DeFi developers should feel welcome to tap into the SHIB ecosystem.
In a bid to show the seriousness of the matter, Kusama has committed about $2 million to ensure the locked funds, just in case the team of developers is not able to retrieve the funds. In a post, Kusamatold the Shibarmy:
We stand by the statement that the funds “paused” in the bridge are safu and as a result have chosen to “insure” the entire amount of $2 Million in case there is any issue after Shibarium is restarted.
Meanwhile, Kusama has promised to keep the Shibarmy updated through frequent blog posts in regard to the status of Shibarium scaling.
Shibarium and the Bigger Picture
As a top-rated meme coin with a market capitalization of about $4.9 billion and a fully diluted valuation of approximately $8.3 billion, the launch of the Shibarium layer two scaling solution is a strategic upgrade to help the Shiba Inu ecosystem remains relevant amid mainstream adoption of digital assets.
The Shibarium network is expected to significantly increase the Shiba Inu on-chain activity in a similar manner Polygon (MATIC) and Arbitrum (ARB) have done to the Ethereum ecosystem.
Moreover, there are many emerging competitive meme coins with a vibrant online community including Floki (FLOKI), Pepe (PEPE), and BabyDoge Coin (BABYDOGE). As a result, reliance on speculative aspects will definitely not guarantee future growth prospects of the meme coin industry, amid increased regulatory scrutiny to enable safe adoption of digital assets and blockchain technology.
The launch of the Shibarium layer two scaling solution has been hailed by the blockchain developers community as a huge milestone achieved by a young meme coin. Furthermore, Shibarium just raised the bar for the entire meme coin industry to follow in order to remain highly competitive.
Thanks for the intro and confirmation @IOHK_Charles ! We don't just talk about it… we be about it. WE ARE THE SHIBA… #SHIBARIUM
— Shytoshi Kusama™ (@ShytoshiKusama) August 16, 2023
In the future, the Shibarium network is expected to help scale the Shiba Inu burn rate, which in turn increases the value of existing tokens.
Market Outlook
The launch of the Shibarium layer two scaling solution has had a positive impact on the Shiba Inu ecosystem including BONE and LEASH. Before Bitcoin price triggered the crypto market capitulation on Thursday, Shiba Inu, BONE, and LEASH prices had enjoyed a bullish outlook with double digits gains in the past few weeks. Nonetheless, Shiba Inu and the rest of the tokens are well positioned to rally beyond their ATH during the next crypto bull rally fueled by the bear market’s fundamentals.
