SHIB Development Team Resumes Ethereum Bridge Access to Shibarium Layer-2
Shiba Inu’s development team has reopened fund withdrawals on the Ethereum bridge to Shibarium, their layer-2 blockchain.
This bridge facilitates asset movement between the two networks. Users can now withdraw various assets. Including SHIB, LEASH, and wrapped Ether (WEth) tokens. Withdrawal processing is expected to take 45 minutes to 4 hours. While withdrawals of the network’s native BONE are also possible. They might take up to seven days due to network design considerations.
Shibarium, an Ethereum-based layer-2 network, was created by the Shiba Inu community to expand their ecosystem from a meme coin to a comprehensive platform hosting decentralized finance (DeFi) applications, metaverse apps, and blockchain games.
The reopening follows the initial launch of Shibarium on August 16, during which around $1.7 million worth of Ethereum got stuck on the bridge. The team attributed the problem to an overwhelming surge in user activity rather than a malfunctioning bridge, which strained network servers. To address this, they collaborated with Polygon’s team and forked the Polygon protocol, successfully resolving the issue.
Clever Robot News Desk 29th August 2023
Related Article
