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The launch of the Shibarium mainnet—a layer 2 scaling solution for the Ethereum network—appears to have started on a rocky note, at least regarding the performance of its associated tokens.
Many Shiba Inu (SHIB) holders had anticipated a sharp price increase for SHIB, Shibarium’s governance token BONE, and the LEASH token following the network’s launch on August 16.
However, those expectations were quickly dashed.
At the time of publication, SHIB had fallen 8.1% over the previous 24 hours, while BONE had dropped more than 14%. The ecosystem’s LEASH token, a low-supply staking rewards coin, performed the worst, declining 23.5% on the day.
SHIB price following the launch of the Shibarium network. Source: CoinGecko
The price decline coincides with reports of a potential hiccup during the launch.
According to screenshots reportedly capturing an internal Telegram conversation among Shibarium developers, lead developer Shytoshi revealed that the team was unable to recover assets bridged to the Shibarium network.
In case yall were wondering how Shibarium is going pic.twitter.com/S5vjTxoMDk
— 🍄🐸👨🌾 S (@shroom_daddy) August 16, 2023
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Blockchain investigator ZachXBT stated that he had not yet confirmed whether the assets were truly lost but noted that the RPC—a node running key blockchain client software—was “dead” and described the block explorer as “awful.”
Cointelegraph confirmed, using the Shibarium Scan block explorer, that the last block was added seven hours prior. Several preceding blocks had been mined but were still awaiting import at the time of publication.
The last block on Shibarium was mined seven hours ago. Source: ShibariumScan
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Another screenshot allegedly showed a Shibarium user encountering technical issues with the block scanner, stating they were unable to query their bridged balance via the RPC.
but wait there’s more! pic.twitter.com/EkhLuGTT7S
— 🍄🐸👨🌾 S (@shroom_daddy) August 16, 2023
The Shibarium RPC website was down at the time of writing.
Community members believe this could indicate a flawed bridge, with the total value of locked funds amounting to nearly $2.46 million. This sum comprises $1.7 million worth of Ether (ETH) and an additional $762,000 worth of Shibarium’s governance token, BONE.
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