The Shiba Inu community has finally welcomed the Shibarium network, but mounting network issues have resulted in $1.7M in Ethereum (ETH) stuck on the bridge.
Shibarium has officially gone live after months of anticipation from the Shiba Inu community. However, the network faces mounting issues that have resulted in a halt in block production and $1.7 million worth of ETH stuck on the Ethereum bridge.
Shibarium went live on August 16 amid the Blockchain Futurist Conference, as lead developer Shytoshi Kusama promised. The network quickly garnered attention from the broader community, leading to an upsurge in adoption.
$1.7M in Ethereum Stuck
Market participants looked to send over their assets from Ethereum to the newly-launched network, but issues have led to a pause. Notably, Chinese blockchain journalist Colin Wu called attention to the fact that over 965 ETH valued at $1.7 million are stuck on the bridge.
According to Beosin monitoring, the transaction on Shibarium, Shiba Inu's Layer 2 solution, is in a pending state. Currently, $1.7 million in ETH is locked on the Shibarium cross-chain bridge. Users are advised to temporarily stop using Shibarium. During the Shibarium testnet,…
— Wu Blockchain (@WuBlockchain) August 17, 2023
Wu cited insights from Beosin, a platform that provides crypto-related risk alerts. Boesin confirmed the unexpected development, noting that the $1.7 million was locked.
The Boesin monitoring team advised users to stop using the Shibarium bridge for now. Prominent on-chain sleuth ZachXBT also highlighted the situation.
Data from Etherscan substantiates these claims. The Shibarium bridge contract holds 965.3 ETH worth $1.735 million at the reporting time. These are tokens investors sought to bridge from Ethereum to Shibarium. The assets are currently locked and inaccessible.
Shibarium Block Production Halted
In addition, the Shibarium Remote Control Protocol (RPC) is down as of press time. This development limits the ability to execute procedures on the network remotely. This limitation could impair user interaction on the network and disrupt data retrieval efforts.
Moreover, data from the Shibarium explorer suggests that the network faced an issue with block production for up to 7 hours. This led to a halt in blocks within the timeframe. Block production resumed and halted again. As of press time, the last block occurred 14 minutes ago.
Shibarium developers have not put out a statement on the post-launch issues, leading to wild speculations. Community members complained about the Shibarium Discord server due to BONE staking and bridging issues.
However, DaVinci, a community member and server admin, instructed users to take precautionary measures. DaVinci advised the community to only test with small amounts, owing to the escalating reports of issues. The server has been locked as of press time.
Amid the issues, Shiba Inu and Bone ShibaSwap have faced declines. BONE is down 16% over the past 24 hours, while SHIB is facing a 6.43% decline. However, these drops are not peculiar to the Shiba Inu ecosystem, as the broader crypto market is facing a bloodbath.