It appears that Shibarium's mainnet launch is not as smooth as anticipated.
The much-anticipated launch of Shibarium mainnet, Ethereum's Layer-2 scaling solution, hasn't lived up to expectations, especially considering the value decline of its tokens.
The recent unveiling of the Shibarium mainnet on August 16th sparked significant optimism among Shiba Inu (SHIB) token enthusiasts.
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Many had high hopes of witnessing an uptick in the values of SHIB and the Shibarium governance token, BONE, and the LEASH token. Yet, reality played out differently, shaking many expectations.
Unfortunately, the rosy picture many had in mind started fading soon after. Current market data reveals a troubling scenario: SHIB's price has witnessed a 6.9% decrease within 24 hours. The story for BONE is even more disheartening, experiencing a drop of over 20.7% during the same period. LEASH, intended as a rare staking rewards token, took the hardest hit, plummeting by a staggering 21.5% within a day.
The unsettling drop in prices isn't the only concern. Emerging reports hint at potential technical glitches during the launch, adding to the dismay of the token holders.
Conversations captured from an allegedly internal Telegram group involving Shibarium's developers have been leaked. In these conversations, lead developer Shytoshi disclosed a concerning issue: the team's inability to retrieve assets bridged to the Shibarium network.
Renowned blockchain investigator, ZachXBT, observed significant operational issues. He pointed out that the RPC, the critical node driving blockchain client software, was inactive. Furthermore, he didn't mince words when referring to the block explorer, labeling it "awful."
Adding weight to these claims, a review of the Shibarium Scan block explorer unveiled more anomalies. It showed that the most recent block addition took place seven hours prior. Several blocks, although mined, were still in line for incorporation.
The series of alarming revelations don't end there. Another user's screenshot exposed technical glitches with the block scanner. This individual expressed difficulty in checking their transferred balance over the RPC, which was non-operational during the review.
The launch of the Shibarium mainnet, surrounded by so much anticipation and hope, seems to be a series of unfortunate events. As token values tumble and technical glitches surface, the crypto community watches keenly, hoping for a swift resolution.
