Shibarium FUD Decoded: Lead Shiba Inu Developer Shytoshi Kusama Assures Shibarmy All Funds Are Safe

The post Shibarium FUD Decoded: Lead Shiba Inu Developer Shytoshi Kusama Assures Shibarmy All Funds Are Safe appeared first on Coinpedia Fintech News

The Shiba Inu (SHIB) ecosystem recorded a beehive of new activities on Thursday after the mainnet launch of the much-awaited Shibarium layer two (L2) scaling solution. However, the Shibarmy had a challenging time following initial reports of lost deposited funds through the Shibarium bridge.

Notably, a screenshot circulating the internet showed a text that Kusama had ostensibly written indicating that the bridged Ethers amounting to over $23 million are completely lost

In a bid to clear the air, the Shiba Inu team led by core developer Shytoshi Kusama has termed the allegations as FUD.

Fud

— Shytoshi Kusama (@ShytoshiKusama) August 17, 2023

Current State of Shiba Inu’s Shibarium L2 Network 

According to a post to the Shibarmy from Kusama, the technical difficulties recorded after the launch of the Shibarium L2 network were due to a high influx of transactions and users. 

“On the enterprise plan we have with Alchemy, we are allotted 400 Million compute units a MONTH. At launch, we experienced 160+ Million compute units in approximately 30 minutes,” Kusama noted.

Meanwhile, the Shiba Inu developers team is ostensibly working on scaling the Shibarium network to handle a higher bandwidth of transactions and users.

Notably, the Shibarmy has continued to deposit more Bone on the Shibarium network to facilitate staking, despite the initial FUD on lost assets.

Market Outlook

Since the launch of the Shibarium network, Shiba Inu’s price had dropped approximately 8 percent to trade at about $0.00000889 as of reporting time. Similarly, Bone ShibaSwap (BONE) experienced a bearish outlook with a 12.8 percent drop to trade at about $1.30.