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.
#SHIBARMY remains resilient in the face of FUD and negativity.
Despite the market’s decline, we’re maintaining our momentum!
$BONE: 5,499,844.1965 Bone staked, based on this data.
Also, our developers are actively working on it! Stay strong !
pic.twitter.com/3n7irYfj6F
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 17, 2023
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.
