Shiba Inu (SHIB) tokens slumped some 9% in the past 24 hours, as users widely reported bridging issues after the much-hyped Shibarium network went live late on Wednesday, according to blockchain data. The network was stalled for at least five hours, with users transferring 954 Ether (ETH) and $750,000 worth of Bone (BONE) to the contract. CoinDesk confirmed that a Remote Procedure Call (RPC) to add the Shibarium network to a commonly-used crypto wallet failed to work.
The launch of Shibarium was meant to be the gateway to a vibrant and cheap ecosystem, as part of a broader plan to position Shiba Inu as a serious blockchain project. However, the apparent faulty launch has stuttered the network’s progress, with users blocked from sending messages on a community forum on Discord shortly after initial reports of the issues began.
Bridges are blockchain-based tools that transfer tokens between different networks, and remain one of the most important – yet very vulnerable – parts of the crypto market. Shibarium joins an increasingly crowded blockchain landscape, with at least 50 other networks hoping to lure users with low fees to an ecosystem focused mainly on financial services and gaming. The network utilizes Bone (BONE), SHIB, and Leash (LEASH) tokens for applications built on the blockchain and is said to have a focus on metaverse and gaming applications.
Unfortunately, each of these tokens was down in the past 24 hours. Bone dropped 13% while LEASH fell 25% as community sentiment soured.