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DeFi News

Shibarium Re-Opened Fund Withdrawals on its Bridge to Ethereum

Written By:
Gopal Solanky

Last updated: August 28, 2023 11:59 AM
Published August 28, 2023 11:59 AM
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Last updated: August 28, 2023 11:59 AM
Published August 28, 2023 11:59 AM
Shibarium Re-Opened Fund Withdrawals on its Bridge to Ethereum

The pseudonym Shiba Inu developer Shytoshi Kusama has announced in a recent blogpost that Shibarium has been reopened and is now operating well on the mainnet. 

The announcement says that the bridge to transfer assets from Ethereum and vice-versa is working now. The developer claims that Shibarium has accumulated more than 65,000 wallets and over 350,000 transactions. 

It said that by design, the Shib, Leash, WEth withdrawals from the bridge could take 45 minutes to 3 hours, whereas its native token BONE could take up to 7 days.

The Shibarium team has also written a thank you note to the Polygon team, which provided additional resources and helped bring back the network live. 

Due to the massive influx of transactions, which the team did not expect, the deficient lunch of Shibarium put a halt to transfers of funds, and the team closed the network to the public. 

The reopening of the bridge comes after the Shibarium team announced on August 22 that the network is ready to relaunch.

“Now that we’ve proven that all funds are safu (as we said), and that Shibarium is ready for prime time, we will reopen our channels,” said the developer.

Also Read: Shibarium Team Reveals Their Plan For Next Development Phase

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Gopal Solanky - Crypto Research Analyst at The Crypto Times
By Gopal Solanky Sr. Crypto Journalist
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Gopal Solanky is a Research Analyst and Reporter with over 5 years of experience in DeFi, blockchain, crypto, IT, and financial markets. With a Bachelor's in Computer Applications, he brings a strong technical foundation to his analysis and reporting. Gopal focuses on breaking down complex topics for both seasoned investors and curious readers. His work has been referenced by publications like Business Insider and Vulture.com, highlighting his contributions to industry stories around topics like Huwak Tuah Memecoin and the FTX collapse.

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