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Just 24 hours after its debut, Shiba Inu’s Shibarium has already presented a huge challenge to the cryptocurrency ecosystem. Recently, Chinese journalist Colin Wu tweeted about the waiting status of transaction activity on Shibarium, the Layer 2 solution for Shiba Inu. The disclosed information suggests that the Shibarium is now home to approximately $2 million worth of ETH.
In addition, the famous crypto detective ZachXBT further on the Shibarium problem. According to ZachXBT, there are now 954 ETH tokens worth around $1.7 million stored on the Shibarium inter-chain connector.
Since Shibarium had just completed a significant milestone in its testing phase, the news came as a shock to the crypto world. Wu said that during Shibarium’s testnet phase, 21 million unique wallet addresses were created by Shiba Inu fans.
Users are cautioned to take care and abstain from using Shibarium for the time being in light of the present circumstances.
Meanwhile, the event has had a devastating effect on Shiba Inu ecosystem tokens. Shiba Inu has dropped another leading zero in the past day, closing at $0.000009289. An overnight drop of 6.68% is implied by this number. In a similar vein, the official gas token of Shibarium, Bone (BONE), has dropped by nearly 12% in the last 24 hours.
Shibarium, which has been teased for months, finally debuted yesterday, August 16. Proof-of-participation (PoP) is an innovative consensus method crucial to its development. The consensus method uses the size of a person’s crypto holdings to choose who will serve as a delegate.
The Shiba Inu team decided to use PoP rather than the more conventional proof-of-work consensus to avoid these expenses. The Shiba Inu team also claims that Shibarium was built to integrate with the Ethereum layer one blockchain, which will make the platform both powerful and inexpensive.
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