Aug 22, 2023

Shiba Inu developers are slowly working towards a Shibarium network reopening by monitoring validator data and transactions, just days after users reported bridging issues after the much-hyped launch. Developers responded to the outage stating that "there was no bridge issue." "The Hash" panel weighs in on the latest developments.

Video transcript

Shiba Inu is restarted in Sheri public Blockchain, which is actually an L two on top of Ethereum after its botch start a few weeks ago, we talked about that first on the hash. This is trying to make Shiba Inu a more legitimate project by building out quote unquote utility for the entire network. Uh The last time the launch and work out so well is because there was issues with bridging assets from one chain to another. Those bridges of course, are high manual and they moved transactions back and forth between two networks. Those bridges were serviced by servers that themselves were overwhelmed by the amount of demand leading to the failed launch, but now they're back at it and uh not a lot of price action on top of it, but at least they're, they're pushing forward with some development here, Jen. Well, they have, they did respond to the reports about the bridge and said that actually there were no bridge problems. It was just unprecedented demand that caused uh this launch to be all B bungled. I just wonder how many people were rushing to, to do something in the Chiba ecosystem. It's not clear to me what can be done there yet. I know their test that phase was like four months and I think there were 22 million transactions and millions of wallets that were opened. But does anyone know what you can actually do there? Silence. No silence. We don't know it, I've yet to test it out, but likely it's just the same stuff as all the other blockchains. Right. Like, like you just, I mean, not, I mean, do do like finance stuff like do lending to borrow and do whatever. It's probably like the same thing. OK. So I was picturing the Shiba um metaverse but there is obviously um a whole layer or two here with an entire ecosystem. Thank you, Zach. Sorry. Yeah, I don't know. Sorry. I asked credit to them. I mean, if they can get like meme coin people to do the utility stuff, then that would be an amazing story, right? And they're trying to make that happen. They're saying, hey, we're not just a meme coin, we're doing all this thing. We, we do all the other things that all the other networks can do and we're gonna do it better and that's what they're trying to do. So more power to them. I think if they can again, like move that needle in terms of meme coin, like the utility of a meme coin, right is just you can trade it and have fun with it and do whatever to like actual utility in terms of financial things. Fantastic. I would be, I would be, I would like, that would be amazing to see because I think for the most part, people are just sort of um buying these things and the utility is the speculation, right? It's not the utility that you would find on other like Blockchain uh applications. Uh But I, I think that'd be great if this community of people went from the meme utility to actually doing stuff with a bunch of new, uh bunch of new financial tools. So I'm, I'm, I'm rooting for him. I'm rooting for him now. I am bull shit. But you know, is what I'm hearing right now. I don't want for them. Dogs are my favorite. I always stand behind any dog. So that's that. Ok. We got, I got nothing else here. I think we'll see what happens with the price. I think everything is a bear market though. So like develop or not, there's not gonna be a lot of price action there. Uh Whether it's a or not, who's to say, but you know, maybe it's some price utility here, some speculation. You're killing me, you're killing me today.

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