L2 Blockchain Shibarium Halted For Over 4 Hours, $1.7 Million ETH Trapped

Shibarium L2

The Shibarium network is a layer 2 blockchain first proposed in 2021 by Ryoshi, the anonymous creator of Shiba Inu. Ryoshi’s idea aimed to pivot SHIB’s utility from the crazed memecoin hype in August 2020 to a fast blockchain offering cheap decentralized finance services for web3 users.

Shibarium’s development centered on an ecosystem for gaming apps and metaverse activities. Per reports, the network will tap several tokens like BONE for governance, as well as SHIB and LEASH for fees and dapp operability.

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