The Shiba Inu team has launched the mainnet of L2 scaling solution #Ethereum —Shibarium. Testing the network took several months, involving millions of users and creating 21 million wallets.
The #Shibarium network uses a new consensus mechanism called Proof-of-Participation. It selects validators in proportion to their holdings of the respective cryptocurrency. This approach aims to avoid the computational costs that are typical for Proof-of-Work schemes.
Before the launch of the mainnet, one of the Shiba Inu developers under the pseudonym Shytoshi Kusama shared a screenshot showing 100 companies using the Shibarium network.
However, almost immediately after the launch of the network, transactions in the bridge for transferring assets to Shibarium froze. At the moment, more than $1.8 million (1006 ETH) of funds are stuck there.