Shibarium’s Copying of Another Chain’s Code and Failure to Change ChainID Leads to Nearly 10% SHIB Price Decrease
Shiba Inu’s blockchain layer-2 solution, Shibarium, has recently announced its beta release. However, the community quickly discovered that the project was a copycat from another project, resulting in a nearly 10% drop in SHIB price in the last 24 hours.
According to AZCoin News, Shiba Inu hinted at the development of Shibarium back in Q3 2022. The layer-2 solution is built on top of Ethereum, with a focus on game and metaverse applications. Shibarium aims to increase the utility of tokens in the Shiba Inu ecosystem, including SHIB, BONE, and LEASH. Specifically, BONE will become a transaction fee payment token on the layer-2 network, rewarding validators at the same time.
HOLY SHIT. Serious escalation in official $SHIB discord.
Shibereum is a ripped chain from Rinia, they forgot to change chain ID.
Mod tells us about manipulation and silencing. $bone $shib $leash## pic.twitter.com/Lw8IDidDqA
— Rancune (@Rancune_eth) March 16, 2023
The project has scheduled the launch of its beta version this week, taking advantage of the ongoing layer-2 frenzy. However, the excitement of the community was short-lived when they discovered that Shibarium’s code was a copycat from another project. The team even failed to change the chainID, which is the simplest thing any blockchain developer should know when deploying a new chain.
A long-time member of the community posted on the project’s Discord channel, saying that the chainID is crucial for the blockchain to function properly. Using an existing chainID is evidence that the project team lacks the ability to create a functional blockchain. Furthermore, users are not interacting with the project’s chain, but rather with the one with the corresponding chainID.
The community member raised suspicions, “Why does it seem like Shibarium copied Rinia’s code and forgot to change the chainID?”
In response, Shiba Inu’s team said that there was no evidence that the beta version was a fork from Rinia. However, they acknowledged that code forking is prevalent in the blockchain industry.
Moreover, a validator expressed that even if the suspicion is true, the code is still in beta, and any errors can be rectified. The current era is one of open-source and free software, and many developers build their projects from existing code.
Read more:
- Bitcoin Hits New Highs, On-Chain Data Shows More Upside Ahead
- Shiba Inu Announces Launch Of SHIB The Metaverse On Shibarium Blockchain