Shibarium Caught Copying Code from Another Chain Without Changing ChainID, SHIB Price Drops 10%
Shiba Inu's Layer-2 blockchain, Shibarium, recently launched its beta version but was quickly exposed by the community for copying code from another project without updating the ChainID. As a result, the price of SHIB has dropped by 10% over the past 24 hours.
Shibarium Caught Copying Code from Another Chain Without Changing ChainID, SHIB Price Drops 10%
Update on March 16, 2023:
After considerable debate within the community, one of Shiba Inu’s founders announced on Twitter that a new beta version of Shibarium will be rolled out with a new ChainID:
Dispelling some FUD ever since we did the Alpha network deployment few chain IDs were picked randomly- 417(Alpha), 517(Staging), 917(pre-pod/beta) and these chain were not registered anywhere at that time, I made a mistake to not recheck when the puppynet network was launched
— Kaal (@kaaldhairya) March 16, 2023
“I don’t want to argue any further. I will deploy a new beta version with a new ChainID.
Best of luck to our blockchain.”
Original Post:
As Coin68 reported, Shiba Inu had been hinting at the development of its Layer-2 solution, Shibarium, since Q3 2022. This Layer-2 is built on top of Ethereum and is aimed at developing applications in gaming and the metaverse.
Shibarium is designed to enhance the utility of tokens within the Shiba Inu ecosystem, including SHIB, BONE, and LEASH. Specifically, BONE is set to become the transaction fee token on the Layer-2, while also rewarding validators.
The project was slated to launch its beta version this week, riding the ongoing Layer-2 hype.
However, the community’s excitement quickly turned to disappointment when it was discovered that Shibarium’s code was a "copy-cat" from another project, with the development team neglecting to update the ChainID. (?!)
A senior community member posted on the project’s Discord channel:
HOLY SHIT. Serious escalation in official $SHIB discord.
— Rancune (@Rancune_eth) March 16, 2023
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
“ChainID is one of the most basic things any blockchain developer should know when deploying a chain. Using an existing ChainID shows that the team lacks competence, as the blockchain won’t function as intended.
Users are not interacting with your chain, but with the chain of that ID.”
The user then questioned:
“Did Shibarium copy code from Rinia and forget to change the ChainID?”
Here’s the response from the Shiba Inu team:
“There is no evidence that this beta is a fork from Rinia. In the blockchain world, code is frequently forked.”
Additionally, a validator commented that this is just a beta and any issues can still be fixed:
“Even if it is true, this code is just a beta version. Whether it is a copy-cat or not doesn’t change anything.
We are in an era of open-source and free software; everyone builds on existing code.”
The SHIB price has been affected, currently down about 10% over the past 24 hours.
SHIB Price Movement in the Last 24 Hours
Screenshot from Binance at 01:40 PM, March 16, 2023
