🔥Shib's Long-Awaited Layer 2 Launch Ends In Tears

GM Defiers!

Shibarium, the long-awaited Layer 2 from the team behind the SHIB memecoin, is off to a disastrous start. The network's highly-anticipated launch was marked by eternally pending transactions and unrecoverable bridged assets.

By contrast, Sei Network, a Cosmos-based Layer 1 designed to facilitate high-frequency order book trading, sucessfully completed its mainnet beta launch. However, early adopters are upset with the project's airdrop allocation, which only refunds the gas expenses for the majority of users.

And in regulatory news, Singapore announced the finalization of its regulatory framework for stablecoins. Locally-issued stablecoins must track the Singaporean dollar or a G10 fiat currency, with issuers required to demonstrate they have the funds available to wind down operations if need be.

✍️ In today’s newsletter:

• Shibarium's launch results in trapped funds and stuck transactions
• Sei deploys on mainnet but airdrop recipients aren't happy
• Singapore updates incoming stablecoin guidelines following public consultation

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