Shibarium to contribute immensely to Shiba Inu (SHIB) burns, up to 70% base fee

By Selena 03/25/23 2:33 PM

The long-awaited documentation outlining the Shibarium Layer 2 protocol and its operations is now available. Shibarium would be 10,000 times cheaper than Ethereum. Shiba Inu transaction fees are divided into base fees and priority costs.

Nice! Also 10,000 times lower fee than etherium! Someone do that math real quick. I’m bad. If I paid $10 in Eth fees last transaction and it’s now 10,000x lower how much Shib will burn?! 🚀 🌙 pic.twitter.com/rMm9NHe1Lo

— OhGodYes (@ohgodyes) March 24, 2023

The base charge is an important component of blockchain transaction fees. When a user does a network transaction, the base charge is locked in a Shibarium contract, while the priority fee is paid to the validator.

The SHIB community is excited because this base charge will be split into 70% burned and 30% set aside to sustain the network.

Throughout this procedure, collected BONE is transmitted to Ethereum’s L1 for an automated swap for SHIB, and this amount is burned by calling its contract function. According to the document, users can access a specific portal on Shibarium’s website for this process.

In good news, the Shibarium testnet’s chain ID has been updated from 917 to 719.

💢 BREAKING 💢#Shibarium Testnet Chain ID has officially been updated to 719. pic.twitter.com/5f239dRTwd

— SHIB HODLER (@ShibaInuHodler) March 24, 2023

Although similarities between Shibarium’s chain ID and Rinia raised curiosity, SHIB creator Kaal Dhairya stated that a new chain ID would be issued for Shibarium beta.

Following the incidents that caused consternation in the Shiba Inu community, Shiba Inu leader Shytoshi Kusama has announced the creation of a new Discord channel for Shibarium-related conversations.

#shibaeternity #Shibarmy $Shib #Shib #Shiboshis pic.twitter.com/9pYVHhdCRD

— Mazrael (@_Mazrael_) March 24, 2023

Shiba Eternity, Shiba Inu’s CCG game that debuted last October, has received a new upgrade. The onboard memory improvements, rampage scheduling, and speed changes in version 1.1.7 are designed to improving the user experience.

Join us on Telegram