The Shibarium Beta was launched on Saturday, Mar. 11, giving insights to users about the network’s functionality. A handful of Shiba Inu investors hopped on the network by testing its features. Users were specifically focused on checking the cost of the gas fees while initiating transactions on the Shibarium Beta.
The main intention for creating Shibarium was to dramatically reduce the gas fees to its users. Has the team succeeded in its mission for making gas fees cheaper and affordable? Let’s find out!
Shiba Inu: Testing Gas Fees on Shibarium
A user shared screenshots after initiating transactions on the Shibarium Beta network. However, these are only examples and not real transactions, as the Mainnet is yet to be released to be fully functional.
A user shared a ‘dummy’ transaction on the Shibarium Beta, highlighting the gas fees required to initiate transactions. According to a recent example from a user, the gas fees look cheaper than previously imagined.
Moreover, the dummy transaction on the Shibarium Beta network got confirmed in 5.02 seconds on a transaction value of 0.1 Bone. The overall transaction fee cost 0.000021000000147 in Bone as gas on the Beta network. That’s approximately around $0.00003 used as gas fees on the Shibarium Beta network.
However, the above transaction is from the Beta testing phase only. The outcome of the gas fees will be known only after the Shibarium mainnet is released.
The ‘Burn Rate’
The Shibarium Beta sheds no light on the in-built burn portal’s mechanism yet. Therefore, it is not known how many SHIB tokens could Shibarium removed from circulation after the mainnet launch.
However, read here for a hypothetical estimate provided by SHIB’s Discord moderator Queenie about SHIB burns. According to her hypothetical estimation, around 111 trillion SHIB tokens could be burned each year through Shibarium and ShibaSwap 2.0.
At press time, Shiba Inu was trading at $0.00001050 and is up 3.6% in the 24 hours day trade. Also, SHIB is down 87.78% from its all time high of $0.00008616, which it reached in October 2021.