Shiba Inu to Reduce ‘Gas Fees’ for users after launching its own blockchain

Vinod Dsouza
Shiba Inu Money Gas Fees
Source: Unsplash

Shiba Inu’s ecosystem is growing each day and the meme-token has a lot of developments planned out for 2022. The first expected release could be Shibarium and reports state that it could be out before April 2022. During a Q&A session on Discord, the lead developer of ShibaSwap Eric M confirmed that Shibarium would be released “soon”.

“A timeline is not needed when you trust a project. That’s how SHIB has worked until now and will keep being like this,” he said.

Also Read: Breaking: Shiba Inu Market Cap is Now Larger than Robinhood

His statements also hinted that Shibarium could be in its final stages but did not give a specific timeline for its release. SHIB’s founder Ryoshi proposed Shibarium in May 2021 in his Medium blog stating the SHIB will work on its own blockchain.

How will Shiba Inu reduce gas fees for users in the future?

SHIB’s own blockchain ‘Shibarium’, if executed as planned- will be its layer-2 network and will not depend on the Ethereum platform for transactions anymore. The layer-2 solution will surpass the ETH gas fees in the Ethereum network and provide ‘lower fees’ during transactions.

Ether’s gas fee has received its fair share of criticism for displaying high gas fees to users. Its prices depend on how congested the network is and that affects the end-user by billing a high gas fee.

Users have complained that the ETH gas fees sometimes show prices more than the invested amount. The high fees have put off several investors and many backed out from transacting on the network.

Shiba Inu’s Shibarium layer-2 network plans to undo the burden of high gas fees by providing solutions from its in-house blockchain. In other words, Shibarium will provide users with a reduction in gas fees and for transactional purposes. Shibarium will also use BONE as the primary pair token in the platform for all transactions.

The development has thrilled the Shiba community and investors believe Shibarium will be the platform to scale up sustainably. The price of SHIB is expected to take a leap forward when Shibarium is released and works as planned.

At the time of publishing, Shiba Inu was trading at $0.00003012 and is down -8.3% in the 24-hours day trade. The meme-token is also down -14.3% since the last 7-days.