The Shiba Inu team is gearing up for the launch of Shibarium Beta, as three blogs about the subject were published in the last 30 days. The main goal of Shibarium is to lower the gas fees considerably, making transactions affordable, easier, and more secure on the network for its users. Therefore, the transaction fees on Shibarium take center stage as they can make or break the L2 network.
The Bone token will be used as gas fees on the network and the team confirmed that Shibarium will ‘burn’ SHIB for every transaction initiated. Nonetheless, the scale of the ‘burns’ remains to be unknown as no further data is divulged by the team. However, if Shibarium ends up being a 24/7 mill to ‘burn’ SHIB, its price could eventually head north.
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Shiba Inu: What Might Be An Average Transaction Cost on Shibarium?
Unification fund operator and validator Ringoshi shed some light on what could be an average transaction fee on Shibarium. According to Ringoshi, SHIB founder Ryhoshi’s vision of having affordable gas fees on the network could come true.
Ringoshi claimed in a tweet early this year that the gas fees on Shibarium might cost $0.02 per transaction. The validator added that Shibarium could be compared to Polygon’s gas fees, which provide affordable pricing to users.
The fact that Ryoshi wanted Shibarium’s gas fees to be extremely affordable, a $0.02 fee per transaction—seems reasonable.
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However, we will have to wait and watch when Shibarium launches to accurately know more about its gas fees. Until the layer-2 network is launched and users begin to initiate transactions, nothing can be confirmed outright.
Low gas fees will only make users accumulate more SHIB tokens, and the transaction fee will ‘burn’ more. In conclusion, a $0.02 gas fee on Shibarium could be a win-win situation for Shiba Inu in the long run.
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At press time, Shiba Inu was trading at $0.00001137 and was down 5.3% in the 24-hour day trade. SHIB is also down 86.80% from its all-time high of $0.00008616, which it reached in October last year.