Main navigation

Shiba Inu (SHIB): Shibarium Burning 70% of Base Fee Leaves Community Delighted

Sat, 03/25/2023 - 11:02
article image
Tomiwabold Olajide
Shibarium to contribute immensely to Shiba Inu (SHIB) burns
Shiba Inu (SHIB): Shibarium Burning 70% of Base Fee Leaves Community Delighted
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

The long-awaited documentation detailing an overview of the Shibarium Layer 2 protocol and its operations has now been made public, as reported by U.Today.

According to the documents, Shibarium would be 10,000 times cheaper than Ethereum. Shibarium transaction fees are separated into base and priority fees.

The base fee is a crucial component of transaction fees on a blockchain. When a user makes a transaction on the network, the base fee is locked in a contract on Shibarium, while the priority fee is paid to the validator.

The part that excites the SHIB community is that this base fee will be split into 70% that will be burned and 30% that will be set aside to maintain the network.

During this process, accumulated BONE is sent to Ethereum's L1, where an automated swap for SHIB occurs, and this amount is burned by invoking its contract function.

Users will be able to use a specific portal on Shibarium's website for this process, the document states.

Other developments: Shibarium new ID chain, new Discord, Shiba Eternity

In positive developments, the chain ID of the Shibarium testnet has been changed from 917 to 719.

SHIB developer Kaal Dhairya said that a new chain ID would be deployed for Shibarium beta after similarities between its chain ID and that of Rinia sparked speculation.

Following the events that stirred up FUD in the Shiba Inu community, Shiba Inu lead Shytoshi Kusama has unveiled a new Discord channel for Shibarium-related discussions.

Shiba Eternity, Shiba Inu's CCG game that launched in October last year, has gotten a new update. The new version 1.1.7 onboard memory optimizations, rampage sequencing and performance optimizations are aimed at improving the user experience.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.