Shibarium Burning 70% of Base Fee Leaves Community Delighted
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.
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
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.
💢 BREAKING 💢#Shibarium Testnet Chain ID has officially been updated to 719. pic.twitter.com/5f239dRTwd
— SHIB HODLER (@ShibaInuHodler) March 24, 2023
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.
#shibaeternity #Shibarmy $Shib #Shib #Shiboshis pic.twitter.com/9pYVHhdCRD
— Mazrael (@_Mazrael_) March 24, 2023
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.
