Shiba Inu marketing specialist, Lucie, has expressed her views on the suitability of using Shiba Inu (SHIB) as a gas fee on the Ethereum network amidst significant developments in the market, including a major upgrade to the Shibarium network and new exchange listings.
Lucie clarified that Ethereum relies solely on its native token, Ethereum (ETH), for transaction fees, known as gas fees. These fees play a crucial role in incentivizing validators and maintaining the network’s operations. While there may be speculation about using SHIB as a substitute for ETH to cover gas fees, Lucie explains that technical and security challenges make this option impractical.
The architecture of Ethereum is specifically designed to support ETH for transaction fees. Integrating a different token like SHIB would require substantial changes to the network infrastructure, potentially compromising security and efficiency due to the shift from its Proof of Stake consensus mechanism.
On a positive note, the Shiba Inu community is eagerly anticipating the upcoming upgrade to the Shibarium network. This hard fork, scheduled for release on May 2, aims to enhance user experience and platform performance by introducing features such as quicker block processing times and more predictable transaction fees. These improvements are a direct response to community feedback and aim to ensure usability and affordability even during peak periods of network traffic.
Additionally, Binance Japan has introduced a SHIB/JPY trading pair, taking advantage of the growing interest among Japanese investors. This listing, effective from April 30, allows local investors to engage with SHIB using their native currency. As part of an ongoing campaign, fee-free transactions are being offered, which may attract a larger user base.
Despite these positive developments, SHIB has experienced a significant downturn in the market. Within a 24-hour period, it has seen a 7.87% crash and a 19.30% drop over the past week.
It is important to note that this content is for informational purposes only and should not be considered financial advice. The views expressed in this article may be the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.
