Popular crypto analyst expresses concern that many people do not understand how much SHIB will be burned via Shibarium.
Popular crypto expert Del Crxpto has expressed concern over people’s inability to understand how much Shiba Inu (SHIB) will be burned on Shibarium, the cryptocurrency’s layer-2 scaling solution.
“People don’t understand how much $SHIB will be burnt, and that is concerning,” Del Crxpto said.
People don’t understand how much $SHIB will be burnt and that is concerning… https://t.co/88zmH6upD9
— Del Crxpto (@DelCrxpto) July 17, 2023
He made this known while quoting his previous tweet about SHIB’s burn on Shibarium. In the tweet, the famous crypto expert commented on the growing misunderstanding about how Shibarium will operate.
The pro-SHIB expert asserted that people calling on Shiba Inu’s team to increase Shibarium transaction fees have no idea about blockchain congestion.
Shibarium Proposed Transaction Fee
For context, several Shiba Inu enthusiasts have been complaining about Shibarium’s proposed transaction fee. Earlier this year, Unification fund operator and validator Ringoshi Tōitsu noted that the average transaction fee on Shibarium will be $0.02.
Furthermore, Tōitsu said Shibarium transaction fee would be comparable to Polygon.
JUST IN — Gas fees on #SHIBARIUM will be comparable to #Polygon gas fees.
Average txn on Polygon costs $0.02!
Meaning 1 $BONE = ~70 txns ?
BONE as gas doesn’t make SHIBARIUM powerful. #Unification toolkits powered by $FUND does!#UNoDE — https://t.co/Pn7OKOlxmE ?? pic.twitter.com/vQtAsSHVc2
— Ringoshi Tōitsu (@RingoshiToitsu) January 26, 2023
At the time of the tweet, Tōitsu added that 1 BONE token could be used to pay the gas fees of 70 transactions on Shibarium.
Although the low fee is part of efforts by Shiba Inu’s team to boost Shibarium’s adoption, many SHIB enthusiasts frowned at the initiative. In March, the team noted in the Shibarium document that it would burn SHIB using a part of the network’s fees.
As reported, Shibarium’s network fee will be split into base and priority fees. Notably, Shibarium’s documentation specified that 70% of the base fee would be used to buy back and burn SHIB tokens.
However, the remaining 30% will be used for network maintenance and operational costs. This move is expected to impact SHIB’s price in the long term positively.
With Shibarium tipped to offer an average transaction cost of $0.02, many enthusiasts have expressed concern about its ability to burn huge amounts of SHIB to boost the token’s price.
At press time, SHIB is trading at $0.00000786, down 90.88% from an all-time high of $0.00008616.
Shibarium Mainnet to Launch Next Month
Meanwhile, the community has continued to anticipate the mainnet release of Shibarium. As reported, Shiba Inu’s lead developer Shytoshi Kusama confirmed that Shibarium mainnet will roll out during the Blockchain Futuristic Conference in August.
Interestingly, the Shibarium beta testnet has gained widespread adoption ahead of the network’s mainnet launch. Yesterday, the Shibarium beta testnet attained a new milestone of 31M transactions, including token swaps and transfers.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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