Shiba Inu: Shibarium Transaction Fee Sits at $0.00001, Beating BTC, ADA, ETH and MATIC

On-chain data confirms that Shibarium, the Shiba Inu layer-2 network, boasts transactions fees hovering at $0.00001, much lower than other prominent networks, such as Bitcoin, Cardano, Ethereum and Polygon.

The Shiba Inu ecosystem development team launched Shibarium last August to help network participants, especially the Shiba Inu community, overcome the high fee and slow transaction predicament on the Ethereum network.

Amid the growing adoption, the official Shiba Inu X handle recently disclosed one of the most promising features of the network. Notably, the account reminded the community that the average transaction fee on Shibarium currently sits at 0.0000219 BONE worth $0.00001.

Shibarium Fact: Did you know that transaction fees on Shibarium are as low as 0.0000219 BONE ($0.00001)? This is just one of the powerful features of our chain! Keep shaping the future with $SHIB #SHIBARMY 🚀

— Shib (@Shibtoken) February 28, 2024

This represents one of the lowest average transaction fees in the blockchain ecosystem, with Shibarium beating multiple networks on this metric despite these other networks commanding greater adoption than the emerging layer-2 protocol.

Bitcoin and Ethereum Transaction Fees

For instance, Bitcoin, the premier blockchain network, features a transaction fee much higher than what Shibarium presents. 

Although Bitcoin’s transaction fees fluctuate daily, a feature resident in all networks, data from Ycharts confirms that the blockchain currently has an average transaction fee of $7. At this figure, Bitcoin’s fee is about 700,000 times the value obtained on Shibarium. 

Recall that Ethereum pivoted to a proof-of-stake (PoS) model in September 2022, with an aim to become greener. Some proponents posited that this switch could help reduce transaction fees, but network participants have continued to lament higher fees on the chain.

According to data from Ycharts, the current average transaction fee on Ethereum is $1.587, much higher than what is obtainable with Shibarium. Notably, this entails that Shibarium’s fees are 158,700 times less than Ethereum’s. 

Shibarium Also Beats Cardano and Polygon

Like Shibarium, Cardano and Polygon were built to address the pain points native with earlier proof-of-work blockchain networks. However, Shibarium addresses these issues much better than chains such as Cardano and Polygon.

According to the Cardano Explorer, Cardano boasts an average transaction fee of 0.17 ADA, currently worth $0.107 against prevailing rates. While this puts Cardano among the chains with the lowest fees, it falters compared to Shibarium.

Despite being a fork of Polygon, Shibarium beats the network in transaction fees. According to on-chain analytical resource CoinTool, Polygon currently has a normal fee rate of $0.00322 per transaction. This is much lower than Cardano, Bitcoin and Ethereum.

However, fees on Polygon are still 322 times more than Shibarium. Besides its promise of much lower transaction fees, Shibarium also facilitates near-instant transactions, making it one of the top choices overall for fast, secure and low-cost transactions.