Shibarium, the layer-2 network connected to Shiba Inu, is confirmed by data from the blockchain to maintain transaction fees of approximately $0.00001, which is much less than the fees of popular networks like Bitcoin, Cardano, Ethereum, and Polygon.
One of the network’s most promising features was just announced by the official Shiba Inu X handle, as usage keeps growing. The account specifically reminded the community that the average transaction cost on Shibarium is currently $0.00001, or 0.0000219 BONE.
Shibarium has one of the lowest average transaction costs in the blockchain ecosystem, outperforming several other networks in this regard even if the other networks are being adopted more widely than the newly developed layer-2 protocol.
According to Ycharts data, the average transaction price for Bitcoin is presently $7. The fee varies everyday, much like other networks. This is almost 700,000 times more than the average transaction cost on Shibarium, which is $0.00001; the difference is striking. Furthermore, Ethereum now has an average transaction cost that is substantially greater than Shibarium’s, at $1.587 per Ycharts. This means that the fees on Shibarium are 158,700 times less than those on Ethereum.
According to the Cardano Explorer, Cardano has an average transaction cost of 0.17 ADA, which is equivalent to $0.107 at the moment. Even while this puts Cardano in the category of chains with the lowest costs, it is still not as good as Shibarium’s pricing schedule. Shibarium does better than the network in terms of transaction fees even if it is a Polygon fork. Polygon now maintains a standard fee rate of $0.00322 per transaction, which is higher than Shibarium’s fees but noticeably lower than Cardano, Bitcoin, and Ethereum, according to on-chain analytics from CoinTool.
Shiba Inu Enhances Privacy for SHIB Token Holders
By creating a new privacy-focused network on top of the Shibarium blockchain, Shiba Inu hopes to improve the value of SHIB tokens. In partnership with open-source cryptography company Zama, Shiba Inu intends to roll out an undisclosed network. Fully Homomorphic Encryption (FHE), a privacy technique that lets developers deal with data inside untrusted domains without needing to decode it, will be used in this network.
Driven by the Shiba Inu ecosystem token treat (TREAT), the “new privacy layer” will allow developers can incorporate a specialized network on top of Shibarium, a layer-2 platform that settles Ethereum blockchain transactions. According to the Shiba Inu developers, this project intends to protect SHIB token holders’ transactional and personal data while improving on-chain privacy.