- Lucie explains why using SHIB for Ethereum gas fees is impractical due to technical and security concerns.
- The shibarium upgrade on May 2 aims to enhance the Shiba Inu platform by addressing user concerns.
- Binance Japan introduces the SHIB/JPY pair to facilitate trading, complemented by promotional zero fees.
Lucie, a Shiba Inu marketing lead, recently discussed how using SHIB for gas fees on the Ethereum network is impractical. Lucie discussed the technical and security reasons why Ethereum would continue to use its native token, ETH, for transaction fees, especially given the recent developments and the introduction of new trading pairs in Japan.
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Ethereum utilizes ETH exclusively for transaction fees, which is essential for compensating validators and ensuring smooth network operation. Despite some interest in adopting SHIB as an alternative payment for gas fees, Lucie emphasized that such a change would require extensive adjustments to Ethereum’s infrastructure.
Additionally, she noted that integrating SHIB could jeopardize the network’s security and efficiency, especially given Ethereum’s transition to a Proof of Stake consensus mechanism.
Shiba Inu Community Awaits Network Upgrade
In addition, the Shiba Inu community eagerly anticipates the Shibarium network upgrade set to occur on May 2. This upgrade is anticipated to improve the platform by speeding up processes, stabilizing trading costs, enhancing the overall user experience, and resolving community issues.
This network enhancement aligns with Binance Japan’s introduction of a SHIB/JPY trading pair. Effective April 30, this new offering enables Japanese investors to trade SHIB in their local currency and is complemented by a promotional campaign featuring zero transaction fees, aiming to attract participants.
SHIB has seen a decline in the market price despite these developments, with a 10.67% decline in the last 24 hours and a 22.50% drop over the previous week. These figures highlight the volatile nature of the cryptocurrency market, even as the Shiba Inu community continues to pursue strategic initiatives.
Although using SHIB for Ethereum gas fees is still theoretical and impractical, the Shiba Inu community is working on developing the network’s capabilities and increasing market share.
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