Monday, March 20, 2023
HomeCrypto NewsShiba InuTesting Transaction Costs on Shibarium Beta Network: A User Experience

Testing Transaction Costs on Shibarium Beta Network: A User Experience

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Shibarium Beta was released on March 11th, allowing users to explore the platform’s capabilities. A few investors of Shiba Inu quickly took advantage of the launch by trying out its features. 

The users’ main focus was to verify the cost of gas fees when initiating to significantly reduce Shibarium was primarily developed with the aim of significantly reducing gas fees for its users. However, it’s logical for its users who have been anticipating the launch to put it to test before putting all their trust in it.

Someone has posted screenshots demonstrating their transaction activity on the Shibarium Beta network. Nonetheless, it should be noted that these are merely test transactions and not actual transactions, as the Mainnet is still awaiting release to provide complete functionality.

A user demonstrated a “dummy” transaction on the Shibarium Beta platform to showcase the gas fees needed to start transactions. As per a recent user example, the gas fees appear to be less expensive than previously anticipated.

Additionally, a test transaction was conducted on the Shibarium Beta network with a transaction value of 0.1 Bone, and it was confirmed within 5.02 seconds. The total transaction fee was 0.000021000000147 Bone, which was paid as gas on the Beta network. This roughly translates to a gas fee cost of around $0.00003 on the Shibarium Beta network.

It’s important to note that the transaction mentioned above was conducted during the Beta testing phase. The actual gas fee costs on the Shibarium platform will only be determined once the mainnet is launched.

Read article: Stunning Visuals of Shiba Inu’s SHIB Metaverse Hub Unveiled at SXSW

At present, the Shibarium Beta platform does not provide any information regarding the workings of its built-in burn portal. However, it’s unclear how many SHIB tokens Shibarium will remove from circulation following the mainnet launch.

There is a hypothetical estimate provided by Queenie, a moderator on SHIB’s Discord, regarding the number of SHIB tokens that could be burned. According to her estimation, Shibarium and ShibaSwap 2.0 could burn approximately 111 trillion SHIB tokens each year.

As of the time of writing, Shiba Inu was being traded at $0.00001124, which marks a 10.2% increase in the 24-hour trading period. It’s worth noting that SHIB is currently down by 87.1% from its highest value of $0.00008616, which it had reached in October 2021.

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