Shiba Inu marketing expert, Lucie, has expressed doubts about using Shiba Inu (SHIB) as a replacement for Ethereum’s gas fees due to ongoing network upgrades and the launch of a new SHIB/JPY trading pair in Japan.
Lucie, who leads the marketing efforts for the Shiba Inu ecosystem, recently discussed the feasibility of using SHIB as a gas fee on the Ethereum network. However, she pointed out that Ethereum relies solely on its native token, ETH, for transaction fees, also known as gas fees. These fees play a vital role in incentivizing validators and ensuring the smooth functioning of the network.
Although there has been speculation about using SHIB as an alternative cryptocurrency to cover gas fees, Lucie highlighted the technical and security challenges that make this option impractical. The architecture of Ethereum is specifically designed to support ETH for transaction fees, making it difficult to integrate another token like SHIB without significant changes to the network infrastructure. Such changes could compromise security and efficiency, particularly due to the shift from Ethereum’s Proof of Stake consensus mechanism.
While the discussions about token utility on Ethereum continue, the Shiba Inu community eagerly awaits the upgrade to the Shibarium network. This hard fork, scheduled for release on May 2, aims to enhance user experience and platform performance. It will introduce features such as faster block processing times and more predictable transaction fees, addressing the feedback from the community and ensuring usability and affordability even during high-traffic periods.
In another positive development, Binance Japan has introduced a SHIB/JPY trading pair, tapping into the growing interest among Japanese investors. This listing, effective from April 30, allows local investors to trade SHIB in their native currency. As part of an ongoing campaign, fee-free transactions are also being offered, which could attract a larger user base.
However, despite these positive developments, the SHIB token has experienced a significant market decline, with a 7.87% crash in a 24-hour period and a 19.30% drop over the past week.
Disclaimer: This article provides information and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not represent the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.