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Shiba Inu marketing specialist Lucie deems SHIB unfit for Ethereum gas fees amid network upgrades and the launch of the new SHIB/JPY trading pair in Japan.
Lucie, the Shiba Inu ecosystem marketing lead, recently addressed the feasibility of using Shiba Inu (SHIB) as a gas fee on the Ethereum network amid significant market activities, including a major upgrade to the Shibarium network and new exchange listings.
Can #Ethererum use $SHIB ???
Ethereum is a digital platform that allows people to create and use decentralized applications, also known as smart contracts. These smart contracts require a certain amount of Ethereum, which is the native crypto of the Ethereum network, to perform… pic.twitter.com/w57lKq2Mql
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) April 30, 2024
Ethereum’s Technical Framework and SHIB’s Role
Lucie clarified that Ethereum, a digital platform for dApps, relies exclusively on its native token, Ethereum (ETH), for transaction fees, known as gas fees. These fees incentivize validators and are crucial for maintaining the network’s operations.
Despite speculative interests in using SHIB, an alternative cryptocurrency, as a substitute for ETH to cover gas fees, technical and security challenges render this option impractical.
Ethereum’s architecture is designed to support ETH for transaction fees per the marketing lead. Integrating a different token like SHIB would necessitate substantial network infrastructure changes, potentially compromising security and efficiency due to the shift from its Proof of Stake consensus mechanism.
Positive Developments Across the Shiba Inu Ecosystem
Parallel to discussions about token utility on Ethereum, the SHIB community is anticipating an upgrade to the Shibarium network. Set for release on May 2, this hard fork aims to introduce features that will improve user experience and platform performance, such as quicker block processing times and more predictable transaction fees.
These enhancements are a direct response to community feedback. They aim to boost usability and maintain affordability even during high-traffic periods.
In yet another positive development for Shiba Inu, Binance Japan introduced a SHIB/JPY trading pair, capitalizing on the growing interest among Japanese investors.
This move, effective from April 30, allows local investors to engage with SHIB in their native currency. Additionally, this listing is part of an ongoing campaign that includes fee-free transactions, potentially attracting a larger user base.
Despite these bullish sentiments surrounding these imminent developments, SHIB has encountered a significant slump in the market, as illustrated by the 7.87% crash within a 24-hour period and a 19.30% drop over the past week.