$90K Oooops: Shibarium Offers Gas Fee That Doesn’t Break The Bank

The crypto world is buzzing after an anonymous user paid a staggering $90,000 in gas fees to transfer a mere $2,200 worth of Ethereum. While the reason behind this head-scratching transaction remains a mystery – a costly mistake or a deliberate act? – it shines a harsh light on the often exorbitant transaction costs plaguing major blockchains and puts Shibarium in the spotlight.

The jaw-dropping incident, highlighting such astronomical gas fees, is not uncommon on Ethereum. The network’s surging popularity has led to congestion, causing transaction costs to skyrocket and making it increasingly difficult for ordinary users to participate in the Ethereum ecosystem.

This is where Shibarium, the Layer-2 solution of the Shiba Inu project, emerged as a potential savior. Designed to alleviate the congestion and high fees plaguing Ethereum, Shibarium offers significantly lower transaction costs and faster speeds.

To check how much the gas fee would cost for a similar transaction on Shibarium, Shib Army OG Sand (@Sand_ShibArmy on X) conducted a transaction on Shiba Inu’s L2 chain. In the screenshot available below, Sand tried using their Tangem wallet for the transaction, which only cost $0.000654 BONE or roughly $0.00027468.

They did the same using a Metamask wallet using the market mode and the transaction ended up costing around $0.000231 only.

As the screenshots demonstrate, the difference in gas fees between the two networks is night and day. While Ethereum users grapple with exorbitant costs, Shibarium users enjoy a fraction of the expense.

This stark contrast highlights the importance of scalable solutions like Shibarium in the cryptocurrency landscape. By reducing barriers to entry, Shibarium has the potential to democratize access to decentralized finance (DeFi) and other blockchain applications.

There are some that suspected the incident was deliberate and was a means to launder money. However, while money laundering via high gas fees is theoretically possible it is highly complex and risky.

While blockchain technology is often touted for its anonymity, the reality is far from it. Money laundering through blockchain presents significant challenges and risks.

One potential method is to deliberately overpay gas fees on a transaction, obscuring the true value of the transfer. However, this is impractical for several reasons.

First, the transparency of blockchain means such anomalies are easily detectable and could trigger investigations. Second, the high costs associated with overpaying gas fees render this method inefficient for large-scale operations.

Additionally, advanced blockchain analytics tools can identify patterns and trace funds over time, making it difficult to maintain anonymity. Ultimately, while blockchain offers a degree of pseudonymity, its inherent transparency and immutability make it a challenging environment for effective money laundering.

As of 12:27 p.m. ET on Monday, Shibarium continues to demonstrate impressive performance metrics. With an average block time of just 26.368 seconds, the network efficiently processes transactions, ensuring swift and reliable operations.

To date, Shibarium has facilitated an impressive 416.147 million transactions, showcasing its ability to handle a high volume of activity. This is supported by a growing user base, with 117,866 total accounts and 1.812 million addresses actively engaging with the network, based on the data from Shibarium explorer, Shibariumscan.

These figures are underpinned by a robust infrastructure, with 6.262 million blocks processed to date. Furthermore, the platform has successfully handled 1.825 million BONE transfers, highlighting its role in the broader Shiba Inu ecosystem.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

Post Views: 462