ShareRing Enables Direct $SHR Swapping Between BNB Chain and ShareLedger
From September 22, ShareRing app users can directly swap $SHR between BNB Smart Chain and ShareLedger (SLP3) without first converting to Ethereum ERC-20 token. ShareRing said the decision to slash conversion steps from t...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
From September 22, ShareRing app users can directly swap $SHR between BNB Smart Chain and ShareLedger (SLP3) without first converting to Ethereum ERC-20 token.
ShareRing said the decision to slash conversion steps from three to two would drastically boost efficiency, lower the cost of conversion, and save time.
$SHR is native to ShareLedger, a Leased Proof-of-Stake blockchain that’s scalable and energy efficient. Compliant with the ShareRing standard, the token is primarily used to pay transaction fees. However, because the token is cross-chain and can be held in various blockchains, including the BNB Chain, and Ethereum, all $SHR transactions can be tracked on the ShareLedger blockchain. There is a trail that prevents fraud by ensuring a simple and reliable tracking mechanism on the ShareLedger blockchain.
Before this announcement, $SHR token holders were required to shift their BEP-2 token first to the BEP-20 version in the BNB Chain through the non-custodial Binance Wallet. In the second step, they had to move the newly converted BEP-20 $SHR to Ethereum as an ERC-20 token through the Multichain Bridge. Afterward, they had to move them to ShareLedger (ShareRing App) as an SPL3 token.
This three-step procedure was not only tedious but consumed many resources. Notably, there was a risk of users paying high transaction fees when shifting the $SHR token via Ethereum. This is because Ethereum is the world’s most active blockchain that continues to face scaling challenges, forcing Gas fees to outrageous levels. Depending on network activity levels, simple conversions, including transfers, can dent a sender requiring them to pay high fees that they would not otherwise spend in the BNB Chain or ShareLedger.
By eliminating the need to move to Ethereum via the Multichain Bridge, ShareRing is tirelessly continuing with its objective of refining the user experience and working on improving the liquidity of the $SHR cross-chain token. While the Multichain Bridge will continue to serve users wishing to move tokens between Ethereum and the BNB Chain ecosystems, the decision to convenience users wishing to bypass Ethereum when transferring between ShareLedger and Binance is welcomed.
To conclude with this updated swap module there will be faster transactions, cheaper gas fees, improved efficiency when swapping $SHR into SLP3 and usage of EIP712 to sign and verify the approvals on smart contract side. Also, it reduces the usage of centralized database for keeping transactional data and it improves overall performance.
This feature comes amid ShareRing’s drive to build an active, cyclic ecosystem that leverages features made possible by smart contracts and blockchain. ShareRing recently announced the NFT Simple Event feature available on the ShareRing Application designed for organizing and managing events. By integrating NFTs, the host can, in real-time, be assured that attendees are the ones invited, all while keeping their data private.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
ZetaChain Targets Dec. 9 to Switch Off Its Blockchain and Move ZETA to Solana
ZetaChain, a cross-chain blockchain, is on track to retire its own layer 1 around Dec. 9: the vote on Proposal 70, which sets that...
Ethereum Foundation sued for firing employee who opposed ‘suicide pledge’
A lawsuit filed by former Ethereum Foundation (EF) Protocol Support lead Kayleen Fulton against Stiftung Ethereum, Vitalik Buterin...
Binance Reveals How Hackers Moved $6.34B After Breaching Its Wallet-Signing System
Key Takeaways: Binance claimed that their $6.34 billion hack happened over a month-long attack campaign. Hackers’ applications inc...
Kalshi Users Pour $300 Million Into Stock Perps Within Hours of U.S. Debut
Kalshi, the CFTC-regulated prediction market, rolled out perpetual futures tied to individual U.S. stocks on Nov. 5 and said it is...
Zilliqa pivots to Ethereum Layer 2 for regulated institutions
Zilliqa's pivot to Ethereum Layer 2 highlights a trend towards regulatory compliance, potentially reshaping blockchain adoption dy...
StockFi: Connecting U.S. Stock with the On-Chain Ecosystem to Reshape Asset Circulation
Start with one stock. Connect two capital worlds. 6 November — Singapore — StockFi is advancing the connection between traditional...