ShareRing Enables Direct $SHR Swapping Between BNB Chain and ShareLedger
22 Septiembre 2022 - 6:27AM
NEWSBTC
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.
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