As of September 22, ShareRing app users can directly exchange $SHR between BNB Smart Chain and ShareLedger (SLP3) without having to convert to Ethereum ERC-20 token first.
ShareRing said the decision to reduce conversion steps from three to two would dramatically increase efficiency, reduce conversion cost and save time.
$SHR is native to ShareLedger, a scalable and energy efficient leased proof-of-stake blockchain. Complying with the ShareRing standard, the token is primarily used to pay transaction fees. However, because the token is cross-chain and can be held on multiple 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.
Prior to this announcement, $SHR token holders were first required to exchange their BEP-2 token to the BEP-20 version on the BNB chain via 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. Then, they had to move them to ShareLedger (ShareRing app) as an SPL3 token.
This three-step procedure was not only tedious but resource-intensive. In particular, there was a risk that users would pay high transaction fees when exchanging the $SHR token through Ethereum. This is because Ethereum is the most active blockchain in the world which continues to face scaling challenges, forcing gas fees to outrageous levels. Depending on network activity levels, simple conversions, including transfers, can hurt a sender and require them to pay high fees that they would not otherwise spend on BNB Chain or ShareLedger.
By removing the need to migrate to Ethereum via the Multichain Bridge, ShareRing relentlessly continues its goal of refining the user experience and works to improve the liquidity of the $SHR cross-chain token. While Multichain Bridge will continue to serve users who want to move tokens between Ethereum and the BNB Chain ecosystems, the decision to make it easier for users who want to bypass Ethereum when transferring between ShareLedger and Binance is appreciated.
To conclude with this updated exchange module, there will be faster transactions, cheaper gas rates, improved efficiency when exchanging $SHR on SLP3, and the use of EIP712 to sign and verify approvals on the smart contract side. Additionally, it reduces the use of a centralized database to maintain transactional data and improves overall performance.
This feature comes amid ShareRing’s push to build an active cyclical ecosystem that leverages features made possible by smart contracts and blockchain. ShareRing recently announced the NFT Simple Event feature available in the ShareRing app designed to organize and manage events. By integrating NFT, the host can, in real time, be sure attendees are the guests, all while keeping their data private.
This post ShareRing allows direct exchange of $SHR between the BNB chain and ShareLedger
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