I see a lot of people making comments that Shibarium will mean you’re able to Woof your existing rewards or even stake and unstake your existing SHIB for much cheaper. If you look at any other cross chain solution you’ll see that this isn’t exactly the case.
While making transactions on the Shibarium chain itself will be faster and cheaper; your existing Shib, Bone, and Leash are still on the Ethereum blockchain. This means any transactions with your current assets will be paid using the ETH gas fee model. There’s no situation where you can overlay one blockchain onto another and eliminate the existing transaction structure. So, this means you’ll still have to pay in ETH to Woof your current reward and stake and unstake your tokens on ShibaSwap.
That doesn’t mean you won’t be able to use Shibarium. What it means is you’ll have to pay ETH to migrate your existing tokens over to Shibarium. Once they’re migrated, you’ll be able to use the Shibarium blockchain and its transaction structure. I realize this isn’t what people want to hear but, it’s the truth. It’s the same when migrating your Shib to BSC and making it BEP-20 SHIB or migrating to Solana and making weSHIB.
Another factor to consider is that the whole reason they’re making a ShibaSwap 2.0 is most likely that it will operate on Shibarium instead of Ethereum. Since the existing ShibaSwap runs on the Ethereum blockchain, a new version is needed for the new blockchain. So, what can you do now?
Here’s the silver lining. You don’t have to migrate your Shib if you don’t want to. There may be an initial event for liquidity where they offer incentive for migrating and validating their new Shibarium chain but, if not, there’s still ways to benefit from it.
Instead of migrating your existing SHIB, BONE, or LEASH, consider starting a new bag on Shibarium. Maybe start saving some powder now so you can make an initial purchase. You’ll be able to buy using the cheaper fee structure and you’ll be able to onboard your new bag onto the new ShibaSwap 2.0 while keeping your existing bag where it’s at. Not only would that mean you’re keeping your staked Shib out of the circulating supply but, it would also mean you’re removing more. You could also start building an ETH bag now so that you are ready to pay the fees it will take to migrate your existing tokens to Shibarium.
And just to be clear, I think Shibarium is going to be amazing. I think the new ShibaSwap is going to be great. And I even think the rewards they’ll offer for staking won’t be BONE. More than likely you’ll be able to earn SHI or the migrated versions of the tokens you’re staking. All of that remains to be seen. I don’t want people to get discouraged from reading this. I just want everyone to have a clear understanding of how it will work when Shibarium is officially launched.
Lastly, this week coming ups newsletter’s “Spotlight On…” section will be specifically about Shibarium. What it’s purpose is, how it will work, and the benefit it will be for the community. So, keep an eye out for it this Monday. This weeks is currently pinned to the top of the page.
Love all you pups and I love this community. We’re all in this together.
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