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.