ShareRing app users now have the ability to swap $SHR directly between BNB Smart Chain or ShareLedger (SLP3), without needing to convert first into Ethereum ERC-20 token.
ShareRing stated that reducing conversion steps from 3 to 2 would dramatically increase efficiency, reduce conversion costs, and help save time.
$SHR is native to ShareLedger, a Leased Proof-of-Stake blockchain that’s scalable and energy efficient. The token, which conforms to the ShareRing standard is used primarily for transaction fees. Because the token is cross-chain, it can be kept in different blockchains such as the BNB Chain and Ethereum. All $SHR transactions can also be traced on the ShareLedger blockchain. The ShareLedger blockchain has a track that helps prevent fraud.
$SHR token owners had to move their BEP-2 token in order to change to the BEP-20 token through the Binance Wallet. The second step was to convert the BEP-20 $SHR token to Ethereum using the Multichain Bridge. They had to then move the tokens to ShareLedger (ShareRing App), as an SP3 token.
The three-step process was time-consuming and tedious. Users could be charged high transaction fees for transferring the $SHR token through Ethereum. This is because Ethereum is the world’s most active blockchain that continues to face scaling challenges, forcing Gas fees to outrageous levels. Simple conversions and transfers can deprive senders of funds, which could lead to them having to pay fees higher than they might otherwise have spent in the BNB Chain, ShareLedger, or other networks.
ShareRing has eliminated the requirement to transfer to Ethereum using the Multichain Bridge. This allows ShareRing to continue its goal of improving user experience and increasing liquidity for the $SHR crosschain token. The Multichain Bridge will still be available to users who wish to transfer tokens between Ethereum or the BNB Chain ecosystems. However, users who prefer to use the Multichain Bridge to make transfers between ShareLedger/Binance are welcomed.
The updated swap module allows faster transactions, lower gas costs, better efficiency for swapping $SHR in SLP3, and the use of EIP712 (to sign and verify smart contract approvals) to conclude. This module reduces the need for a central database to store transactional information and increases 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 has recently made the NFT Simple Event available in the ShareRing Application for managing and organizing events. Integrating NFTs allows the host to be certain that the attendees have been invited in real time, while also keeping their personal data secure.