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NewsBTC 2022-09-22 11:27:07

ShareRing Enables Direct $SHR Swapping Between BNB Chain and ShareLedger

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 activ...

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