High Ether Knocks Tether to its Eighth Blockchain

August 20, 2020

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Tether has acquired ether scaling solution, OMG Network during the record demand for settlement space on the “world computer”. Tether said in a blog on Wednesday that the integration will result in a reduction of confirmation times offering faster payment while the fee will be reduced without incorporating on-chain security.

OMG Network CEO Vansa Chatikavanij stated that their network can handle thousands of transactions at a third of the cost of Ethereum as a layer 2 solution for Ether that batches transactions before the agreement. Tether is the third biggest cryptocurrency with a market value of over $13.1 billion, and it has become the token choice for the crypto traders in the market. According to Ethgasstaion, Tether scores in the top Ethereum gas guzzlers consistently.

Besides this, the cost of transactions on Ether has expanded in near lockstep with the growth of DeFi applications such as Compound and Uniswap.

high growth in both DeFi and stablecoins usage had unfavorable results for Ether, which settles transactions for both the finance applications. On August 13, the mean transaction fee on Ether broke an all-time-high record set during the 2017 initial coin offering boom.

Tether CTO Paolo Ardoino stated that by migrating USD value transfers to the OMG Network we save cost, improvement in performance, and relieve pressure on the root chain network. Tether issuance can be found on different blockchains including, yet not constrained to, Omni, Liquid, and Tron.

Clustering Ethereum exchanges on optional layers, as OMG Network does, has become the favored answer for scale the system. The most effective method to do so stays testing from a specialized point of view, be that as it may.

For instance, Reddit declared an association with the Ethereum Foundation in June to whiteboard potential arrangements, for example, grouping exchanges, for its local token.

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