Bitfinex integrates Tether’s USDT on the OMG network which will enable peer-to-peer transactions in real-time which will also increase the scalability of the Ethereum network. We are reading more about it in the latest Tether news today.
As Bitfinex integrates USDT onto the OMG network, the exchange hopes to reduce the confirmation times while delivering faster payments while the fees will also be reduced without compromising the on-chain security. USDT deposits on the OMG network will also be enabled on the Bitfinex platform.
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Vansa Chatikavanij, the CEO of the OMG network commented:
“Today, we’re excited to announce the launch of the OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum. We’re delighted to partner with Bitfinex to address these fundamental issues and drive further growth and adoption of open financial services.”
The CTO of Bitfinex Paolo Ardoino also said:
“At Bitfinex we are committed to driving innovation and improvements to our service to better support our customers. By migrating USDt value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network. This is good for Bitfinex and our customers, and the whole Ethereum ecosystem.”
Transferring USDT coins as an ERC20 token requires a minimum of 0.001 ETG as a miner fee per transaction. The Plasma allows multiple transactions to be sent out with only one fee. This will also allow the traders to react faster and to take an opportunity to arbitrage better between exchanges. The Ethereum blockchain is quite valuable but it is a limited resource. It can also be quite vulnerable under heavy demand and as each block has a finite space available to the users, the total transaction time is capped at 12 TPS. Once the transaction demand exceeds 12 TPS, the settlement time will increase and the gas cost will rise.
— Bitfinex (@bitfinex) June 1, 2020
One such congestion happened in March this year when the price of Ethereum crashed from $240 to $107 and liquidated more than $10 billion from the market. The huge spike in demand from the users that wanted to trade in response to the volatile price swings resulted in an increase of the waiting time from 15 seconds to 44 minutes. USDT’s total market cap has quadrupled from $2 billion in 2019 to $9 billion.
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