OKEx provides support for both USDC and USDT on the Algorand Blockchain as the exchange announced support earlier today so we read more in our latest cryptocurrency news today.
The platform is now offering the users an opportunity to conduct transactions and to trade against other crypto assets as well without having to worry about transaction fees. With the value of ETH and BTC rising, many blockchain protocols using ERC20 tokens on the ETH infrastructure are faced with increased GAS fees that are leading to scenarios where people pay a lot more than the transaction value in fees. The rising popularity of DeFi applications on the blockchain contributed to the increased network congestion which causes delays in the transaction settlements.
With cryptocurrencies being known for their price volatility, a lot of crypto users prefer to shield a portion of the assets in stablecoins. however, with most of these stablecoins are based in the ERC20 tokens, they are affected by high transaction fees and the settlement times with the introduction of USDC and USDT allowing the users to enjoy the benefits offered by the ERC20 counterparts with a fraction of the cost. OKEx CEO Jay Hao said on the partnership:
“With such high demand for USDT and USDC on the OKEx platform, we are delighted to offer users the chance to transact quickly and cheaply by providing a safe alternative to Ethereum while a solution is found for its rising gas fees and network congestion. User experience on OKEx is our number one priority and this collaboration is another way of demonstrating that commitment. Algorand is a technically sound protocol that provides the scalability essential to furthering crypto adoption that Ethereum doesn’t currently have.”
Back in February, the average transaction fees on the ETH blockchain were around $25 whereas USDC and USDT transactions on the blockchain will cost less than $0.001 per transaction regardless of the size. The transactions on the Algorand protocol are settled in less than 5 seconds too now as OKEX provides support for these two assets. ALGO was listed on the exchange since 2019 so now in addition, USDT and USDC tokens will become available to the community.
Also as recently reported, the OKex native token OKB surged and broke its own records as of late.
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