The world’s leading stablecoin Tether has been integrated on the OMG Network because the average fees on the Ethereum network reached an all-time high
As per the announcement, presently, the demand for USDT is increasing in the market, therefore, to facilitate its deposit and withdrawal fastly Bitfinex, exchange partner of Tether, started using the OMG Network.
OMG Uses Plasma L2 Scaling Solution
Omise Go Network, popularly known as OMG, was introduced in the year 2017, to offer a remittance platform to the users. It is a Layer 2 payment platform based on Ethereum and it can process a huge number of transactions in just a second.
OMG uses a Plasma L2 scaling solution to process thousands of transactions in a single block on the Ehtereum chain. This also helps the network in facilitating the transaction at a cheaper cost and in very less time.
Ethgasstation.info recently released a report stating that in the past 30 days Ethereum generated a total amount of $6.4 million via Tether’s transaction fees. It is now considered to be a second-highest source of network fees on the network. Uniswap generated transaction fees of $7 million on the Ethereum network, at the same time.
Change Will Be Helpful For Ethereum Ecosystem
Paolo Ardoino, the CTO at Tether, while talking about the stablecoin’s recent transition, said, “By migrating USDT value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network.”
Ardoino believes that this change is not only good for Bitfinex but for the whole of the ecosystem of Ethereum.
It has been notified that Tether is available on different blockchains like Algorand, EOS, Liquid, Omni, and Tron.
The CEO at OMG Network, Vansa Chatikavanji, has recently stated that the network integrates itself with different exchanges, wallets, custodians and dApss, in order to resolve the issues related to Ethereum congestion and high gas fees.