Tether is live on the OMG network to deal with the transaction congestion on Ethereum. This they have done to provide for arbitrage opportunities for the traders and the network.
Arbitrage opportunities ease simultaneous buying and selling of securities, currency or commodities in the different markets either in direct or derived forms. Thus, making it possible to take advantage of the different prices for the same asset and that is what Tether is all about.
When the transaction fees on Ethereum increases, several projects move to other networks. Of note, Tether USDT stable coin was launched on TRON when the ETH transaction fees touched $0.14 in July 2019.
Several famous Dapps are increasing the load on Ethereum Network. The Ethereum network continues to grow and the numbers of transactions, which are happening on Ethereum (ETH) blockchain have increased by more than two times in 2020, as they are preparing for the ETH 2.0 upgrade.
The OMG network has now made it possible to launch Tether transfers integration thus facilitating an alternative option to swap the leading stable coin in the market. Shifting Tether to the OMG network is set to reduce the Ethereum congestion by 15%.
OMG Network are focused on scaling Ethereum. The network permits to access, manage and transact with digital assets which are kept securely on the blockchain.
OMG Network tweeted: “When #Tether? Well, now! Happy to announce that users will be able to withdraw and deposit @Tether_to #USDt to @Bitfinex via @OMGNetworkHQ, helping reduce #EthereumCongestion and lower gas fees for everyone!
OMG Network is the eighth blockchain of Tether, which is now getting used to reduce the load on the parent chain.
Sydney Ifergan, the crypto expert tweeted: “Tether on the OMG transport layer has made it possible for users to be able to deposit and withdraw USDT on BitFinex Platform.”
Tether (USDT) Paolo Ardoino Excited
Paolo Ardoino expressed that he is excited by the support provided by the OMG network during this integration.
Paolo Ardoino tweeted: “Now it’s time for the $OMG community to harass other exchanges to expand adoption! Gogogogo.”
Paolo also opined that supporting scalability should be the priority for all exchanges. Some of the community members on the OMG Network expressed that they are waiting for Paolo to add all the ERC20 tokens on the network.
Paolo Ardoino also stated that he will be missing all the memes from the community, but it just looks like more of memes are underway.
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