Tether is activated in OMG Network, positive for Ethereum
The Ethereum crypto community could see a reduction in network congestion, thanks to an announcement made by Tether today.
Integration of Tether in OMG Network: Decongestion in Ethereum?
Recently we reported in Crypt Trend how the tariffs in the Ethereum network had reached exaggerated levels, mostly as a consequence of network congestion.
Therefore, today, Tether announced the integration of USDT in the OMG network, being one of the first viable solutions of scaling of Ethereum Layer 2.
„Today, we are pleased to announce the launch of Tether on OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum,“ said Vansa Chatikavanij, CEO of OMG Network, in the announcement.
Basically, USDT holders will be able to make transactions on the OMG Network, designed with the goal of „reducing Ethereum congestion and gas rates with improved transaction speeds.
For those who don’t know, a recent analysis by Glassnode found that Ethereum gas spending would have reached an all-time high, with 14% of all spending going to tether transfers.
In this regard, Glassnode identified Tether as the most important source of gas spending in the Ethereum, along with massive spending in DeFi. Therefore, if a significant volume of Tether transactions are transferred to the OMG network, we could see a reduction in the fees paid at Ethereum.
„By migrating USDT value transfers to the OMG network, we save costs, drive performance improvements and relieve pressure on the Ethereum network. This is good for Bitfinex and our customers, and for the entire Ethereum ecosystem,“ the announcement said.
We will see if the recent solution can alleviate the congestion currently experienced in the Ethereum’s crypto network.
Ethereum (ETH) breaks two-year maximum, but also its tariff
The controversial YAM Finance project tries again
Last week the crypto market experienced the birth, rapid rise and death of a project called YAM Finance. However, it has been resurrected.
Last week DeFi’s experimental protocol nearly collapsed after a fatal mistake. However, it has since earned $200 million in TVL (Total Value Locked), according to a report by Messari.
According to Messari, the possible reason why investors have not completely discarded YAM is due to the launch of a migration plan for the project.
In fact, yesterday, the team offered an update where they assured that security company Blockchain, Peckshield, is conducting an audit. Will it manage to resurrect and stay alive?
YAM Finance, a day of fury
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The DeFi have been one of the main topics of conversation during the last days in the crypto market. Now, a DappRadar report noted that the perception of the DeFi, which reside in the Ethereum Code, may be too exaggerated.
Basically, the report states that 75% of DeFi growth has been driven by rising token prices. It also said that the most widely used metric, LTV, could provide a distorted view of DeFi.
In this sense, according to the report, only 25% of recent growth is explained by the influx of money into the industry.