Popular Altcoin Preferred by Tether Has 20% Leap!
A popular altcoin has made significant rises today. The reason for this rise is Tether. All Tether USDT transactions on Bitfinex will now be carried out through the OMG Network, re-branded as OmiseGo to reduce both fees and latency.On June 1, 2020, it was announced that all Tether (USDT) transfers on the cryptocurrency exchange Bitfinex will switch to the OMG Network to resolve issues related to Ethereum (ETH) scalability.
In the official statement, the transfers of the ERC-20 version of the Tether (USDT) stablecoin fixed to the US Dollar in Bitfinex will no longer be carried out directly through Ethereum (ETH), but through the second layer infrastructure, Plasma.OMG Network, platforms using Plasma based transactions, is a partner of this integration. That’s why USDT deposits and withdrawals will now be supported by the OMG Network on Bitfinex.
What Is Plasma For?
Plasma appears as an approach to the solution of the Ethereum (ETH) scalability problem. With Plasma, both ETH transaction and many Ethereum (ETH) network transactions including ERC standard tokens can be processed in a single block. This significantly reduces transaction fees and also increases the speed of approval.
Bitfinex CTO, Paolo Ardoino stressed that the new integration is crucial for Bitfinex users’ trading experience, and said this will enable investors to react faster to trade opportunities and arbitrage more exchanges as the network grows.
Re-Branding and Main Network
OMG Network is a new brand of OmiseGo in Ethereum based financial services launched in 2017. Today, after three years of hard work, Beta Mainnet is finally announced.
According to the OMG team’s statement, this solution reduces the costs of Ethereum-based transactions by 66%. OMG Network also released a demo web wallet and block explorer to showcase their latest product achievements.
Ethitalum Foundation co-founder Vitalik Buterin congratulated OMG Network for taking the long-awaited step.Let’s note that the OmiseGo (OMG) platform was one of the last ICOs directly recommended by Vitalik Buterin three years ago.After this development, there has been a significant increase in the price of OmiseGo today.
As of yesterday, OmiseGO started to rise from the level of $ 1.44 to 20 percent as of the writing, and increased its price to $ 1.72.