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Bitfinex to Integrate Tether (USDT) Transactions Onto OMG Network. What Does This Mean?

News
Mon, 06/01/2020 - 13:42
Vladislav Sopov
All Tether (USDt) transactions on Bitfinex will be carried out through the OMG Network, rebranded as OmiseGo, to reduce both fees and latency.
Bitfinex to Integrate Tether (USDT) Transactions Onto OMG Network. What Does This Mean?
Cover image via u.today
Contents

On June 1, 2020 it was announced that all Tether (USDt) transfers on the Bitfinex cryptocurrency exchange will migrate to OMG Network to resolve issues with Ethereum (ETH) scalability.

Tether (USDt) migrates to second layer of Ethereum (ETH)

According to the official announcement, the remittances of the ERC-20 version of the U.S. Dollar Tether (USDt) stablecoin on Bitfinex will be executed not through Ethereum (ETH) directly, but through its second-layer infrastructure, Plasma.

Tether (USDt) transfers on Bitfinex will be sent through Plasma
Image by Twitter

OMG Network, the platforms for Plasma-based transactions, is a partner of this integration. So, USDt deposits and withdrawals on Bitfinex will be supported by the OMG Network.

Plasma is one approach to solving the problem of Ethereum (ETH) scalability. With Plasma, many Ethereum (ETH) network transactions (both Ether and ERC-standard tokens) can be processed in one block which significantly reduces transaction fees and advances the speed of confirmation.

Bitfinex CTO Paolo Ardoino highlighted that the new integration is crucial for the trading experience of Bitfinex users. Tether (USDt) integration with OMG Network's Plasma:

...allows traders to react faster to trading opportunities and more efficiently arbitrage between exchanges as the network grows

Rebranding and mainnet

OMG Network is a new brand of OmiseGo, a veteran in Ethereum-based financial services launched in 2017. Today it has announced that after three years of hard work, its Beta Mainnet is finally live.

OMG Network Launches Beta Mainnet
Image by Twitter

As per its 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 the newest product achievements.

Ethereum Foundation co-founder Vitalik Buterin has congratulated OMG Network on the long-awaited milestone:

Vitalik Buterin celebrates OMG mainnet
Image by Twitter

It is worth noting that three years ago the OmiseGo (OMG) platform was one of the last ICOs directly advised by Vitalik Buterin. 

Recently, the OMG token pumped 33% on the announcement of getting listed on the Coinbase Pro industry-level crypto exchange ecosystem.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)