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

News
Mon, 06/01/2020 - 13:42
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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?
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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.

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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.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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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.)