Tether integrates with the Solana blockchain

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2021-03-22 13:07:01

Cryptocurrency market’s largest capitalization stablecoin developer Tether recently released its USDT on Solana, a Layer 1 blockchain that developers claim is faster and cheaper than Ethereum.

According to the news, Tether said Solana could help users trade USDT at a rate of 50,000 transactions per second (TPS), for under $ 0.00001 per transaction.

By comparison, Ethereum’s current capacity is around 15 transactions per second, and the average fees are currently around $ 2.65 per transaction.

Solana has cooperated with many major partners in recent times. Last month, crypto exchange FTX launched its decentralized exchange, called Serum, on Solana.

At the time, FTX CEO Sam Bankman-Fried called Solana “awesome” and stated that it was “10,000 times faster and 1,000,000 times cheaper than Ethereum.”

With Solana integration, Tether currently operates on eight blockchains: Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron.

Anatoly Yakovenko, creator of Solana and chairman of the Solana Foundation, said integrating Tether was “absolutely essential.” Yakovenko calls USDT “the lifeblood of DeFi [tài chính phi tập trung] and is an important backbone of the crypto community as a whole. “

“Solana was originally designed to support thousands of transactions at Nasdaq speed. Today, with Tether’s support, Solana is finally able to realize that dream, ”added Yakovenko.

USDT is one of the most used stablecoins in the DeFi sector. According to The Block Research, the top three DeFi protocols by total locked value – Uniswap, Aave, and Curve – have a total of $ 863 million in USDT deposits as of September 9.

Tether is planning to add support for even more blockchains. “We cannot reveal the names yet, because the appraisal is not over yet. But we have three companies in the pipeline, ”Tether Paolo Ardoino’s CTO told The Block.

According to The Block

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