Tether is exploring the possibility of using a new method of collecting transactions on the Ethereum network
The USDT stablecoin issuer had to come to terms with Ethereum’s dominant role in the development of the project
Meanwhile, the average commission has already reached the absolute maximum
International consortium of news organizations developing transparency standards.
The company hopes to solve the problem of inflated commission costs in the Ethereum blockchain network using the ZK-Rollups concept.
USDT stablecoin issuer Tether is exploring the possibility of introducing a scaling technology called ZK-Rollups into the Ethereum blockchain network.
Paolo Ardoino, CTO of Bitfinex and Tether, said this on his Twitter page..
Join our telegram channel to keep abreast of the main trends in the crypto market.
ZK-Rollups is a concept aimed at increasing scalability by collecting multiple transfers within a single transaction. A smart contract is supposed to be used to separate and verify transfers within each tree-like transaction..
Thus, Tether wants to reduce the pressure on Ethereum caused by the huge activity around USDT based on the ERC-20 protocol..
Ardoino’s announcement comes amid reaching the average commission on the Ethereum network at an all-time high of $ 3.45.
Breaking News: Could Tether Collapse Bitcoin & Ethereum?
The previous high was set on August 13, when the average transaction fee was $ 3.35.
According to the analytical resource glassnode, on September 1, Ethereum miners earned on commissions over $ 500 thousand.
Despite the fact that USDT no longer ranks first in the list of projects on the Ethereum network in terms of commission costs, stablecoins – stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More is still in the top 3 in terms of spending (over 26 thousand ETH commissions spent in August).
Learn how to trade in the cryptocurrency market with BeInCrypto partner – cryptocurrency exchange StormGain
In the first place in terms of costs is the decentralized protocol for exchanging cryptocurrencies Uniswap (almost 31.7 thousand ETH were spent in August).
The surge in commission spending comes amid the outflow of Ethereum from exchanges, as well as the popularity of DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More.
This is not the first time the Ethereum network has experienced surges in fees. In early August, the editorial staff of BeInCrypto reported that the price of transactions on the Ethereum network surpassed the bitcoin commission rate..
However, the increase in the price of commissions has already become a demonstration of increased activity within Ethereum..
At the beginning of August, the activity was so violent that it approached the historical maximum at the level of 1.29 million transactions per day..
Tether has already attempted to relocate USDT to other blockchains (TRON, OMG Network, Algorand).
Nevertheless, so far none of the listed blockchains has been able to achieve at least approximately the same results as Ethereum..
Tether Integrates With Plasma Sidechain to Reduce Load on Ethereum
What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
CONTENTS Uniswap Protocol Launches Its Own UNI Token More than 13 thousand users have already applied for free UNI tokens Uniswap has overloaded the network …
CONTENTS To what extent Polkadot is able to influence the Ethereum monopoly Network throughput is significantly different In China, they tend to believe that …
ERC20 tokens – Simply Explained
CONTENTS Other crypto projects have their own claims on DeFi Competitors want to displace Ethereum from the leading position in the decentralized finance market …
Tether’s airdrop turned out to be a scam: personal experience of BeInCrypto journalist
CONTENT Tether’s airdrop turned out to be a dummy The users were promised a reward from 50 to 500 USDT Tether capitalization is growing International consortium …
CONTENTS Companies cannot come to an agreement with regulators Versions of the conflict between organizations and regulators do not match A large amount is involved in the conflict …