Ethereum is a global open source platform for decentralized applications. On Ethereum, you can write code to manage digital assets, run programs, and more importantly, all of these are not geographically restricted.
According to the latest Arcane research report, as Tether's supply reaches new heights, its issuance seems to be moving away from the Bitcoin network . Tether was originally based on the Omni layer on the Bitcoin blockchain. Since then, it has gradually opened up more protocols, including Ethereum and Tron. Compared with the Omni layer, Tether's transition to the Ethereum protocol is due to Ethereum's faster confirmation time, shorter exchange deposit and withdrawal time, and lower fees. Currently, Ethereum holds the largest share of Tether's supply .
If you observe carefully, compared with the Omni protocol, Tether issued based on the Ethereum network has a faster confirmation time, faster exchange withdrawal and deposit time, and lower handling fees. These advantages have pushed Tether to the Ethereum agreement. Transition .
Anthony Sassano, the founder of Ethereum data intelligence company EthHub, pointed out that the Ethereum network is a better payment method for Tether and other stablecoins .
Paolo Ardoino, Tether's chief technology officer, pointed out that transaction fees and confirmation time are the main reasons for the migration of Tether to Ethereum , and also at the request of traders .
While seeing these development trends, it is important to understand the impact and changes they may bring. It is a well-known fact that Tether's supply on the Ethereum network currently holds the largest share. Although this is beneficial for Ethereum to demonstrate its value as an infrastructure, it also increases the cost of Ethereum. In fact, if this situation continues, USDT may replace Ethereum, but it is currently difficult to surpass .
According to Tokenview data analysis, a total of 157 million USDT was newly issued through the Tether Treasury address. Ethereum and TRON have become the main public chains of newly issued USDT, accounting for 71.34% and 27.85%, respectively. Ethereum still dominates .
The report of Grayscale, an asset management company, pointed out that the scale of Ethereum Trust’s asset management increased from US$11.7 million to US$276.5 million. Although the price of Ethereum was lower, it increased by 23.6 times.
Moreover, the usage of Gas on Ethereum has reached the highest level in history. This shows that in anticipation of Ethereum 2.0, the level of user activity on the Ethereum blockchain network is soaring.
All in all, there may be a reason for Tether's migration from the Bitcoin blockchain, but considering the current rapid development, Ethereum is still the best choice . As for what problems may occur in the future, will Tether eventually migrate to a different chain again? We will wait and see.
and there you have it: people won't eat the high fees on light of other options.