Tether (USDt) is the 1st stablecoin to use Hermez’s solution that makes use of a layer 2 on Ethereum.
Lately, the use of USDt on the Tron network, as an alternate to that on Ethereum, is growing a ton due to the large transaction fees on the latter blockchain.
Consequently, Tether has introduced that USDt tokens are now also lively on Hermez Community, which is a decentralized zero-know-how rollup (zk-rollup) on Ethereum.
Hermez, the option preferred by Tether
Hermez’s answer is developed to strengthen the scalability of the Ethereum protocol, and be certain more affordable token transactions and transfers.
In reality, zero-knowledge rollups provide a answer to transaction bottlenecks, i.e. a layer 2 construction that allows the scalability of Ethereum by carrying out a number of transfers in a solitary transaction.
The CTO of Tether, Paolo Ardoino, said:
“We’re delighted to be the to start with to start on Hermez. This demonstrates our dedication to fixing the problems of scalability and higher transaction fees on the Ethereum community. Tether will take its pivotal job in the electronic token ecosystem seriously. We’re fully commited to conquering complex hurdles while doing our utmost to make manifest the many great projects that builders are operating on in our space”.
The co-founder of Hermez, Antoni Martin, additional:
“By onboarding the USDt stablecoin, we are incentivizing transactions on layer 2 and decreasing congestion and fee force on Layer 1. This is a earn-get situation for users and stablecoin issuers as it will lower friction and increase velocity”.
Tether on social media
Moreover, in the previous 7 days Tether also reached the highest sentiment score on social media in accordance to Santiment, with 53 points, followed by Litecoin (LTC) with 52.
It also reached the optimum enhance in interest rating, developing by as much as 121%, in contrast to 51% for Litecoin.
It is doable that the latest news about complete USDt protection has last but not least swept away quite a few of the doubts that have been surrounding the Tether task for a long time.