Tether launched the USDT stablecoin on the Ethereum-based Hermez Network solution, built on ZK‑Rollups scalability technology.
L2 is the path.
Proud of @Tether_to
+ @bitfinex + @hermez_network to be first in line.
CEXs can offer 0 wd fee for all ERC20. https://t.co/G0T5e792BJ— Paolo Ardoino (@paoloardoino) April 19, 2021
Deposits and withdrawals of USDT via the Hermez Network are already available on Bitfinex.
📣 We’re pleased to announce that Bitfinex users can now deposit and withdraw #Tether ($USDt) on the Bitfinex platform using the @hermez_network layer 2 solution.
Read our full announcement here⬇️https://t.co/SMmhboNOnU pic.twitter.com/bCk0aGhCwU
— Bitfinex (@bitfinex) April 20, 2021
Rollups reduce network load by bundling transactions and moving part of the computations off Ethereum — on sidechains.
Rollups also generate cryptographic proofs (SNARKs), used to include transactions in the blockchain and reconcile the states of the base network and the Layer-2 chain.
According to ETH Gas Station, Tether is the second-largest gas consumer after Uniswap, significantly burdening the Ethereum network.
With the launch of USDT on the Hermez Network, the company hopes to ease the problem of high transaction fees on the Ethereum network.
Earlier, Tether announced the launch of the USDT stablecoin on Polkadot and Kusama networks.
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