Stablecoin Tether (USDT) is now available on OMG Network, the Plasma-based Ethereum sidechain, whose public beta was launched on June 1 by the OMG team (previously OmiseGo).
According to ETH Gas Station, over the past 30 days, Tether is the largest "consumer" of gas on the Ethereum network, worth $ 1.85 million. That is more than the following five contracts joined, one of which - MMM - is a pyramid scheme.
By issuing the tokens in the OMG network, Tether expects to remove the load from Ethereum.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
Paolo Ardoino, technical director of Bitfinex and Tether, said that USDT at OMG will be available at Bitfinex and “will let traders respond faster to trading possibilities.” However, given the recent launch of the network, there are no other trading platforms that accept the token. Stephen McNamara, chief operating officer of OMG Network, said the project team is currently negotiating integration on other exchanges.
This network uses the More Viable Plasma specification. Kashima Tarnpipitchay, Technical Director of OMG Network, said: “MoreVP integrates ether transactions and ERC20 into groups through a set of Ethereum smart contracts. These grouped transactions are then verified in a decentralized network of validators. Packaged transactions provide high throughput and decrease transaction charges by one third for the end user - all with protection at the level of ETH."