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Bitfinex Integrates Tether (USDt) on OMG Network for Faster, Cheaper Transactions


Bitfinex, a state-of-the-art digital asset trading platform, has integrated Tether (USDt) into the OMG Network, a platform that enables peer-to-peer transactions in real-time, in an initiative that enhances the scalability of the Ethereum network.



The integration of USDt onto the OMG Network will result in a reduction of confirmation times delivering faster payments while fees will be reduced without compromising on-chain security. USDt deposits and withdrawals on the OMG Network will be enabled via the Bitfinex platform.

“Today, we’re excited to announce the launch of the OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum,” said Vansa Chatikavanij, CEO at OMG Network. “We’re delighted to partner with Bitfinex to address these fundamental issues and drive further growth and adoption of open financial services.”

"At Bitfinex we are committed to driving innovation and improvements to our service to better support our customers,” said Paolo Ardoino, CTO at Bitfinex. “By migrating USDt value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network. This is good for Bitfinex and our customers, and the whole Ethereum ecosystem."

Transfering USDt as an ERC20 token requires a minimum of 0.001 Ethereum as the miner fee per transaction. Plasma allows numerous transactions to be sent with only one fee. “This will allow traders to react faster to trading opportunities and take advantage of arbitrage more efficiently between exchanges as the network grows,” said Ardoino.

The Ethereum blockchain is a valuable but limited resource, which, under heavy demand is vulnerable to severe network congestion. As each block has only a finite space available to users, total transaction throughput is capped at approximately 12 TPS. When transaction demand exceeds 12 TPS, settlement times increase and gas costs can rise significantly.

One such extreme congestion event occurred in March this year when the price of Ethereum crashed from $240 to $107, liquidating more than $10 billion from the market. The huge spike in demand from users looking to trade in response to the volatile price swings resulted in average network waiting times rising from 15 seconds to 44 minutes.

Token exchange is the largest category of usage for Ethereum, and with its growing dominance and success USDt transactions now consume more gas than the nearest 10 biggest protocols and applications combined. Scaling Ethereum is a critical issue to solve today and will reduce costs and drive performance for all the services and applications built on the network.

USDt’s total market capitalization has more than quadrupled from about $2 billion in February 2019 to reach $9 billion. Tether works with Algorand, Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.

About Bitfinex
Founded in 2012, Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and financed trading for a wide selection of digital assets. Bitfinex's strategy focuses on providing unparalleled support, tools, and innovation for professional traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
bitfinex.com

About OMG Network
Established in 2017 under the brand name OmiseGO, the rebranded OMG Network is a subsidiary of SYNQA. Our mission is to enable open financial services that are fast, cheap, and secure. The OMG Network is a trustless, non-custodial, Layer 2 scaling solution for transferring value on Ethereum. The OMG Network leverages an infrastructure design, called More Viable Plasma (MoreVP), which has been formally audited by Quantstamp and Consensys. More information can be found on OMG.network.



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Jeudi 4 Juin 2020
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