Market data and industry inside report shows that Tether has transferred almost 3 million USDT coins to the OMG Network, after collaborating with the OMG Network last week.
Following the news of integration, OMG surges 60% on the day. OMG price rallied from $2 and reached an all-time high of $6 per coin, before restoring to $5.30. OMG is built to decrease congestion on the Ethereum network with the help of a layer-2 scaling solution.
Paolo Ardoino, CTO of Tether, endorses layer-2 solutions by saying that a scalability tool for leading blockchains is increasing in popularity. These networks present “extremely scalable layers that allow users to send many orders of magnitude, more transactions (with cheaper fees), still relying on the security of the main chain.”
Ardoino further added, “I believe this is the most correct and clean approach from a technical and future proof point of view.”
USDT Integration Come Amid DeFi Boom
USDT and OMG integration comes at a time of the DeFi boom which could be useful for the crypto community. Currently, Ethereum can not manage the growing trend of the DeFi sector. The transactional fee on the Ethereum network has reached a new record high.
After Bitcoin, a leading cryptocurrency, USDT drives the market in terms of trading pairs. Moreover, the majority of Ethereum transactions are carried by USDT. OMG layer-2 scaling solution will remove network congestion by merging different trades into one and help the whole crypto sphere.