- Tether Is Shifting Its Supply to ERC20 Tokens on the Ethereum Blockchain
- Omni-Based USDT Tokens Are Still More than ERC20-Based USDT Tokens
- Ethereum Records a Better Performance in Market Cap than Bitcoin (BTC)
Tether News Today – Over the last couple of months, a new trend has been established in the crypto space. The crypto space has recorded a new trend where Tether has been gradually moving to the Ethereum Network. According to a report, Tether has accumulated a huge space on the blockchain of Ethereum to process transactions worth $417k on the Ethereum network. This might result in the clogging of the Ethereum network, which was also suffering from a network saturation case.
Tether Is Shifting Its Supply to ERC20 Tokens on the Ethereum Blockchain
According to a report by Coinmetrics.com, Tether is gradually moving its supply from the Omni protocol to an ERC20 token on the blockchain of Ethereum. Tether (USDT), which is the largest stablecoin in the market, did not announce the change in its operating protocol formally. However, there is a notion that present scenario was playing out in order to create a more diversified approach, instead of remaining on the unstructured protocol of Omni.
Tether (USDT) Price Today – USDT / USD
The announcement of Binance – the largest trading platform in the world – might have also played a role. Binance recently announced that it would no longer accept USDT deposits carrying an Omni-based address. The exchange said it would only accept ERC20-based USDT on its trading platform.
Omni-Based USDT Tokens Are Still More than ERC20-Based USDT Tokens
According to the report, Omni-based tokens still have the upper hands. Tether (USDT) has a total supply of 4.1 billion. Out of the total supply, Omni-based USDT coins are 2.15 billion while ERC20-based tokens are 1.96 billion units, which are on the Ethereum network. Other networks have a very little amount of USDT coins on their platforms.
On the 16th of last month, Tether Treasury puffed in a significant change when they burned 400 million Omni-based USDT tokens and brought back the same amount on the blockchain of Ethereum after a short period of time. For some days now, Tether has been minting on the ETH network.
Ethereum Records a Better Performance in Market Cap than Bitcoin (BTC)
According to the report, the market cap of Bitcoin (BTC) and the realized cap had plunged over the past seven days by 3.1 percent and 0.4 percent. Ethereum seems to have a better performance, as its market cap increased by one percent and the realized cap surged by 0.7 percent. When it comes to active addresses, Ethereum also recorded a significant increase. The network recorded a 15.5% increase in active addresses.