In an early-morning tweet on Oct. 29th, Tether announced that it would be performing a 300 million USDT chain swap.
The conversion from the Omni protocol to ERC20 tokens will be conducted with a third-party that remains anonymous.
A chain swap is a process in which a certain entity moves a given cryptocurrency from one blockchain into another.
At the moment, Tether is available on four different blockchains, including Omni, Ethereum, Tron, EOS, and Liquid.
The ongoing swap is meant to move 300 million USDT from Bitcoin Omni-based addresses to Ethereum-based ones.
This is not the first time Tether conducts a major chain swap.
Earlier this year, it was reported that the firm was abandoning the Bitcoin-based Omni protocol in favor of the more efficient Ethereum.
Anthony Sassano, an Ethereum developer and head of marketing at Set Protocol, pointed out in July that it was very likely that the majority of USDT in circulation will live on Ethereum instead of Omni.
During that time, the number of USDT as ERC-20 on Ethereum was almost 40 percent of the total amount of USDT on Omni.
Binance, Huobi, and Poloniex also announced support for ERC-20 based USDT earlier this year claiming that this protocol was faster and more efficient than the Omni network.
Tether conducted for a 300M USDT chain swap from Omni to Ethereum
Publicado en Oct 29, 2019
by Cryptoslate | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.