After more than doubling in price over the past 7 days, OMG Network (OMG), the layer 2 scaling solution for value transfers on Ethereum (ETH), once again soared higher today after Tether (USDT) said it plans to support stablecoin transfers on the network.
According to a new announcement from Tether, the popular stablecoin is already live on the OMG value transfer layer, enabling reduced congestion on the Ethereum network, lower transaction fees, and faster speeds, “without compromising on-chain security.”
When #Tether? Well, now! Happy to announce that users will be able to withdraw and deposit @Tether_to #USDt to @Bitfinex via @OMGNetworkHQ, helping reduce #EthereumCongestion and lower gas fees for everyone! 🥳 https://t.co/zlAxRsIt8t
— OMG Network (@omgnetworkhq) August 19, 2020
Following the announcement, the OMG token, ranked 34 by market capitalization at the time of writing (9:43 UTC), soared higher in the market, trading up by nearly 35% over the past 24 hours to a price of USD 3.79. The gains today also follow a massive 7-day gain of more than 127% for the token, firmly positioning it as the week’s best performer among the top 100 cryptoassets by market capitalization.
In the announcement, Tether’s chief technology officer, Paolo Ardoino, said that USDT deposits and withdrawals will by supported by Bitfinex, a crypto exchange known to be closely affiliated with the Tether team. “This will allow traders to react faster to trading opportunities and take advantage of arbitrage more efficiently between exchanges as the network grows,” Ardoino claimed.
Also commenting on the new integration, Vansa Chatikavanij, CEO at OMG Network, said that transactions of USDT made via OMG will enjoy “validation times as low as a few seconds and transaction fees of a few cents” – a significant improvement from the currently record-high transaction fees on the Ethereum network.
Per BitInfoCharts.com, average transaction fee on Ethereum network (90-day moving average) went up 72.2% since the beginning of the month.
The launch of Tether on OMG Network marks yet another option for users of the major stablecoin, who can now transfer the token on the bitcoin (BTC) network via Omni and Liquid Protocol, as well as on EOS, Tron, and Ethereum.