Tether USDT Launches on Layer 2 Solution Hermez Network
Key Takeaways
- USDT is now live on Hermez Network.
- Hermez Network is a Layer 2 ZK-Rollup solution. It went live on Ethereum Mainnet last month.
- USDT has announced expansions to several blockchains recently, while its market cap has surpassed $45 billion.
Tether heads to Ethereum’s Layer 2 via Hermez Network.
Tether Heads to Hermez Network
USDT has launched on Hermez Network.
Tether announced that its stablecoin has become the first to launch on the nascent Layer 2 solution today. Paolo Ardoino, CTO at Tether, said:
“We’re delighted to be the first to launch on Hermez. This demonstrates our commitment to solving the issues of scalability and high transaction fees on the Ethereum network. Tether takes its pivotal role in the digital token ecosystem seriously. We’re committed to overcoming technical hurdles while doing our utmost to make manifest the many great projects that developers are working on in our space.”
Antoni Martin, the co-founder of Hermez Network, added that the Tether launch was “a win-win situation for users and stablecoin issuers as it will reduce friction and increase velocity.”
Hermez Network went live on Ethereum mainnet last month amid fast-paced developments in the Layer 2 space. It describes itself as a scalable payment network. Hermez Network is one of many Layer 2s hoping to solve Ethereum’s scaling issues by offering transactions at a higher speed and lower cost than the base chain. It leverages ZK-Rollups, which work by bundling transactions into what’s known as a SNARK—a succinct non-interactive argument of knowledge. Other Layer 2 projects include Optimism, which is expected to roll out its Optimistic Rollup solution sometime this summer.
Tether’s USDT, by far the most used stablecoin in the crypto ecosystem, has also undergone significant developments of its own recently. It launched on Solana last month and will soon expand to Polkadot and Kusama. In addition to those chains, it’s supported on Ethereum, Binance Smart Chain, and Tron, among others. Its market cap is over $45 billion.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article
