Bitfinex has announced that it has integrated Tether (USDt) on OMG Network to get faster and cheaper transactions.
OMG Network allows real-time peer-to-peer transactions to improve the scalability of the Ethereum network.
Thanks to this integration, USDT tokens based on Ethereum can be exchanged faster and with reduced fees, but without compromising security. USDt deposits and withdrawals on OMG Network will be enabled through the Bitfinex platform.
Transactions using the USDt ERC20 token require a minimum of 0.001 ETH of commission costs (approximately one quarter of a dollar), while off-chain Plasma technology, which allows multiple transactions to be sent with a single fee, greatly reduces costs.
Furthermore, Ethereum’s blockchain currently supports only about 12 transactions per second (TPS), with times and costs rising significantly at times of increased congestion.
For example, during the collapse in mid-March, there was a huge transaction peak, which increased average waiting times from 15 seconds to 44 minutes.
OMG Network solves these problems by operating off-chain, allowing users to make fast transactions even in times of blockchain congestion.
The CEO of OMG Network, Vansa Chatikavanij, said:
“Today, we’re excited to announce the launch of the OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum. We’re delighted to partner with Bitfinex to address these fundamental issues and drive further growth and adoption of open financial services”.
The CTO of Bitfinex, Paolo Ardoino, commented:
“At Bitfinex we are committed to driving innovation and improvements to our service to better support our customers. By migrating USDt value transfers to the OMG Network we save costs, drive performance improvements and relieve pressure on the root chain network. This is good for Bitfinex and our customers, and the whole Ethereum ecosystem.This will allow traders to react faster to trading opportunities and take advantage of arbitrage more efficiently between exchanges as the network grows”.