Industry experts say that Tethered and decentralized financial tokens will play an important role in the future of Ethereum, as the blockchain approaches its fifth anniversary, July 30th.
In a statement shared with Cointelegraph, Paolo Ardoino, Chief Technology Officer (CTO) of Bitfinex and Tether said that The Ethereum blockchain “will play a central role in the digital asset ecosystem in the coming years.” as “Ethereum-based tether can continue to support and empower growing companies and blockchain innovations.”
“We hope that the recent increase in DeFi can lead to more DeFi financing products and projects that really shapes developments in the industry in a decentralized way, “said Ardoino.” USDT is one of the largest and fastest growing DeFi stable coins and We will ensure that Tether continues to play an important role in supporting this alternative financial system and remain DeFi’s reserve currency. “
Tether (USDT) had a 78% market share among Ethereum based stablecoins, with the most tokens in the blockchain. USDT remains the largest gas consumer on EthereumA trend that may worsen as other blockchains continue to migrate into the network, such as Tether’s recent $ 300 million transfer from Tron.
The CTO cited the introduction of the OMG Network Plasma sidechain as a measure “to reduce the pressure and strain on the network on Ethereum’s main blockchain”. Cointelegraph reported this Adding the sidechain could lead to cheaper transactions as June’s highest levels of the past two years were reached.
Ethereum 2.0 released
Despite the recent surge in transaction costs and reported network congestion Some industry representatives see the next blockchain update as a solution.
Kosala Hemachandra, Chief Executive Officer (CEO) and founder of MyEtherWallet, said this The ETH 2.0 update “would change the definition of blockchain technology and create a secure and sustainable system able to compete with centralized scaling solutions. ”
According to a July 10 Reddit Ask Me Anything (AMA) Ethereum researcher Justin Drake said ETH 2.0 could launch in January 2021. The co-founder of Ethereum, Vitalik Buterin expects a release date in November 2020.