Tether has finally integrated OMG’s More Viable Plasma with the token now benefiting from second layer scalability.
“The integration will result in a reduction of confirmation times delivering faster payments while fees will be reduced without compromising on-chain security,” they say.
That’s more than two months since Tether announced they were to integrate OMG, with the process somewhat complex because in the abstract there are now effectively two tethers.
One that runs as it always has, and the other boosted one that first has to enter the OMG network and can’t ‘communicate’ outside of that network.
So other exchanges and the whole ecosystem has to also upgrade to this new tether with only Bitfinex so far integrated.
“The OMG Network will also facilitate USDt deposits and withdrawals at Bitfinex,” they say, with Paolo Ardoino, CTO at Tether/Bitfinex, stating:
“This will allow traders to react faster to trading opportunities and take advantage of arbitrage more efficiently between exchanges as the network grows.”
Just how effective this integration will be remains to be seen with Tether currently the third biggest gas user on ethereum, Uniswap being first and some ‘high risk’ project being second.
Every little bit helps however and at least they’ve started the process now with high fees so gradually incentivizing others to also integrate the OMG tether to facilitate a lot more transactions and therefore more growth for the entire crypto space.
Tether by itself has performed some 50 million transactions on eth so far, and is growing to a market cap of $12 billion.
Them upgrading therefore can be a boost to eth, and hopefully an example for others as well to get on with scaling their projects.