Industry experts say Tether and Decentralized Finance tokens will play large roles in the future of Ethereum as the blockchain approaches its five-year anniversary on July 30.<\/p>\n
In a statement shared with Cointelegraph, Paolo Ardoino, Chief Technology Officer (CTO) of Bitfinex and Tether, said the Ethereum blockchain will play a central role in the digital asset ecosystem in the years ahead as Ethereum-based Tether can continue to support and empower growing ventures and innovation in the blockchain space.<\/p>\n
We hope that the recent surge of DeFi can translate to more DeFi financing products and projects that will truly shape industry developments in a decentralized manner, Ardoino said. USDT is among the biggest and fastest-growing stablecoins in DeFi and we will ensure that Tether continues to play an important role in supporting this alternative financial system and remains the reserve currency of DeFi.<\/p>\n
Tether (USDT) had a market share of 78% among Ethereum-based stablecoins, with most tokens being on the blockchain. USDT remains the biggest user of gas on Ethereum, a trend that may be exacerbated as other blockchains continue to migrate to the network, like the recent $300 million transfer of Tether from Tron.<\/p>\n
The CTO cited the launch of the OMG Network Plasma sidechain as a measure to help relieve pressure and network load on the main Ethereum blockchain. Cointelegraph has reported the addition of the sidechain could lead to cheaper transactions as they reached two-year highs in June.<\/p>\n
Despite the recent increase in transaction costs and reported network congestion, some industry officials are looking towards the next upgrade to the blockchain as a solution.<\/p>\n
Kosala Hemachandra, Chief Executive Officer (CEO) and founder of MyEtherWallet, said the ETH 2.0 update would change the definition of blockchain technology by creating a secure and sustainable system capable of competing with centralized scaling solutions.<\/p>\n
According to a Reddit Ask Me Anything (AMA) on July 10, Ethereum researcher Justin Drake said ETH 2.0 could launch by January 2021. However, Ethereum co-founder Vitalik Buterin anticipates a November 2020 release date.<\/p>\n
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Focus on USDT and DeFi as 5-Year Anniversary of Ethereum Approaches - Cointelegraph<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Industry experts say Tether and Decentralized Finance tokens will play large roles in the future of Ethereum as the blockchain approaches its five-year anniversary on July 30. Continue reading