Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Charles-Tim on November 27, 2024, 11:16:10 PM
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The end day is September 1, 2025. If you have USDT and EURT on those networks, it is better you move your USDT and EURT to other networks instead.
Tether will no longer be obligated to accept redemption of USD₮ or EUR₮ on Omni, Kusama, SLP, EOS and Algorand starting on September 1, 2025.
Tether will freeze all remaining USD₮ and EUR₮ on Omni, Kusama, SLP, EOS and Algorand on September 1, 2025.
https://tether.io/news/tether-provides-an-update-on-prioritizing-community-preferences-for-blockchain-support-in-strategic-shift/
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I though Tether already stop supporting Omni Layer (which use Bitcoin blockchain) many years ago, but i guess my memory is wrong. It's still a year away, so i expect most people already move their USDT or EURT by then. Although it also shows how much usage of these altcoin have fallen, especially EOS which was hyped so much few years ago.
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I though Tether already stop supporting Omni Layer (which use Bitcoin blockchain) many years ago, but i guess my memory is wrong. It's still a year away, so i expect most people already move their USDT or EURT by then. Although it also shows how much usage of these altcoin have fallen, especially EOS which was hyped so much few years ago.
I think it's necessary for Tether to focus more on the truly vibrant and valuable ecosystems in the market. For those ecosystems that have been forgotten, DeFi hasn't really developed, and USDT should be returned to larger ecosystems like Ethereum.
The increase in USDT marketcap on Ethereum might be hinting at the upcoming explosion of major trends within this ecosystem, such as DeFi or RWA. It could also be accompanied by whales accumulating more ERC-20 tokens before the official altseason begins.
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Good thing I don't have USDT on any of the Omni, Kusama, SLP, EOS, and Algorand networks, in fact I don't remember ever using them, I probably only used Omni and EOS once a long time ago.
With strong networks with low fees like Binance, Tron, and TON, I expect there is no need for Tether to be on these networks that are becoming less used and almost dead, so I think Tether's decision is a wise one.
Speaking of Tether, I heard they printed 16 billion USDT this month alone, does anyone have any information on this?
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Tether cuts Algorand, and Algo goes up 50% in one week!
And some still think there is anything rational happening in the markets, also wow, Omni , isn't the current one a rebranding, less that one year old L2 protocol? Am I missing something, how is it on that list so soon?
I think it's necessary for Tether to focus more on the truly vibrant and valuable ecosystems in the market. For those ecosystems that have been forgotten, DeFi hasn't really developed, and USDT should be returned to larger ecosystems like Ethereum.
Tron is times cheaper than anything else, that's what matters and that's why the volume is there, people focus more on $ when moving money rather than on promises.
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The end day is September 1, 2025. If you have USDT and EURT on those networks, it is better you move your USDT and EURT to other networks instead.
Tether will no longer be obligated to accept redemption of USD₮ or EUR₮ on Omni, Kusama, SLP, EOS and Algorand starting on September 1, 2025.
Tether will freeze all remaining USD₮ and EUR₮ on Omni, Kusama, SLP, EOS and Algorand on September 1, 2025.
https://tether.io/news/tether-provides-an-update-on-prioritizing-community-preferences-for-blockchain-support-in-strategic-shift/
There will be a reason behind it and this strategic shift will drastically reduce the volume on these chains because most of it must be coming from USDT. I don't have USDT on any of these. EOS and Algorand are shown by exchanges while withdrawing the OMni and Kusama were not widely given by exchanges.
Tether is printing billions nowadays because they have printed more than 18 billion in this month alone.
Speaking of Tether, I heard they printed 16 billion USDT this month alone, does anyone have any information on this?
You are right they minted total of 18 billion exactly I thought it was 8 billion. This is a big amount.
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There will be a reason behind it and this strategic shift will drastically reduce the volume on these chains because most of it must be coming from USDT.
According to what Tether said, it was indicated that Tether make decisions based on community input. So I will assume that Tether community do not support the blockchains any longer. And I expect before such could happen, transactions on those chains might have drastically and later significantly reduced. This could be caused by other chains that tether are later supporting.
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Speaking of Tether, I heard they printed 16 billion USDT this month alone, does anyone have any information on this?
You are right they minted total of 18 billion exactly I thought it was 8 billion. This is a big amount.
Oh my god 18 billion is a huge number.
I wonder if this number is backed by real dollar reserves? If there is no real dollar backing this could spell disaster for both tether and users.
I remember a while ago when there was an investigation into tether by the SEC and users started withdrawing their funds but it went away because there was real backing, now with this huge number minted if something similar happens and there is no backing it will cause USDT to collapse.
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also wow, Omni , isn't the current one a rebranding, less that one year old L2 protocol? Am I missing something, how is it on that list so soon?
In this news, Omni refers to OmniLayer. It exists on Bitcoin since more than a decade ago, where it pose some similarity with Runes. And if you're interested, it's technical documentation available on https://github.com/OmniLayer/spec/blob/master/OmniSpecification-v0.6.adoc (https://github.com/OmniLayer/spec/blob/master/OmniSpecification-v0.6.adoc) on Appendix A on how it store data on-chain.
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I though Tether already stop supporting Omni Layer (which use Bitcoin blockchain) many years ago, but i guess my memory is wrong. It's still a year away, so i expect most people already move their USDT or EURT by then. Although it also shows how much usage of these altcoin have fallen, especially EOS which was hyped so much few years ago.
I think Tether should have done this much earlier, to focus on networks with much more attention and movement. EOS has always been overrated in my opinion. You're right, but even with 10 months left until the deadline and support ends, I'm sure there will be people who will forget and lose those funds.
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also wow, Omni , isn't the current one a rebranding, less that one year old L2 protocol? Am I missing something, how is it on that list so soon?
In this news, Omni refers to OmniLayer. It exists on Bitcoin since more than a decade ago, where it pose some similarity with Runes.
Oh good, it's Omni layer, not that other Omni, which of course if I had spent one second on it couldn't have been because that's an L2 solution for ether, either way, they will be both dead pretty soon! I can't wait for the wake-up call after the bull run when they realize they have more layers than users.
EOS has always been overrated in my opinion.
Overrated and a money pit for everyone, even for early investors, despite this bull run Eos is still below 2017 levels when counting inflation, so worse than fiat!
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I though Tether already stop supporting Omni Layer (which use Bitcoin blockchain) many years ago, but i guess my memory is wrong. It's still a year away, so i expect most people already move their USDT or EURT by then. Although it also shows how much usage of these altcoin have fallen, especially EOS which was hyped so much few years ago.
I think Tether should have done this much earlier, to focus on networks with much more attention and movement. EOS has always been overrated in my opinion.
Yeah, supporting so many network could be costly and take fair amount of human resources which could be used for something else.
You're right, but even with 10 months left until the deadline and support ends, I'm sure there will be people who will forget and lose those funds.
I agree. While Tether already warns from long time ago, not many news media or wallet which support USDT on such network bother to warn it's users.
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Good thing I don't have USDT on any of the Omni, Kusama, SLP, EOS, and Algorand networks, in fact I don't remember ever using them, I probably only used Omni and EOS once a long time ago.
same here and i am sure that most of our community also do not use these networks that much either so i doubt this discontinuation would bear any massive consequence there is still 9 months left and if ever there is anyone that has usdt on these networks they have plenty of time to transfer it before then
i do wonder how these networks will perform in the next 9 months though and whether tethet would have any change of heart if at least one becomes well used by many by then although that is very unlikely
Speaking of Tether, I heard they printed 16 billion USDT this month alone, does anyone have any information on this?
they *issued a total of 16 billion on tron and ethereum networks since november 6th issuing an additional 1 billion a few days ago according to Bitget warning (https://www.Bitget ( [url=https://www.altcoinstalks.com/index.php?topic=329791.0) )/news/detail/12560604390618]this[/url]
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Oh my god 18 billion is a huge number.
I wonder if this number is backed by real dollar reserves? If there is no real dollar backing this could spell disaster for both tether and users.
I remember a while ago when there was an investigation into tether by the SEC and users started withdrawing their funds but it went away because there was real backing, now with this huge number minted if something similar happens and there is no backing it will cause USDT to collapse.
They don't have dollars alone as a reserve because they announced a while back that they have different assets to back these reserves. Printing money can be good for economy and they are trying to move all the USDT to Eth network too because now money will come in that.
ETH is going to pump from 4k to 8000 and that will be a big number ETFs are already buying ETH so that's why Tether is making these choices to provide a smooth path. I don't like USDT too and Trump also don't hold USDT but he holds USDC maybe he also don't trust USDT.
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They don't have dollars alone as a reserve because they announced a while back that they have different assets to back these reserves. Printing money can be good for economy and they are trying to move all the USDT to Eth network too because now money will come in that.
Even if they have different assets I don't think that's enough, crypto assets are volatile so they can't be considered reserves, they should have reserves of real dollars in banks.
USDT is a digital currency equivalent to $1 so they should have 1:1 real dollars for every new USDT they print.
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The end day is September 1, 2025. If you have USDT and EURT on those networks, it is better you move your USDT and EURT to other networks instead.
Tether will no longer be obligated to accept redemption of USD₮ or EUR₮ on Omni, Kusama, SLP, EOS and Algorand starting on September 1, 2025.
Tether will freeze all remaining USD₮ and EUR₮ on Omni, Kusama, SLP, EOS and Algorand on September 1, 2025.
https://tether.io/news/tether-provides-an-update-on-prioritizing-community-preferences-for-blockchain-support-in-strategic-shift/
I don't have any of these stable coins on these networks though. is this a good news or bad news for these projects I mean the adoption will decrease or increase this way? I think it's a bad news for these projects and but the deadline is too big that it won't hurt the prices movements of these alts in this alt season.
As I think till we meet the deadline for these networks the alt season will be ended already. Thanks for sharing the news though at least other stable currencies would be live on these networks.
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Thanks for sharing the news though at least other stable currencies would be live on these networks.
Ripple are already pushing for RLUSD which should be a stable coin, and it has been confirmed to pass New York Department of Financial Services (NYDFS) approval.
In January, we will know more.
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I though Tether already stop supporting Omni Layer (which use Bitcoin blockchain) many years ago, but i guess my memory is wrong. It's still a year away, so i expect most people already move their USDT or EURT by then. Although it also shows how much usage of these altcoin have fallen, especially EOS which was hyped so much few years ago.
You can still see some USDT transactions in many blocks in omni explorer
https://omniexplorer.info/
USDT used to be almost all-in in the omni network. I think it is sad to see it is basic abandoned now as it moved to other networks.
Maybe in the future with the development of runes/ordinals, USDT may come back to the bitcoin network
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I though Tether already stop supporting Omni Layer (which use Bitcoin blockchain) many years ago, but i guess my memory is wrong. It's still a year away, so i expect most people already move their USDT or EURT by then. Although it also shows how much usage of these altcoin have fallen, especially EOS which was hyped so much few years ago.
You can still see some USDT transactions in many blocks in omni explorer
https://omniexplorer.info/
USDT used to be almost all-in in the omni network. I think it is sad to see it is basic abandoned now as it moved to other networks.
Maybe in the future with the development of runes/ordinals, USDT may come back to the bitcoin network
Looking at that explorer, the TX volume is lower than i expected. Anyway, OmniLayer use OP_RETURN (similar with what Runes does) so i doubt it's comeback on Bitcoin mainnet network. At best, we could use USDT on Liquid Network (Bitcoin sidechain).
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Looking at that explorer, the TX volume is lower than i expected. Anyway, OmniLayer use OP_RETURN (similar with what Runes does) so i doubt it's comeback on Bitcoin mainnet network. At best, we could use USDT on Liquid Network (Bitcoin sidechain).
Liquid network is more abandoned than omni layer , sadly.
I still see ERC-20 USDT the more widely adopted used among exchanges. Even with high fees, you are always safe to transfer USDT as erc-20 to basically any exchange.
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I though Tether already stop supporting Omni Layer (which use Bitcoin blockchain) many years ago, but i guess my memory is wrong. It's still a year away, so i expect most people already move their USDT or EURT by then. Although it also shows how much usage of these altcoin have fallen, especially EOS which was hyped so much few years ago.
I think it's necessary for Tether to focus more on the truly vibrant and valuable ecosystems in the market. For those ecosystems that have been forgotten, DeFi hasn't really developed, and USDT should be returned to larger ecosystems like Ethereum.
The increase in USDT marketcap on Ethereum might be hinting at the upcoming explosion of major trends within this ecosystem, such as DeFi or RWA. It could also be accompanied by whales accumulating more ERC-20 tokens before the official altseason begins.
Ethereum set back crypto bigly with its switch to POS. It may never fully recover from doing that. Time will tell but support is weak do to the lack of gpu mining.
A poor choice by mr v. especially with trump and pro oil forces back in power.
Eth may stay hurt until 2028. I wonder if usdt finds other coins for support. Solana comes to mind.
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Looking at that explorer, the TX volume is lower than i expected. Anyway, OmniLayer use OP_RETURN (similar with what Runes does) so i doubt it's comeback on Bitcoin mainnet network. At best, we could use USDT on Liquid Network (Bitcoin sidechain).
Liquid network is more abandoned than omni layer , sadly.
I may miss something, but Liquid network explorer (such as https://liquid.network/ (https://liquid.network/)) shows higher transaction activity compared with OmniLayer.
I still see ERC-20 USDT the more widely adopted used among exchanges. Even with high fees, you are always safe to transfer USDT as erc-20 to basically any exchange.
I agree, ETH remains popular and fairly stale compared with other altcoin.
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Looking at that explorer, the TX volume is lower than i expected. Anyway, OmniLayer use OP_RETURN (similar with what Runes does) so i doubt it's comeback on Bitcoin mainnet network. At best, we could use USDT on Liquid Network (Bitcoin sidechain).
Liquid network is more abandoned than omni layer , sadly.
I may miss something, but Liquid network explorer (such as https://liquid.network/ (https://liquid.network/)) shows higher transaction activity compared with OmniLayer.
Basically only transactions in the last 8 blocks were coinbase transactions (except for 4 transactions in the past block)
(https://talkimg.com/images/2024/12/13/peJxP.png)
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Ripple are already pushing for RLUSD which should be a stable coin, and it has been confirmed to pass New York Department of Financial Services (NYDFS) approval.
In January, we will know more.
Oh really! that's a good news for XRP investors, TBH I am not speculating XRP, SUI etc. because In my sight they already made huge pumps and now they don't stand a chance while investments should be made in other tokens now. But news and developments like these are so bullish but I wonder what XRP is planning to do.
Is it planning to flip the M.Cap of ETH now haha I know that's now possible but the project has really outperformed and these developments will can easily pump the token.