Tether slowly migrating from the Bitcoin to Ethereum blockchain

[Niteroy]

Tether slowly migrating from the Bitcoin to Ethereum blockchain



Tether’s USDT is steadily migrating from Bitcoin Omni-based addresses to Ethereum-based ones, with 40 percent of USDT now using the ERC-20 standard. Major cryptocurrency exchanges Binance and Poloniex announced they were both moving their Tether addresses from Omni.

Tether addresses switching from Omni to ERC-20

While Bitcoin dominance over the cryptocurrency market is undisputed, Bitcoin-based protocols are slowly becoming less popular. The increase in adoption pushes transaction numbers way higher than what protocols such as Omni, an open-source asset platform on the Bitcoin blockchain, can handle, which is why many traffic-heavy cryptocurrencies have begun moving their coins to other platforms.

Tether (USDT) is the biggest and most notable company that has started to abandon the Bitcoin-based Omni protocol in favor of the more efficient Ethereum. Anthony Sassano, an Ethereum developer and head of marketing at Set Protocol, pointed out that the number of USDT as ERC-20 on Ethereum has significantly increased, and is now up to almost 40 percent of the total amount of USDT on Omni.

According to Tether’s ‘transparency’ page, the company currently has around $2.8 billion USDT in circulation on Omni. The protocol also holds very little fiat currency, with a balance of just over €1,600 currently on Omni. However, there is over $1.1 billion in USDT currently on Ethereum, as well as more than €50 million.

Sassano said it was very likely that the majority of USDT in circulation will live on Ethereum instead of Omni.

https://twitter.com/sassal0x/status/1146237778075631616/photo/1

Major exchanges abandoning Bitcoin in favor of ERC-20

Tether isn’t the only one migrating USDT from Omni. Some of the biggest cryptocurrency exchanges in the world have already begun switching to ERC-20 based addresses for Tether’s stablecoin.

On July 3, Binance announced that Ethereum’s ERC-20 based addresses will be standard from now on when it comes to USDT. Apart from a 30-minute downtime for USDT withdrawals and deposits, the switch was relatively smooth. However, Binance noted that users will not be able to withdraw Omni-based USDT from their accounts from now on, but Omni-based USDT deposits will still be available.

https://twitter.com/binance/status/1146363602124673024

Cryptocurrency exchange Poloniex announced it will begin supporting ERC-20 based USDT deposits on the same day. Users will also still be able to deposit and withdraw USDT from Omni addresses, the exchange said, alongside Tron and Ethereum-based tokens.

https://twitter.com/Poloniex/status/1146513491173486593

Back in February, Singapore-based Huobi added support for USDT Ethereum addresses but has retained support for Omni withdrawals.

Both Huobi and Poloniex said that Ethereum-based USDT is much faster and efficient than relying on the Omni network.

https://cryptoslate.com/tether-migrating-bitcoin-ethereum-blockchain

[Senin]

I am very pleased with this news. The popularity of ethereum should increase with this and the price of this coin will also naturally rise. This proves that the laws of the market are irreversible. If Bitcoin will not improve, over time it will give way to the leader of the cryptocurrency.

[Alcor]

This will have a very positive effect on the ethereum network as a whole and will increase the convenience of using ERC-20 tokens. Although it is almost always possible to transfer these tokens to ethereum or bitcoin, the appearance of USDT on the ethereum network creates additional features and conveniences.

[jonathancool220]

It seems that the founder of Tether is now aware that the ERC20 has many communities compared to OMNI.

We can compare the comparison 3% compared to 97%.
3% of the community uses the OMNI network and 97% of the community uses the ERC20 network (Ethereum). LOL

[Condorlaib]

Since the beginning of 2018, I have been following this news, but I was able to watch only USDT on etherscan, but I still couldn’t find how to send coins to my MEW.  But now I am really pleased that Binance solves this problem without any problems.