Tether escaped Ethereum to play with Solana's Blockchain, SOL price flew nearly 50%

Tether escaped Ethereum to play with Solana's Blockchain, SOL price flew nearly 50%

By HenryDo | CRYPTO CAPICAL | 10 Sep 2020

According to recent information, current number one stablecoin issuer Tether has launched USDT on the Solana blockchain.


The reason Tether set foot on the Solana blockchain is because of its faster transaction speed and cheaper fees than Ethereum.

Specifically, in a recent statement by the Solana developers, their blockchain is faster and has a lot cheaper fees than Ethereum.

"Our blockchain can help users to conduct USDT transactions at a rate of more than 50,000 transactions per second (TPS), with fees below $ 0.00001 per transaction"

Compared to the above figures, this is a long-standing Ethereum dream, as the Ethereum blockchain platform is often complained by users as slow and high fees.

Make a small comparison: Ethereum's transaction execution speed is currently around 15 transactions per second, while the average fee goes up to $ 2.65 per transaction.

Compared to the Solana blockchain, Ethereum is lagging behind in terms of technology.

Solana has recently been in a row with many major companies in the crypto industry. Just last month, crypto exchange FTX launched its Serum decentralized exchange on the Solana blockchain.

FTX CEO Sam Bankman-Fried has called the Solana blockchain "awesome" and claims that Solana is 10,000 times faster and 1,000,000 times cheaper than Ethereum. "

After integrating the Solana blockchain, Tether now operates all on eight blockchains: Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, Tron and Solana.

The president of the Solana Foundation, Anatoly Yakovenko, said integration with Tether is "absolutely essential", as USDT is "the lifeblood of DeFi and a key pillar in the cryptocurrency ecosystem".

USDT is one of the most used stablecoins in DeFi. The top three DeFi protocols by total locked value - Uniswap, Aave, and Curve - have a total of $ 863 million in USDT deposits as of September 9.


"USDT will be integrated with three more blockchains in the near future," said Tether Paolo Ardoino CTO.

The integration of Tether with the Solana blockchain has helped the SOL price soar in the past hours.

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