One tends to wonder if there is any Ethereum Layer 2 solution available that can be implemented by Exchanges, wallets, dapps, custodians that would reduce transaction cost and validation times for transfer of value in the Ethereum Network. And guess what there is such a Layer 2 scaling solution at work as well!!
OMG Network is such a layer 2 scaling solution and tether is integrated into OMG's layer 2 scaling solution.
Reference Link -: https://omg.network/bitfinex-usdt-tether-integration-omg-network/
OMG’s scaling solution much needed considering the increased fee costs of transferring USDT assets
USDT, tether, we all know is the largest stable coin around being used by crypto investors and traders. The gas fee cost of transferring USTD tokens in the Ethereum network has skyrocketed in the recent months, therefore a layer 2 scaling solution like OMG’s is much required to reduce the USDT transfer fee cost and reduce congestion on the Ethereum Network.
Bitfinex Exchange has integrated OMG network’s scaling solution for USDT assets
Now with USDT support being there in the OMG network, Bitfinex Exchange has integrated with the OMG Network to have USDT deposits and withdrawals happen using OMG’s value transfer layer that reduces USDT’s transfer fee cost to a few cents while increasing transaction processing speeds to thousands of transactions per second as in comparison with the Ethereum Network.
Reference article -: https://omg.network/bitfinex-usdt-tether-integration-omg-network/
Why have other exchanges not adopted OMG’s scaling solution beats me!!
Now, I wonder why Binance and other top exchanges are not implementing OMG’s Layer 2 solution like Bitfinex Exchange so that the cost of transferring USTD gets cheaper , any idea what’s stopping them?