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28 May 2020

ERC20 Tether Transactions Flip Their Omni Equivalent - Bitcoin News

ERC20 Tether Transactions Flip Their Omni Equivalent - Bitcoin News

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ERC20 Tether Transactions Flip Their Omni Equivalent.

Crypto enthusiasts have noticed that the Ethereum blockchain has come awfully close to reaching capacity due to the added transactions stemming from the Tether (USDT) network.

Fast forward to 2019 and Tether has started migrating coins from the Omni Layer network which uses the BTC chain to an ERC20 version which runs on top of the ETH chain.

Data pulled from the website Coin Metrics shows that the ETH-based tether transactions have surpassed the BTC-based versions this month.

Today, on August 28, there are 39,000 tether transactions on the BTC network via Omni, but that number is eclipsed by the 126,000 ETH-based tether transactions.

At the time of publication, there’s roughly 1.5 billion USDT minted using the ETH chain and 2.5 billion tied to the Omni Layer network.

“Meanwhile, USDT-OMNI active addresses continue to decline, despite two recent spikes.” The report also notes that the migration from Omni to Ethereum may have stemmed from market demand.

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