The second-level OMG Network solution for scaling the network has been launched on the Ethereum blockchain, and Tether plans to transfer part of the usdt stablecoin transactions to this sidechain.
OMG Network is the first sidechain on the Ethereum network to be used by Tether. Due to the transfer of part of the transactions to the sidechain, the load on the main network of the second cryptocurrency should decrease, as well as the size of commissions.
According to him, in the near future, Tether support based on the OMG Network sidechain will appear on the Bitfinex exchange, which will allow traders to “react faster to trading opportunities”.
At the moment, transactions with Tether occupy the lion’s share of operations in the Ethereum network. According to the calculations of the Gas Station service, over the past month, the total amount of commissions for transactions with USDT was $1.85 million.
OMG Network is built on the similar Lightning Network technology Plasma, which has many opponents. Note that the Ethereum community has recently been waiting for the launch of the Optimism project.