This development addresses the longstanding challenges associated with transferring USDT between different chains.
It has often been slow, expensive, and reliant on wrapped tokens that introduce additional risks. Let’s explore more about this important news for Wormhole.
Overcoming Challenges in USDT Transfers
Today, Wormhole contributors have answered this call by enabling native USDT transfers. This is via permissionless Uniswap v3 pools on Ethereum, Arbitrum, Base, Optimism, Avalanche, Polygon, and BNB Chain.
Source: X
Additionally, transfers are facilitated through PancakeSwap pools on ETH, Arbitrum, Base, Optimism, Avax, Polygon, and BNB. Key features of these native USDT transfers include:
- Competitive Fees: Transactions typically incur fees ranging from 0.02% to 0.04%, making them cost-effective compared to traditional methods.
- No Wrapped Asset Risks: Users can transfer USDT directly without the need for wrapped assets, reducing counterparty and smart contract risks.
- Simplified Transfer Process: The transfer process is streamlined into a single function call, enhancing user convenience and usability.
- Accessibility Across Chains: Wormhole’s native USDT transfers are available across over 30 blockchain networks, ensuring widespread accessibility and interoperability.
This initiative marks a significant advancement in the DeFi space, offering users seamless and efficient cross-chain liquidity solutions. By leveraging the liquidity provided by Uniswap v3 and PancakeSwap pools, Wormhole not only enhances the speed and cost-effectiveness of USDT transfers but also promotes broader adoption of decentralized finance principles across various blockchain platforms.
More About Wormhole
Superform stands out as a leader in yield marketplaces, pioneering solutions that abstract the complexities of chains, swaps, and bridges. The recent introduction of SuperPools, exclusively powered by Wormhole, marks a significant milestone. This innovation enables users to effortlessly access and utilize yield across different blockchain networks without the traditional hurdles of bridging assets.
Source: X
SuperPools not only enhances user experience by making yield composable across chains but also reinforces Superform’s commitment to driving interoperability and accessibility in the decentralized finance space.
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