Tether is the biggest stablecoin according to market cap. On June 9, they launched on Tezos. Tezos is one of the up-and-coming Proof-of-Stake blockchains. Tether launching on Tezos is a clear sign of their current momentum.
Launching Tether (USDT) is exciting news for the DeFi protocols on Tezos. They will see a positive impact. So, let’s have a look at what this all means.
Tether Token (USD₮) to Launch on Tezos
Read the Press Release ⬇️https://t.co/x5vR1lcrsC pic.twitter.com/qRD55VoX67
— Tether (@Tether_to) June 9, 2022
Tether (USDT) on Tezos
The current market cap of Tether (USDT) is $72.49 billion. During the last 24-hours, Tether had a $24.5 billion trading volume. Tezos is the 12th blockchain where Tether launched. For example, other blockchains include:
- Ethereum
- Solana
- Tron
- And Polygon.
Paolo Ardoino, CTO at Tether, said:
“Tezos is coming fast onto the scene. We believe that this integration will be essential to its long-term growth.”
So far, Tezos has had nine upgrades. What sets them apart from other blockchains is that no upgrades required a hard fork. Another feature is that it is a self-upgradable blockchain. This reduces costs and doesn’t split the community. Furthermore, changes integrate easily. Tezos is an energy-efficient PoS blockchain, and they have a proven track record on this. On the other hand, these upgrades managed to:
- Decreased gas costs.
- Lower the carbon footprint.
Furthermore, they recently replaced the consensus mechanism. Now they use Tenderbake. To clarify, this is a modified Byzantine Fault Tolerance (BFT) model. This algorithm is like the Tendermint consensus mechanism. You may remember or know this from Cosmos.
Tezos is planning their 10th update. This introduces optimistic roll-ups to their network.
What are Transaction Optimistic Rollups, and what role do they play in #Tezos scaling?
Get the whats, hows and whys here👇 https://t.co/Z6HoL32qVb
— Nomadic Labs (@LabosNomades) June 9, 2022
Source: Tezos
The impact of Tether will be significant for DeFi on Tezos.
- On and off ramping becomes simplified and efficient.
- It offers new opportunities for DeFi products to launch on Tezos.
- The Tezos DeFi ecosystem will see volume growth.
In short, some current Tezos DeFi ecosystem apps include:
- Youzes—A yield farming protocol.
- Plenty—DEX and EVM bridge.
- Flame DeFi—Token swap.
- SpicySwap—Next gen DEX.
Conclusion
Launching Tether (USDT) on Tezos is a great addition for Tezos. Moreover, their DeFi ecosystem will get a nice booster from this. The DeFi volume may grow, and more protocols may launch. A well-deserved boost indeed. In the meantime, Tether (USDT) is available on 12 blockchains.
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