Stablecoin issuer Tether announced the launch of USDT tokens on the Solana (SOL) blockchain. Speaking with Cointelegraph, Tether CTO said that integration through a layer 1 blockchain network could support a large number of projects and other Web 3.0 activities in the decentralized finance (DeFi) industry.
Seen as Ethereum’s rival, Solana is expected to attract DeFi players waiting for ETH 2.0 to be fully launched.
According to Tether, Solana will offer users the opportunity to make USDT transactions at a speed of more than 50 thousand transactions per second. Additionally, transaction fees are expected to be as low as $ 0.00001, and this inexpensive, high-speed Ethereum alternative is expected to accelerate new applications and projects in the DeFi space. In addition to Ethereum, Tether has also integrated with Algorand, EOS, Liquid Network, Omni and Tron.
While the number of competing blockchains is increasing day by day to meet the needs of the growing DeFi industry, many players in the industry consider Ethereum 2.0 to have key advantages for decentralized applications.
On the other hand, Tether has also integrated with layer 2 networks like Hermez, which was popular when the Ethereum network’s gas fees skyrocketed.