Tether tokens (USDt) are now live on Hermez Network, a decentralised zero-knowledge rollup (zk-rollup).
Tether tokens (USDt) are now live on Hermez Network, a decentralised zero-knowledge rollup (zk-rollup).
USDt was among the first stablecoins to go live on Hermez’s Ethereum layer 2 scaling solution, which is designed to improve scalability on the protocol to ensure cheaper transactions and token transfers to millions of users around the world. Surging user activity on the network over recent months has resulted in a spike in Ethereum gas fees. Zero-knowledge rollups (zk-rollups) provide a solution to the subsequent transaction bottlenecks.
“We’re delighted to be among the first to launch on Hermez,” says Paolo Ardoino, CTO at Tether. “This demonstrates our commitment to solving the issues of scalability and high transaction fees on the Ethereum network. Tether takes its pivotal role in the digital token ecosystem seriously. We’re committed to overcoming technical hurdles while doing our utmost to make manifest the many great projects that developers are working on in our space.”
“By onboarding the USDt stablecoin, we are incentivising transactions on layer 2 and decreasing congestion and fee pressure on Layer 1,” saysAntoni Martin, Co-Founder of Hermez. “This is a win-win situation for users and stablecoin issuers as it will reduce friction and increase velocity.”
The Hermez zk-rollup, which was announced at EDCON in August 2020, is a layer 2 construction that scales Ethereum by rolling multiple transfers into a single transaction.
As the most liquid, stable and innovative stablecoin, USDt’s market capitalisation has grown to over USD48 billion. Tether works across a diversity of different blockchains, including Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Solana and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.
