- Ether has its focus on USDT and DeFi
- Ethereum’s 5th anniversary is near
- Ethereum 2.0 launch is fast approaching
Ethereum News Today – it is now nearly five years since the launch of the ETH network in 2015. We can agree that the future of the network may lay in DeFi and Tether’s USDT, industry experts believe. They say Tether stablecoin and DeFi (Decentralized Finance) tokens will play big roles in Ethereum’s future as the blockchain network approaches its fifth anniversary on July 30.
According to a statement from the network, the CTO (Chief Technology Officer) of Bitfinex and Tether, Paolo Ardoino, said Ethereum’s Blockchain will have a central role in the overall digital asset space in the coming years as Ethereum-based Tether will continue to support and facilitate growing ventures along with innovation in the Blockchain sector.
Ether-based Tether Will Support and Empower Growing Enterprises
Ethereum has come a long way over the years. According to Ardoino regarding the role of Ethereum:
“We expect that the recent rise of DeFi can result in more DeFi financing projects and products that will shape the industry’s developments in a decentralized way. USDT is one of the biggest and fastest-growing tokens in DeFi. We will make sure Tether continues to have a starring role in supporting this asset class/alternative financial system. Tether will remain the reserve currency for DeFi.”
Tether had a total market share of 78% in Ether-based stablecoins. Most tokens are on the ETH Blockchain. Tether’s USDT remains the largest user of gas on the Ethereum network. This trend may rise as other networks continue to move to the network. One of them is the $300 million shift of Tether from Tron that happened recently. The CTO also mentioned the OMG Network Plasma launch as a sidechain designed “to help reduce pressure and load on the Ethereum Blockchain.” We have also reported the addition of a sidechain could ensure that there are cheaper transactions after transaction rates reached two-year highs last month.
Ethereum 2.0 Launch is Approaching
Despite the recent rise in transaction rates and the reported congestion on the Ethereum network, some industry officials expect the next upgrade to the Blockchain to be a more viable solution. According to Kosala Hemachandra, the founder and Chief Executive Officer of MyEtherWallet, regarding ETH 2.0:
“The coming update would alter the definition of Blockchain tech by creating a more secure and sustainable model that can compete with centralized scaling solutions.”
Per a Reddit AMA (Ask Me Anything) session on July 10, Justin Drake an Ethereum-based researcher said the ETH 2.0 update could launch by January next year (2021). However, the co-founder of the Ethereum network Vitalik Buterin is looking at a November 2020 release for the update.