Industry experts say that the Tether and Decentralized Finance tokens will play a big role in the future of Ethereum as the blockchain draws near its fifth anniversary on July 30th.
In a statement shared with Cointelegraph, Paolo Ardoino, Chief Technology Officer (CTO) of Bitfinex and Tether, said the Ethereum blockchain will "play a central role in the digital asset ecosystem in the years ahead" as "Ethereum-based Tether can continue to support and empower grawing ventures and innovation in theblockchain space."
"We hope that the recent surge of DeFi can translateto more DeFi financing products and projects that woll truly shape industry developments in a decentralized manner". "USDT is among the biggest andfastest-grrowing stablecoins in DeFi and we will ensure that Tether continues to play an important role in supporting this alternative financial system and remains the reserve currency of DeFi"
Teter (USDT) had a market share of 78% among stable coins based on Ethereum, with most of the tokens on the blockchain. USDT remains Ethereum's largest gas consumer, and this trend may be aggravated as other blockchains continue to migrate to the network, such as the recent transfer of Tether from Tron to $ 300 million.
The technical director called the launch of the OMG Network Plasma side chain as a measure “to help reduce pressure and network stress in the Ethereum main block chain.” Cointelegraph said adding a side chain could make transactions cheaper because they reached two-year highs in June.
Launch of Ethereum 2.0
Despite the recent increase in transaction costs and reports of network congestion, some industry representatives are considering the next blockchain upgrade as a solution.
Kosala Hemachandra, Chief Executive Officer (CEO) and founder of MyEtherWallet, said the ETH 2.0 update would “change the definition of blockchain technology by creating a secure and sustainable system capable of competing with centralized scaling solutions.”
According to a July 10 Reddit Ask Me Anything (AMA) report, Ethereum researcher Justin Drake said ETH 2.0 could be launched by January 2021. However, Ethereum co-founder Vitalik Buterin expects a release date in November 2020.