Matic has just announced that Tether is now available on their network. The Matic team tweeted that this would help Ethereum immensely by diverting activity away from the mainchain.
1/ The industry’s leading stablecoin, Tether (USDT), is now available on Matic Network Layer2 to overcome Ethereum’s performance constraints!🚀$USDT is the industry’s most popular stablecoin, with a staggeringly large market capitalization of over $15bn. pic.twitter.com/M38KtnaXym
— Matic (@maticnetwork) September 28, 2020
Last month, total daily Ethereum fees hit an all-time high with an $8.6 million charge for August 13, 2020.
Industry observers pinned the problem on “DeFi mania,” which they say is clogging network capacity and driving up gas prices.
Users have taken to social media in their droves to voice personal anecdotes of excessively high gas fees.
The situation has come to the point that last week, Coinbase Pro announced they would no longer absorb the costs. Instead, going forward, they will now pass the charge onto customers.
“Historically, Coinbase Pro has absorbed these fees on behalf of our customers. However, as crypto has begun to gain broader adoption in applications like DeFi, payments and other projects, networks have gotten busier.“
Matic Network Goes on “Stablecoin Spree”
With that mind, Matic’s announcement comes as welcome news to Ethereum users struggling with high gas fees.
The firm laid out the advantages of using Tether on its network by referring