The growth of the cryptocurrency space has continued to birth several innovations and partnerships, much to the crypto community’s delight. The crypto market is seemingly become the go-to investment ground globally, as potential investors and traders continue to flock around the digital assets in the space. Many Blockchain firms and crypto exchanges have utilized the advantage to bolster their product and service offerings as competition becomes stiff. However, the recent and improved innovations have now seen Tether (USDT) launch on the Solana Blockchain, as announced by Solana on 11th March 2021.
Solana token goes gaga on the news
The announcement of the launch of Tether (USDT), the largest stablecoin by market capitalization, on the Solana Blockchain, has delighted not only Solana users but also the Blockchain’s token, SOL. The SOL token had witnessed a massive leap of about 20% from $13.43 to $15.43, barely hours after the announcement. It also represents a massive win for the USDT token, which can now be found on Algorand, Tron, and Ethereum. It also represents a massive win for Solana, the proof-of-stake blockchain network considered mainly by many Ethereum users as an alternative to the leading altcoin’s network.
The Solana network already boasts of high transaction speed and low cost when compared to Ethereum. However, if it continues to follow the same trajectory of innovations, many may prefer it to Ethereum. The massive traffic on the Ethereum network right now, which sees the network host many DeFi applications and process Non-fungible tokens (NFTs), will likely see many blockchain users sort the services of Solana and other affiliates. However, the feature of the non-volatile nature of Stablecoins such as Tether is expected to bring more stability to the Solana Blockchain and the SOL.
Solana is gradually getting into DeFi
The growth of the young DeFi space in the last year has been nothing short of remarkable Hence. It is gradually becoming an attractive place for many Blockchain networks. Ethereum and a few networks have been providing support for space, and it is worthy to note that the support has not been in vain. For the uninitiated, Decentralized Finance (DeFi) is a blockchain-themed application that allows individuals to lend or borrow money without a bank’s need. It is also a space Solana has been trying to get into for a while now.
In a bid to launch itself into the DeFi space, Solana integrated Stabkecoin into its network last May. While in October of the same year, the blockchain network integrated the first Stablecoin, USDC, into its Blockchain. Like TRON, the need to rival Ethereum is solely behind the ambitions of Solana launching on DeFi. The new integration of USDT into Solana will also link the bridge between SOL traders and USDT holders. Solana users will be eligible to exchange their SOL tokens to USDT at low transaction fees and high speed. Alternatively, USDT holders can also perform the same transaction for small or low fees.