Stablecoin issuance entity Tether reportedly revealed that USDT tokens will be rolled out on March 9th, across the Solana (SOL) blockchain.
Specifically, Tether’s chief technical officer reportedly revealed that the integration with the layer 1 blockchain is expected to facilitate a vast number of DeFi initiatives, as well as different Web 3.0. activities.
Previously, Solana is being pitched to become the primary rival of Ethereum, with the hope of attracting more and more DeFi players to its platform, as they wait for the full benefits of Eth2 to ultimately be in effect.
Per Tether, Solana will reportedly allow users to carry out USDT transactions at an enhanced speed of over 50,000 transactions every second.
It further claimed that transaction fees could be no more than $0.00001 for every finalized transaction, and that this lower-cost, higher-speed compared to Ethereum will greatly help with the development of applications and projects in the DeFi sphere.
Tether has reportedly already finalized its integration with numerous blockchains apart from Ethereum, nominally among the Algorand, EOS, Liquid Network, Omni and Tron.
One particular initiative has been created upon Solana – Serum – reportedly functions as a decentralized derivatives exchange. FTX exchange co-founder and CEO Sam Bankman-Fried reportedly revealed that Serum has gone with Solana instead of Ethereum because of its accelerated speed and infrastructure.
“We need [a blockchain], like, a million times faster than Ethereum,” He reportedly remarked.
Despite being rivals, different blockchains are reportedly continuing to rapidly developing to satisfy the demands of the developing DeFi space.