$5M worth of USDT chainswapped on EOS by Bitfinex
- The chainswap was done in conjunction with EOSFinex, Bitfinex’s decentralized trading platform.
- The swap was done to provide the EOS dApp ecosystem with a stable and liquid store of value.
Crypto exchange giants, Bitfinex, have successfully “chainswapped” $5m worth of Tether onto the EOS blockchain. This was done in conjunction with EOSFinex, Bitfinex’s decentralized trading platform. As per a press release shared with Cointelegraph, the company did this to “provide the EOS DApp ecosystem with a stable and liquid store of value to reduce the risks pertaining to digital assets' volatility.”
Bitfinex CTO Paolo Ardoino said:
“Promising projects aren’t getting the light of day with current congestion and volatility issues on other chains, and that is why there’s higher DApp usage on EOS. What EOS was lacking was a stablecoin that could help these projects manage exposure to price volatility.”
According to the announcement, 49% of the top 100 dApps run on EOSIO and seven of the top 10 dApps have the highest 24-hour transaction activity. According to EOSFinex product lead, Steven Quinn, EOS’s next aim is to “work with others in the EOS community to bring block irreversibility times down to 3 seconds” and launch EOSFinex on the mainnet.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
