Tether expressed that on June 29, 2020, they will co-ordinate with a third party to perform a chain swap conversion from Tron TRC20 to ERC20 Protocol for a sizable amount of USDt. Further stated that the total supply of Tether will not change during the process.
It is for enthusiastic investors to derive the meaning of what one of the commentators expressed, “To conduct a token swap, one entity has to have an account on both chains, and they ask Tether to move them from (in this case) $TRX to $ETH. It is NOT the entire balance, just one whale making a move. It happens. We will recover. It’s not that big of a deal.”
For those who are new to the term chain swap, it is the term used to refer to the process which moves the cryptocurrencies from one blockchain to another. A trader will be able to swap the USDt operating on one blockchain to yet another supporting blockchain.
Cross Chain swap is a process where tokens can be traded across different blockchains without making use of an intermediary party.
When exchanging two different cryptocurrencies from two different network, chain swap is particularly useful, it helps trading possible beyond the technology difference between the two networks. The cross chain swap protocol ensures that the token swap happens automatically.
There are lot of info graphics made available to help users understand the process. The infographics help the community understand how it is possible to perform seamless swaps of the tokens in to the coins.
Sydney Ifergan, the crypto expert tweeted: “We need more of cross-chain swaps to happen to move lots of money instantaneously like Tether USDT with TRC20 to ERC20to help the global community adopt to the crypto.”
With Asia propelling through global digital revolution that is spearheaded by DeFi consisting of contracts, protocols, decentralized applications, and a range of cryptocurrencies Paolo Ardoino, CTO of Tether recently shared his insights about the DeFi space in Asia.
In a guest submission Paolo expresses that Vietnam is seeing an emergence of the DeFi Protocol. He reinstated about how Singapore is launching banks in the next year. About how Cambodia are set to launch a nationwide payment system on the blockchain. He stated that Tether will continue to play a pivotal role in the DeFi movement for the foreseeable future.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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