Hong Kong-based cryptocurrency exchange Bitfinex has successfully completed a chain-swap to convert $5 million worth of Tether stablecoins onto the EOS protocol, according to a press release shared with Coin Rivet.
Bitfinex is working in conjunction with EOSfinex to provide the EOS dApp ecosystem with a stable and liquid store of value. This will reduce the risks associated with the volatility of digital assets.
Paolo Ardoino, CTO at Bitfinex, explains the benefits of this chain-swap:
“What EOS was lacking was a stablecoin that could help these projects manage exposure to price volatility. Priming the EOS ecosystem with a stable, trusted source of liquidity will open up possibilities for all EOS dApps and EOS community members to benefit from improved access to true value storage.”
Usage of the EOS dApp network has been up this year, with its peer-to-peer micropayment infrastructure powering 49% of the top 100 dApps on the market.
However, according to a disturbing report by blockchain intelligence firm AnChain, the majority of EOS dApp traffic and transactions is allegedly driven by bots.
Despite this, EOSIO is quickly advancing toward becoming the go-to protocol for zero-fee cryptocurrency microtransactions.
This $5 million chain-swap will benefit EOS by opening up more opportunities for the future.
Steven Quinn, product lead at EOSfinex, said: “Now that there’s finally a genuine stablecoin solution on EOS, our next goal is to work with others in the EOS community to bring block irreversibility times down to three seconds as we get closer to launching EOSFinex on the mainnet.”
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