- According to Tether, gas costs for USDT transactions will not exceed $0.01.
The creator of the biggest stablecoin by market value, Tether, said that it will launch USDT, a token linked to the US dollar, on Layer 1 Aptos.
Low gas fees—just a pennies worth—will result from USDT’s inclusion on the Aptos blockchain, the company announced in a statement on Monday.
According to Paolo Ardoino, CEO of Tether, “the team at Tether is excited to integrate and collaborate with the Aptos ecosystem, enhancing our commitment to making digital currencies more accessible and functional.”
Today, Aptos’s APT token is up about 2% to $5.95, while Ether and Bitcoin are down.
Several blockchains host Tether’s USDT. With $60.73 billion in net circulation, Tron leads Ethereum, which is in second place with $52.59 billion. Three other noteworthy blockchains are Ton ($619.67 million), Solana ($711.26), and Avalanche ($1.34).
USDT Charges
A more thorough examination of the gas prices associated with transferring USDT across the major networks reveals that, in August, the average cost on Ethereum was $0.62 per transfer, but the average cost on the Tron network was less than $0.01 per transfer. The price range for USDT transfers on Solana is $0.002 to $0.028. Tether states that the gas cost on Aptos would be less than $0.01.
According to Aptos Labs CEO Mo Shaikh, this alliance will take advantage of Aptos’ capacity to manage high transaction volumes, which will quickly increase the company’s user base.
According to Shaikh, Aptos has achieved an important milestone with the integration of Tether’s USDT. Through this partnership, Aptos will be able to process large amounts of data and quickly expand its user base.
Former engineers Mo Shaikh and Avery Ching from Meta (previously Facebook), who worked on the Diem (formerly Libra) blockchain, are co-founders of Aptos.
Activity Aptos
The number of daily transactions on the Aptos blockchain reached a record high of 326 million on August 15th, according to data obtained from the Artemis terminal. The Aptos network’s Tapos cat clicker game, which logs each click on-chain, is to blame for this spike.
But by August 18, there had been a noticeable decline in activity, with only 723,000 daily transactions.
The number of active users on Aptos has not significantly increased, despite the increase in daily transactions. In actuality, according to statistics from the Artemis terminal, the number of daily active addresses on the Aptos network has dropped to 147,000 from 1.2 million on June 8. This drop suggests that Tapos’s gaming mechanisms are probably the main cause of the rise in transactions.
DeFiLlama data indicates that Aptos has a $358 million total value locked (TVL).
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
