Polkadot Investors Unimpressed With Tether News

Polkadot (DOT) investors seem to be unimpressed by the news that the most popular stablecoin is coming on this blockchain.

The issuer of the stablecoin, Tether, announced today that tether (USDT) will launch on Polkadot, becoming the first stable coin on this network.

However, DOT, ranked 6th by market capitalization, is moving lower today after it rallied by 25% in a week. At 14:20 UTC it trades at USD 42.82 and is down by 2% in a day, becoming the worst-performing coin in the top 10 club today.

In either case, USDT is first set to go live on the canary network Kusama, before being deployed on the Polkadot manner, a blockchain created by Gavin Wood, co-founder of Ethereum (ETH), and developed by Web3 Foundation.

As reported, the experimental version of Polkadot, called Kusama, launched in July 2019, with real economic conditions, for developers to experiment in and test out a Polkadot-like environment. Less than a year later, in May 2020, as Polkadot Network – one of the top 10 ICOs of 2017 – went live as well.

Polkadot is a sharded protocol that enables different blockchain networks to operate together. It allows connecting and launching blockchain applications by using parachains (sovereign blockchains, or shards, with unique functions) to link to different networks.

The launch of USDT on Polkadot is pending the formation of these parachains, as independent chains that can have their own tokens and be optimized for specific use cases, the emailed press release said. Parachains will first launch on Kusama, which is why USDT will deploy on that network first prior to becoming available on Polkadot.

The announcement said that,

Per Polkadot’s road map, the network is currently in the “para chain rollout” phase. They will first be tested on testnets like Rococo, then will be launched on the Kusama proving ground, and finally on Polkadot, which will mark the network’s full launch. “Polkadot is now on track to launch several parachains in 2021,” it said.

Per Paolo Ardoino, Chief Technology Officer at Tether and crypto exchange Bitfinex, the company anticipates “a ready uptake of the Tether token as it powers Polkadot’s emerging Defi [decentralized finance] ecosystem.” Arduino added that, with its para chain structure, Polkadot “has the ability to grow significantly in the coming years […] driven by its high level of scalability.”

At the same time, “teams building decentralized applications in with a multi-chain future in mind are increasingly looking towards established stablecoins that operate across numerous networks to ensure a smooth experience for their users,” said Peter Maurer, Head of Public Affairs at Parity Technologies, who has served as Polkadot’s initial core development team. USDT’s launch on Kusama and Polkadot is “a crucial step” towards that goal, “where developers will be able to seamlessly compose trustless applications across chains, networks, and communities,” he said.

Source:-https://cryptonews.com/news/polkadot-investors-unimpressed-with-tether-news-9817.htm

RSS Latest Press Release

  • Confort Prestige | Climatisation & Chauffage Announces HVAC Services For Improved Energy Efficiency
    TERREBONNE, QUEBEC- NOVEMBER 14, 2021- Premier heating and cooling company Confort Prestige is excited to share HVAC solutions with domestic customers in the Terrebonne area. These services aim to save customers money on their heating and cooling expenses throughout the year.   Since its debut, Confort Prestige has been committed to customer service. This starts […]
  • Hundreds of Car and Truck Parts Available from Salvage Specialist
    Morganville, NJ – When it comes to finding an auto part for a foreign or domestic vehicle, Trilenium Auto Salvage usually has the answer.   The Morganville, NJ salvage specialist has hundreds, if not thousands, of parts and components at its Tennent Rd premises available.   Trilenium Auto Salvage is one of the busiest salvage specialists […]
  • Flowsent Weed Delivery Offers the Fastest Weed Delivery Service in the Bay Area
    Bay Area, CA - As it becomes easier to get cannabis in different stores and online, weed delivery in Oakland, San Francisco, and other Bay Area cities are becoming more common. People are looking for the easiest way to get their hands on high-quality, safe cannabis, and nothing beats direct to your door.    Many […]
  • Cannamazoo Now Offering the Top Cannabis Concentrates in Michigan
    What are Cannabis Concentrates, Oils, and Extracts?   Kalamazoo, MI - You may be familiar with recreational cannabis in its usual form, but have you ever tried extracts, oils, and concentrates? Each of these forms offers unique effects and benefits that smoking cannabis flowers can't provide. Simple dosing, cleaner effects, and better taste are just […]