Crypto Exchange BitFinex Moves Millions Of USDT To The BTC Sidechain

Crypto exchange Bitfinex, moved about 1.
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561 million Tether (USDT) tokens from the Omni Protocol to the Liquid Bitcoin sidechain so in the latest blockchain news today, we find out more about this information.

The CTO of the crypto exchange Bitfinex Paolo Ardoino, announced the USD-pegged stablecoin’s protocol swap on the social media platform Twitter just yesterday. The conversion to the Bitcoin sidechain increases the quantity of the USDT tokens available on the network right when the stablecoin was launched initially on the Liquid sidechain at the end of July. Ardoino explained that the development will have a great effect on the protocol:

 “Liquid sidechain has now more liquidity for atomic swaps and cross-exchange arbitrage.”

Back in July, the Liquid developer Blockstream launched a new tool that makes it possible for all users to execute atomic swaps for all of the assets that are supported on the Liquid network. In June 2015, Liquid added confidential transactions that were designed to improve Bitcoin’s user security by keeping all of the sent amounts visible only to participants in the transaction or some other specified parties.

At the end of this summer, the CEO of Blockstream Adam Back, announced that all of the Bitcoin users could use the Lightning Network while sending all of the coins on the sidechain as mentioned. Also, in a recent interview, Back was very optimistic about the future of Bitcoin sidechains. The CEO said that they will decrease the appeal of altcoins and they will bring features of altcoin networks to Bitcoin.

Tether was originally developed to function on the Omni Layer of the Bitcoin protocol. Tether, however, operates on the Omni protocol and gives the assets the stability generally associated with BTC.
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Since it was launched in 2014, Tether added multiple transport protocols. The stablecoin is also available on the Ethereum blockchain and this makes it operational in all of the smart contracts and apps on the network.

Also as previously reported, LEO was launched on an exchange that experienced the slowest growth in 2019. This was coupled with a low trading volume. Despite the many benefits of LEO, the trading volume on Bitfinex had dried up. LEO has seen relatively low demand ever since. As binance continues to dominate the crypto space from IEOs, to DEXs, Bitfinex is currently at the 72^nd place in the rankings.