At the time when DeFi applications broke records, transaction fees on the Ethereum network reached a record level. This caused the war between Ethereum and the so-called “Ethereum killers” to become very difficult. Tron was the first project to capture Ethereum’s share among networks such as EOS, Cosmos, Cardano and Tron in this war. After the congestion in the ETH network, Tether shipped large amounts of USDT to the Tron network. However, ETH now seems to be the winner of the war again.
Installed USDT Transfer From Tron Network To Ethereum Network
Leading stablecoin firm Tether moved $ 100 million worth of USDT from the Tron network to the Ethereum network. Tether and Bitfinex CTO Paolo Ardoino announced this development in a tweet. In fact, the incident started with Whale Alert’s announcement that 100 million USDT was sent from Bitfinex to the Tether treasury. Ardoino also had to make this statement to prevent panic.
In fact, this statement may have something to do with the current attack on the Tron network. Although Justin Sun stated that the funds were safe in the attack, this seems to have pushed Tether management to take action.
— Whale Alert (@whale_alert) November 2, 2020
So what exactly does this mean? The Ethereum network, which came to a bottleneck in August and the two months preceding it, put investors in a difficult position. The record-breaking average transaction fee on the ETH network has prompted people to look for alternative networks. This enabled Tether to turn to alternative networks such as Tron.
However, the sharp price decline experienced as of September also affected transaction fees. In September, more than $ 1 billion USDT was transferred directly from the Tron network to the Ethereum network. This shows that Ethereum has become a reliable network again.