Although Bitcoin grabs more attention in mainstream media, Ethereum has been performing equally well, especially in light of the ETH blockchain’s usage and its partnership with Microsoft and other tech giants.
Dovey Wan, Founding partner at Primitive Ventures, recently tweeted a thread explaining how Ethereum could be bullish over the long term.
And Binance already disabled withdrawal and deposit of Omni Tether.
Overtime all fiat coin will be on Ethereum, which makes a bit more bullish on $ETH TBH, as long as Ethereum can be the go-to-choice for all these synthetic assets https://t.co/XOpXpMBjyS
— Dovey Wan ???? ???? (@DoveyWan) July 5, 2019
Tether’s demands have been increasing over the last few days, causing the number of USDT issued on the Ethereum blockchain to rise. The number of USDT issued on Omni blockchain has surged, and this could be attributed to the longer transaction settling time.
Hence, if this demand keeps rising and other assets including synthetic and traditional assets surge, the demand for Ethereum’s blockchain will also increase. Wan added,
“The barrier of asset generation (not just alts but more real world asset peg) gonna be the biggest moat for Ethereum over all other up-coming mega competitor like Dfinity, Algorand, Polkadot, Telegram etc… The protocol play is essentially similar as software API play (Twillo, Stripe): the more end points it can be compatible with, the more robust, efficient (like much higher SLA in traditional software world), reliable, and usable it is, the wider the adoption will be”
Wan’s positive outlook was struck down however, after people suggested that the logic was wrong and that Tether was being issued on EOS, Tron, and even on Liquid’s sidechains.
A Twitter user, @P_Miller, commented,
“I feel like you should already understand that this doesn’t really make sense. Tether can burn and issue on other chains any time. USDT is also available on EOS, Tron, and will be on Liquid sidechain in the fall. Liquid will allow native atomic swaps of USDT/BTC.”
Another user, @ProfLastBattle, commented,
“There’s barely any value capture to the parent protocol of Tether, however switching to Ethereum does reinforce its ecosystem.”