The main stablecoin issuer, Tether declared its assist for Ethereum Merge that may transit Ethereum principal chain’s consensus from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
Tether said in a weblog submit that to keep away from any disruption within the DeFi group, there needs to be a verify on the PoS transition because it shouldn’t be “weaponized”.
Tether promised that it’s going to intently monitor and observe the progress and preparation for Ethereum Merge. It believes a “smooth transition” is required to preserve the long-term well being of the DeFi ecosystem, Tether added, “including those using our tokens”.
The most alluring occasion in blockchain historical past, Ethereum Merge, goes to in all probability happen subsequent month. Many consultants are envisaging yet another exhausting fork on Ethereum related to 2015, which cut up the chain into two completely different chains particularly Ethereum and Ethereum Classic.
Following this occasion, one after one other DeFi gamers are coming ahead to increase assist for this transition and potential forked chain. Recently, Coinbase, BitMEX, Chainlink, and others have introduced their assist for the PoS transition in addition to the forked chain.
Surprisingly, this announcement simply got here after its powerful competitor and USDC issuer, Circle Pay, claimed its assist for Ethereum PoS.
Tether flexed its dominance over the market stating “As the biggest stablecoin in the market trading at 10 times the volume of our closest competitor, and the most used stablecoin on the Ethereum blockchain with 3 times more people holding tethers in their wallet than any other stablecoin, we know it is our responsibility to reassure the community of our support for its development.”
Compiled by Coinbold