Major crypto exchange and derivatives trading platform OKEx announced that it would be supporting two stablecoins, USDT and USDC, on the Algorand blockchain protocol.
OKEx support comes at a convenient time when traders have been battling rising GAS fees, increasing the transaction costs of trading ERC20 tokens. OKEx will enable users to trade freely in their favourite USD-backed stablecoin without worrying about the rising transaction fees.
USDTa and USDCa Will Have Massive Transaction Time and Cost Difference from Ethereum
At the beginning of February, the average transaction fees for trading on Ethereum were close to $25. On the contrary, OKEx guarantees that the USDTa and USDCa transaction fees will be less than $0.001 per transaction regardless of the transaction size. The difference is massive, and traders are about to enjoy great convenience with the Algorand blockchain.
The crypto exchange and derivatives trading platform OKEx is introducing USDTa and USDCa that promise to overcome the existing challenges of stablecoins.
Stablecoins are a safe option for investors looking to protect a section of their crypto assets from cryptocurrencies’ volatility. However, most of the existing stablecoins are based on ERC20 tokens on Ethereum’s infrastructure. ERC20 tokens face rising transaction fees and experience multiple delays caused by increased network congestion brought about by the rising value of Ethereum and Bitcoins. There will be no more delays with the new USDTa and USDCa transactions on the Algorand blockchain as they will take less than 5 seconds to be completed.
Jay Hao, OKEx’s CEO commented that OKEx – Algorand partnership will promote crypto adoption with Algorand’s sound protocol and scalability essentials that do not exist on Ethereum. The company is taking advantage of the increased demand for USDT and USDC to increase user satisfaction and hence attract more customers.
USDTa and USDCa Introduction is Not the First of OKEx – Algorand Partnership
The introduction of USDTa and USDCa is not the first project of OKEx’s partnership with Algorand. In June 2019, the crypto exchange and derivatives trading platform included ALGO, Algorand’s token, on its platform. Algo was trading alongside USDT, BTC, ETH, and USDK. With the announcement of their latest project, we can only anticipate more to come.