OMG's Layer 2 scaling solution that’s reducing the transfer cost of USDT in Bitfinex Exchange

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One tends to wonder if there is any Ethereum Layer 2 solution available that can be implemented by Exchanges, wallets, dapps, custodians that would reduce transaction cost and validation times for transfer of value in the Ethereum Network. And guess what there is such a Layer 2 scaling solution at work as well!!

OMG Network is such a layer 2 scaling solution and tether is integrated into OMG's layer 2 scaling solution.

Reference Link -: https://omg.network/bitfinex-usdt-tether-integration-omg-network/

OMG’s scaling solution much needed considering the increased fee costs of transferring USDT assets

USDT, tether, we all know is the largest stable coin around being used by crypto investors and traders. The gas fee cost of transferring USTD tokens in the Ethereum network has skyrocketed in the recent months, therefore a layer 2 scaling solution like OMG’s is much required to reduce the USDT transfer fee cost and reduce congestion on the Ethereum Network.

Bitfinex Exchange has integrated OMG network’s scaling solution for USDT assets

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Now with USDT support being there in the OMG network, Bitfinex Exchange has integrated with the OMG Network to have USDT deposits and withdrawals happen using OMG’s value transfer layer that reduces USDT’s transfer fee cost to a few cents while increasing transaction processing speeds to thousands of transactions per second as in comparison with the Ethereum Network.

Reference article -: https://omg.network/bitfinex-usdt-tether-integration-omg-network/

Why have other exchanges not adopted OMG’s scaling solution beats me!!

Now, I wonder why Binance and other top exchanges are not implementing OMG’s Layer 2 solution like Bitfinex Exchange so that the cost of transferring USTD gets cheaper , any idea what’s stopping them?

Hello @mintymile
The 2-layer solutions seem to be a good solution to the problem of scalability, what I had not seen is a way to save transaction costs, which is one of the big leaks one can have at the time of transfer.
Particularly when I am going to transfer from one exchange house to another what I do is buy some cheaper currency, to make the transaction later, and then I buy the currency in the other exchange house where I receive. Of course, that always carries its risk as well, but it is a way in which I have saved some dollars.

Now, behind every action or inaction there is an interest, especially when we talk about money, and more in these EXCHANGE PLATFORMS, perhaps it is more convenient for you to keep it as it is.