Ethereum is a smart contract platform that enables developers to build tokens and decentralized applications (dapps). ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network. Ethereum is the pioneer for blockchain based smart contracts.
Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the U.S. dollar. The idea was to create a stable cryptocurrency that can be used like digital dollars. Coins that serve this purpose of being a stable dollar substitute are called “stable coins.”
Avalanche is a high throughput smart contract blockchain platform. Validators secure the network through a proof-of-stake consensus protocol. It is said to be fast, low cost, and environmental friendly.
What is Tron? Tron's mission is to build a truly decentralized internet and aims to be the largest blockchain-based operating system in the world, known as the TRON protocol. The TRON protocol will offer high scalability, high availability, and high throughput computing to serve decentralized applications via smart contracts. Ethereum EVM-based smart contracts will be compatible and deployable on the TRON network as such Solidity developers do not have to rewrite their applications.
Tether seeks third party assistance for the transition from TRC20 a Ethereum a decentralized open-source blockchain with smart contracts functionality. y Avalanche
The announcements sent the market an area or arena, online or offline, in which commercial dealings are conducted. into a panic today:Tether, which by its very nature should hold steady at one U.S. dollar, had a decline that took it to a low of 0.941 in early morning trading today, according to data from the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Coinbase.
Tether (USDT), the largest stable currency currency is a medium of exchange that defines value. in terms of market value and the currency in which most transactions are made, announced that it was making a “chain exchange” with a third party. The announcement on his official Twitter dice: “In a few minutes, Tether will coordinate with a third party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 1B USDt and from Tron TRC20 to Avalanche, for 20M USDt. The total supply of Tether will not change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. during this process”. .
In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 1B USDt and from Tron TRC20 to Avalanche, for 20M USDt. The #tether total supply will not change during this process.
— Tether (@Tether_to) May 12, 2022
Tether price drop
Right after the announcement, Tether came under increasing pressure in the early hours of today’s trading, with its price plummeting below its $1.00 parity. Coinbase, Tether (USDT) fell as low as $0.941, losing parity with the dollar.
The low of a few hours ago was being rectified and at this moment, 7:30 am New York time, USDT was trading at USD $0.99, according to the data from Cryptomarkets.
However, on the charts you can see the early morning drop:
The fall occurred even though the CTO of Tether, Paolo Ardoino, declared in Twitter today thatTether continued to honor the “USDt to $1.00 swaps”. through your siteweb, tether.to.
Reminder that tether is honouring USDt redemptions at 1$ via https://t.co/fB12xESSvB .
>300M redeemed in last 24h without a sweat drop.
– Paolo Ardoino (@paoloardoino) May 12, 2022
Tether (USDT)currently the third largest cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. by market capitalization, plays a key role in facilitating trading in the cryptocurrency market and also connects to the traditional financial system.
The fall in the price of Tether below USD $1 had an impact on the entire cryptocurrency market. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. ( BTC ) fell more than 8.53% and is now priced at USD $28,933. However, a little while ago it looked blacker: In the early morning it fell to around USD $26,000 or less, its lowest level since December 2020.
Ethereum ( ETH ) had an even bigger drop. Now, its price is USD $ 1961, 19.09% lower than its price yesterday at the same time.
Investors, of course, were also affected by the news of the fall of LUNA below 1 dollar caused by the disengagement of the UST. According to CoinGlass There have been nearly $1.29 billion in settlements across the cryptocurrency market over the past 24 hours.
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