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Scaling Solution Hermez Network Adds Tether Token to Tackle High Ethereum Fees
Hermez Network sets out to provide faster and cheaper transactions on Ethereum.
Hermez Network, a decentralized project focused on scaling the Ethereum network, announced it is integrating the tether (USDT) token in a bid to make transactions more affordable.
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- USDT – a U.S. dollar-based stablecoin – will be used to provide cheaper payments and token transfers in a move to counter high "gas" fees on the Ethereum network, the company announced Monday.
- Hermez is a "zero-knowledge rollup" – a solution that runs as an overlay on Ethereum and helps increase transaction throughput on the blockchain network by rolling multiple transfers into a single transaction.
- The gas fees required to make transactions on Ethereum have been prohibitively high in recent months, making it hard for many projects based on the network to make microtransactions.
- “Hermez is excited to welcome tether tokens as the first of many projects to join the layer two network ahead of our official launch this year," said Jordi Baylina, tech lead at Hermez Network.
- The firm further hopes to create a “self-sustaining network” by reinvesting 40% of any value generated into community-driven layer one projects.
Read more: High Gas Fees Prevent Ethereum From Being Ethereum
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
