Cryptocurrency exchange Bitfinex is integrating DeversiFi solutions to make transactions with tether (USDT) stabelcoin cheaper. This is reported in an official press release.
According to Bitfinex, the DeversiFi protocol is built on Ethereum’s Layer 2 (L2) network with a focus on decentralized finance (DeFi). Through the integration, the crypto exchange is expected to be able to make ERC-20-based token transfers cheaper, starting with USDT. Bitfinex Technical Director Paolo Ardoino believes interest in DeFi is still high, and the partnership with DeversiFi will attract new customers to the exchange.
Moreover, DeversiFi is able to process transactions with tokens from the Polygon network. The exchange plans to add support for such a function on its site. However, the timing of the introduction of this function is unknown.
The exchange announced cooperation with DeversiFi against the background of high fees in the Ethereum network. The average commission level still remains at ~$20. This is 1,000 times higher than, for example, in July of this year.
DeFi-based trading platforms are also actively struggling with high commissions. For example, the service 1inch Network previously announced support for the Arbitrum protocol. With its help, the trading platform intends to reduce commissions for users through the same level 2 network for Ethereum.
At the same time, it became known that the USDC stabelcoin overtook USDT in popularity in the United States. As Coin Metrics analysts found out, USDC’s onchain activity often correlates with business hours in the United States. Asian markets, in turn, favor USDT.