In the last few months, there has been transition in the blockchain networks where Tether activities are taking place. The emergence of TRON blockchain into the world of Tether stablecoin also created more divergence in the activities of Tether stablecoin, reports from Whale Alert also confirms this.
In consonance with the above, a fresh analytical research has confirmed that Tether activities is gradually moving away from Bitcoin blockchain network, signaling that most of Tether Stablecoin activities like minting or transfers, are really not taking place on Bitcoin network again.
The data from the research confirmed that the transition was first noticed towards Omni Layer blockchain and then later a gradual transition was seen to Ethereum and TRON network.
As revealed in the graph caption, Omni layer protocol accounted for more than 98% of Tether stablecoin transaction in Q1 2019.
The gradual transition was noticed as USDT transaction value on Omni layer protocol began to drop and Ethereum network took charge.
Before the start of Q3, 2019, Etheruem protocol had surpassed Omni layer.
By the start of Q3 2019 when TRON ventured into the Tether stablecoin world, Justin Sun’s blockchain began to gradually record high figures in terms of Tether transaction value on its network.
Before the start of the year 2020, TRON blockchain network and Ethereum had made significant progress. Ethereum remained the leading blockchain protocol in terms of Tether transactions, and TRON, by then, had already surpassed Omni.
Per information made available in a graph showing the distribution of Tether stablecoin transaction since Q1 2019, 16.27% of Tether transactions were performed on TRON protocol, while 5.2% were performed on Omini layer protocol and 78.5% of the stablecoin transactions were performed on Ethereum blockchain protocol at the end of Q2 2020.
Earlier in May, prominent TRON community member Mike McCarthy said TRON-based USDT token, TRON-USDT, is now the second-largest Tether after surpassing Omni.
Mike related that TRON only has Ethereum at its front, which takes the number one position, and with time, TRON will overtake it.