Popular stablecoin Tether (USDT) is the first token to go live on the Hermez layer-two network, the company announced on Monday.
As part of the collaboration, batched USDT transactions will be possible once the Hermez network officially launches in early 2021. David Schwartz, project lead at Hermez told Cointelegraph:
“Hermez network is run by permissionless coordinators who will decide the transactions included in each batch, based on incentives (fees).”
Back in Dec. 2020, Delphi Digital published a report showing that layer-two rollups accounted for less than 1% of the entire daily decentralized exchange, or DEX, trading volume. For Hermez, the small proportion of DEX transfers happening outside layer-one is something that will change in 2021.
The clamor of layer-two adoption has grown in recent times especially amid periods of activity spikes on the Ethereum network resulting in expensive gas fees. Indeed, the last such occurrence caused disruptions to project teams looking to launch their platforms.
Apart from the