Crypto exchange Bitfinex along with EOSfinex, has chainswapped $5 million worth USDT tokens onto EOS blockchain protocol.
First reported by Cointelegraph, the move was made to reduce volatility risks of digital currencies, creating a stable ecosystem for EOS decentralized applications (DApps).
Commenting on the development, Paolo Ardoino, chief technology officer at Bitfinex, said: “Promising projects aren’t getting the light of day with current congestion and volatility issues on other chains, and that is why there’s higher DApp usage on EOS. What EOS was lacking was a stablecoin that could help these projects manage exposure to price volatility.”
Launched at the end of July, EOSfinex is a decentralized exchange based on the EOSio software. The exchange is focused on aspects like scalability, speed, liquidity, and transparency, giving control of the assets to the traders.
eosfinex is here.
eosfinex combines the speed and scalability of EOS with Bitfinex’s industry-leading trading expertise, resulting in an on-chain exchange built around speed, transparency and control.
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— eosfinex (@eosfinexproject) July 30, 2019
A major protocol for creating DApps
The announcement also detailed that the peer-to-peer micropayment infrastructure of the protocol now contributes to 49 percent of the top 100 DApps and seven of the top 10 DApps with the highest 24-hour transaction activity.
The exchange is now planning for the launch of it on the mainnet and to bring “block irreversibility times down to 3 seconds” by working hand-in-hand with the EOS community.
EOS is one of the most well-funded crypto projects and raised more than $4 billion via a year-long token sale. The parent company of the project was recently fined with $24 million for selling unregistered digital tokens.
Meanwhile, the EOS network is facing serious issues as users are facing periodic problems with network access in the past few weeks. A pseudonymous blockchain developer, Dexaran, also pointed out a vulnerability on the network which was exploited by the hackers to congest the network. This resulted in the theft of $110,000 worth digital currencies from an EOS gambling application – EOSPlay – last month.