This is a taxpayer content of Andrew A.Marketing Director of Weltrade.
In this world of fast -evolution cryptocurrencies, user retention and online participation mean everything when growth and profitability are in doubt. Among the strategies through which cryptographic services have tried to address these problems is the integration of several block chains for popular cryptocurrencies. Currently, one of the most visible trends in this area is the extension of the blockchain networks several USDT-ACross calls.
Initially, Tether issued in the Omni layer protocol in the Bitcoin block chain in October 2014. Then, in September 2017, Tether finally launched A USDT ERC-20 version on the Ethereum Network, which allows access to cryptocurrency for many more users and allowing new integrations. Recent expansions of Tron, EOS, Algorand, Binance Smart Chain and Solana remode Market position.
Case: USDT launch in a single block-20 block chain to build trust
Immediately after its introduction in Ethereum ERC-20 block chain, USDT became one of the most popular stable on the market. At that time, Ethereum was considered one of the main block chains that housed DAPPS and still has one of the largest ecosystems measured by the total locked value.
Although ERC-20 USDT was a very stable offer for many, instead of only volatile cryptocurrencies, it came with its own difficulties. Ethereum’s popularity meant that the congestion on the network and high gas rates provided a real impediment for the execution of small transactions, with important effects on emerging markets or even in the “cryptographic winter” of 2019, under conditions in the That they incorporate new uphill users, the high positions reduce the possibilities of adoption, with users and platforms exploring the assembly and fast blockchain alternative market.
Despite the complaints about the rates, many users continued to deposit and exchange ERC-20 USDT, believing in the general belief of the Tether market as a robust stablecoin. But again, a clear message came from that environment: scalability and lower costs were urgently needed to promote stables for daily transactions and broader adoption.
The expansion to TRC-20 and Bep-20: the change of game for user participation
While the Blockchain ecosystem continued to evolve, two new chains arrived along the intelligent chain of the brave, commonly known as Bep-20, and Tron, commonly known as TRC-20, which resolved the scalability and costs of costs of costs of Ethereum. Both blockchains had very low transaction rates and a faster processing time; Therefore, they were perfect for micro-transactions and greater ease of adoption of the USDT.
TRC-20 integration
The USDT was integrated into the Tron block chain (TRC-20) by Tether in April 2019, offering high scalability and lower transaction rates compared to Ethereum. This movement opened new opportunities for users looking for more rapid and cheaper stablcoin transfers and contributed to the increase in decentralized applications in Tron, particularly in games, game and content distribution.
Bep-20 integration
At the end of 2020, Tether expanded the USDT in Binance Smart Chain (BSC) using the Token Bep-20 standard, which transformed the access and interaction of users with Stablecoins. Because BSC is closely linked to the exchange of Binance, this integration greatly increased accessibility for retail users around the world. With BSC offering a remarkably cheaper alternative to Ethereum, USDT’s Bep-20 version quickly attracted a broader user base, especially among those involved in DEXS projects and performance agriculture.
Deposits and transaction growth: the direct result of the multicchain support
When the USDT began to expand to TRC-20 and Bep-20, it became quite obvious that with the addition of new block chains, influences in user activity, capitalization and transactions volumes come into action. Probably the most visible result was a strong increase in deposits on platforms that admitted USDT of multiple chains.
Real example: Youhodler’s story
Probably, the best example is Crypto Platform Youhodler, who had to fight for users in 2019 during the so -called “cryptographic winter.” Youhodler provided really competitive savings accounts for all types of cryptocurrencies, even for meme coins such as Dege. Despite the partial success, due to the high amounts of transaction in ERC-20 and OMNI, the growth of users reached their roof quite fast.
BSC strikes
At the moment when the integrated intelligent chain of Binance, or Bep-20, the impact was immediate. On the first day of the ad, more than 100,000 USDT in deposits arrived through BSC. In the first week, that figure increased to 1 million USDT, and by the end of the first month, the Bep-20 deposits exceeded ERC-20 by 300%.
Tron takes over
Finally, the growth was leveled again and there were more integrations. When you announced USDT TRC-20 support, the results were even more surprising: in your first week, TRC-20 deposits reached 1.5 million dollars in USDT, placing Tron at the top of the most popular networks for Stablecoin deposits on the platform.
Other chains?
Youhodler joined Solana and Polygon too, but none of them even approached Tron and BSC in terms of deposit volume. According to Youhodler’s team, the main reason is a confidence in a brand: Ethereum, Binance and Tron are rather renown, and their reputation precedes itself, naturally uses those chains.
For exchanges and platforms, receiving deposits in USDT through blockchains is differentiation, user choice and, therefore, more transactions volume. This was evidenced quite unequivocally with the deposit peaks that Youhodler witnessed every time they incorporated a reliable blockchain network.
Blockchain’s interoperability role: more than user acquisition
The migration of a single block chain into multiple chain integrations has more than the effect of simply increasing deposits or attracting new users; Actually, it strengthens the ecosystem through the general interoperability of Blockchain.
A user could start, for example, using USDT in ERC-20; As needs evolve, they can go to TRC-20 or Bep-20, depending on their platform or wallet. This is where Tether receives an impulse, which allows not only to attract the needs of the individual user, but also ensure that he remains relevant in a broad spectrum of blockchain ecosystems. In this way, it retains users in the long term as they migrate from one block chain to another without having to change to another stablecoin.
In addition, multiple support is the future of decentralization. The more Blockchains variants exist for users, the easier it will be to access a variety of financial products; From decentralized exchanges and loan protocols, stable as USDT reap the benefits in terms of liquidity and presence in more cryptographic networks.
Multiple Stains Support Administration: A Challenge
However, as with each great change, the integration of the USDT in all chains has its set of problems. Each blockchain has its own nuances and different technical specifications, which makes a perfect user experience in all chains something complex.
For example, this requires cross-chain bridges so that the USDT moves between ERC-20 and Bep-20, TRC-20, adding additional liquidity and safety vulnerabilities. Each platform that admits USDT of multiple chains must ensure that its users have the necessary tools to move between chains easily, safely and economically.
In addition to this, another challenge is to maintain compliance with various regulatory jurisdictions. Each blockchain creates its unique regulatory challenges, for which a business must be vigilant to avoid legal tangles.
Conclusion: Integration of multiple spots as a catalyst for long -term growth
Success means the USDT transition from ERC-20 to Bep-20 and TRC-20, which shows that the new blockchain integrations are those that shape the destination in terms of the growth of a cryptocurrency. The multiple network approach has expanded the scope of Tether, with more significant transactions volumes and better access results reflected in the real world: Youhodler reported dramatic peaks in user deposits and commitment after the addition of BSC and Tron.
Crucially, with the purpose of satisfying 99% of a cryptographic audience, three blockchains stand out:
- Ethereum (ERC-20)
- Tron (TRC-20)
- Binance Smart Chain (Bep-20)
Statistics on the coined USDT and circulation, such as the one tracked by defram Other competitors.
In the future, it will be interesting to see how other cryptocurrencies will implement similar multiple strategies to feed growth. For companies, this is a clear lesson: adaptability and having a multi -chain approach can be drivers of the acquisition and retention of users in the accelerated world of cryptography. When integrating the block chains in which users already trust, at the speed of speed, low rates and brand recognition, companies prepare the stage for a robust success and long term.
Read also: Bitcoin Mine Based on the cloud in a Fintech application: the youhodler experience
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