As demand has spiked all across the cryptocurrency board, especially stablecoins, leading spot and derivatives trading platform OKEx has announced support for two of the most market’s most popular stablecoins on the Algorand protocol.
The move is in response to users searching for more options related to stablecoins and alternative protocols to avoid rising transaction fees.
OKEx Introduces USDTa and USDCa, Coming In Days
The Bitcoin market has been booming over the last twelve months, reviving the interest surrounding cryptocurrencies. The resurgence of development activity and users led to an explosion of new DeFi applications with incredible use cases.
Users have flocked to DeFi applications, many of which are built on Ethereum, causing related ETH gas fees to soar. When it comes to DeFi projects, it is a necessary cost associated with doing business. However, stablecoins on the Ethereum protocol have also been impacted by substantial transactions, discouraging users from sending stablecoins at such a high cost.
The beauty of the free market of crypto is that stablecoins can also run on other protocols, such as Algorand. Crypto exchange platform OKEx is often ahead of the curve when it comes to responding to consumer trends, and the latest move is no different. OKEx is providing users with the alternatives they desire.
Why Support Stablecoins On Algorand Protocol? OKEx CEO Explains
OKEx has introduced both USDTa and USDCa, running on the Alogrand protocol and offering the same benefits as their ERC-20 counterparts, but at only a nominal fee. OKEx CEO Jay Hao said that the platform had seen “such high demand” for the stablecoins, and because “user experience” is the platform’s “number-one priority,” they have begun to “offer users the chance to transact quickly and cheaply by providing a safe alternative to Ethereum while a solution is found for its rising gas fees and network congestion.”
Rising gas fees have benefited Ethereum holders, as it is driving up the prices per ETH. However, stablecoin transaction fees have reached an average of $25 in fees each, bringing to light the sudden need for suitable alternatives.
“Algorand is a technically sound protocol that provides the scalability essential to furthering crypto adoption that Ethereum doesn’t currently have,” Hao added.
Algorand-based stablecoins USDTa and USDCa will become available on OKEx in the next few days. OKEx has teased a variety of promotions to support the launch, with more information.
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