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Ethereum Layer-2 Scaling Initial Deployments Successful

1 min
Updated by Kyle Baird
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In Brief

  • Deployment of Ethereum Layer-2 scaling solutions continues.
  • Tether has been launched on the Plasma-based OMG Network.
  • Ethereum continues to evolve with off-chain scaling as well.
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Ethereum is on the move in terms of development and price with the recent successful deployment of a number of layer-2 (L2) scaling solutions.
Scaling has long been an issue that has plagued the Ethereum ecosystem; however, that has not stopped developers rolling out new solutions and platforms for it. Ethereum co-founder, Vitalik Buterin [@VitalikButerin], recently tweeted on the initial launch of a number of scaling solutions:
While everyone wasn’t looking, the initial deployment of ethereum’s layer 2 scaling strategy has *basically* succeeded. What’s left is refinement and deployment.
Ethereum Investment One of the larger announcements has been the launch of the Tether stablecoin on the OMG Network. The OMG Network, formerly known as OmiseGO, is an ERC-20 based platform that uses the Plasma L2 scaling solution to achieve much faster transactions than Ethereum. Plasma is an off-chain scaling solution that was proposed by Buterin and Joseph Poon in 2017. It allows for the creation of ‘child’ blockchains attached to the main Ethereum blockchain to relieve the workload on it. Bitfinex has been one of the first exchanges to integrate Tether with OMG. Bitfinex CTO, Paolo Ardoino, stated that migrating USDT value transfers to the OMG Network saves costs, drives performance improvements, and relieves pressure on the root chain. There have been several other L2 implementations recently, as highlighted in the thread, and they all improve the overall scalability of the Ethereum network as it continues to evolve.
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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...