The company behind the Stablecoin justified the move by saying that the ERC20 Tether will have much lower transaction fees and much faster confirmation times (15-30 seconds) compared to Omni. The transition is already well underway. Tether (USDT) is currently the largest consumer of gas with a value of 485,000 USD, followed by FairWin with 451,000 USD and Maximine Coin with 77,000 USD and Chainlink with 64,000 USD over the last 30 days.
Vitalik Buterin, founder of Ethereum, also addressed the issue earlier this month and discussed the potential impact of Tether’s USDT on Ethereum. To solve the problem, Buterin suggested that the gas limit per block should be increased to reduce the load on the blockchain. The gas limit per block is currently still 8 million gas, but this has already been exceeded with the last block (at the time of writing) with 8.5 million gas.
This is only possible because the miners seem to be prepared to increase the gas limit per block. The Ethereum network allows the miners to set this limit. According to Vitalik Buterin, about 50 percent of all miners support the change of the gas limit. As it became known on Saturday, Ethermine now also agrees to the increase of the gas limit per block in accordance with Spark Pool and F2Pool:In view of the current congestion of the Ethereum network, we have started to test the increase of the block gas limit to 10 million gas.
Author : Jake Simmons