A chain swap is a procedure used to transfer cryptocurrency between blockchains. Through this procedure, crypto users can access their digital assets on the several blockchains that support the cryptocurrency they own.
This means that Tether will convert USDT owned on blockchains like Tron (TRX), Avalanche (AVAX), Near Protocol (NEAR), CELO, and EOS into USDT on Ethereum.
In this upcoming swap, Tether will be moving the following funds to Ethereum: $1 billion USDT from Tron, $600 million USDT from Avalanche, $300 million USDT from Near Protocol, $75 million USDT from Celo, and $60 USDT million from Eos. This is a total of $2.03 billion being swapped to Ethereum.
Tether has never been one to shy away from taking bold moves. A calculated effort to increase liquidity and guarantee that customers can access their funds across several blockchains is behind the impending chain shift to Ethereum.
Knowing how chain swaps operate can help you maximize your assets, regardless of whether you’re a trader wishing to swap your holdings or just curious about how these procedures operate.
