Share this article
Scaling Solution Hermez Network Adds Tether Token to Tackle High Ethereum Fees
Hermez Network sets out to provide faster and cheaper transactions on Ethereum.
Updated Sep 14, 2021, 10:54 a.m. Published Jan 11, 2021, 12:01 p.m.
Hermez Network, a decentralized project focused on scaling the Ethereum network, announced it is integrating the tether token in a bid to make transactions more affordable.
STORY CONTINUES BELOW
- USDT – a U.S. dollar-based stablecoin – will be used to provide cheaper payments and token transfers in a move to counter high "gas" fees on the Ethereum network, the company announced Monday.
- Hermez is a "zero-knowledge rollup" – a solution that runs as an overlay on Ethereum and helps increase transaction throughput on the blockchain network by rolling multiple transfers into a single transaction.
- The gas fees required to make transactions on Ethereum have been prohibitively high in recent months, making it hard for many projects based on the network to make microtransactions.
- “Hermez is excited to welcome tether tokens as the first of many projects to join the layer two network ahead of our official launch this year," said Jordi Baylina, tech lead at Hermez Network.
- The firm further hopes to create a “self-sustaining network” by reinvesting 40% of any value generated into community-driven layer one projects.
Read more: High Gas Fees Prevent Ethereum From Being Ethereum
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Solana’s Drift Launches v3, With 10x Faster Trades
With v3, the team says that about 85% of market orders will fill in under half a second, and liquidity will deepen enough to bring slippage on larger trades down to around 0.02%.
What to know:
- Drift, one of the largest perpetuals trading platforms on Solana, has launched Drift v3, a major upgrade meant to make on-chain trading feel as fast and smooth as using a centralized exchange.
- The new version will deliver 10-times faster trade execution thanks to a rebuilt backend, marking the largest performance jump the project has made so far.
Top Stories
