Tether (USDT) on the Optimism network

Features of USDT on the Optimism network

Optimism, also recently called OP Mainnet, is a Layer-2 network designed to scale the Ethereum blockchain. The blockchain is experiencing serious problems due to low bandwidth, resulting in rather slow and expensive transactions.

Layer 2 networks help reduce the load on the Ethereum network by taking over some of the transactions. Transactions in the Optimism network are much cheaper than those in Ethereum: according to Dune, the average cost of transactions in Optimism is about $0.05. In comparison, the exact figure in the Ethereum network reaches $0.30, and this is despite the fact that as of May 2024, the cost of ETH transactions is at its lowest level since 2020.

As the previous paragraph suggests, Optimism allows for fast and cheap USDT transfers and other transactions. For example, the cost of a token swap in the Ethereum network, even at such minimum values, will reach about $10. Thus, if a user exchanges $100, the costs may exceed 10% of the amount, including swap fees.

USDT on the Optimism network provides access to a wide range of DeFi products, through which users can generate income in various ways, ranging from trading to pharming on OP Mainnet, as well as retro drops (new projects such as DEX exchanges and credit protocols often reward liquidity providers in the form of tokens).

The USDT token on the Optimism network has the same format as Ethereum — ERC-20. Optimism or OP Mainnet operates as a second-tier network like Arbitrum, not as a separate blockchain. The Optimism network collects all transactions into packets (Optimistic Rollups) and pre-validates them. Then, they are sent to the Ethereum main net, where they are finally validated. The Optimism network is based on the "innocent until proven otherwise" principle.

It is worth noting that the USDT token has its smart contract in each network, which is responsible for the issuance and circulation of the stablecoin. Using OP Mainnet Blockchain Explorer, Blockscout, or OKLink, each user can independently verify the authenticity of the smart contract and the number of USDT tokens issued. This is useful for scam protection, where fake USDT tokens can be sent to the user. A valid smart contract address can be found on the USDT page on the CoinMarketCap website by selecting the appropriate network.

How can you buy USDT on the Optimism network with BestChange?

To buy USDT, on the left side of the exchange table on the BestChange website, you need to select your preferred payment method (cashless money (transfer by card, account, or e-wallet number), cash or cryptocurrency), and on the right side — Tether OPTIMISM (USDT).

After that, the entire list of available exchangers for the selected direction will be shown. Then, you should go to the exchanger's website, fill out the form to create an exchange request, send funds to the specified details, and receive USDT tokens in your wallet in the Optimism network.

What's next?

Users can send Tether to the Optimism network without any restrictions and perform various operations in the DeFi segment (liquidity mining, lending, farming, and so on). At the same time, the stablecoins will be stored in the user's wallet, and the user will retain complete control over them.

However, it should be considered that Tether may block the ability to perform transactions with USDT tokens for specific wallets that, for example, have been placed on the OFAC sanctions list.

If you need to transfer USDT from Optimism to another network, you can do this with BestChange. In the left column of the table, you need to select Tether OPTIMISM (USTD), and in the right column, you need to choose one of the following options (depending on the desired network):

• Tether Omni (a protocol on the Bitcoin network for USDT stablecoin transfers);
• Tether ERC20 (USDT on the Ethereum network);
• Tether TRC20 (USDT on the Tron network);
• Tether BEP20 (USDT on the BNB Smart Chain (BSC) blockchain);
• Tether SOL (USDT in Solana blockchain);
• Tether TON;
• Tether POLYGON;
• Tether ARBITRUM;