OMG Network (OMG) is another project that has benefited greatly from the sectors shift to layer-1/ layer-2 options. OMG Network is a non-custodial procedure that uses an optimistic rollup scaling approach to increase Ethereum scalability.
Cointelegraph Markets Pro and TradingView data reveal that OMG costs have actually risen 380% given that hitting an $8.42 short on July 20. They now stand at $13.52 per day on Oct. 1, based upon record-breaking $3.37 billion of 24-hour trading volume.
OMG/USDT 1-day chart. Source: TradingView
OMG was performing well prior to the marketplace pullback that started in May. This was in big part due to a Coinbase listing. The pivot to layer-two services was a major turning point for OMG Foundation, which saw the procedure rebrand from OmiseGO.
The craze that drove the nonfungible token sector (NFT), slowed down in September, but a surge of energy became the layer two sector warmed up after the launch of Ethereum (ETH), scaling solutions such as Arbitrum and Optimism.
Enya and Boba Network assistance OMGs growth
The rebrand included a major focus on the networks collaboration and Enya, which is a business that provides decentralized facilities services and was the creator of the Boba Network.
1/ Layer 2 area is warming up. @optimismPBC and @arbitrum are hot. We now have @bobanetwork. The highlight of Boba Networks distinction is the fast transfer from Boba to #Ethereum Mainnet. This differs from other rollups.
— DeFi Info (@AboutDefi), August 19, 2021
Cointelegraphs exclusive VORTECS( tm), Score is an algorithmic contrast in between historical and existing market conditions. Its based upon a mix data points, consisting of trading volume, market belief and current rate motions, and tweet activity.
Enya, who built the Boba Network to support the OMG Foundation as a core factor, has actually seen the OMG token benefit from the association with the launch a brand-new layer two service.
The Boba Network, an Ethereum layer-two positive rollup scaling system, is described on the projects site. It intends to reduce gas charges, improve deal throughput, and extend the capabilities of smart agreement.
VORTECS( tm), Score (green) vs. the OMG rate. Source: Cointelegraph Markets Pro
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The chart shows that the VORTECS( tm), Score for OMG started to rise on August 16th and reached a peak of 75 on August 25th. This was simply 24 hours prior to the cost increased by 100% over the next three week.
OMG was performing well prior to the market pullback that started in May. The pivot to layer-two solutions was a significant turning point for OMG Foundation, which saw the protocol rebrand from OmiseGO.
VORTECS( tm), data from Cointelegraph Markets Pro started to identify a bullish outlook on OMG on August 16, prior to the recent rate increase.
The OMGX rebranded as Boba Network on Aug. 19, and carefully followed the boost in OMGs price.
1/ Layer 2 area is warming up. @optimismPBC and @arbitrum are hot. The main feature of Boba Networks distinction is the quick transfer from Boba to #Ethereum Mainnet.