Categories: Uncategorized

OMG Network (OMG) reaches new ATH after announcing Layer 2 solution “Boba Network”

In September, the NFT market appeared to have calmed down, but when the Layer 2 sector heated up after the successful rollout of Ethereum (ETH) scaling solutions like Arbitrum and Optimism, a new flow of energy emerged.

One project that has benefited from the transition to Layer 1 and Layer 2 alternatives is OMG Network (OMG), an unattended Layer 2 protocol that uses a scaling solution; Optimistic roll-up to improve the scalability of Ethereum.

Data from TradingView shows that after hitting $ 8.42 on July 20, OMG price rose 380% to hit a daily high of $ 13.52 on October 1, when trading volume was within 24 hours hit a record $ 3.37 billion.

OMG 1-day framework price table | Source: TradingView

Before the market-wide pullback in early May, OMG was doing well, thanks in part to its listing on Coinbase. An important development for OMG Network took place in early June when the project was renamed from OmiseGO to OMG Foundation and moved towards Layer 2 solutions.

Enya and Boba Network Drive Awards OMG

A key element in the rebranding process is the network’s partnership with Enya, a company developing decentralized infrastructure solutions, and Boba Network.

“The Layer 2 room is heating up. Optimism, Arbitrum, StarkWareL and sidechains like Polygon. We now have Boba Network. The distinguishing feature of Boba Network is the fast migration from Boba to the Ethereum mainnet, which is not available in other rollups. “

Boba Network is an Ethereum Layer-2 Optimistic roll-up scaling solution that aims to lower gas charges, improve transaction throughput, and expand the capabilities of smart contracts.

With Enya building the Boba network as a key contribution to the OMG Foundation, OMG has benefited from their collaboration with the introduction of a new Layer 2 solution.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Mr. Teacher

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

43 minutes ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

1 hour ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

2 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

2 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

3 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

4 hours ago

This website uses cookies.