Updated on | Posted in Blockchain Technology

OMG eyes a new all-time high after unveiling its ‘Boba Network’ layer-2 solution

In September the push that propelled the nonfungible token (NFT) region quieted down however a burst of sparkling electricity emerged because the layer- region heated after the a success release of Ethereum (ETH) scaling answers like Arbitrum and Optimism.

Another task that has benefited from the region’s transition to layer-1 and layer-2 options is OMG Network (OMG), a non-custodial layer- protocol that makes use of an positive rollup scaling answer to enhance Ethereum scalability.

Data from Cointelegraph Markets Pro and TradingView suggests that once hitting a low of $8.forty two on July 20, the fee of OMG has climbed 380% to attain a every day excessive at $13.fifty two on Oct. 1 on a record $3.37 billion in 24-hour buying and selling volume.
OMG/USDT 1-day chart. Source: TradingView

Prior to the marketplace-huge pull-again that commenced in early May, OMG were acting nicely in huge component way to a Coinbase listing. A essential improvement for the protocol got here at the start of June while the task rebranded from OmiseGO to OMG Foundation as a part of its pivot closer to layer- answers.
Enya and the Boba Network again OMG’s progress

A essential a part of the rebrand became to focus on the network’s partnership with Enya, a corporation that creates decentralized infrastructure answers and the writer of the Boba Network.

According to the task’s website, the Boba Network is a Ethereum layer- positive rollup scaling answer aimed toward lowering fueloline fees, enhancing transaction throughput and increasing the abilties of clever contracts.

With Enya constructing the Boba Network as a center contributor to the OMG Foundation, the OMG token has benefited from its affiliation with the release of a brand new layer- answer

The rollout of the Boba Network, which rebranded from OMGX, commenced on Aug. 19 and carefully tracked the upward push withinside the fee of OMG.

VORTECS™ statistics from Cointelegraph Markets Pro commenced to discover a bullish outlook for OMG on Aug. sixteen, previous to the current fee upward push.

The VORTECS™ Score, one of a kind to Cointelegraph, is an algorithmic contrast of historic and contemporary marketplace situations derived from a aggregate of statistics factors together with marketplace sentiment, buying and selling volume, current fee actions and Twitter activity.
VORTECS™ Score (green) vs. OMG fee. Source: Cointelegraph Markets Pro

As visible withinside the chart above, the VORTECS™ Score for OMG commenced to choose up on Aug. sixteen and climbed to a excessive of seventy five on Aug. 25, round 24 hours earlier than the fee commenced to boom with the aid of using 100% over the following 3 weeks.