CRYPTO

OMG sees a new all-time high after unveiling its ‘Dumb Network’ Layer-2 solution


The frenzy in September that calmed the nonfangible token (NFT) sector but sparked an explosion of fresh energy as the layer-to-sector heated up after the successful launch of Ethereum (ETH) scaling solutions like Arbitram and Hope.

Another project that has benefited from the transition to Sector Layer-1 and Layer-2 alternatives is OMG Network (OMG), a non-custodial layer-to-protocol that uses an optimistic rollup scaling solution to improve Ethereum scalability.

According to data from Cointelegraph Markets Pro and TradingView, after reaching below 8. 8.42 on July 20, OMG’s price rose 380% to .5 13.52 on October 1.

OMG / USDT 1 day chart. Source: Trading view

Ahead of the market-wide pull-back that began in early May, OMG is performing well for the most part for a coinbase listing. A major development for the protocol came in early June when the project was redesigned from Omizigo to the OMG Foundation as its core part towards layer-to-solution.

Enya and Boba network OMG’s progress back

A key part of the rebrand was highlighting the network’s partnership with Enia, a company that creates decentralized infrastructure solutions and is the creator of the dumb network.

According to the project’s website, Boba Network is an Ethereum Layer-to-Optimistic rollup scaling solution that aims to reduce gas fees, improve transaction throughput, and increase smart contract capacity.

In addition to building the Dumb Network as a key contributor to the ANA OMG Foundation, OMG Token has benefited from its collaboration with the launch of a new layer-to-solution

The rollout of the bomb network, which was rebranded from OMGX, began on 1 August and OMG kept a close eye on price increases.

Data from VORTECS C Cointelegraph Markets Pro began to identify a bullish outlook for OMG on August 16 before the recent price increase.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions obtained from a combination of data points, including market attitudes, trading volume, recent price movements, and Twitter activity.

VORTECS ™ Score (green) vs. OMG value. Source: Cointelegraph Markets Pro

As can be seen in the chart above, the VORTECS ™ score for OMG started on August 16 and rose to a high of 25 75 on August 25, about 24 hours before the price started to rise 100% in the next three weeks.

The opinions and opinions expressed here do not necessarily reflect the views of the author and Cointelegraph.com. With every investment and trading move involving risk, you should conduct your own research when making decisions.