The frenzy that drove the nonfungible token sector (NFT), slowed down in September, but a surge of energy emerged as the layer two sector heated up after the launch of Ethereum (ETH), scaling solutions such as Arbitrum and Optimism.
OMG Network (OMG) is another project that has benefited greatly from the sector’s shift to layer-1/layer-2 alternatives. OMG Network (OMG) is a non-custodial protocol that uses an optimistic rollup scaling method to increase Ethereum’s scalability.
Cointelegraph Markets Pro and TradingView data show that OMG prices have risen 380% since hitting an $8.42 low on July 20. They now stand at $13.52, a daily high, on Oct. 1, on record trading volume of $3.37 billion.
1-day OMG/USDT chart. Source: TradingView
OMG was performing well before the market pullback that started in May. This was in large part due to a Coinbase listing. The pivot to layer-two solutions was a major milestone for OMG Foundation, which saw the project’s rebranding from OmiseGO in June.
Enya and Boba Network support OMG’s growth
The rebrand included a major focus on the network’s partnership and Enya, which is a company that provides decentralized infrastructure solutions and was the founder of the Boba Network.
1/ Layer 2 space is heating up. @optimismPBC and @arbitrum are hot. We now have @bobanetwork. The main feature of Boba Network’s differentiation is the fast transfer from Boba to #Ethereum Mainnet. This is unlike other rollups.
— DeFi Info (@AboutDefi), August 19, 2021
The Boba Network, an Ethereum layer-two optimistic rollup scaling system, is described on the project’s website. It aims to reduce gas fees, improve transaction throughput, and extend the capabilities of smart contract.
Enya, who built the Boba Network to support the OMG Foundation as a core contributor, has seen the OMG token benefit from the association with the launch a new layer two solution.
The OMGX rebranded as Boba Network on Aug. 19, and closely followed the increase in OMG’s price.
VORTECS(tm), data from Cointelegraph Markets Pro started to detect a bullish outlook on OMG on August 16, before the recent price rise.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.
VORTECS(tm), Score (green) vs. the OMG price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for OMG started to rise on August 16th and reached a peak of 75 on Aug. 25th, just 24 hours before the price increased by 100% over the next three week.
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