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.
1 / The layer 2 room heats up. @optimismPBC, @arbitrum, @StarWareLtd and sidechains like @ 0xPolygon. We have now @bobanetwork The differentiators for Boba Network are fast transfers from Boba to #Ether mainnet, which cannot be found in other rollups.
– DeFi info (@AboutDefi) August 19, 2021
“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.
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According to Cointelegraph