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

In September the frenzy that propelled the nonfungible token (NFT) sector quieted down however a burst of recent vitality emerged because the layer-two sector heated after the profitable launch of Ethereum (ETH) scaling options like Arbitrum and Optimism. 

One other undertaking that has benefited from the sector’s transition to layer-1 and layer-2 options is OMG Community (OMG), a non-custodial layer-two protocol that makes use of an optimistic rollup scaling resolution to enhance Ethereum scalability.

Knowledge from Cointelegraph Markets Professional and TradingView reveals that after hitting a low of $8.42 on July 20, the value of OMG has climbed 380% to achieve a day by day excessive at $13.52 on Oct. 1 on a file $3.37 billion in 24-hour buying and selling quantity.

OMG/USDT 1-day chart. Supply: TradingView

Previous to the market-wide pull-back that started in early Might, OMG had been performing effectively largely due to a Coinbase itemizing. A significant growth for the protocol got here originally of June when the undertaking rebranded from OmiseGO to OMG Basis as a part of its pivot towards layer-two options.

Enya and the Boba Community again OMG’s progress

A significant a part of the rebrand was to spotlight the community’s partnership with Enya, an organization that creates decentralized infrastructure options and the creator of the Boba Community.

In keeping with the undertaking’s web site, the Boba Community is a Ethereum layer-two optimistic rollup scaling resolution geared toward lowering gasoline charges, bettering transaction throughput and lengthening the capabilities of good contracts.

With Enya constructing the Boba Community as a core contributor to the OMG Basis, the OMG token has benefited from its affiliation with the launch of a brand new layer-two resolution

The rollout of the Boba Community, which rebranded from OMGX, started on Aug. 19 and carefully tracked the rise within the worth of OMG.

VORTECS™ information from Cointelegraph Markets Professional started to detect a bullish outlook for OMG on Aug. 16, previous to the current worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. OMG worth. Supply: Cointelegraph Markets Professional

As seen within the chart above, the VORTECS™ Rating for OMG started to select up on Aug. 16 and climbed to a excessive of 75 on Aug. 25, round 24 hours earlier than the value started to extend by 100% over the following three weeks.

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your individual analysis when making a choice.