OMG is aiming for a new all-time high after the introduction of the Layer 2 solution “Boba Network”

In September, the hype that the non-fungible tokens (NFT) extinct, but a new energy boost emerged when the coatings industry after the successful introduction of the scaling solutions from. got scorching hot Ethereum (ETH) What Arbitrum and Optimism.

Another project that has benefited from the sector’s transition to the Layer 1 and Layer 2 alternatives is OMG network (OMG), a non-custodial layer 2 protocol that uses an optimistic rollups scaling solution to improve the scalability of Ethereum.

Data from Cointelegraph Markets Pro and TradingView show that after hitting a low of $ 3.06 on July 20, OMG price rose 380% to a daily high of $ 13.52 on October 1, with Record trading volume of $ 3.37 billion in 24 hours.

1-day chart of the OMG / USDT pair. Source: TradingView
OMG is aiming for a new all-time high after the introduction of the Layer 2 solution “Boba Network”
OMG is aiming for a new all-time high after the introduction of the Layer 2 solution “Boba Network”

Before the market retreat that began in early May, OMG had done well, largely thanks to its arrival at Coinbase. A major event for the record took place in early June when the project changed its name from OmiseGO to. changed OMG Foundation as part of his shift towards Layer 2 solutions.

Enya and Boba Network support the OMG rally

An important part of the change in image was the emphasis on the network’s connection with Enja, a company that develops decentralized infrastructure solutions and created the Boba network.

According to the project website Boba Network is an Ethereum Layer 2 scaling solution that uses optimistic rollups aimed at lowering gas prices, improving transaction performance, and expanding the capabilities of smart contracts.

With Enya being tasked with developing the Boba network as the main contributor to the OMG Foundation, the OMG token has benefited from its partnership with the launch of a new Layer 2 solution.

The launch of the Boba Network, which was renamed OMGX, began on August 19, following OMG’s price hike.

Cointelegraph Markets Pro’s VORTECS data began to spot a bullish outlook for OMG on August 16, ahead of the recent price hike.

The VORTECSâ ?? -Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECSâ ?? ¢ score compared to the OMG price. Source: Cointelegraph Markets Pro

As can be seen in the graphic above, OMG’s VORTECS score began to recover on August 16 and rose to a high of 75 on August 25, about 24 hours before the price began to climb 100% over the next three weeks.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you will need to do your own research when making a decision.

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