OMG at its all-time high after bringing its ‘Boba Network’ layer-2 solution

The September power pulled down the non-fungible token (NFT) sector, but with the successful launch of the Ethereum scaling solution, Boba Network, a new pack of energy has arrived in the crypto market .

One of the most benefited projects from the layer 2 transition of the sector is OMG Network (OMG). OMG, a non-custodial layer-two protocol, uses an idealistic rollup scale solution for the improvement of Ethereum scalability.

Tradingview data shows that the price of OMG has increased by 380% from July 20, when the price hit a low at $8.42. It has touched $13.52, the daily high of October 1. The trading volume has peaked at $3.37 billion, a new record for the project.

OMG gained popularity after Coinbase listed its token. It was performing well before the major market pull-back of May and soon reserved a place in Binance. At the beginning of June, the OMG project rebranded itself from OmiseGO to OMG Foundation, a considerable development. This decision was a part of its steps towards layer-two solutions.

Boba Network intensifies OMG’s progress

The central part of the rebranding was focused on highlighting the network’s collaboration with Enya, a company that brings decentralized infrastructure solutions. Enya is also the founder of the Boba Network.

https://twitter.com/AboutDefi/status/1428505970750095364

OMG token has been profited by the new layer-two solution, Boba Network, Enya’s creation, and core contribution to the OMG Foundation.

As per the project’s website, the Boba Network’s aim is to reduce gas fees and improve transaction throughput. It is an Ethereum layer-two optimistic rollup scaling solution. The network also aims to expand the capabilities and potential of smart contracts.

OMGX rebranded Boba Network in August, after which many experts speculated the bullish mode of the token. The launch has contributed massively to the rise in OMG price.