By Lucas Williams
When it comes to the non-fungible token (NFT) sector, it gave a huge shocker to the entire cryptocurrency industry in the month of August. In August, the NFT sector delivered the best performance in the entire history of NFTs when it crossed $1 billion trades.
Following the month of August, the NFT enthusiasts had similar or higher expectations for the month of September. However, the entire month of September proved to be a letdown for the NFT enthusiasts. All the hype and excitement the NFT sector had created in the month of August had died down.
However, the NFT has rejuvenated once again with the launch of Optimism and Arbitrum. Both the scaling solutions have been introduced on the Ethereum (ETH) network and have boosted the performance of NFTs once again. The Optimism and Arbitrum solutions are layer-two solutions that Ethereum has introduced on its platform for the users.
However, NFTs are not the only sector that has gained and profited from the integration of layer-2 and layer-1 alternatives. The reports suggest that OMG Network (OMG) has also benefited tremendously from the deployment of the layer-two solutions by Ethereum.
The OMG Network has been introduced for improving and smoothening the scalability of Ethereum. OMG is a non-custodial protocol that is layer two in nature. The protocol is known for the optimistic rollup scaling solution utilization in order to aid scalability on Ethereum.
On-chain data analyzing firms have also been monitoring the performance and rally of the protocol. The data shows that as of July 20, OMG had hit a low of $8.42 per OMG. From that point onwards until October 1, 2021, the OMG price rallied and experienced a 380% rise. The data shows that as of October 1, 2021, the price of OMG had reached $13.52 per OMG. Surprisingly, the 24-hour trading volume that OMG demonstrated on October 1, 2021, was $3.37 billion.
Even prior to the overall cryptocurrency plunge back in May of 2021, OMG had been demonstrating high figures. One of the major elements that resulted in OMG experiencing a huge price rally was the asset getting enlisted on the Coinbase exchange.
This helped the digital asset gain a lot of rally and recognition within the cryptocurrency industry. Unfortunately, the rally was later plagued by the overall downfall of the cryptocurrency space. Since then, OMG had been experiencing a lower price than what it had demonstrated back in May.
In order to regain its old reputation and market price, the OMG Protocol team updated its name to OMG Foundation from OmiseGo, after the integration of layer-two solutions.
Another major development was OMG Protocol’s partnership with Enya, which reportedly manages the Boba Network.