OMG Network, a non-custodial layer-two protocol that specializes in an optimistic rollup, has definitely benefited from the NFT sector moving layers. This has also led to a massive improvement in the scalability of Ethereum. The last month did also see quite a frenzy that helped propel the sector of NFT to turn quiet- but there was also a burst of fresh energy that emerged with the layer-two sector heating after Ethereum scaling solutions like Optimism and Arbitrum were successfully launched.
According to the data that was received from TradingView and Cointelegraph Markets Pro, it can be understood that after the protocol touched a low of $8.42 on the 20th of August, the network went on to climb 380% to reach a high of around $13.52 on the 1st of October- a record $3.37 billion over a period of 24 hours.
Enya and the Boba Network back OMG’s progress
Even before the pullback throughout the market took place in May, the network of OMG had been performing pretty well- largely due to it being listed on Coinbase.
After that, the protocol also saw quite a major development which came at the beginning of June, when the project saw itself being renamed from OmiseGO to what it is today- which served as a part of its pivot towards solutions that were strictly layer-two. Another important part of this rebrand was to propel the partnership of this network with Enya- which is a company that is involved in creating decentralized solutions of infrastructure.
With Enya helping in building the Boba Network to work as a core contributor to the OMG Foundation, the token has definitely benefited just from being associated with the launch of another layer-two protocol solution. The rollout of this network did track the rise in the price of the protocol.
It has also been highlighted that OMG did pick up on the 16th of August- after which it climbed to a high of 75 on the 25th of August- an entire day after the prices started increasing.