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Market

Market stats

Market cap

$167.8M

Volume (24h)

$72.7M

Circulating supply

140.2M OMG

Typical hold time

Not enough data

Popularity

#344

All time high

$28.35

Price change (1h)

+0.8%

Price change (24h)

+3.66%

Price change (7d)

+53.4%

About OMG Network

The OMG Network (formerly OmiseGO) is a value transfer network for Ethereum and any ERC-20 token. It describes itself as the first production-grade layer-2 Ethereum scaling solution and aims to let people move money and a variety of digital values on the blockchain faster, cheaper, and without compromising on security.

The OMG Network is a public, decentralized network that enables high-throughput, low-cost peer-to-peer transactions. Anyone can exchange value across regions, asset types, and applications via the OMG Network. Notably, OMG was previously known as OmiseGO. The OMG Network is built on Plasma, a framework developed by Ethereum creator Vitalik Buterin and blockchain specialist Joseph Poon.

The OMG Network employs the use of Layer-2 Plasma architecture to provide high throughput and safety guarantees for third parties who want to build a scalable, decentralized payment app on the Ethereum (ETH) network. The network employs users to access, manage, and deal with digital assets stored safely on the blockchain. Layer 2 is a secondary protocol built on an existing blockchain system. The goal of Layer 2 protocols is to solve the transaction speed and scaling difficulties that trouble cryptocurrency networks. 

The OMG Platform builds a value transfer layer on top of Ethereum that combines Ethereum transactions and verifies them through a speed-optimized child chain (blockchain) before returning them to the Ethereum blockchain for confirmation. Child chains (also called plasma chains) are separate blockchains that are connected to the main Ethereum chain.

Problem: Ethereum has scaling limitations. A blockchain protocol's scalability refers to its ability to support high transactional throughput and future growth. Ethereum can only handle about 14 transactions per second. This happens because blockchain networks employ intensive procedures for verifying the data. Thus, scaling has always been a subject of intense scrutiny in the blockchain industry.

Solution: OMG Network solves this scalability issue by implementing a scaling system called More Viable Plasma (MoreVP) to considerably increase transaction throughput. The OMG Foundation, in particular, bundles transactions, compresses them into a single transaction, and verifies them on the OMG Foundation child chain. The child chain then returns confirmed transactions to Ethereum for blockchain confirmation. The OMG Foundation can process thousands of transactions per second thanks to this bundling technique. Because gas fees (transaction fees on Ethereum) are paid on the bundled, compressed transaction rather than each individual transaction, transaction costs are one-third of what they would be on Ethereum.

Notably, the three main components of the OMG Network are:

OMG is the utility token of the platform and the primary mode of interaction with the platform. OMG is based on the ERC-20 token standard

News about OMG Network

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The Block • Mar 05, 24

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Taiwan’s Financial Supervisory Commission is studying the possibility of a special act focused on crypto and plans to release preliminary results in September.

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The Block • Mar 05, 24

Over $115 billion of ether is now staked on the Beacon Chain

Over 31.5 million ether is staked on Ethereum's proof-of-stake consensus layer called Beacon Chain, totaling $115 billion in value.

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Bitcoin Tags New All-Time High Above $68,730

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BeInCrypto • Mar 05, 24

This Institutional Investor Is Raising $600 Million to Buy Bitcoin

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OMG Network is on the rise this week.

The price of OMG Network has increased by 0.80% in the last hour and increased by 3.66% in the past 24 hours. OMG Network’s price has also risen by 53.40% in the past week. The current price is $1.20 per OMG with a 24-hour trading volume of $72.75M. Currently, OMG Network is valued at 95.78% below its all time high of $28.35. This all-time high was the highest price paid for OMG Network since its launch.

The current circulating supply of OMG Network is 140,245,398.245 OMG which means that OMG Network has as total market cap of 140,245,398.245.

FAQ

What is the current price of OMG Network?

We update our OMG Network to USD currency in real-time. Get the live price of OMG Network on Coinbase.

What is the market cap of OMG Network?

The current market cap of OMG Network is $167.76M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of OMG Network?

The all-time high of OMG Network is $28.35. This all-time high is highest price paid for OMG Network since it was launched.

What is the 24 hour trading volume of OMG Network?

Over the last 24 hours, the trading volume of OMG Network is $72.75M.

What other assets are similar to OMG Network?

Assets that have a similar market cap to OMG Network include Radworks, Aleph.im, Gitcoin, and many others. To see a full list, see our comparable market cap assets.

How many OMG Network are there?

The current circulating supply of OMG Network is 140 million.

What is the relative popularity of OMG Network?

OMG Network ranks 75 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

Can I buy OMG Network on Coinbase?

Yes, OMG Network is currently available on Coinbase wallet. For more detailed instructions, check out our helpful how to buy OMG Network guide.

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