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Cryptocurrencies/Coins/OMG Network (OMG)
OMG Network price, market cap on Coin360 heatmap

OMG Network(OMG)

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0.00000542 BTC
Market Cap (Rank#520)
760.024 BTC
Vol 24h
62.2163 BTC
Circulating Supply
Max Supply
222 days agocoindesk
OMG Token Surges 16% as Vitalik Buterin Hails the 'Return of Plasma'
OMG, the native token of the OMG Network, surged 16% to a six-month high of $0.77 after Ethereum creator Vitalik Buterin published a blog post on how Plasma, the technology the network is based on, has the potential to reduce transaction fees and improve security.
446 days agocryptodaily
Guarda Wallet and Simplex Launch Zero-Fee Crypto Purchases Promo in Europe
Lisbon, Portugal, April 4th, 2023, ChainwireGuarda Wallet, a non-custodial crypto wallet, and Simplex by Nuvei, an industry-leading fiat-to-crypto on-ramp solution provider, have launched a promotional deal for zero-fee cryptocurrency purchases when paying with EUR. This means that European users can now buy BTC, ETH and LTC at no additional charge.This joint promotion by Guarda Wallet and Simplex is available exclusively from 3 April to 9 April 2023. It applies only to Euro-denominated transactions (EUR). Furthermore, it is a great opportunity for beginners and experienced traders in Europe to enrich their crypto portfolio with Bitcoin, Ethereum and Litecoin.To take advantage of this limited-time offer, users can visit the Guarda Wallet website or download the app. Crypto enthusiasts are encouraged to take advantage of this promotion to enhance their digital asset portfolio.About Guarda WalletGuarda Wallet is a multicurrency, non-custodial wallet that allows users to manage over 400,000 assets across 60+ major blockchains. The wallet is available as a desktop, mobile, and web-based application. Since it is a non-custodial wallet, it does not store users' private keys on its servers, which gives users complete control over their assets. Guarda's user-friendly interface provides easy access to all the wallet's features, such as Buy, Exchange, Staking, Crypto Loans, Token Generator, and more.One of the main advantages of Guarda Wallet is security. The wallet employs various security features to protect users' funds, including encrypted private keys, backup files, multi-signature, and biometric authentications for mobile applications.About SimplexSimplex is a global payment processing service that enables users to buy digital assets with credit/debit cards, bank transfers and multiple alternative payment methods. The platform supports multiple cryptocurrencies, including Bitcoin, Ethereum, Litecoin and many others.Simplex offers a streamlined process for buying cryptocurrencies, eliminating the need for lengthy signup processes and tedious verification requirements. Users can complete transactions quickly and easily within minutes.ContactMarketing ManagerRina DyomGuarda [email protected]

About OMG Network?

The live price of OMG Network (OMG) today is 0.345224 USD, and with the current circulating supply of OMG Network at 140,245,398.25 OMG, its market capitalization stands at 48,416,107 USD. In the last 24 hours OMG price has moved 0.003119 USD or 0.01% while 3,924,642 USD worth of OMG has been traded on various exchanges. The current valuation of OMG puts it at #520 in cryptocurrency rankings based on market capitalization.

Learn more about the OMG Network blockchain network and how it works or follow the price of its native cryptocurrency OMG and the broader market with our unique COIN360 cryptocurrency heatmap.

OMG Network was founded in 2017 as OmiseGo, by Thai-born Vansa Chatikavanij, and later rebranded in 2020. OMG cryptocurrency is the native token of the Layer-2 scaling solution for the Ethereum blockchain which used a Plasma sidechain for facilitating cheaper and faster ERC20 and ETH transactions. OMG formed a strategic partnership with blockchain and AI infrastructure company Enya in February 2021, to jointly work on innovative Layer-2 solutions. 

Enya and OMG Network announced the mainnet launch of Boba Network, a new Ethereum Layer-2 scaling system in September 2021. Around the same time, OMG Network was also rebranded as OMG Foundation, powered by the Boba Network.

Boba Network is a Layer-2 Optimistic Rollup scaling solution that works as a child chain of Ethereum, thus inheriting and benefiting from the latter's security features. It significantly improves Ethereum’s transaction throughput, reduces gas fees and extends the capabilities of Ethereum smart contracts. Boba Network users benefit from its community-driven liquidity pools which reduce the usual 7-day exit period of Optimistic Rollups to just a few minutes. 

OMG price

While OMG price breached the $10 mark within 2 months after its launch in 2017, its all-time high came in early 2018, amid a crypto-wide bull run, when it made a rapid ascent to reach $28.35 on January 8 that year. OMG’s fully diluted valuation was close to $4 billion at that point. OMG price fluctuated between $10 and $20 in the 5 months that followed, before losing support at $10 in June 2018.

According to our OMG live price chart, OMG coin continued trading under $10 for close to 3 years, showing some signs of recovery in April 2021, when it broke out of $10 resistance after a long time. This happened a couple of months after the Enya collaboration and also because of an overall positive sentiment in the crypto market. A corrective phase followed soon after, however, and OMG price retraced to a little below $3 by late June 2021. 

OMG coin’s next big push came in the second crypto rally of 2021, in November, when OMG price surged past $20 on November 5. It has since lost considerable ground and was trading in the vicinity of $2.5 in Q2, 2022.

How OMG works

OMG Foundation is powered by Boba Network, an Optimistic Rollup Layer-2 scaling solution for the Ethereum blockchain. Optimistic Rollups like Boba Network are Ethereum’s child chains that move transaction computations off Ethereum, and then store the transaction data back on the Ethereum chain after processing.

To elaborate, smart contracts bundle up or roll up transaction details on Ethereum, and move them off-chain for processing. Thereafter, all this data is handled by the child chain’s participants, called validators or sequencers, who are assigned the task of returning multiple batches of highly compressed and processed transaction data back to the Ethereum chain. The submitted data allows for quick verification of the underlying transactions. 

Optimistic Rollups work on the assumption that all transactions moved off-chain are valid and submit them back without any pertinent verification. Instead, they rely on a 1 - 2 week-long challenge period during which any transaction's legitimacy can be challenged. As a result, withdrawals get significantly delayed. However, Boba Network tackles this drawback by using its community-driven liquidity pools which allow users to withdraw funds within minutes.

OMG, the native token of OMG Foundation, is built on Ethereum’s ERC-20 token standard. It is primarily used to pay transaction fees for using the network’s resources.

OMG news, updates and highlights

2020 proved to be quite an eventful year for OMG Foundation. The Thai-based firm Omise Holdings which owned the OmiseGo Layer-2 solution, rebranded itself as SYNQA in May 2020. It soon changed the name of OmiseGo to OMG Network as well. However, OMG Network was acquired by Genesis Block Ventures, a Hong-Kong based trading firm, in December 2020. 

In another important OMG news, in February 2021, Enya, the world’s largest provider of secure multiparty computation services announced a collaboration with OMG Network to develop the next generation of Layer-2 scaling solutions. Later in September 2021, OMG Network and Enya announced the mainnet launch of Boba Network, the next-gen Layer-2 Optimistic Rollup for the Ethereum blockchain. Soon OMG Network was renamed OMG Foundation with Boba Network becoming its main contributor.

Frequently asked questions about OMG

  • Can you mine or stake OMG tokens?

No, OMG tokens cannot be mined. Limited OMG staking options may be available on various exchanges.

  • Which are the best OMG wallets?

Being an ERC-20 token, OMG cryptocurrency can be stored in any Ethereum-compatible wallet, including MetaMask, Ledger Nano, Trust Wallet and Trezor.

  • What all can be done with OMG tokens?

You can use your OMG tokens to pay for token transfers and smart contract transactions conducted on its network. It can also be used to trade against other cryptocurrencies on exchange platforms.

  • What’s the best way of buying OMG?

The ideal way of buying OMG is through established crypto exchanges where you can buy it either with fiat, or obtain it through trading pairs like OMG/USDT, OMG/ETH, OMG/BTC etc.

OMG Network Price0.345224 USD
Market Rank#520
Market Cap48,416,107 USD
24h Volume3,963,391 USD
Circulating Supply140,245,398.25 OMG
Max Supply140,245,399 OMG
Yesterday's Market Cap50,027,728 USD
Yesterday's Open / Close0.353597 USD / 0.356716 USD
Yesterday's High / Low0.359415 USD / 0.351445 USD
Yesterday's Change
0.01% ( 0.003119 USD )
Yesterday's Volume3,924,642 USD
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