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OMG Network is now listed on Cryptology!

January 5, 2024
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Buy, sell and trade OMG📈

Spot trading of OMG/USDT is live

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What is OMG Network?

OMG Network is a Layer 2 scaling solution for DeFi on the Ethereum blockchain.

Through OMG’s infrastructure it is now easier than ever to swap between Ethereum’s ETH and your favorite ERC-20 tokens such as USDT and SHIB. Do so from anywhere in the world on this peer-to-peer platform.

Through the use of MoreViable Plasma scaling solution, transactions are bundled offchain to be then verified on the Ethereum mainnet. 

OMG Network is a Proof of Stake consensus mechanism, but previously was a Proof of Authority (PoA) network. In a PoA network there is a singular block provider which is OMG Network themselves rather than a Proof of Stake which has many different block producers.

This aims to rectify the slow transaction throughput commonly experienced on the Ethereum network.

OMG Network infrastructure is used across:

  • Crypto exchanges - to allow different tokens to be exchanged.
  • Crypto wallet - used to store and transfer ERC-20 tokens.
  • Community points engine - giving DAOs a means to create point systems for participants.

While Ethereum is a desirable blockchain for businesses and users, in the long term it may prove not feasible. Therefore having a layering solution OMG Network allows to reduce fees by two thirds and electricity consumption by 99% compared Ethereum on its own.

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The OMG Network token

The native token on OMG Network is OMG.

The OMG token is primarily used to pay for fees on the OMG Network. 

Since making the switch to PoS, OMG tokens can now be staked on the network for additional rewards, allowing investors to become active contributors to OMG Network.

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Tokenomics:

  • 65.1% - tokens were distributed to investors.
  • 5% - distributed in an airdrop.
  • 29.9% - held by the project and team. 

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OMG’s market stats:

  • Current market cap: $121,227,808
  • Circulating supply: 140,245,398 OMG
  • Max supply: 140,245,398 OMG
  • Twitter: 2,296 followers 

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📈 Spot trading of OMG/USDT [Hyperlink] is live


Risk Disclosure Statement

The information provided in this article is for educational and informational purposes only and should not be construed as financial, tax, or legal advice or recommendation. Dealing with virtual currencies involves significant risks, including the potential loss of your investment. We strongly recommend you obtain independent professional advice before making any financial decisions. The products and services offered by Cryptology may not be suitable for all users and may not be available in certain countries or jurisdictions. The promotional materials do not guarantee any specific outcomes or profits from virtual trading. Past performance is not indicative of future results. It is important to read and understand the risks, which are explained in our Risk Disclosure Statement

Katya V.

Katya is one of Cryptology’s skilled content managers and a writer with a diverse background in content creation, editing, and digital marketing. With experience in several different industries, mostly blockchain and others like deep tech, they have refined their ability to craft compelling narratives and develop SEO strategies.