In September the frenzy that propelled the nonfungible token (NFT) sector quieted down but a burst of fresh energy emerged as the layer-two sector heated after the successful launch of Ethereum (ETH) scaling solutions like Arbitrum and Optimism.

Another project that has benefited from the sector’s transition to layer-1 and layer-2 alternatives is OMG Network (OMG), a non-custodial layer-two protocol that utilizes an optimistic rollup scaling solution to improve Ethereum scalability.

Daten von Cointelegraph Markets Pro und TradingView zeigen, dass nach Erreichen eines Tiefs von $8.42 im Juli 20, the price of OMG has climbed 380% to reach a daily high at $13.52 am Okt. 1 on a record $3.37 Milliarden im 24-Stunden-Handelsvolumen.

OMG/USDT 1-day chart. Quelle: TradingView

Prior to the market-wide pull-back that began in early May, OMG had been performing well in large part thanks to a Coinbase listing. A major development for the protocol came at the beginning of June when the project rebranded from OmiseGO to OMG Foundation as part of its pivot toward layer-two solutions.

Enya and the Boba Network back OMG’s progress

A major part of the rebrand was to highlight the network’s partnership with Enya, a company that creates decentralized infrastructure solutions and the creator of the Boba Network.

Laut der Website des Projekts, the Boba Network is a Ethereum layer-two optimistic rollup scaling solution aimed at reducing gas fees, improving transaction throughput and extending the capabilities of smart contracts.

With Enya building the Boba Network as a core contributor to the OMG Foundation, the OMG token has benefited from its association with the launch of a new layer-two solution

The rollout of the Boba Network, which rebranded from OMGX, began on Aug. 19 and closely tracked the rise in the price of OMG.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OMG on Aug. 16, vor dem jüngsten Preisanstieg.

Die VORTECS™ Ergebnis, exklusiv bei Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, Handelsvolumen, jüngste Preisbewegungen und Twitter-Aktivitäten.

VORTECS™ Ergebnis (Grün) vs.. OMG price. Quelle: Cointelegraph Markets Pro

Wie in der obigen Tabelle zu sehen, die VORTECS™ Score for OMG began to pick up on Aug. 16 and climbed to a high of 75 am Aug.. 25, um 24 hours before the price began to increase by 100% over the next three weeks.

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