OMG Network (OMG)

The exchange rate of one OMG at 14:35 UTC is 0.646$

Growth trend

5 Days

Falling trend

2 Days

Flat trend

4 Days

The OMG Network is a securityless scaling solution for the Ethereum cryptocurrency. The project is being led by the OMG Foundation, which has rebranded and partnered with Enya to create the Boba Network, a new optimized Ethereum Layer 2 package that helps developers to scale applications. The OMG network as such no longer exists - instead, the Boba network inherited the OMG network community.

The Boba Network was founded in 2018 by Alan Chiu, who has over 20 years of experience building and investing in enterprise startups. Previously, he was a partner at “XSeed Capital” and led product management at “Bycast”, a private cloud storage leader. He is also on the Stanford Graduate School of Business Alumni Council. Jan Liphardt is the network's co-founder and CTO. He is also an associate professor of bioengineering at Stanford and a founding member of a network made to evaluate how sensitive information is transmitted over the Internet.

In return, the OMG network was considered a dead project without any utility, as other Ethereum solutions such as Arbitrum and Polygon were in high demand and were able to create functioning ecosystems. The merger (or acquisition) of Boba Network is an attempt to save the project's community and provide it with network utility.

Boba boasts lower fees and improved transaction throughput while making it compatible with Ethereum. In doing so, DeFi and NFT applications that are too expensive for retail customers are being made available on the Boba network.

That being said, Boba also offers fast exits backed by community-managed liquidity pools and the Boba NFT Bridge, which allows NFTs to run on Boba and the bridge to Ethereum at minimal cost. Thus, users benefit from the security and decentralization of Ethereum and fast execution at low transaction costs on Boba.

It should be noted that Boba is a child chain of Ethereum, which means that it benefits from the security of the parent chain. Using the Boba-bridge, anyone can transfer their assets from Ethereum to Boba, as well as between different second-level blockchains. In this case, users pay a small fee to liquidity providers that support swaps.

Boba's key value proposition is multifaceted. On the one hand, high Ethereum gas tariffs are an incentive to use second-tier solutions like Boba. On the other hand, Boba promises to create an ecosystem fund to stimulate early-stage projects with exciting ideas. Boba chose to be optimistic as it is easier to stay up to date on the evolution of Ethereum by building on this scaling solution.

Boba's key benefit is its fast exit solution, giving users the ability to withdraw their funds earlier than usual within seven days by paying a convenience fee. In this case, the network chose to rely on market forces to optimize efficiency. Boba also offers a rewards program with payouts of up to $100,000 depending on the severity of the bug found.

Connecting to Boba should be quick and easy, and can be done by connecting the user's metamask (or any other web wallet) to the network bridge and transferring funds from Ethereum to Boba. However, Ethereum gas fees will still be charged for this transaction, so users should make sure they have enough funds to complete the transaction.

Boba's key strength is its fast exit solution, giving users the ability to withdraw their funds earlier than usual within seven days by paying a convenience fee. In this case, the network chose to rely on market forces to optimize efficiency. Boba also offers a rewards program with payouts of up to $100,000 depending on the severity of the bug found.