OMG

OMG Network price

OMG
|
2.2/5
TokenInsight
2.2
11/05/2022
The rating provided is an aggregated rating collected by OKX TR from the sources provided and is for informational purpose only. OKX TR does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX TR does not guarantee any return, repayment of principal or interest. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
Show more
USD
USD
$0.65400
+2.50%
1h
24h
1W
1M
1Y
All

OMG Network price live data

The current price of OMG Network is $0.65400. Since 00:00 UTC, OMG Network has increased by +2.51%. It currently has a circulating supply of 140,245,398 OMG and a maximum supply of 140,245,398 OMG, giving it a fully diluted market cap of $91.78M. At present, OMG Network holds the 0 position in market cap rankings. The OMG Network/USD price is updated in real-time.

OMG Network price performance in USD

Time periodChange amount%Chg
Today$0.016000 +2.50%
7 days$0.035500 +5.73%
30 days-$0.01240 -1.87%
3 months-$0.06770 -9.39%

OMG Network market information

24h low/high
The highest, lowest, and last prices in 24 hours
24h low$0.63000
Last price $0.65400
24h high$0.66500
Market cap
$91.78M
Favorited rate
Percentage of users who favorited this asset to all users
2.22%
All-time high
$25.9800
-97.49% (-$25.3260)
Jan 14, 2018 (6 years ago)
All-time low
$0.30700
+113.02% ($0.34700)
Mar 13, 2020 (4 years ago)
ICO date
06/27/2017
ICO price
The price at which this crypto was first traded
$0.24000
Circulating supply
The amount of this crypto that is publicly available in the market
140,245,398 OMG
Market cap at circulating supply
Market cap = Circulating supply × Last price
$91.78M
Audits
The audit data comes from partners that we have integrated with via API. Our partners conduct security assessments on the provided source code.
CertiK
Last audit: 06/08/2021

About OMG Network (OMG)

OMG Network (OMG), formerly known as OmiseGo, functions as a Layer 2 Ethereum-specific scaling solution. Its primary focus is to create a value transfer layer on top of Ethereum using a network of smart contracts. The network aims to enhance scalability and transaction efficiency on the Ethereum blockchain.

What is OMG Network?

The OMG Network is a Layer 2 blockchain and scaling solution for Ethereum. Similar to the Mainnet, it can execute smart contracts and facilitate faster and more cost-effective movement of ERC-20 tokens, as well as ETH. The primary objective of OMG Network is to enhance Ethereum's appeal to institutional players by reducing costs and increasing transaction speeds.

The OMG Network team

As of 2023, the OMG Network has evolved into a globally distributed team comprising more than 50 individuals. As an SYNQA subsidiary, it operates under the leadership of CEO Vansa Chatikavanij. The network was established in 2017 by Ezra Don Harinsut and Jun Hasegawa, who secured $25 million in funding through an ICO.

Stephen McNamara, previously the Head of Blockchain at Huawei, now serves as the COO of OMG Network. Additionally, Kasima Tharnpipitchai, an accomplished engineer and consultant, holds the position of CTO.

How does the OMG Network work?

OMG Network's primary objective is to enhance Ethereum's scalability by leveraging the MoreViable Plasma technology. This innovative scaling solution utilizes a sidechain architecture to process transactions off-chain and in batches. Each batch of transactions is then consolidated into a single verifiable transaction on the Ethereum mainnet, enabling Ethereum to handle a greater volume of transactions efficiently.

OMG Network’s native token: OMG

OMG is the native token of the OMG Network, and it enjoys active trading across more than 200 centralized and decentralized trading platforms. The token's high liquidity makes it easily accessible and facilitates seamless trading opportunities for users.

OMG Tokenomics

OMG has a fixed supply of precisely 140,245,398 tokens. Currently, all of these tokens are in circulation, contributing to the high liquidity of OMG. In terms of token distribution, the top 10 OMG holders control approximately 45.98% of the total supply.

How to stake OMG?

The OMG Network does not allow holders to stake OMG tokens freely or as validators. However, the network has plans to transition to a Proof of Stake (PoS) consensus, enabling holders to profit from their staked tokens.

Cryptocurrency platforms like OKX TR offer products such as OKX TR Earn, which provides an estimated 1 percent APY on flexible terms for staking OMG tokens. 

OMG use cases

OMG tokens serve a crucial role beyond being tradable assets. These roles include:

  1. Facilitating transactions on the Layer 2 Plasma and child chain.
  2. Acting as a means of payment within the network.
  3. Offering a potential staking solution, allowing holders to earn passive income once the network transitions to Proof of Stake (PoS).

OMG distribution

The distribution of OMG tokens is as follows:

  • 65.1 percent of tokens are allocated to investors.
  • 5 percent of the OMG tokens were airdropped to users holding up to 0.1 ETH.
  • 29.9 percent is designated for the private pool, with 20 percent reserved for OMG Network's smart contract reserves and 9.9 percent allocated to the team.

The road ahead for OMG Network 

One of the standout features of the OMG Network (OMG) is its impressive speed. Despite the ongoing surge in Ethereum's gas fees, even as it transitions to Proof of Stake (PoS), OMG Network and its native token OMG have significant potential for further expansion in the future as a trustworthy and cost-effective Layer 2 solution.

OMG FAQ

What is the OMG network?

OMG Network is one of Ethereum's less popular Layer 2 scaling solutions. It operates on a Proof of Authority (PoA) consensus mechanism and aims to create additional value on top of the Ethereum blockchain.

What are the benefits of OMG Network?

In addition to accelerating Ethereum-based transactions, the OMG Network offers notable benefits such as high liquidity, an innovative governance model, and future plans for transitioning to the Proof of Stake (PoS) model.

Where can I get OMG tokens?

OMG trades freely on over 200 trading platforms, including OKX TR. Head to OKX TR's spot market to find popular trading pairs, such as OMG/USDT.

You can also swap your existing cryptocurrencies, including Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC), and Bitcoin Cash (BCH) for OMG with zero fees and no price slippage by using OKX TR Convert.