OMG Network (OMG) Breaks Out on Airdrop Promise
OMG Network (OMG), formerly known as OmiseGo, was one of the startups with the chief goal of scaling Ethereum for lower gas fees. OMG has received multiple endorsements from Ethereum’s co-founder Vitalik Buterin, as one of the feasible ways of scaling the network through side-chain computation.
However, over the years since its ICO, OMG has faced both technical and regulatory challenges. The project has been around for a long time, and has lagged behind newer tokens and networks in terms of adoption or aggressive price growth.
OMG Attempts Another Breakout
On Friday, OMG gave off signs for a potentially successful weekend. OMG broke above $12, attempting another all-time high. The asset added more than 20% overnight, moving against the market where most assets remained stagnant or slid slightly. The OMG rally shows no signs of abating, as the asset broke above a three-month high both in dollar terms and against BTC. OMG now trades at 0.0002835 BTC, getting an additional boost from the coincidental BTC appreciation.
OMG participates in some of the DeFi projects as a collateral token, though only passively. The project was yet to build its own ecosystem of decentralized exchanges and financial operations.
So far, OMG has lagged behind the overall appreciation of platform coins, especially Solana (SOL) and Terra (LUNA). The OMG Foundation has focused on local use cases in Southeast Asia, using the OMG protocol as a fintech tool. However, the project has remained relatively conservative and can be counted as a relatively late arrival.
The recent price gains suggested OMG may attempt new all-time highs and offer more significant upside compared to other assets. The recent OMG pump was expected on social media for a few days, with the potential to extend the rally.
OMG Tokens Eligible for Airdrop
In the short term, demand for OMG tokens may be rising due to the upcoming Boba Network airdrop. The OMG Foundation has built a new scaling solution for the Ethereum network, and will issue BOBA, a native token, to be used for distributed apps and all upcoming products on the new network.
The rapid rally on Friday coincided with the expectations of details on BOBA tokens, sparking immediate attention for the project. The upcoming airdrop may also boost OMG for weeks to come leading to the network snapshot.
BOBA tokens will be distributed 1:1 to all OMG holders, with the network snapshot scheduled for November 12. The airdrop itself will happen a week later, followed by potential price discovery for the BOBA token.
What is the Boba Network
The Boba network has operated since August 2021 as a beta mainnet, and has a bridge to use the OMG token as its native asset. After November 18, the new token will work together with OMG.
Boba Network is already starting to lock in value for DeFi, affecting the price of OMG and the potential price of BOBA. So far, Boba Network lines up among the top Layer 2 solutions for Ethereum in terms of value locked. The network already hosts its own NFT collectible marketplace.
The technology of Boba Network is known as “optimistic rollups”. The project has built smart contracts to bridge transactions to Ethereum, and uses the contracts to bundle transactions and reduce gas fees.
Boba Network will work along with the already running OMG Plasma Network, a high-throughput network for token transfers. The two networks will coexist with the option of bridging and using both tokens.
How to Get BOBA Tokens
The most user-friendly way to get BOBA is to hold OMG on a custodial wallet on the Binance exchange or with another market operator. Custodial exchange wallets will be counted as balances to distribute BOBA. This approach has the advantage of the immediate availability of the new asset for trading.
The other approach is to add Boba Network access through the MetaMask wallet, or MyEtherWallet. Afterward, all OMG coins must be transferred to the Boba Network Layer 2 and held until the snapshot.
OMG held in custodial wallets and not bridged to Boba Network will not be eligible for an airdrop. BOBA will also be slow to be added to the most widely used custodial wallets such as Exodus.
Ethereum Keeps Boosting Crypto Economy
The Ethereum network has proved to be the hub of decentralized finance. ETH above $3,000 is viewed as a sign of expansion to come. The network growth happens both on the main network and through side projects and bridges.
Because more ETH is locked for technical uses, fees, staking or liquidity, tokens are less available for spot trading on centralized exchanges.
ETH expanded to $3,084.50 ahead of the weekend, recovering from the mid-week slump. The market gains lifted the notional value of ETH and tokens in the DeFi ecosystem to above $82B.
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