OMG launched its mainnet on June 1. It’s a milestone the team has been working toward since its ICO in 2017.
The OMG Network is a layer 2 scaling solution for Ethereum based on a codebase called Plasma. It speeds up transaction times and reduces transaction costs by 66%.
One of the first major newcomers to the network is Bitfinex, a top crypto exchange. The exchange will use the network for its USDT stablecoin right off the bat. This is significant because USDT is the biggest contributor to Ethereum activity, which means the OMG Network will have sizable usage immediately.
We expect more crypto projects to follow Bitfinex’s lead. In addition, we anticipate enterprise use to follow via its parent company, Omise. Omise has 8,000 merchants who would benefit from moving many operations to the OMG Network. This would be very bullish for OMG. The future is bright for the OMG Network as it accomplishes one of the biggest milestones on the roadmap. We expect prices to continue rising as more usage hits the network.