by Eric Martin 
The OMG price soared to $10 following the news of the activation of Tether (USDT) on the OMG Network, previously known as Omisego.
Still around $1.60 at the start of August 2020, the OMG price has seen an impressive rise to almost $10 on Coinbase! and Kraken.
A price of the OMG token which therefore exploded following this announcement which puts the OMG Network project back in the news.
Fallen somewhat into oblivion during the bear market, the OMG Network blockchain project announced its first tests on mainnet a few months ago.
The project then chose to change its name on this occasion, from OmiseGO to OMG Network.
An OMG price which rose to around $20 to its highest in previous years.
The OMG Network was created to evolve the Ethereum blockchain as a layer 2 solution and thus reduce costs and transaction time, without compromising the security provided by the first layer of the Ethereum blockchain.
The Ethereum blockchain being congested, Tether USDT is looking for alternative solutions and therefore uses other blockchains like Tron and now OMG Network.
We are pleased to announce that Tether (USDt) is live on the OMG Network transport layer.
Read our full announcement ⬇️https://t.co/aeKiyyGxmf pic.twitter.com/5EKJGUPxjM
— Tether (@Tether_to) August 19, 2020
OMG Network therefore comes to the rescue of the Ethereum blockchain, saturated in particular by DeFi decentralized finance protocols.
Vansa Chatikavanij, CEO of OMG Network, said:
“Today we are delighted to announce the launch of Tether on the OMG network which supports thousands of transactions per second for one third of the cost of the same transaction on Ethereum.
We are excited to address these fundamental issues and drive the growth and adoption of open financial services.”
Paolo Ardoino, CTO of Tether, states:
“At Tether, we are committed to driving innovation and improving our service to better support our customers.
By migrating USDT value transfers to OMG network, we reduce costs, improve performance, and relieve pressure on the root chain network. This is good for Bitfinex and our customers, as well as the entire Ethereum ecosystem.
This will allow traders to react more quickly to trading opportunities and more effectively take advantage of cross-exchange arbitrage as the network grows.”
The capitalization of Tether USDT stablecoin is huge today, over ten billion dollars!
Yesterday there was a swap of 1 billion USDT tokens from Tron to the ERC20 protocol.
The use of the OMG Network blockchain will therefore relieve the Ethereum blockchain and help Tether USDT which continues to grow in number of USDT tokens on the eve of a bull run which is to be expected in the months to come.
The crypto sector which is of course awaiting the update of the Ethereum blockchain to ETH 2.0, perhaps at the end of 2020.
In the meantime, OMG Network sees investors and traders taking an interest in this serious blockchain project once again, with an OMG token price having taken on a resurgence.
Traders who increasingly use bitcoin robots and crypto trading bots in particular to take advantage of unexpected price increases overnight, as is currently the case with the surprising rise in the OMG price.
See our ranking of the best crypto trading bots: click here.
