Surges Over 18%, Layer 2 Solution OMG Update: Reduces Ethereum Gas Fees by 66%, Introduces USDT

At around 6 pm on the 1st, OmiseGo (token: OMG), a project dedicated to making Ethereum faster and cheaper, announced the launch of the OMG Network V1 public mainnet Beta version. This project, which originated in Bangkok, Thailand, has been working on second-layer solutions since 2017 to enhance Ethereum's scalability.

The OmiseGo project is well-known for its Plasma technology, originally under Omise Holdings. In 2020, Omise Holdings rebranded as SYNQA, and this project now operates under the name OMG Network as a subsidiary of SYNQA.

OMG Network Reduces Ethereum Gas Fees by 66%

Recently, Ethereum gas fees have been soaring, but OMG Network offers a solution. According to an announcement, OMG Network V1 has launched its public mainnet Beta version, which can scale Ethereum to process thousands of transactions per second while reducing transaction fees by one-third.

OMG Network has also introduced a demo version of its wallet and a block explorer.

USDT Now Available on OMG Network

Bitfinex exchange has also announced that Tether's USDT will be integrated into the OMG Network, making transactions with USDT faster and cheaper on this network.

At the time of writing, OMG has surged over 18%. The recent news of OMG being listed on the U.S. exchange Coinbase caused a surge, and this new update release has once again boosted the token price.