What is OMG?
The OMG Network (OMG) is previously known as OmiseGo. It is an Ethereum-based platform that aims to solve the scalability problem. It gained widespread popularity partly due to the explosive DeFi industry in 2020, when investors started seeking layer-2 solutions due to soaring Ethereum transaction fees. OMG allows users to transfer coins from one blockchain to another without using a traditional exchange. It also allows funds to be transferred between blockchains and traditional payment providers like Visa and Swift. Crypto exchanges can use the OMG network for faster, lower-cost ERC20 token transactions instead of the Ethereum network. This applies to wallet providers as well. The OMG token is a staking token, and it has been used to fund the development of the project. OMG token is used by validators that run network nodes and validate blocks. They earn transaction fees in return for their services.