OMG is a coin built on the Ethereum network looks set to ride ETH’s coattails
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Approximate Market Cap: $1 billion
Year Established: 2017
Cost Per Transaction: Nominal
2020 Return: 280%
Score: ★★★
Founded in 2017, OMG Network was built to help Ethereum gain scale. Rather than run every transaction on the Ethereum blockchain, the OMG network would use sidechains to group several transactions together before sending them to the main blockchain. These transactions are secured by OMG Network’s coin, OMG.
Despite its relative promise, however, investor interest in the OMG Network has been muted. Like Dai/MakerDAO and other cryptocurrencies that rely on other blockchains, OMG has had trouble raising enough interest to create life of its own. Still, it’s one of the handful of coins Robinhood tracks, making it a potential smaller break-out coin for 2021.
Don’t expect fireworks. But with enough investor interest from Robinhood, don’t expect OMG to disappear entirely either.