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Community Consultant for OMG Network, Shaners42, proposed integrating OMG into AAVE for lending and borrowing, which received significant support from the OMG community. The OMG Network, a Layer-2 value transfer network for ETH and ERC-20 tokens, aims to reduce Ethereum congestion and transaction fees, and its token is traded on over 100 exchanges with increasing liquidity on Sushiswap and Uniswap.
The discussion primarily revolved around the proposal by Shaners42, a Community Consultant for OMG Network, to integrate OMG into AAVE for lending and borrowing purposes. This proposal has garnered significant interest from the OMG Network community, as evidenced by their recent victory in a Community Greenlight poll at MakerDAO.
The OMG Network operates as a Layer-2 value transfer network for ETH and any ERC-20 token. Its primary goal is to alleviate congestion on the Ethereum network and reduce transaction fees. The OMG Token, which was initially launched as OmiseGo and raised over $25 million in an ICO in July 2017, is used to pay for any ERC-20 transactions on the OMG Network. The network underwent a rebranding in the summer of 2020 and is now known as the OMG Network.
The network has undergone audits by Consensys Diligence and Quantstamp, further solidifying its credibility. The OMG Token is currently used to pay fees on the OMG Network Mainnet and is traded on over 100 exchanges. There has been a recent increase in liquidity on Sushiswap and Uniswap1. The discussion concluded with a general consensus in favor of the proposal, indicating a positive outlook for the integration of OMG into AAVE.
Posted 3 years ago
Last reply 3 years ago
Summary updated 2 months ago
Last updated 03/12 08:01