One of Reddit’s requirements for the bake-off (albeit listed as a bonus) is for users to be able to exit to Ethereum in a “fast & simple” manner. While fast exits are on the way, they only work with liquidity providers. But how would you find a liquidity provider for points that were directly minted on OMG? Would it be possible to have a smart contract on Ethereum that holds a portion of minted tokens and provides liquidity for exiting users?
We founded OMG Network with the vision of enabling open finance services that are fast, cheap, and secure. We see that innovation will need to occur both at the infrastructure and application layer for this to happen. Our bread and butter product, the open public OMG Network, is a Layer-2 Ethereum scaling infrastructure which builds on our business and domain expertise of payments.
Throughout human history, we’ve seen multiple forms of money emerge to meet societal demands — from bartering and gold to coins, notes, and credit cards. Today, we see the emergence of digital value (cryptocurrencies). Central banks are taking note and are accelerating research and experimentation in digital money of their own: Central Bank Digital Currency (CBDC).
With crypto exchange fees soaring to nearly 500 Gwei on September 18th, 2020, we know exchanges and their users need a solution — fast. We’ve taken the first step to rein in high gas fees by integrating with Bitfinex, one of the largest crypto exchanges, to support transfers of the biggest gas-guzzler of them all: Tether (USDt).
The following is a highlight reel of the fireside chat we held on the 21st of August post-OMG Network’s Bitfinex integration. The chat was conducted by Vansa (CEO), Stephen (COO), and Kasima (CTO), where they discussed how Ethereum scaling solutions …