New Layer 2 platform supports smart contracts, token staking, and cross-chain liquidity
Enya, a leading provider of software frameworks for privacy-preserving computation, in partnership with OMG Network, a pioneer in Ethereum scaling development, announced today the public testnet of OMGX, a Layer 2 platform that supports Ethereum Virtual Machine (EVM) compatible smart contracts, token staking and streamlined cross-chain liquidity.
OMGX is the result of the combined research by Enya and OMG Network in fast cross-chain liquidity and new staking capabilities with the open-source Optimistic Rollup platform developed by Optimism PBC, empowering DeFi and NFT projects to scale more cost-effectively while delivering a smoother user experience.
With these building blocks, Enya is laying the foundation for OMGX to not only scale Ethereum, but also augment it by enabling developers to perform complex and verifiable computations off-chain. This allows smart contracts to leverage sophisticated algorithms such as machine learning classifiers and Enya’s privacy-preserving matching technology.
“We are excited to help create a more inclusive Ethereum ecosystem with OMGX by reducing the barriers of adoption for users and developers,” said Alan Chiu, CEO and Co-founder of Enya. “OMGX is a great step towards a future of more open financial systems that respect individual privacy.”
With OMGX, Enya is evolving the OMG Network to allow more cost-effective deployment and execution of Ethereum smart contracts, and broadening their capabilities with complex computations that are not possible in decentralized applications (dapps) today. New developers and project teams with smart contracts already deployed on Ethereum can begin migrating to the OMGX public testnet today. A dedicated OMGX onboarding team will assist developers to ensure a smooth transition. In addition, OMGX will offer opportunities for community participation in providing liquidity and operating the network in return for staking rewards.
“We’re thrilled about the vision of OMGX, which brings us back to OMG’s core mission of scaling Ethereum,” said Clement Ip, Partner at Genesis Block Ventures (GBV), parent company of OMG Network. “Being able to expand the possibilities of dapps while offering compelling tokenomics and incentives means the world to us. We’re incredibly grateful to the community for bringing Ethereum to where it is today. OMG and the future of ETH scaling are in good hands with Enya.”