OMGToken (OMG) API and Price Oracle

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OMGToken

OMG
$
Information
For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
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0xd261...0C07
Network
Blockchain network where the asset is deployed
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Ethereum
Methodology
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
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MAIR
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
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120s
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
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Source
Volume 24h
Trades 24h
Pairs
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Token information

What is OMGToken (OMG)?

OMGToken (OMG) is a cryptocurrency project that aims to enable seamless financial transactions on the Ethereum blockchain. Founded in 2017 by Ethereum co-founder Vitalik Buterin, OMG's parent company is OmiseGO. The token's name is derived from OmiseGO and represents its goal to create a decentralized network for peer-to-peer payments and remittances. OMG is also utilized for staking and participating in the network's governance.

How does OMGToken work?

OMGToken, also known as OmiseGO, operates on the Ethereum blockchain and utilizes a technology called Plasma to enable efficient and scalable transactions. As a Layer 2 solution, OMGToken aims to alleviate some of the scaling issues faced by Ethereum by processing transactions off-chain while still maintaining the security of the Ethereum mainnet.

At the core of the OMGToken network is the concept of a decentralized exchange (DEX). Users can deposit their digital assets into the Plasma smart contract and receive an equivalent amount of OMGTokens, which represent ownership of the deposited assets. These OMGTokens can then be freely transacted on the network, allowing for fast and low-cost transactions.

The Plasma technology employed by OMGToken leverages a system of child chains, which are essentially separate chains connected to the Ethereum mainnet. Transactions within these child chains are conducted quickly and with minimal fees. Once the desired transactions are completed, the updated state of the child chain is periodically committed to the Ethereum mainnet.

Through this design, OMGToken provides users with the ability to transact a wide range of digital assets, including cryptocurrencies and other tokens, in a secure and scalable manner. Furthermore, the decentralized nature of the network prevents any single entity from controlling or manipulating the transactions.

Overall, OMGToken's underlying technology, built on the Ethereum blockchain and utilizing the Plasma framework, enables efficient and cost-effective transactions while maintaining the security and reliability of the Ethereum mainnet. This combination makes OMGToken an attractive solution for users seeking scalability and interoperability within the blockchain ecosystem.

What are the benefits of OMGToken?

OMGToken, also known as OMG Network, is a layer 2 scaling solution for Ethereum that aims to improve the scalability and reduce the transaction fees on the network. Here are some benefits of OMGToken compared to its direct competitors:

1. Scalability: OMGToken utilizes a technique called Plasma, which allows for the creation of child chains that can process a significant number of transactions off-chain. This leads to improved scalability, as more transactions can be processed without congesting the Ethereum mainnet. In comparison, direct competitors like the Ethereum mainnet or other layer 1 solutions might experience slower transaction speeds and higher fees during periods of high network congestion.

2. Cost-effectiveness: With OMGToken, users can enjoy lower transaction fees compared to directly interacting with the Ethereum mainnet. By conducting transactions on the OMG Network's layer 2, users can take advantage of the reduced fees associated with off-chain processing. This can be particularly beneficial for applications that require frequent and small-value transactions.

3. Fast confirmations: By leveraging the security of Ethereum's mainnet, OMGToken provides fast and secure transaction confirmations. With Plasma's design, transactions can be finalized and settled within seconds or minutes on the OMG Network, providing a better user experience compared to traditional layer 1 solutions that might experience longer confirmation times.

It is important to note that the choice of scaling solution depends on the specific needs and requirements of the application. Other layer 2 solutions such as Optimistic Rollups or ZK Rollups may also offer comparable benefits in terms of scalability, cost-effectiveness, and transaction speed. It is advisable for users to research and evaluate different solutions based on their specific use cases.

What is OMGToken used for?

OMGToken, also known as OMG Network, is a cryptocurrency token that is primarily used for transactions and to secure the OMG Network's blockchain. It serves as a utility token within the network's ecosystem.

There are several common use cases for OMGToken. First, it can be used for transaction fees within the network. Whenever a user wants to transfer funds or interact with a smart contract on the OMG Network, they need to pay a small fee in OMGTokens. These fees help incentivize network validators and ensure the security and efficiency of the network.

Second, OMGToken can be used for staking. Staking involves locking up a certain amount of tokens in order to participate in the network's consensus mechanism. Validators who stake OMGTokens contribute to the network's security and earn rewards in return.

One specific case for OMGToken is its integration with the OMG Network's Layer 2 scaling solution. Layer 2 solutions aim to improve the scalability of blockchain networks by processing transactions off-chain and then periodically settling them on the main chain. OMG Network utilizes a technology called MoreViable Plasma, which enables faster and cheaper transactions. Users can use OMGTokens to pay for gas fees and interact with decentralized applications (dApps) on the OMG Network, while benefiting from the scalability advantages provided by Layer 2 technology.

In summary, OMGToken is primarily used for transactions, transaction fees, staking, and as a utility token within the OMG Network's ecosystem. Its integration with Layer 2 scaling solutions enhances its usability and makes it a valuable asset for users seeking fast and cost-effective transactions.

What is DIA's OMGToken API?

DIA's OMGToken API is one of the API endpoints provided by DIA that offers real-time price feeds for cryptocurrencies. These price feeds are constructed by sourcing raw data from over 85 on-chain and off-chain crypto exchanges, resulting in comprehensive and reliable data. The DIA API endpoints are available for free, allowing developers to test and explore the functionality.

While the free API endpoints are accessible and offer standardized data formats for informational purposes, DIA also emphasizes the importance of custom feeds. These custom feeds can be specifically tailored to meet the unique needs of users, allowing for customization in terms of sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA through Discord or Telegram.

The flexibility and customization options provided by DIA's API make it valuable for various use cases within the blockchain ecosystem. In the realm of decentralized finance (DeFi), the price information from DIA's APIs can be utilized in derivatives, options and futures markets, lending and borrowing platforms, collateralized stablecoins, synthetic asset issuance, and money markets, among others. Additionally, in the emerging field of NFT finance (NFTfi), DIA's API can support peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

In summary, while DIA offers free API endpoints for testing, the true value lies in their ability to provide custom feeds that meet the specific requirements of users. This allows for a more tailored and personalized experience in leveraging DIA's robust price data in various blockchain applications.

What is DIA's OMGToken price oracle?

DIA's OMGToken price oracle is a smart contract that provides real-time price feeds for crypto assets. DIA stands out as it is integrated with 35+ layer 1 and layer 2 networks, allowing them to deploy price oracles across multiple blockchains. These oracles are constructed by sourcing data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, providing accurate and reliable price information.

While DIA provides free demo oracles for developers to test, these are only for testing purposes and cannot be integrated into production applications. However, DIA offers custom price feed oracles that can be tailored to specific requirements. Users can request a custom feed by reaching out to DIA via Discord or Telegram.

DIA's custom oracles are particularly valuable for users, as they offer flexibility in terms of sources, methodologies, update mechanisms, and more. This allows for a more personalized and tailored approach to price data, catering to the unique needs of each user.

The use cases for DIA's price oracles are extensive. In the DeFi space, they can be utilized in derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. In the NFTfi sector, DIA's oracles can support peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and beyond.

In summary, DIA's OMGToken price oracle is a powerful tool for accessing real-time price feeds in the blockchain ecosystem. While demo oracles are available for testing, users can maximize the benefits by requesting a custom feed that caters to their specific needs. DIA's extensive integration with various networks and data sources makes it a reliable and versatile solution for obtaining accurate price data.

A blockchain oracle, in this context, refers to an external information provider that supplies verified data from outside the blockchain to smart contracts. Oracles play a crucial role in bridging the gap between on-chain and off-chain data, enabling smart contracts to interact with real-world information.

Why use DIA's OMG API & price oracle?

DIA's OMG API and OMG Price Oracle offer significant benefits for users in the blockchain ecosystem. With DIA's technology, users gain access to accurate and reliable price data for cryptocurrencies and NFTs. One key advantage of using DIA's API or Price Oracle is the high level of customizability. Users can tailor each oracle and API endpoint to suit the specific needs of their decentralized applications. This includes configuring data sources, applying data cleaning filters and pricing methodologies, and determining update mechanisms and frequency for the price feed. This customization ensures robustness and resilience in the face of unique market conditions associated with chosen data sources.

Transparency is another important benefit provided by DIA's API and Oracle feeds. Users can enjoy full and granular transparency throughout the entire data journey. To further enhance trust, DIA also offers various tracking and monitoring tools to closely monitor its oracle and API feeds. This transparency ensures reliability and trustworthiness in accessing price data.

By leveraging DIA's OMG API and OMG Price Oracle, users can access customized and transparent price data for cryptocurrencies and NFTs. This empowers them to make informed decisions based on accurate and reliable information. Whether for global or individualized market prices, DIA's technology offers a tailored solution for every user within the blockchain ecosystem.

Why use DIA data feeds and oracles?

Transparent
DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Customisable
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
Broadest coverage
DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.