Summary
- Omni Network (OMNI)'s native token OMNI reportedly surged 130% intraday on news of its listing on Upbit.
- The rise in OMNI was explained as a market reaction following Upbit's announcement of listing OMNI's KRW trading pair.
- OMNI is used for paying transaction fees, staking and delegation, and participating in on-chain governance.
Omni Network's native token, OMNI, surged 130% intraday following the news of its listing on Upbit.
According to BlockBeats, a media outlet specializing in virtual assets (cryptocurrencies), OMNI at one point soared over 130% compared to the previous day, reaching $6.62. This was explained as a market reaction to Upbit's announcement of listing the OMNI/KRW trading pair.
Meanwhile, Omni Network is a layer 1 blockchain developed to solve issues of fragmentation of users, liquidity, and developer assets arising from the proliferation of rollups within the Ethereum (ETH) ecosystem. It aims to process cross-chain transactions between rollups quickly and efficiently.
OMNI is used for paying transaction fees, staking and delegation, and participating in on-chain governance.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
