According to the firm, the development of the mainnet is already 95% complete.
Omni Network (OMNI) may have given its community something to cheer about after announcing the highly anticipated launch of its private mainnet. Taking to X (formerly Twitter), the blockchain technology firm shared that the launch will take place next week.
Private mainnet next week.
🟦🟦🟦🟦🟦🟦🟦🟦🟦⬜️ 95%
— Omni Network (@OmniFDN) November 29, 2024
According to the firm, the development of the mainnet is already 95% complete. This means that developers may soon begin to use the innovative tools of the network to serve their purposes.
For clarity, Omni Network serves as the interoperability layer for Ethereum, which allows developers to create global applications that can be used across the entire rollup ecosystem of Ethereum. In other words, the technology allows developers to build applications that are not restricted to a single rollup or execution environment.
Essentially, this technology opens up new opportunities for cross-platform functionality and blockchain interoperability.
For what it’s worth, Omni Network did not issue a specific date for the launch. However, the announcement has nonetheless stirred excitement within the crypto community. More so among fans of the network.
Market Reacts to Omni Network Announcement
Interestingly, it appears that the crypto market has immediately responded to the recent announcement. While it doesn’t exactly come as a surprise, Omni Network’s native token saw a remarkable surge of over 4.15% in its market capitalization within 24 hours. This surge, as data from CoinMarketCap suggests, was enough to push its valuation to $108.22 million as of press time.
In what might breed even more confidence about the growth potential of the network among investors, the token’s price also experienced a 4.14% increase in the same 24-hour time frame. By the time of reporting, OMNI OMNI $2.72 24h volatility: 4.0% Market cap: $49.77 M Vol. 24h: $12.74 M had reached $11.11.
It might be worth noting that despite these encouraging price movements, the trading volume for OMNI took another direction. It dipped by 24.26% to settle at $75.60 million.
However, analysts believe that this might not be anything to worry about. They believe that such a decline in trading volume may just be an indicator that some investors are taking profits on the side. It is also believed that investors may be exercising patience and caution as they await official updates on the mainnet launch.
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