OMG Network, launched in 2017 as OmiseGO, is a Plasma-based layer-2 network for payments on Ethereum. OMG is its ERC-20 token. As of October 2026 the project looks dormant. L2BEAT, which tracks layer-2 networks, lists it as "archived and no longer maintained". On Etherscan, the most recent transaction on the network's main Plasma contract is dated 15 December 2022. We found no official statement from the team about the network's current status, so that status rests on these two third-party records.
Where OMG Network stands now (October 2026)
- Archived on L2BEAT. The OMG Network page carries the notice "This project is archived and no longer maintained". L2BEAT classes it as a Plasma chain on Ethereum, built for payments.
- No contract activity since 2022. Etherscan labels contract 0x0d4c…ac as "OMG Network V1: Plasma Framework". Its latest listed transaction is a "Process Exits" call on 15 December 2022, in block 16191258. As of 25 October 2026 the contract held a balance of under $2.
- The token still exists. OMG remains an ERC-20 token on Ethereum. Its maximum total supply is 140,245,398.25 OMG, and Etherscan showed 655,584 holder addresses on 25 October 2026.
What OMG Network was built to do
Origins: OmiseGO and the 2017 token sale
OmiseGO came out of Omise, a Thailand-based payments company. In May 2017, TechCrunch reported that Omise planned to raise up to $19 million by selling OMG tokens. It described OmiseGO as a decentralised payment network, built on Ethereum's ERC-20 standard, that would let people send money and make payments without a bank account or high service fees. TechCrunch named Ethereum creator Vitalik Buterin and Lightning Network architect Joseph Poon as advisers. The planned token split was:
| Allocation | Share |
|---|---|
| Token sale | 65% |
| Retained for future costs | 20% |
| Team | 10% |
| Airdrops | 5% |
June 2020: mainnet and the OMG Network name
On 1 June 2020, OmiseGO launched its Plasma mainnet, branded V1, and changed its name to OMG Network (CryptoSlate, 1 June 2020). The chain used a design called More Viable Plasma (MoreVP). It processes transactions off Ethereum and records them on Ethereum in batches.
The same day, The Block reported that the stablecoin Tether (USDT) had been integrated into the OMG Network. Tether then ran on seven blockchains. The stated aim was to move USDT transfers off a congested Ethereum mainnet. The Block reported that Ethereum gas prices had risen above 100 Gwei in March 2020. OMG Network CEO Vansa Chatikavanij said the network handled "thousands of transactions per second at a third of the cost" of Ethereum. That figure is the company's own claim and was not measured independently.
2021: Boba Network and the BOBA airdrop
Development then shifted to Boba Network, an optimistic rollup for Ethereum smart contracts. Its builder, the Enya team, worked as core contributors to the OMG Foundation (Cointelegraph, 12 November 2021). Wallets holding OMG at the snapshot on 12 November 2021 (Ethereum block 13,597,967) were eligible for BOBA tokens, and distribution was scheduled for 19 November 2021. Cointelegraph reported that OMG fell about 33% after the snapshot, from a daily high of $19.35 to around $13.
OMG Network from token sale to archive
How did OMG go from a 2017 payments pitch to an archived Plasma chain, and what happened at each step?
- May 2017OmiseGO token sale planneddone
TechCrunch reported that Omise planned to raise up to $19 million by selling OMG tokens for a decentralised payment network built on Ethereum's ERC-20 standard. The planned split was 65% token sale, 20% retained for future costs, 10% team and 5% airdrops.
- 1 June 2020Plasma mainnet V1 and the OMG Network namedone
OmiseGO launched its Plasma mainnet, branded V1, using the More Viable Plasma (MoreVP) design, and renamed itself OMG Network. The same day, The Block reported that Tether (USDT) had been integrated into the network.
- 12 November 2021BOBA airdrop snapshotdone
Wallets holding OMG at Ethereum block 13,597,967 qualified for BOBA tokens from Boba Network, an optimistic rollup. Cointelegraph reported that OMG fell about 33% after the snapshot, from a daily high of $19.35 to around $13.
- 19 November 2021BOBA distribution scheduleddone
Distribution of BOBA tokens to eligible OMG holders was scheduled for this date, as development shifted to Boba Network.
- 15 December 2022Last Plasma contract transactiondone
Etherscan lists a "Process Exits" call in block 16191258 as the latest transaction on the "OMG Network V1: Plasma Framework" contract.
- 25 October 2026Archived, but the token remainsuncertain
L2BEAT lists the project as "archived and no longer maintained". The OMG ERC-20 token still exists: its maximum total supply is 140,245,398.25 OMG, and Etherscan showed 655,584 holder addresses. No official statement from the team on the network's status was found.
This timeline only covers dated events reported in the article's sources: it does not show the current OMG price or any exchange listings, and the 2026 status comes from L2BEAT and Etherscan rather than from the project itself.
How the Plasma design works, and its weak points
L2BEAT's assessment shows the trade-offs of the design:
- One operator. "The operator is the only entity that can propose blocks." The operator could refuse transactions or front-run them.
- Exits back to Ethereum. Users withdraw by submitting an Ethereum transaction with a Merkle proof of their funds. They can do this without the operator's cooperation.
- Data off-chain. Transaction data is not posted to Ethereum. L2BEAT rates this as a critical risk.
- Mass exits. L2BEAT states that "the mass exit problem is unsolved". In a mass exit event, funds could be stolen.
- Upgradable contracts. The contracts can be upgraded instantly, so users have no exit window. Two deposit verifier contracts are unverified.
These limits help explain why Ethereum scaling moved towards rollups, which post data on Ethereum. Boba Network, the team's own follow-up, is one of them.
Corrections to common claims about OMG
Many older profiles of OMG, including the earlier version of this page, contain errors:
- It is not a decentralised exchange. The 2017 pitch was a payments network, and the shipped product was a Plasma payments chain.
- It cannot be mined. Blocks were proposed by a single operator, not by miners.
- The token was not created in 2013. 2013 is roughly when the parent company, Omise, was founded. TechCrunch called Omise "four-year-old" in 2017. The token was sold in 2017.
Practical points for OMG holders
- OMG is an ERC-20 token, so it sits at an Ethereum address. Whoever holds the private key for that address controls the tokens, and a lost key cannot be recovered.
- Funds left on the Plasma chain can only be withdrawn through the exit process on Ethereum. L2BEAT's risk notes apply to that process.
- Check the token contract address (0xd26114cd6EE289AccF82350c8d8487fedB8A0C07) on Etherscan before acting on any "OMG" token offer or claim.
Limitations: the network's current status comes from L2BEAT and Etherscan, not from an official statement by the project; nothing here is trading or investment advice.
