OmiseGo, which made the news for finishing their ICO literally before it even started, now gets another honorary title for being the first ethereum based token to reach a market cap of $1 billion, making it a unicorn.
The token has been in a bull run, rising from $1 to $10 this month, while doubling in only two weeks, with its volume standing at $170 million, much of it in dollars and Chinese Yuan.
The token found fuel after its lead developer, Joseph Poon, published Plasma in collaboration with Vitalik Buterin, Ethereum’s inventor.
So presenting a protocol that operates sort of like the Lightning Network, considerably increasing transaction capacity for projects, like OmiseGo, which is working on a decentralized exchange.
Then, the duo suddenly met with representatives from Thailand’s central bank. We asked OmiseGo at the time to give some details, but did not receive a response, so we are not sure why they met or what the outcome of the meeting was.
Then, today they confirmed a collaborative relationship with McDonalds Thailand, which might use OmiseGo for payment channels.
So the project has been busy, as has the market, rewarding them with a $1 billion market cap based on a pre-ICO investment of just $16 million during this summer.
A market cap level that used to be a rare occurrence, just last year, but now has become somewhat more common for digital currencies, while remaining rare for tokens.
The latter, in combination, have risen to a market cap of around $10 billion, handling half a billion in 24 hours trading volumes, considerably supplementing the ethereum ecosystem and this space more generally.
A space that is booming, with the combined market cap making new highs, now standing at near $165 billion, while its trading volumes have risen to almost $7 billion.
Suggesting some considerable increase in activity and interest as new better than free token business models are formed and new ways of funding projects are created.