OmiseGo(OMG) has reached out to Status Network (SNT) for a partnership that links two Ethereum projects that are extremely promising for doing robust work in the background. Both have seen price fluctuations and depressed positions due to the prolonged bear market but have pushed ahead with their roadmaps.
The two projects will collaborate in the coming months, with Status Network working to integrate the upcoming OmiseGo decentralized exchange into its application and ecosystem. However, the solution may take a while to materialize.
Currently, there are very few direct applications to communicate with the Ethereum network, and Status Network is one of the projects aiming to link mobile chat and social media with Ethereum tokenization.
“Status and OmiseGO share a common vision to make the world a more open and equitable place through easy access to the Ethereum public blockchain. While OmiseGO focuses on building open infrastructure and open financial tools, Status focuses on putting these tools into the hands and pockets of people around the world,” the Status Network team announced in a recent blog.
Unfortunately, the latest market downturn has hurt both coins. OMG has sunk by more than 16% net in the past week, currently trading at $6.82 and looking to be in persistent decline in dollar terms and against Bitcoin.
OMG has been perceived as undervalued for a long time, and its price has never risen to outlandish levels – it peaked at just over $28. There are still expectations the asset will have longer-term value once its technical goals are reached, and the Plasma scaling solution is tested:
SNT is down about 17% in the past week amid, with the price sinking to $0.07. It is almost 90% below its peak of $0.68. The project is still showing robust growth against its ICO price, but the product release is lagging, and the asset has lost popularity to hotter coins and tokens.