Ontology is an open-source blockchain focused on providing a platform for digital identity, trust, and data privacy. The Ontology blockchain uses a dual-token system: In addition to primary token ONT, a second token termed Ontology Gas (ONG) serves as ‘gas’ for transactions.
Ontology Gas (ONG) is the utility token on the Ontology network. ONG is mainly used for on-chain services like doing transactions or paying for the deployment of smart contracts. ONG is also released or ‘unbound’ to holders of ONT based on holding ratios to incentivize ONT staking. For beginners’ sake, staking refers to the process of delegating tokens to a node. Putting it simply, in this case, it’s a process where ONT tokens are locked to earn ONG rewards.
On May 20, the Ontology network announced huge staking rewards, over 40% APY for locking ONT tokens. This subsequently pushed Ontology Gas (ONG) on May 20 from lows of $0.47 to highs of $1.13, rallying nearly 140%.
ONG was trading at $1.06 as of press time.