TL;DR
-We’re aiming to launch on mainnet VERY soon (like veeery)
-We’re aiming to launch a sandboxed version first (we’re calling it Litter Box 1)
-PlanckCat DAO (PCD) should hold a vote to initialize Litter Box 1
First, a quick primer: Overlay allows users to trade data streams; from NFT floors to The Cosmic Microwave Background Radiation of the Universe; from ETH/USDC to weather forecasts in Antalya; from BTC Hash Rate to 24/7 web3 AI fighting robots. All PnL is settled in the native token, OVL. There are no traditional counter-parties, and no traditional liquidity pools. The liquidity problems that beset perpetuals don’t exist for Overlay, and so Overlay can spin up markets on nearly any scalar streaming data.
One of Overlay’s guiding principles is community and security first, ie. slow and steady wins the race. Many of the Overlay community have come and gone, but many core contributors have stayed, and become vitally important to the continued existence of Overlay. Because of the net-new nature of the protocol, it’s important to test as much as possible.
That said, it’s also important to move forward.
For the above reasons, Overlay should have a sandboxed, guarded launch on Mainnet in the next few weeks with participation from and with the core community. We’re calling it Litter Box 1.
Overlay Protocol will go live on Ethereum Mainnet.
The first supported market should be ETH/USDC, as it has the deepest liquidity on UniV3 of any non-stable pairing.
Only a handful of community members will be able to participate.
An Immunefi Bug Bounty will be opened for this environment to complement the two security audits by Spearbit and Least Authority.
Upon the conclusion of Litter Box 1, Overlay will scale up to additional sandboxed environments, which will include more users, more markets, and side chains.
Upon the conclusion of Litter Box “production testing”, liquidity mining can begin.
PlanckCat DAO should hold a vote for the initialization of Litter Box 1.
We are going to offer two options on the governance proposal:
Implement the gated sandbox launch, Litter Box 1
Request changes
Litter Box 1 has one clear issue and several benefits. The community needs to understand the importance of launching in a sandboxed environment. There will be no liquidity mining or protocol created pools to swap OVL. Liquidity mining will come at a later point, after Litter Box 1 concludes. This can be allayed through earnest discussions via governance.
A more detailed governance proposal will follow with the community and PCD NFT holders deciding whether we should launch with Litter Box 1. We’ll discuss in both the Forum and Discord, and after the Overlay Governance Framework (OGF) criteria has been met, we’ll open a poll on Snapshot to leave the final decision to Planck Cat DAO.
If you have any questions about Litter Box 1 or any other subjects, please do not hesitate to chat with us on Discord. We’re also planning to host a Twitter Spaces ahead of launch to talk about the ETA and other details with the community.