It’s the day that Overlay Protocol pushes the boundaries of what's possible in DeFi. We’ve just launched Bored Ape Yacht Club floor price market.
Until now, it was all liquid on-chain assets, and yes, there were synthetic assets too. Were these the only thing DeFi could offer, though? Weren’t there any other options that DeFi could help us find a solution for? Overlay came as an idea many years ago, and raised capital in 2021 led by big figures such as Polychain, 1kx, and ParaFi. Ever since, we’ve been dreaming about making illiquid assets liquid. It’s the day, we’re literally doing it.
We’re so glad to announce that Overlay now has an exotic data stream. Starting from now, Overlay Protocol users will be able to long/short Bored Ape Yacht Club floor price, on Arbitrum mainnet. Even though we haven’t fully launched, and OVL has no price right now, it’s a very huge leap for us to make illiquid assets liquid. Litter Box 3 participants will be the first ones to try this new market.
This market is just the start of offering tons of illiquid data streams, as you could guess. By having BAYC floor market, Overlay will prove its capability of offering exotic markets. It means more markets will follow, shortly. Considering the full launch is very close, it’s just very exciting for us, and the users.
In the near future, Overlay users will have the ability to build positions on the price or "number" of nearly any asset imaginable - from NFT floor prices to air pollution indices. Imagine shorting the score rate of Mbappe, longing the kill rate of Ninja, shorting ethereum burn rate. If a scalar ‘number’ (it doesn’t need to be a price), is non-manipulable and unpredictable, then it could be added as a market on Overlay.
We’re aiming for the long tail, hoping to reach 1000s of illiquid markets in the future. We believe that we, degenerate DeFi geeks, could do this together.
The future of DeFi is here, and you're invited. Please join our Discord, Twitter or Telegram announcement channel to stay up to date on the latest developments, become part of the team, and help us shape the future of Overlay Protocol.
For the newcomers, below you will find some info about Overlay and our third private beta, Litter Box 3.
Overlay Protocol is a new DeFi primitive that is solving the liquidity problem faced by today’s perpetual markets. It does this by settling PnL in a native token, OVL, and does so without traditional counterparties or liquidity. Overlay can offer nearly any scalar data feed as a market for building positions, opening up available markets by a huge margin.
Litter Box 3 is the third and the last private beta of Overlay. It’s the last step before fully launching the protocol and it is live on Arbitrum mainnet. The first two Litter Box versions were launched on Ethereum mainnet and hosted a very limited number of users. Litter Box 3 though, has onboarded around 700 users across DeFi communities such as DegenScore, Gearbox and NFTPerp. Since the launch of Litter Box 3, users have built and unwound more than 5000 positions, and burnt more than 200 OVL. The private beta versions have been launched with a very limited number of tokens in circulation and there is no float for OVL, and there won’t be any until full launch, which is expected to happen in early-mid April following DAO approval.