Today we’re excited to announce the upcoming public IDO of the $OV token, the native settlement currency and governance token for the Overlay Protocol.
TGE will exclusively be happening on the leading crypto fundraising platform, Polkastarter.
We would like to thank our wonderful community and the PlanckCatDAO crew for their overwhelming support from the very beginning. It's time for you to join and participate in the long anticipated $OV token sale allowlist.
Visit the project page HERE to get started.
What is Overlay?
Overlay is a new world exotic perps DEX. The protocol, coined the “Trade Everything Engine”, enables users to create long/short positions on the future of any data price feed without the need for LPs or Market Makers.
The novel trading platform provides an alternative to typical derivatives exchanges found in crypto today and solves one of the largest challenges that has been limiting scale for decentralized exchanges in the market: lack of liquidity.
Thanks to the unique token mechanics, users can build positions directly against the protocol or all $OV holders simultaneously, and benefit from instant liquidity from day one without the need for counterparties. The protocol mints/burns $OV upon trade unwind to give traders their PnL. This means the upfront requirement for liquidity that usually prevents scaling of typical new DEXs is solved from the start.
After a year of rigorous testing, we’re pleased to say the token mechanics not only worked well for the hundreds of testnet traders but in fact after more than 16,000 transactions across 12 tradeable markets, there was deflationary pressure on the token, reducing supply of the test environment token by 7% over the last year.
You can explore more stats from our sandbox test token “OVL” campaigns on this Dune Dashboard.
The Genesis of a New Trading Asset
Overlay acts like a combination of a derivatives platform and a central bank. This enables the genesis of an entirely new asset class for trading in crypto: Data Streams.
As digital data streams continue to explode in number, Overlay can turn many of them into tradable markets, which until now hasn’t been possible because of the classic Catch-22: traders follow liquidity, but liquidity follows traders. Thus niche markets have a hard time spinning up and growing.
At launch, the protocol will be in “safe mode”, with a small list of exotic tradable markets. These will include gaming marketplace floors like CS:GO Skins, as well as BTC Dominance, Crypto Volatility Index, and others. As the training wheels come off, Overlay will list hundreds, and then thousands of new data markets.
Overlay is uniquely positioned to capitalise on the many growing sub categories within Web3 from GameFi to DeFi, RWAs and beyond, and will become the only place traders can get exposure to all of these trends simultaneously, with instant liquidity.
Most excitingly, once live we will also be announcing our Trading Mining initiative, allocating 2% of the entire $OV supply (pending DAO approval, of course) as rewards for traders of the Overlay platform.
Investors
We have been fortunate to receive the support and backing of some of the best investors in the space, including the likes of Polychain Capital, ParaFi, 1k(x), Metacartel Ventures and many more.
IDO Launch Dates and Allowlisting
The IDO date will be released very soon, for now to participate in the Overlay x Polkastarter Allowlist you’ll need to complete the following steps:
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Follow Overlay on Twitter
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Follow Polkastarter on Twitter
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Join The Overlay Discord.
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Visit https://allowlist.overlay.market/ and register
*The launch details will be announced later.
⚠️ Beware of Scammers ⚠️
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Neither the Overlay nor Polkastarter team members or admins will DM you with offers or information not presented in official channels.
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$OV is NOT yet available at this time. Please be on guard for scammers.
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Please use the links below for all official information pertaining to sale of the $OV token.
Overlay Official Links
Website, Twitter, Telegram, Mirror, Docs, Discord.
About Polkastarter
Polkastarter is the fully decentralized protocol for launching new ideas. Our curation process and industry access enable us to offer the best new projects in blockchain and digital assets.
With Polkastarter, decentralized projects can raise awareness, build a loyal community, and receive long-term support. Users of the platform will be able to participate in a secure and compliant environment and use assets both in and beyond the current ERC20 standard.