Overlay Protocol is a decentralized platform built on Ethereum, and offers users the ability to build positions on a market or data stream without traditional counterparties (liquidity providers or market makers) taking the other side of the position. Ideally, the protocol will offer markets based on (i) price data feeds and (ii) non-manipulable & non-predictable data feeds.
OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Ethereum Mainnet. OVL serves a dual purpose and will be used to participate in trading and DAO governance after launch.
Users lock the native token OVL to long/short a particular market, and smart contract mints/burns OVL based on the success of the position. The protocol has been launched on mainnet in a sandboxed environment -what they called Litter Box, with less than 20,000 OVL in circulation.
