#Write2Earn

1. Overview of Overlay Protocol

Core Mechanism: Users lock the native ERC-20 token OVL as collateral to open positions. If the position is profitable, the protocol mints OVL tokens; if unprofitable, it burns OVL accordingly.(docs.overlay.market)

Token Functions: OVL is used for both trading collateral and DAO governance—allowing holders to vote on platform proposals.(docs.overlay.market, tokeninsight.com)

2. Token & Tokenomics

Token Details:

Ticker: OVL, ERC-20 standard

Total / Max Supply: ~88,888,888 OVL(docs.overlay.market, CoinCarp)

Mint/Burn Dynamics: Boosts liquidity and decentralization by adjusting token circulation based on trading outcomes.(docs.overlay.market)

3. Founders & Team

Founder: Overlay was founded in 2019 by Adam Kay, based in the USA.(CoinCarp)

Core Team:

James Edwin Foley – Founding Engineer

Jonah Lin – Senior Software Engineer

Ahmet Mert Kaya – Head of Communications(CryptoTotem)

4. Funding & Investors

Total Raised:

Seed round (Mar 2021): ~$2.2M, backed by Polychain Capital, ParaFi Capital, 1kx, The LAO, MetaCartel Ventures, and angel investor Ben Middleton(CoinCarp, ICO Drops, CryptoRank)

Public IDO (Jan 2025 on Fjord Foundry): Raised ~$690K at ~$0.281 per OVL(ICO Drops, CryptoRank)

Overall funding total: approximately $2.9M(ICO Drops, CryptoRank)

5. Use Cases & Potential

Market Diversity: Overlay supports traditional crypto data and expands to more exotic data streams—including social metrics, gaming stats, sports, and real-world events(docs.overlay.market, CoinLaunch).

Decentralization & Liquidity: Its mint/burn model removes reliance on external market makers, enabling more accessible and liquid markets.(docs.overlay.market, CoinLaunch)