Overlay Protocol ($OV) is a liquidity layer that enables trading of illiquid assets without traditional counterparties. This allows users to trade any type of asset, including those with little or no liquidity. Overlay Protocol’s ($OV) testnet airdrop has just gone live! This means mainnet and airdrop may be coming soon! Here is our Overlay Protocol ($OV) token airdrop guide.
Check out our step-by-step guide!
What is Overlay Protocol ($OV)?
Overlay Protocol is a liquidity layer that addresses the challenge of trading illiquid assets. Here are some key features about Overlay Protocol:
Backers: Overlay Protocol has garnered support from prominent investors, including Polychain Capital, 1kx, ParaFi, Metacartel Ventures, and The LAO.
Product-Market Fit: Overlay Protocol fills a significant gap by enabling trading in illiquid markets. It allows users to create markets for various scalar data, including unconventional assets like trading cards, rare sneakers, Elon Musk tweets, and video game items. Overlay pioneers the exploration of previously unimaginable assets within traditional markets.
Trading and Liquidity Incentives: Overlay Protocol incentivizes trading and liquidity, providing a bespoke toolbox for traders and market participants. Its focus extends beyond trading to empowering users to create markets tailored to their preferences.
How to get the Overlay Protocol ($OV) token airdrop
Time needed: 1 hour
Connect to testnet
Connect your wallet to the Overlay Protocol ($OV) testnet. Make sure you are on the Arbitrum Sepolia network.
Claim testnet tokens
Click on the top bar to claim Arbitrum Sepolia Testnet ETH and test token OVL. You will get 0.003 testnet ETH and 50 testnet OVL. Note you can only claim testnet tokens on the website once. However, you can claim an extra 100 testnet OVL and 0.0069 testnet ETH at their #get-ovl channel on their Discord by typing “/faucet” and the Arbitrum address that you will be using to interact with the testnet.
Get Discord roles
Once you have claimed the extra testnet tokens on Discord, go to #claim-ovl and you will automatically be awarded the OVL Test Token Holder role on Discord.
Trade on Overlay Protocol testnet
Go to https://app.overlay.market/#/markets and select a market to place a long or short position. Choose “Long” or “Short” and the leverage. Then click “Approve OV” and approve the spending limit on your wallet. Afterwards, click “Build” to open your position.
Monitor your position
Monitor your position constantly. Close your position if the market is trading in the same way as your position.
Complete more successful trades for more points.
We suggest returning daily to open more positions. This is because you will be awarded points for successful trades. Point scores are updated every Thursday at 0:00 UTC.
Check your Purrps Points score
You can check your Purrps Points score on the leaderboard HERE.
Angela loves cryptocurrency, technology that improves our lives…and food. Anything that merges these worlds together is even better.
