++Last updated on Dec 19, 2023
+ diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index d4284e5..e3886f7 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -1,3 +1,37 @@ --- -sidebar_position: 4 ---- \ No newline at end of file +sidebar_position: 2 +--- +# OVL + +OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token. OVL serves a dual purpose and will be used to participate in trading and DAO governance after launch. + +OVL may be used by holders to: + + + +1. vote on [governance](/Getting%20Started/Governance) proposals of the DAO governing Overlay Protocol +2. open positions on the markets offered on Overlay by using OVL as collateral + + +## Token Details + +| Ticker | OVL | +| :----------- | :----------- | +| Initial Supply | 88,888,888 | + +## Building Position + +To enter a position, a user of Overlay Protocol will lock OVL into the Overlay smart contract as collateral/margin. A user could leverage this collateral on either side of any market offered by Overlay. + +On closing a position, the position could either be profitable, unprofitable or at a break even. If the position is profitable, the protocol will mint OVL tokens equivalent to the delta difference of the market between build and unwind. These tokens are added to the circulating supply of OVL. + +If the position is unprofitable, the protocol burns OVL tokens of a value equivalent to the loss sustained. These tokens are removed from the circulating supply of OVL. No tokens are minted or burned in case a position is closed at a break even. + + +## Supply + +Total supply of OVL will be 88,888,888. The OVL supply, by function, is dynamic. Thus, OVL will be dynamically minted and burned by the smart contracts when positions are unwound by users. + ++Last updated on Jan 2, 2025
+ diff --git a/docs/Concepts Explained/Oracles.md b/docs/Concepts Explained/Oracles.md new file mode 100644 index 0000000..8c52398 --- /dev/null +++ b/docs/Concepts Explained/Oracles.md @@ -0,0 +1,7 @@ +--- +sidebar_position: 5 +--- + +# Oracles + +Pricing data on Overlay markets is based on values intermittently fetched from oracles. Oracles are services that help protocols get information/data (related to price data or other data) required from outside of the protocol’s smart contract ecosystem. Any tool that helps get price data about an asset is a “price oracle.” Overlay has the ability to onboard nearly any oracle, as long as the oracle feed is non-manipulable and non-predictable. \ No newline at end of file diff --git a/docs/Concepts Explained/Oracles/Chainlink.md b/docs/Concepts Explained/Oracles/Chainlink.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Concepts Explained/Oracles/Uni V3 TWAP.md b/docs/Concepts Explained/Oracles/Uni V3 TWAP.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Concepts Explained/Pricing and Price Impact.md b/docs/Concepts Explained/Pricing and Price Impact.md new file mode 100644 index 0000000..dc8ad53 --- /dev/null +++ b/docs/Concepts Explained/Pricing and Price Impact.md @@ -0,0 +1,143 @@ +--- +sidebar_position: 3 +--- + +# Introduction to Pricing and Price Impact + +## Overview + +Pricing based on oracle feeds makes Overlay versatile, but also prone to certain oracle manipulation-based attack vectors. To counter these factors, Overlay employs several mechanisms that should mitigate exposure to the protocol: TWAP-based pricing, bid-ask spreads, and price impact/slippage. + +--- + +## Introduction + +Overlay Protocol aims to offer users the ability to build positions on a market or data stream without traditional counterparties taking the other side of the position. Ideally, the protocol will offer markets based on: +1. price data feeds; and +2. non-manipulable and non-predictable data feeds. + +To determine price, Overlay does not utilize: +1. CLOB style[^1] order books used by most (usually centralized) exchanges; or +2. LP pools[^2] used by DEXs[^3], utilizing CPPM[^4] (xy=k) or other automated market maker (AMM) mechanisms + +Pricing on Overlay markets is not dynamic in the traditional sense; it is based on values intermittently fetched from oracles[^5]. Overlay has the ability to onboard nearly any oracle, as long as the oracle feed is non-manipulable and non-predictable. + +The main oracle Overlay offers are Chainlink-like oracle feeds, run by various entities, including Chainlink and Overlay itself. These provide Overlay with the ability to offer any market / data stream foro which data is available. This allows the protocol to reach its potential by offering non-traditional markets based on data streams, like the Consumer Price Index (CPI), a metric for the level of inflation. + +--- + +## Oracle Manipulation/Attacks +Pricing based on oracles is prone to certain vulnerabilities, if not properly accounted for. Some common attacks include price oracle attacks and frontrunning the oracle feed. + +### Price Oracle Attack +In a price oracle attack, vulnerable implementations of a price data feed/ oracle in a defi protocol are targeted. Protocols using centralized price oracles (on-chain or off-chain), based on a singular source of information, are generally vulnerable to a price oracle attack + +DEX market prices are manipulated to corrupt the sole source of price information. This is achieved in a set of complex transactions (generally completed within a single block using a flash loan[^6]) involving “borrowing, swapping, depositing, and again borrowing large numbers of tokens.”[^7] [^8] + +This, in turn, creates artificial arbitrage opportunities for the attackers on protocols that rely on the incorrect price feed from the compromised oracle. Such protocols also automatically execute several actions based on the incorrect price feed; for instance, swaps executed at incorrect price, loans issued on the basis of incorrect price, and liquidations due to incorrect price. This can cause both the protocol and the users of the protocol to lose funds. + +### Frontrunning of the oracle +Frontrunning is an issue in all markets — users with access to information before others can theoretically make virtually risk-free gains. On-chain, there are many types of frontrunning, including frontrunning of the oracle fetch, transaction reordering, sandwich attacks, etc. Here, we discuss the frontrunning of the oracle fetch. + +There is a time delay between manipulation-resistant information available at the current time and the actual most recent value of the data stream. That is, the price feed of the oracle may not be up to date with the actual price at any given point of time. This latency can be exploited to turn a profit by frontrunning users. Frontrunning is an issue especially on the Ethereum Mainnet as the low speed and high cost of transactions deters oracles from updating price data quickly with large frequency. + +--- + +## How bid and ask prices are determined: TWAP, Bid-Ask Spread, and Price Impact +We discuss below what TWAP, Bid-Ask Spread, and Price Impact mean. Further, we also elaborate on how Overlay uses these concepts to help price their markets deterministically in an efficient and tamper-proof manner. + +### TWAP +TWAP or “Time-Weighted Average Price” is the average price of an asset over a certain time period. TWAP price is often used by market participants in traditional markets and crypto to execute large orders (in chunks) while minimizing market impact. + +Several defi protocols (like Uniswap[^9] and Synthetix[^10]) use TWAP to build oracles resistant to manipulation. Overlay also aims to use TWAP oracles in order to deter frontrunning of the oracle fetch and the price oracle attacks. + +TWAP oracles are manipulation resistant as they force attackers to keep up an attack over multiple blocks. Attackers generally are not able to use flash loans to attack a protocol using TWAP oracles (since flash loans can only be executed within one block — if they are not completely executed within the block, the entire transaction reverts). So, attackers need to put up real liquidity (not obtained through a flash loan) in order to manipulate TWAP oracles (with no guarantee of that attack being successful).[^11] This is very expensive to do, especially in pools with deep liquidity. + +The prices received by users on Overlay are based on either a shorter TWAP (eg: 10 min TWAP on ETH-USDC) or a longer TWAP (eg: 1 hour TWAP on ETH-USDC). The shorter TWAP is offered when the price feed is relatively stable. However, if there are large jumps in spot price, then the longer TWAP is used to offer prices. Refer to the whitepaper for the complete formula. + +### Bid-Ask Spread +A bid-ask spread refers to the difference or “spread” in the price between which an asset can be bought or sold at any given particular point of time. In traditional exchanges (based on the CLOB model), this can be thought of as the difference between the highest price a buyer is willing to pay and the lowest price a seller is offering. Sellers receive the bid price and buyers receive the ask price in a market order. + +Overlay determines a bid and ask price for an asset at any point of time using separate formulae — that is, there is generally a bid-ask spread in Overlay Markets. A “static spread” (δ) is used to prevent the frontrunning of the shorter TWAP. This also offers protection against large jumps in spot price of an asset in a time period that is shorter than the time period used for the longer TWAP. + +### Price Impact/Slippage[^12] +Price impact or market impact is the change in price of an asset due to the execution of a particular position. Price impact is calculated as the difference between the price of the asset at the beginning of the position and the price at which the position actually got executed. It is generally a function of liquidity in a market — the more liquid a market, the less the price impact would be for the same size of position. Price impact exists in both CLOB style exchanges and LP pool based DEXs/AMMs. + +For instance, in traditional CLOB/order-book style exchanges, a large market buy order can lead to the price increasing as there might not be enough liquidity at the price level the buy order is placed; after exhausting limit sell orders at that price level, the order will be filled using limit sell orders at a higher level. The price impact of this position would be the difference between the price of the asset when the position was entered and the price at which the position was actually executed. + +Similarly, price impact is also present while using DEXs/AMMs — however, this is owing to different factors. While a swap on a DEX is being executed the price of one asset keeps changing relative to the other. This results in the final price being somewhere in between where the relative price began and ended during the execution of the position. Price Impact on DEXs is also heavily dependent on the liquidity available at a certain price, similar to traditional exchanges. + +Overlay does not rely on order-book style markets (that is, there are no traditional counterparties) or LP pools for liquidity. To enter a position, one simply locks OVL and takes a long/short position in a market. If the position is profitable, the protocol mints OVL to pay the user; if a position is at a loss, the protocol burns some of the OVL initially deposited by the user. In short, liquidity is seeded to a market by using a portion of the OVL market cap. + +Thus, given how Overlay markets will be created, natural price impact does not exist. Positions can theoretically just be executed at bid/ask prices determined by the protocol up to the limit of the open interest of the market. However, this theoretical deep liquidity could also be abused by whales to execute large orders with no price impact as compared to other exchanges. + +Overlay also adjusts its pricing mechanism to account for this issue of theoretical deep liquidity and its potential abuse by introducing price impact terms (in the mechanism) that cause price impact on opening a position. This market impact is determined by a combination of a per-market price impact constant (which could be changed for any market in governance) and the cumulative open interest on the ask/bid side in a rolling time window. Thus, price impact on Overlay is added to bid and ask prices based on the size of the order and a per-market impact constant. + +--- + +## Determination of bid and ask prices +Bid and ask price are determined by predefined formulae and are functions of the same factors. + +The formula for bid price B is as below: + +
+
+
+ 
+
+Last updated on Aug 12, 2025
+ + + diff --git a/docs/Contribute/Contributor tools.md b/docs/Contribute/Contributor tools.md deleted file mode 100644 index ef0119d..0000000 --- a/docs/Contribute/Contributor tools.md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 1 ---- \ No newline at end of file diff --git a/docs/Contribute/Documentation.md b/docs/Contribute/Documentation.md deleted file mode 100644 index d4284e5..0000000 --- a/docs/Contribute/Documentation.md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 4 ---- \ No newline at end of file diff --git a/docs/Contribute/Governance/Foundation.md b/docs/Contribute/Governance/Foundation.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Contribute/Governance/How governance works.md b/docs/Contribute/Governance/How governance works.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Contribute/Governance/PlanckCat DAO.md b/docs/Contribute/Governance/PlanckCat DAO.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Contribute/Governance/_category_.json b/docs/Contribute/Governance/_category_.json deleted file mode 100644 index 5738dcf..0000000 --- a/docs/Contribute/Governance/_category_.json +++ /dev/null @@ -1,5 +0,0 @@ -{ - "position": 3, - "collapsible": true, - "collapsed": false - } \ No newline at end of file diff --git a/docs/Contribute/Operations.md b/docs/Contribute/Operations.md deleted file mode 100644 index fb78fd4..0000000 --- a/docs/Contribute/Operations.md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 2 ---- \ No newline at end of file diff --git a/docs/Contribute/_category_.json b/docs/Contribute/_category_.json deleted file mode 100644 index 60910a0..0000000 --- a/docs/Contribute/_category_.json +++ /dev/null @@ -1,5 +0,0 @@ -{ - "position": 7, - "collapsible": true, - "collapsed": true - } \ No newline at end of file diff --git a/docs/Funded Trader Program/01-Overview.md b/docs/Funded Trader Program/01-Overview.md new file mode 100644 index 0000000..867b630 --- /dev/null +++ b/docs/Funded Trader Program/01-Overview.md @@ -0,0 +1,97 @@ +## Overview +The **Funded Trader Program** is a protocol-level mechanism that allows skilled traders to qualify for and trade with Overlay-provided capital by first passing an on-chain evaluation. + +Traders demonstrate performance using their own capital. +Upon passing, they receive access to a funded account with predefined risk limits and a profit-sharing model. + +### Key Properties +- Traders do not own the funded capital — they can only trade with it and keep profits. +- Overlay absorbs all funded account losses. +- Traders keep **80%** of net profits. +- Overlay keeps **20%** only. + +--- + +## Program Flow +**Pick Your Tier → Trade & Evaluate → Pass Evaluation → Get Funded → Trade → Withdraw Profits** + +--- + +## Evaluation Phase + +### Capital Lock +- Traders lock an amount of capital to participate in an evaluation tier. +- Locked capital is used exclusively for trading during the evaluation. +- There is no limit to losses and trials during the evaluation phase. + +### Evaluation Criteria +To pass an evaluation, traders must satisfy **all** of the following conditions: + +#### Profit Target +- Reach a predefined profit threshold (e.g. +50%). + +#### Trading Volume Requirement +- Generate a minimum notional trading volume (e.g. $20,000). + +#### Minimum Trading Days +- Trade on at least 5 distinct trading days. + +#### Time Limit +- No maximum time limit (evaluation remains open until passed or abandoned). + +Evaluation parameters vary by tier and are defined at the tiers page. + +--- + +## Funded Account Activation +Once evaluation criteria are met: +- The trader receives access to a funded trading account. +- Capital is allocated by the Overlay protocol. +- Traders receive trading permissions only. +- Funded capital cannot be withdrawn or transferred. + +--- + +## Risk Controls (Funded Phase) +Funded accounts are governed by risk limits: + +- **Maximum Daily Loss:** 25% +- **Maximum Total Loss:** 50% + +If any risk limit is breached: +- The funded account is automatically closed. +- Remaining capital is preserved by the protocol. +- The trader loses access to the funded account. + +--- + +## Profit Distribution +- Profits are calculated on funded accounts only. +- Traders receive **80%** of realized net profits. +- Overlay retains **20%**. +- Profit withdrawals are available every 14 days. +- Losses on funded accounts are fully absorbed by the protocol. + +--- + +## Eligible Markets +- Funded trading is limited to approved Overlay markets. +- Certain high-variance or experimental/gambling markets may be excluded. +- Eligibility rules may evolve over time. + +## Program Safeguards +Overlay reserves the right to suspend or terminate any funded trading wallet in cases of market manipulation, abuse, or behavior that compromises system integrity or puts users at risk. This measure exists solely to protect users and ensure proper market operation. + +--- + +## Scaling & Tiers +The program supports multiple evaluation tiers, each with: +- Different locked capital requirements. +- Different funding allocations. +- Different volume thresholds. + +Higher tiers unlock access to larger funded accounts. +Additional funding tiers (up to **$100,000+**) may be introduced in future protocol upgrades. + +Current evaluation tiers and requirements are defined in the application: +https://app.overlay.market/funded-trader diff --git a/docs/Funded Trader Program/02-Start-Evaluation.md b/docs/Funded Trader Program/02-Start-Evaluation.md new file mode 100644 index 0000000..c5ac2bc --- /dev/null +++ b/docs/Funded Trader Program/02-Start-Evaluation.md @@ -0,0 +1,72 @@ +# Start Evaluation + +The evaluation phase is the first step of the Funded Trader Program. + +To qualify for a funded account, traders must complete a performance challenge based on: + +- Required trading volume +- Required net PnL + +There are no drawdown limits during evaluation. + +--- + +## Start Here + +To begin your evaluation, go to the ticket channel: + +👉 https://discordapp.com/channels/798007956239024148/1208393386646839346 + +Click **🟢 Start Evaluation**. + +A private ticket will open. + +You will be required to submit: + +- Your selected evaluation tier +- Your trading wallet address +- Confirmation that you accept the challenge rules + +After submission, you will receive deposit instructions. +Once your deposit is confirmed, your evaluation begins. + +--- + +## How Evaluation Works + +During evaluation: + +- You trade using your locked collateral. +- You must reach: + - The required trading volume + - The required net PnL target + - The minimum trading days threshold + +All conditions must be satisfied to qualify. + +There are no daily loss limits or maximum drawdown rules. + +--- + +## Outcomes + +### 1️⃣ You Reach All Targets + +If you successfully reach All targets: + +- Your locked collateral is returned. +- Your evaluation profits are returned. +- You become eligible to claim a funded account. + +Your evaluation capital is refunded before funding activation. + +--- + +### 2️⃣ You Lose Your Locked Collateral + +If your trading results in losses and your collateral is depleted: + +- The evaluation ends. +- There are no refunds. + +You may start a new evaluation at any time. diff --git a/docs/Funded Trader Program/03-Claim-Funded-Account.md b/docs/Funded Trader Program/03-Claim-Funded-Account.md new file mode 100644 index 0000000..d2ab9e2 --- /dev/null +++ b/docs/Funded Trader Program/03-Claim-Funded-Account.md @@ -0,0 +1,56 @@ +# Claim Funded Account + +If you successfully complete the evaluation requirements (volume + PnL), you can request access to your funded account. + +--- + +## Claim Funding + +To claim your funded account, go to: + +👉 https://discordapp.com/channels/798007956239024148/1208393386646839346 + +Click **🏆 Claim Funded Account**. + +A private ticket will open. + +You will be required to submit: + +- Your funded wallet address (the wallet provided by Overlay to you where collateral was locked) +- Confirmation that you completed the evaluation +- Acceptance of funded account rules + +--- + +## Before Funding Is Granted + +Once your evaluation is verified: + +- Your locked collateral is refunded. +- Your evaluation profits are returned. + +After the refund is processed, your funded account will be activated. + +--- + +## Review Process + +The team verifies: + +- Required trading volume achieved +- Required net PnL achieved +- No abuse or manipulation + +If approved: + +- Refund is processed. +- Funded capital allocation is granted. +- Funded trader status is assigned. + +--- + +## Funded Account Structure + +- 80% of profits go to the trader. +- 20% of profits go to the foundation. +- Payouts occur every 14 days. diff --git a/docs/Funded Trader Program/04-Payouts.md b/docs/Funded Trader Program/04-Payouts.md new file mode 100644 index 0000000..ca4f704 --- /dev/null +++ b/docs/Funded Trader Program/04-Payouts.md @@ -0,0 +1,79 @@ +# Payout Requests + +This document outlines how funded traders can request payouts, the eligibility requirements, and the processing timeline. + +--- + +## Payout Schedule + +- Payouts may be requested **once every 14 days**. +- Approved payouts are processed within **7 days** of submission. + +Please ensure you are within your 14-day cycle before submitting a request. + +--- + +## Profit Split + +All approved payouts follow the Funded Trader Program structure: + +- **80%** → Trader +- **20%** → Overlay Foundation + +The split is applied to eligible realized profit in accordance with program rules. + +--- + +## How to Request a Payout + +All payout requests must be submitted through the official Overlay Discord support system. + +### 1. Open a Support Ticket + +Access the support channel directly: + +👉 https://discordapp.com/channels/798007956239024148/1208393386646839346 + +Open a new ticket and select: + +> **Payouts** + +### 2. Submit Required Information + +Inside the ticket, provide the following details: + +- **Trader Address (Mandatory)** + This must be the same wallet address used for trading in the Funded Trader Program. + +- **Name (Optional)** + +- **X Handle (Optional)** + +Providing an incorrect wallet address may result in processing delays. + +--- + +## Review & Processing Flow + +After submission: + +1. The Overlay team verifies: + - Wallet address + - Program eligibility + - Compliance with risk parameters + +2. Once approved: + - The payout is processed within 7 days. + - Confirmation and transaction details are shared in the ticket. + +--- + +## Important Notes + +- Requests that violate program rules may be rejected. +- Wallet address accuracy is the trader’s responsibility. +- All tickets are recorded for compliance and internal audit purposes. + +--- + +For any questions regarding payout eligibility or request status, please use the official support ticket channel above. diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index d4284e5..fd74b79 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -1,3 +1,14 @@ --- sidebar_position: 4 ---- \ No newline at end of file +--- +Official Communication Channels (Beware of Scams - these are the only official channels for Overlay Protocol) + +**Discord: _[overlay.market/discord](https://redrct.overlay.market/discord)_** + +**X: _[x.com/OverlayProtocol](https://x.com/OverlayProtocol)_** + +**Medium: _[overlayprotocol.medium.com](https://overlayprotocol.medium.com)_** + + + +**Telegram (Announcements): _[t.me/overlay_protocol](https://t.me/overlay_protocol)_** \ No newline at end of file diff --git a/docs/Getting Started/Governance.md b/docs/Getting Started/Governance.md index deadfb1..2937bff 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -1,3 +1,13 @@ ---- -sidebar_position: 3 ---- \ No newline at end of file + +# Governance + +Overlay Protocol is under the governance of PlanckCat DAO, and in the future, OVL token holders will have voting rights. + +The votig weights will be as following: +- One PCD NFT equates to 100,000 votes, while one OVL token equals one vote within the governance structure. It's important to note that this equilibrium may be subject to change in the future. + +PlanckCat DAO is a DAO created for Overlay contributors to engage in protocol governance through PlanckCat (PCD) NFTs, and play central role in governance. + +The Governance will hold the authority to determine which markets are listed or delisted on the protocol, as well as to establish protocol risk parameters that influence the user experience for all participants. + +It's important to emphasize that individuals who do not hold PCD NFTs can still actively engage in discussions on Discord and the Governance Forum. diff --git a/docs/Getting Started/Token addresses.md b/docs/Getting Started/Token addresses.md deleted file mode 100644 index 3bde8c5..0000000 --- a/docs/Getting Started/Token addresses.md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 5 ---- \ No newline at end of file diff --git a/docs/Getting Started/Using Overlay/High-level concept.md b/docs/Getting Started/Using Overlay/High-level concept.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Getting Started/Using Overlay/Step by step walkthrough.md b/docs/Getting Started/Using Overlay/Step by step walkthrough.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Getting Started/Using Overlay/Video walkthrough.md b/docs/Getting Started/Using Overlay/Video walkthrough.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Getting Started/Using Overlay/_category_.json b/docs/Getting Started/Using Overlay/_category_.json deleted file mode 100644 index 13e6dd9..0000000 --- a/docs/Getting Started/Using Overlay/_category_.json +++ /dev/null @@ -1,5 +0,0 @@ -{ - "position": 2, - "collapsible": true, - "collapsed": false - } \ No newline at end of file diff --git a/docs/Guides/Get OVL.md b/docs/Guides/Get OVL.md deleted file mode 100644 index ef0119d..0000000 --- a/docs/Guides/Get OVL.md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 1 ---- \ No newline at end of file diff --git a/docs/Guides/Trade on Overlay (how to).md b/docs/Guides/Trade on Overlay (how to).md deleted file mode 100644 index fb78fd4..0000000 --- a/docs/Guides/Trade on Overlay (how to).md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 2 ---- \ No newline at end of file diff --git a/docs/Guides/Video guides.md b/docs/Guides/Video guides.md deleted file mode 100644 index deadfb1..0000000 --- a/docs/Guides/Video guides.md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 3 ---- \ No newline at end of file diff --git a/docs/Guides/_category_.json b/docs/Guides/_category_.json deleted file mode 100644 index f129621..0000000 --- a/docs/Guides/_category_.json +++ /dev/null @@ -1,5 +0,0 @@ -{ - "position": 3, - "collapsible": true, - "collapsed": true - } \ No newline at end of file diff --git a/docs/Introduction.md b/docs/Introduction.md index 0815e40..e560a2e 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -3,4 +3,57 @@ slug: / sidebar_position: 1 --- -Welcome to the Overlay Documentation Center! \ No newline at end of file +# Introduction to Overlay + + +## What is Overlay? + +Overlay Protocol is a decentralized platform, 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. The protocol can offer markets on ANY non-manipulable & non-predictable numerical data feed. + + + +> INFO +> For a deep dive into Overlay Protocol, please refer to our white paper [here](https://redrct.overlay.market/whitepaper). + + + + +## Types of markets + +Overlay aims to offer several types of markets, based on non-manipulable & non-predictable data feeds. These include: + +* non-traditional crypto markets such as markets letting users build positions on hash rate, gas, BTC difficulty, NFT floors, social tokens, yield rates, etc. +* non-traditional markets such as e-sports & sports, sneaker prices, scalar social-political markets, nature and science markets, etc. +* And the list goes on + + +## How does Overlay offer markets without counterparties? + +Users build positions against the entire protocol itself, or perhaps most tellingly: against every other OVL holder simultaneously. This enables Overlay markets to have deep liquidity without the need for liquidity providers or traditional swap-based counterparties (including market makers). To read more about how the protocol negates the potential OVL inflation risk from this mechanism, please refer to [this page](/Concepts%20Explained/Pricing%20and%20Price%20Impact). + + +## Pricing based on oracle feeds + +Pricing on Overlay markets is not dynamic in the traditional sense; it is based on values intermittently fetched from oracles. These oracle values are then adjusted by certain mechanisms built-in to the protocol (for more details, please [see our docs](/Concepts%20Explained/Pricing%20and%20Price%20Impact) on Pricing on Overlay). Overlay has the ability to onboard nearly any oracle, as long as the oracle feed is non-manipulable and non-predictable. + + ## How does trading work (Collateral and PnL)? + +Users would be required to lock OVL as collateral to a position in an Overlay market. PnL is settled in OVL. OVL is minted by the protocol and sent to the user as PnL if a position is in profit; on the other hand, if the position is at a loss, locked OVL is burned (to the extent of the loss). + + +## OVL + +OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token. OVL serves a dual purpose and will be used to participate in trading and DAO governance after launch. OVL acts as liquidity and governance in the Overlay system - all PnL for users is denominated in OVL, creating a flywheel effect where utility, liquidity and community incentives are fed back into the system. For more on OVL, please refer to [our section on OVL here](/Concepts%20Explained/OVL). + + +## Nature of Contracts entered by users + +Positions on Overlay Protocol resemble perpetual futures contracts (perps) - similar to perps, the contracts keep rolling over, with no expiration date or actual settlement. However, contracts offered on Overlay markets have several key features differing from conventional perps. For more on this, please refer to [our section on this](/Concepts%20Explained/How%20is%20Overlay%20different). + + +> DISCLAIMER +> Building positions can result in financial loss, especially with the use of leverage. Do your research about Overlay Protocol and the markets it offers before deploying your resources. A good rule of thumb is to not build positions with more than you can afford to lose. Overlay Protocol is a nascent and untested technology. While measures have been taken to secure the code/network/protocol, that does not ensure real funds cannot be lost. + + ++Last updated on Jan 2, 2025
diff --git a/docs/Resources/_category_.json b/docs/Resources/_category_.json deleted file mode 100644 index 5de9a08..0000000 --- a/docs/Resources/_category_.json +++ /dev/null @@ -1,5 +0,0 @@ -{ - "position": 8, - "collapsible": true, - "collapsed": true - } \ No newline at end of file diff --git a/docs/Risks/Summary of risks.md b/docs/Risks/Summary of risks.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Risks/_category_.json b/docs/Risks/_category_.json deleted file mode 100644 index f2caac3..0000000 --- a/docs/Risks/_category_.json +++ /dev/null @@ -1,5 +0,0 @@ -{ - "position": 6, - "collapsible": true, - "collapsed": true - } \ No newline at end of file diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index e69de29..c37c96f 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -0,0 +1,74 @@ +# Summary of risks + +## I. Inflation risk + +Overlay settles all PnL in its native token OVL - OVL is used as collateral to open a position, it’s minted to pay out profits, and is burned in case of a loss. Thus, the primary risk the protocol faces is risk of excessive inflation of OVL. This risk is managed through a range of mechanisms, detailed below. + +### A. Funding payments + +While other perpetual futures platforms charge funding to bring the contract price and spot price closer in case of a deviation, Overlay charges funding based on the imbalance of open interest between longs and shorts. Overlay does not require funding to reduce the basis (deviation between contract and spot price) as price is intermittently fetched from oracles. + +For example, if there are more longs than shorts, then longs pay funding to shorts. Since the size of the open interest imbalance is potential inflation risk for the protocol, funding payments are used to incentivize users to reduce this imbalance + +### B. Caps + +The protocol limits PnL or addition of new positions to mitigate inflation risk when and where necessary, based on risk parameters set by governance. The risk parameters through which this is achieved are detailed below: + +- Payoff caps: Overlay will have a per-position payoff cap that will limit the PnL of each position on the protocol; this cap will be determined by the community/DAO through a formal governance process for each market. This will help the protocol limit inflation risk from the trading of heavy tail assets. +- Open interest caps: OI caps will be imposed on the aggregate open interest for the long and short sides to limit the amount of position contracts an Overlay market is willing to take on at any point in time. The payoff cap does not work without an OI cap as it is trivial for a user to open several small positions to undermine the payoff cap. +- Circuit breakers: Together, payoff caps and open interest caps limit the amount the market can print on any single position. Circuit breakers take this a step further by limiting the amount the market can print over multiple positions in a given period of time. When an excess amount of OVL has been printed in the recent past, the possible notional size of new positions offered is significantly reduced for an period of time to cool down the market, and bring the rate of inflation in a particular market in line with the protocol’s expected inflation level. + +### C. Liquidations + +Loss making positions that have reached the liquidation threshold are liquidatable by anyone who calls the liquidate function on the market contract. The liquidator earns a reward for doing this. Some of the OVL loss incurred by the user is burnt, and some is sent to the fee repo. + +A key point to note is that risk parameters associated with the above features are set by Overlay governance. So, it is up to token holders to decide the balance between inflation risk vs increased potential volumes and platform usage. On one end of the spectrum, the risk parameters can be tuned so strictly as to inhibit all trading volume for zero inflation risk. On the other end of the spectrum, they can be tuned so loose as to enable large trading volumes but with significant risk of inflation. + +## II. Smart Contract Risk + +The deterministic nature of smart contracts is a huge positive for transparency, but also makes them prone to vulnerabilities. Changes to the smart contract are usually not possible after deployment, unless such capabilities are incorporated during the creation of the smart contract (which creates a different nature of risk). + +If there are errors/bugs in the code, this may cause the protocol to be unusable. Bugs may even open up the protocol to attacks from bad actors, potentially leading to a loss of funds. While the risk stemming from smart contracts can be mitigated through audits and testing, there is still a risk of errors/bugs persisting. + +### Overlay has undergone four comprehensive audits +Spearbit, Least Authority, Trail of Bits and Nethermind. For more details on Overlay’s audits, read about them: +- [Spearbit DAO Audit](https://github.com/overlay-market/v1-core/blob/main/audits/spearbit/audit.pdf) +- [Least Authority Audit](https://github.com/overlay-market/v1-core/blob/main/audits/leastauthority/audit.pdf). +- [Trail of Bits Audit](https://github.com/overlay-market/v1-core/blob/main/audits/trailofbits/audit.pdf). +- [Nethermind Audit](https://github.com/overlay-market/v1-shiva/blob/main/audits/nethermind/audit.pdf). + +## III. Smart contract control/access + +If access to the smart contract is not implemented correctly, this can lead to a vulnerability that then may be exploited to gain control of the smart contract. This puts the protocol and the funds in the smart contract at risk. + +## IV. Oracle Risk + +Pricing data on Overlay markets is based on values intermittently fetched from oracles. Oracles are third-party services that help protocols get information/data (related to price data or other data) required from outside of the protocol’s smart contract ecosystem. Any tool that helps get price data about an asset is a “price oracle.” Overlay has the ability to onboard nearly any oracle, as long as the oracle feed is non-manipulable and non-predictable. + +There is sometimes a time delay between manipulation-resistant information available at the current time and the actual most recent value of the data stream. That is, the price feed of the oracle may not be up to date with the actual price at any given point of time. This latency can be exploited to turn a profit by frontrunning users. + +Several crypto exploits have focused on corrupting oracle data through manipulation of the oracle price feeds. This can lead to large gains for exploiters on another platform using the corrupted oracle data. Such attacks usually involve flash loans to manipulate oracle data and are completed within the same block (due to the nature of flash loans). + +Overlay attempts to mitigate oracle risks by implementing the following features: + +### A. Time Weighted Average Price (TWAP) + +TWAP or “Time-Weighted Average Price” is the average price of an asset over a certain time period. TWAP price is often used by market participants in traditional markets and crypto to execute large orders (in chunks) while minimizing market impact. + +Using TWAPs instead of spot prices as a price oracle is common practice in DeFi. TWAPs make oracle manipulation attacks significantly more expensive and cumbersome. This is because TWAP feeds require that attacks be sustained across multiple blocks, which is extremely expensive to do and can generally not be executed through flash loans - such an attack would require an attacker to put up real liquidity. + +### B. Bid-ask spread + +A bid-ask spread refers to the difference or “spread” in the price between which an asset can be bought or sold at any given particular point of time. In traditional exchanges (based on the CLOB model), this can be thought of as the difference between the highest price a buyer is willing to pay and the lowest price a seller is offering. + +Overlay introduces a static spread between bid and ask prices in order for users to not profit from the latency inherent in a TWAP price feed (since it is the average of the price over a certain period of time). + +### C. Market impact + +Market impact is the change in price of an asset due to the execution of a particular position. Price Impact is generally a function of liquidity in a market - the more liquid a market, the less the price impact would be for the same size of position. + +Large positions on Overlay markets suffer slippage, emulating a real market and severely limiting the potential profit of attackers (as compared to Overlay markets where market impact was not emulated). This market impact is determined by a combination of a per-market price impact constant (which could be changed for any market in governance) and the cumulative open interest on the ask/bid side in a rolling time window. Thus, price impact on Overlay is added to bid and ask prices based on the size of the order and a per-market impact constant. + +### D. Spot price manipulation + +Wherever applicable, such as when the price oracle is a Uniswap v3 oracle, the protocol keeps track of liquidity and price movements in the pool and adjusts its risk parameters accordingly. diff --git a/docs/Security/Security assumptions.md b/docs/Security/Security assumptions.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Security/Third party audits.md b/docs/Security/Third party audits.md deleted file mode 100644 index e69de29..0000000 diff --git a/docs/Token/Monetary Policy and Token Supply.md b/docs/Token/Monetary Policy and Token Supply.md new file mode 100644 index 0000000..dc53e54 --- /dev/null +++ b/docs/Token/Monetary Policy and Token Supply.md @@ -0,0 +1,4 @@ +# Monetary Policy and Token Supply + + +To be announced. \ No newline at end of file diff --git a/docs/Token/TORCH Airdrop.md b/docs/Token/TORCH Airdrop.md new file mode 100644 index 0000000..6930a5a --- /dev/null +++ b/docs/Token/TORCH Airdrop.md @@ -0,0 +1,52 @@ +# How to Claim TORCH Airdrop + +What this page does: +Checks your wallet’s eligibility from our bot screening, then routes you to human.tech to get a Humanity Score. Your next step depends on that score. + +## Step 1 — Check your Wallet + +Connect your wallet on the [airdrop checker](https://app.overlay.market/airdrops). + +We’ll show one of two pre-screen statuses from our bot checker: + +* Qualified (pre-screen passed) → proceed to Humanity Score (Step 2). +* Disqualified (pre-screen failed) → you can appeal via [Discord](https://redrct.overlay.market/discord) ticket. + +## Step 2 — Humanity Score (via human.tech) + +Complete the quick verification on [Human Passport](https://app.passport.xyz/#/dashboard). Based on your Humanity Score: + +* \> 25 — Verified Human + - Your wallet will be added to the next airdrop batch. + - Claim on Sablier opens \~3 days later. + +* 20–25 — Review Required (likely bot) + - Open a [Discord](https://redrct.overlay.market/discord) ticket to appeal. If approved, we’ll add you to the batch and you’ll claim later on Sablier. + +* < 20 — Bot. + - No further action. These wallets are not eligible. + +> Note: Only qualified wallets can reach the Humanity Score step. Disqualified wallets can appeal directly via [Discord](https://redrct.overlay.market/discord). + +--- + +## Appeals (Discord) + +* Disqualified by bot checker? Open a ticket in [Discord](https://redrct.overlay.market/discord). +* Score 20–25? Open a ticket in [Discord](https://redrct.overlay.market/discord). +* Provide any info we request. Final decisions are at the Overlay team’s discretion. + +--- + +## Claims (Sablier) + +* Once you completed the verification steps, the Sablier claim link will appear on the [airdrop checker](https://app.overlay.market/airdrops) after \~3 days. +* Claims are streamed via Sablier per the campaign’s vesting rules. + +--- + +### Security notes + +* We will never DM you first. +* Only use links on [overlay.market](https://overlay.market/#/) and our official [Discord](https://redrct.overlay.market/discord). +* You only need to verify once per wallet. Multiple wallets per person may be disqualified. \ No newline at end of file diff --git a/docusaurus.config.js b/docusaurus.config.js index 25e369b..7f34f5d 100644 --- a/docusaurus.config.js +++ b/docusaurus.config.js @@ -1,53 +1,64 @@ module.exports = { - title: "Overlay", - tagline: "Trade data streams", - url: "https://overlay-docs.com", - baseUrl: "/", - favicon: "img/favicon.ico", - organizationName: "overlay", // Usually your GitHub org/user name. - projectName: "overlay-docs", // Usually your repo name. - themeConfig: { - prism: { - additionalLanguages: ["ejs"], - theme: require("prism-react-renderer/themes/vsDark") - }, - navbar: { - title: "Overlay", - logo: { - alt: 'Overlay logo', - src: 'img/logo.svg', - srcDark: 'img/logo-white.svg' - }, - items: [ - { - href: "https://www.notion.so/Overlay-Protocol-29da60fd11e9436ea69e2a5e0db28a74", - label: "Notion", - position: "right" - }, - { - href: "https://github.com/overlay-market", - label: "GitHub", - position: "right" - }, - { - href: "https://twitter.com/OverlayProtocol", - label: "Twitter", - position: "right" - } - ] - }, - }, - presets: [ - [ - '@docusaurus/preset-classic', - { - docs: { - routeBasePath: '/', // Serve the docs at the site's root - /* other docs plugin options */ - }, - blog: false, // Optional: disable the blog plugin - // ... - }, - ] -] -} \ No newline at end of file + title: "Overlay", + tagline: "Trade data streams", + url: "https://docs.overlay.market", + baseUrl: "/", + favicon: "img/OVL-favicon.ico", + organizationName: "overlay", // Usually your GitHub org/user name. + projectName: "overlay-docs", // Usually your repo name. + themeConfig: { + prism: { + additionalLanguages: ["ejs"], + theme: require("prism-react-renderer/themes/vsDark") + }, + navbar: { + title: "Overlay", + logo: { + alt: 'Overlay logo', + src: 'img/logo.png', + srcDark: 'img/logo-white.png' + }, + items: [ + // { + // type: "localeDropdown", + // position: "right", + // }, + { + href: "https://github.com/overlay-market", + label: "GitHub", + position: "right", + }, + { + href: "https://twitter.com/OverlayProtocol", + label: "Twitter", + position: "right", + }, + ], + }, + }, + i18n: { + defaultLocale: "en", + locales: ["en", "zh-CN"], + localeConfigs: { + en: { + htmlLang: "en-GB", + }, + // 'zh-CN': { + // htmlLang: "zh-CN", + // } + }, + }, + presets: [ + [ + "@docusaurus/preset-classic", + { + docs: { + routeBasePath: "/", // Serve the docs at the site's root + /* other docs plugin options */ + }, + blog: false, // Optional: disable the blog plugin + // ... + }, + ], + ], +}; diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md new file mode 100644 index 0000000..c37da6e --- /dev/null +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md @@ -0,0 +1,75 @@ +--- +sidebar_position: 5 +--- +# 基差头寸 + + +## 介绍 + +用户可以通过 Overlay 的基差头寸建立Delta中立策略获取收益。如果用户在 Overlay 上持有一个赚取资金费用的头寸，则用户可以对冲该头寸（通过在市场上创建等值的相反头寸），从而在保持零/最小市场风险暴露的同时赚取资金费用。 + + +> 警告 +> 创建基差头寸需要对持仓和涉及的资金费率进行持续监督。 + + + +## 在 Overlay 交易市场上何时向用户支付资金费用？ + +如果多头的未平持仓量（OI）大于空投的OI，则空头头寸在该市场上赚取资金费用。相反的情况也成立，如果空头OI大于多头OI，则多头头寸将赚取资金费用。 + + +| OI 失衡 + | +资金支付给 + | +
| OI空头 > OI多头 + | +多头 + | +
| OI多头 > OI空头 + | +空头 + | +
+Last updated on Oct 18, 2022
+ diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md new file mode 100644 index 0000000..16c937f --- /dev/null +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md @@ -0,0 +1,46 @@ +--- +sidebar_position: 4 +--- +# OVL + +OVL是Overlay Protocol提出的原生代币。它是以太坊主网上的ERC-20代币。 OVL具有双重作用，将在发布后用于参与交易和DAO治理。 + +持有者可以使用OVL进行以下操作： + + + +1. 投票支持治理Overlay Protocol的DAO提案 +2. 使用OVL作为抵押品在Overlay上开设头寸 + + +## 建立头寸 + +要进入头寸，Overlay Protocol的用户将OVL作为抵押品/保证金锁定到Overlay智能合约中。用户可以在Overlay提供的任何市场的任一方利用此抵押品进行杠杆操作。 + +在平仓头寸时，头寸可能是盈利、亏损或持平的。如果头寸盈利，协议将铸造与头寸及市场差额等价的OVL代币。这些代币将添加到OVL的流通供应中。 + +如果头寸亏损，协议将烧毁相当于所遭受损失的OVL代币价值。这些代币将从OVL的流通供应中移除。如果头寸持平，将不会铸造或烧毁任何代币。 These tokens are removed from the circulating supply of OVL. No tokens are minted or burned in case a position is closed at a break even. + + +## 治理 + +目前，Overlay Protocol由Planck Cat DAO治理。 Planck Cat DAO的成员将根据其对协议的贡献获发ERC-721代币/NFT。请点击[此处](https://www.notion.so/PlanckCat-DAO-7a3fe097aa5c4acaac2d89e142467e53)，了解当前Overlay治理结构的更多详细信息以及可以如何为Planck Cat Dao做出贡献的详细信息。 + + +> 提示 +> PCD铸造已上线，软顶为500个PCD。为Overlay做出贡献并赚取CRED以铸造PCD。有关更多详细信息，请点击[此处](https://www.notion.so/What-is-PlanckCat-DAO-PCD-330510eae9864129aa511668a8a594c8)。单击此处进入[Discord](https://discord.com/invite/m2U5vSr4gD)开始做出贡献。 + + + +将来，OVL将成为Overlay Protocol的治理代币，并且持有者可以使用它来投票支持社区提出的治理提案。 + +这与其他现有的DAO（如Maker DAO，Yearn Finance等）类似，它们也使用各自的原生代币投票决定治理提案以实现Overlay运作和决策。 + + +## 供给 + +代币首次部署时，OVL代币有800万枚。 OVL供给是动态的。当用户解除头寸时，智能合约将动态铸造和销毁OVL。 + ++Last updated on Oct 18, 2022
+ diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md new file mode 100644 index 0000000..bc227b8 --- /dev/null +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md @@ -0,0 +1,20 @@ +# Oracles + +Overlay市场的价格数据是基于从预言机间歇性获取的数值。预言机是帮助协议从智能合约生态外获取所需信息/数据（与价格数据或其他数据有关）的第三方服务。任何帮助获取资产价格数据的工具都是“价格预言机”。只要数据源是不可操纵和不可预测的，Overlay就有能力接入几乎任何预言机。 + + +> 提示 +> 要了解更多关于预言机的信息，可以访问以太坊基金会的预言机[文档](https://ethereum.org/en/developers/docs/oracles/)或Chainlink的[介绍](https://chain.link/education/blockchain-oracles)。 + + +Overlay将使用的第一个预言机是Uniswap v3 TWAP预言机。使用此预言机的Overlay市场将使用Uniswap v3上现有交易对的价格数据。哪些交易对会上线Overlay市场将由治理决定。TWAP预言机有助于防止对预言机数据源的抢先交易（frontrunning），保护协议免受价格预言机的攻击。 + + +> 提示 +> 要了解更多关于Uniswap v3 TWAP预言机的信息，可以从Uniswap的TWAP预言机[文档](https://ethereum.org/en/developers/docs/oracles/) 或Chaos Labs的更通俗易懂的[文章](https://chaoslabs.xyz/posts/chaos-labs-uniswap-v3-twap-deep-dive-pt-1)开始。 + + +Overlay将实施的第二种预言机类型是Chainlink预言机数据源。添加Chainlink预言机源将有助于Overlay提供Chainlink上可用的任何市场/数据流的能力。这也将允许协议提供基于数据流的非传统市场，例如消费者价格指数（CPI），即通货膨胀水平的衡量标准。同样的，添加Chainlink预言机源和其他市场是社区治理决定。 + ++Last updated on Oct 18, 2022
diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md new file mode 100644 index 0000000..4de3c0e --- /dev/null +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md @@ -0,0 +1,82 @@ +# 合约地址 + + + +> 相关信息 +> Overlay协议目前仅限沙盒环境的Litter Box 1项目的参与者使用。截至目前，OVL代币未在任何交易所上线，也未部署任何流动性池。要了解有关Litter Box 1的更多信息，请查看我们的博客文章。 + + + + +## OVL代币 + +OVL代币已部署在以太坊主网和Arbitrum主网上，两个主网的的OVL代币地址分别为[0xdc77acc82cce1cc095cba197474cc06824ade6f7](https://etherscan.io/address/0xdc77acc82cce1cc095cba197474cc06824ade6f7#code)和[0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54](https://arbiscan.io/address/0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54)。 + +## Overlay智能合约 + +Overlay智能合约目前仅部署在以太坊主网和Arbitrum主网上。 + + +| 合约 + | +合约地址 + | +
| OverlayV1Factory + | +0x9a74758c2A80fA1B1d899E0E1f24CF505a4Dea33 + | +
| OverlayV1State + | +0x477122219aa1F76E190f480a85af97DE0A643320 + | +
| OverlayV1Market + | +0x7f72986e190BBd1D02daC52b8DdA82eEa363d313 + | +
| OverlayV1NoReserveUniswapV3Factory + | +0x40a9C6E8d60bE1CE297Bef6a9aC3337d45193D87 + | +
| OverlayV1NoReserveUniswapV3Feed ETH/USDC (0.05%) + | +0xFFDd8e8D16AEd8CadF4b46DcAf4Ba620Dc269De1 + | +
+Last updated on Oct 18, 2022
+ + + diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md new file mode 100644 index 0000000..d281e54 --- /dev/null +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md @@ -0,0 +1,12 @@ +--- +sidebar_position: 4 +--- +官方沟通渠道（谨防诈骗 - 以下是Overlay协议仅有的官方渠道） + +**Discord: _[https://discord.gg/m2U5vSr4gD](https://discord.gg/m2U5vSr4gD)_** + +**Twitter: _[https://twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** + +**治理论坛: _https://commonwealth.im/overlay/_** + +**停用:** Telegram channel diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Getting Started/Governance.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Getting Started/Governance.md new file mode 100644 index 0000000..35d10fb --- /dev/null +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Getting Started/Governance.md @@ -0,0 +1,22 @@ + +# 治理 + +截至今日，Overlay协议由Planck Cat DAO管理，这是一个允许Overlay贡献者通过PlanckCat（PCD）NFT参与协议治理的DAO。目前正在讨论治理权是否替代为OVL代币。这些讨论将在Discord和论坛的相关频道中进行。 + +1个PCD NFT等于1票，持有PCD NFT的人可以在[Snapshot](https://snapshot.org/#/planckcatdao.eth)上投票支持治理提案。此外，任何PCD NFT持有者都可以在[Overlay的Discord](http://discord.gg/m2U5vSr4gD)和/或[论坛](https://gov.overlay.market/)上发起讨论，并在经过初步沟通后，在Snapshot上发起治理提案。 + +PlanckCat DAO可以并且将决定哪些市场将在协议上架或者下架，以及设置协议风险参数，这将决定所有用户的体验。 + +非PCD NFT持有者仍然可以参与在Discord和治理论坛上的讨论。 + + +如果社区成员希望积极参与治理，他们必须通过为Overlay协议做出贡献来获得NFT。参与由社区成员评判，贡献者将获得Cred奖励。截至今日，社区成员必须获得1000个Cred才能获得一个PCD NFT。PCD NFT的软顶限额目前设置为500。一旦达到500的限额，可以一次性铸造更多的NFT。 + + + + + + + + + diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Introduction.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Introduction.md new file mode 100644 index 0000000..6c09246 --- /dev/null +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Introduction.md @@ -0,0 +1,62 @@ +--- +slug: / +sidebar_position: 1 +--- + +# Overlay产品介绍 + + +## Overlay是什么? + +Overlay协议是建立在以太坊上的去中心化平台，为用户提供在无需传统的交易对手（流动性提供者或做市商）来承担对手盘情况之下，依旧能在市场或数据流中建立头寸的能力。理想情况下，该协议将提供基于以下两点的衍生品市场（i）价格数据源和（ii）不可操纵且不可预测的数据源。 + + + +> 额外信息 +> 请参阅我们的[白皮书](https://gateway.pinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv)进一步了解Overlay协议的相关细节。 + + + + +## 交易市场类型 + +Overlay致力于提供基于价格数据源和不可操纵且不可预测的数据源之上的多种类型的交易市场。这些包括： + + + +* 非传统的加密货币市场，如让用户基于哈希率、矿工费、BTC 难度、NFT 地板价、社交代币、收益率等建立头寸 +* 非传统市场，如电子竞技和体育、运动鞋价格、标量社会政治市场、自然和科学市场等 +* 传统的加密货币市场 +* 更多其它交易市场类型 + + +## Overlay如何在没有交易对手的情况下提供交易市场？ + +用户建立头寸的交易对手方是整个协议本身，或者也可以说是其它所有的OVL持有者。这使得Overlay市场在无需流动性提供者或传统的基于掉期交易（Swap）的交易对手（包括做市商）依旧能具有深度流动性。如需了解更多有关本协议如何避免此机制所带来的潜在OVL通胀风险，请参阅此篇文章。 + + +## 基于预言机数据源的定价模式 + +Overlay市场的定价不是传统意义上的动态定价，而是基于Oracle预言机喂送的数据。然后，这些预言机数值会通过协议内置的特定机制进行调整（请参阅我们Overlay定价的文章了解更多详情）。只要预言机数据源是不可操纵且不可预测的，Overlay几乎可以适配相关预言机。 + + ## 交易是如何运作的（抵押和盈亏）？ + +用户需要将OVL作为抵押物锁定在Overlay市场头寸中。盈亏也以OVL结算。如果头寸获利，协议将铸造OVL并发放给用户；另一方面，如果头寸亏损，锁定的OVL将被销毁（直至亏损额度）。 + + +## OVL + +OVL是Overlay协议提出的原生代币，为以太坊主网上的ERC-20代币。OVL具有双重作用，将在正式发布后可用于参与交易以及DAO治理。OVL在Overlay体系中充当流动性和治理的作用——所有用户的盈亏以OVL计价，将实用性、流动性和社区激励反馈到系统中，从而产生飞轮效应。请参阅我们有关OVL的部分了解OVL的更多信息。 + + +## 用户进入的合约的本质 + +在Overlay协议上建立的头寸类似于永续合约（perps）- 类似于perps，该合约会不断滚动，没有到期日或实际结算。然而，Overlay市场上提供的合约与传统perps有几个不同的关键点。请参阅我们有关此问题的部分了解更多信息。 + + +> 免责声明 +> 建立头寸可能会导致财务损失，特别是在使用杠杆的情况下。在使用之前，请研究Overlay协议和其提供的市场。一般来说，不要建立超出自己负担范围的头寸。Overlay协议是一项创新性的，未经测试的新技术。虽然已采取各种措施确保代码/网络/协议的安全性，但这并不能确保真实资金不会损失。 + + ++Last updated on Oct 18, 2022
diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Security/Risks.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Security/Risks.md new file mode 100644 index 0000000..6d3b22d --- /dev/null +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Security/Risks.md @@ -0,0 +1,80 @@ +# 风险概述 + +## I. 通胀风险 + +Overlay协议使用原生代币OVL结算所有的PnL，OVL作为建仓的抵押品，在赢利时被铸造，而在亏损时被销毁。因此，该协议面临的主要风险是OVL通胀过度。该风险通过以下一系列机制来管理。 + +### A.资金费用 + +一般而言，其他永续合约平台通过收取资金费用来平衡合约价格和现货价格的差异，而Overlay则基于多空持仓之间的差别收取资金费用。由于Overlay从预言机获取价格，因此不需要通过资金费用来减少基差（合约价格和现货价格之间的差异）。 + +例如，如果多头持仓比空头多，那么多头将向空头支付资金费用。由于多空持仓之间不平衡的程度导致协议的潜在通货膨胀风险，因此资金费用会用于激励用户减少此不平衡。 + +### B.上限 + +该协议在需要的时候会通过限制PnL或增加新仓位来避免通胀风险，具体则取决于由DAO治理设置的风险参数。以下是相关风险参数的细节： + +- 收益上限：Overlay将设定每个仓位的收益上限，以限制该协议中每个仓位的PnL；此上限将由社区/DAO通过官方的治理流程为每个市场制定。这将有助于该协议限制长尾资产交易的通胀风险。 +- 未平仓量（OI）上限：OI上限将被强制执行，以限制Overlay市场可承担的仓位数量。如若没有OI上限，收益上限不会有效，因为用户可以打开多个小仓位来规避收益上限。 +- 熔断机制：收益上限和OI上限共同限制市场在任何单个仓位上可以铸造的代币数量。熔断机制则进一步限制了市场在给定时间内由于多个仓位需要铸造的数量。当近期铸造的OVL数量超过预期时，可创建的新仓位的规模将被显著降低一段时间，以冷却市场，并将特定市场的通胀率带回与该协议预期的通胀相一致的水平。 + +### C. 清算 + +达到清算阈值的亏损头寸可以被任何调用合约上清算函数的人进行清算，并且清算者会获得奖励。用户遭受的 OVL 亏损中的一部分会被销毁，而另一部分会被存到费用资金库。 + +需要注意的一点是，与上述功能相关的风险参数都由 Overlay 治理机构设置。因此，决定通货膨胀风险与平台潜在交易量之间的平衡取决于代币持有人。在一个极端下，风险参数太过严格，虽然实现了零通膨风险，但也抑制了所有交易量。在另一端，风险参数设置的过于松散，虽然实现了大规模交易量，但却伴随着重大的通货膨胀风险。 + +## II. 智能合约风险 + +智能合约不可篡改的特性对于透明度来说是极好的，但同时也使它们更脆弱。除非相关的功能在智能合约创建时就被纳入（这会导致其它不同类型的风险），通常智能合约在部署后无法修改。 + +如果代码中存在错误/漏洞，可能会导致无法使用该协议。漏洞甚至可能导致协议暴露在黑客的攻击下，进而导致可能的资金损失。虽然智能合约带来的风险可以通过审核和测试进行缓解，但仍然存在错误/漏洞风险。 + +Overlay已经通过了两次全面的审计：分别为Spearbit和Least Authority。有关Overlay的审计的更多详细信息，请在这里了解。 + +## III. 智能合约控制/访问 + +如果没有正确实施对智能合约的访问，这可能被恶意利用，从而导致被夺取智能合约的控制权。这会使协议和智能合约中的资金处于风险之中。 + +## IV. 预言机风险 + +Overlay市场的价格数据基于从预言机间接性获取的数值。预言机是帮助协议从智能合约生态系统之外获取所需的信息/数据（涉及价格数据或其他数据）的第三方服务。任何帮助获取资产价格数据的工具都是“价格预言机”。Overlay就能接入几乎任何预言机，只要预言机提供的信息流是不可操控且不可预测的。 + +有些时候，在当前时间可用的数据和数据流的实际最新数值之间存在一定的时间延迟。也就是说，预言机的价格可能没有及时反应最新的实际价格。这种延迟可以被抢先交易（frontrunning）用户滥用获利。抢先交易在以太坊主网上是一个更为明显的问题。 + +几种加密攻击都集中于通过操作预言机价格提供来破坏预言机数据。这可能会导致攻击者在使用了被破坏的预言机数据的另一个平台上获得巨额收益。这些攻击通常涉及闪电贷来操纵预言机数据，并且在同一区块内完成（闪电贷的本质）。 + +Overlay通过实现以下功能来缓解预言机风险： + +### A. 时间加权平均价格（TWAP） + +TWAP或“时间加权平均价格”是资产在一定时间段内的平均价格。 TWAP价格通常由传统市场和加密市场参与者用于在最小化市场影响的同时执行大额订单（分批次）。 + +在DeFi中，使用TWAP而不是现货价格作为价格预言机是一种常见做法。 TWAP使预言机操纵攻击变得显著的更昂贵及繁琐。这是因为TWAP数据需要在多个区块中持续进行攻击，这是非常昂贵的，并且通常不能通过闪电贷来执行此攻击 - 这种攻击需要攻击者提供实际流动性。 + +### B. 买卖价差 + +买卖价差是在任何特定时间点可以买入或卖出资产的价格之间的差异或“价差”。在传统交易所（基于CLOB模型）中，这可以被视为买家愿意支付的最高价格和卖家提供的最低价格之间的差异。 + +Overlay在买价和卖价之间引入了一个固定价差，以便用户无法从TWAP价格预言机固有的延迟中获利（因为它是在一定时间段内的价格平均值）。 + +### C. 市场影响 + +市场影响是由于执行特定头寸而导致资产价格的变化。价格影响通常是市场流动性的一个函数-市场流动性越强，相同规模头寸带来的价格影响越小。 + +Overlay市场上的大额头寸会受到滑点的影响，其模拟真实市场的方式能大幅限制攻击者的潜在利润（与Overlay市场如果不模拟市场影响的情况相比）。这种市场影响是由1.滚动时间窗口中的买/卖一方的累积未平仓合约和2.每个市场的价格影响常数的组合确定的（其中价格影响常数可通过DAO治理更改）。因此，在Overlay上，根据订单大小和每个市场的影响常数，价格影响被添加到买价和卖价中。 + +### D. 现价操纵 + +在特定情况下，例如当价格预言机是Uniswap v3 预言机时，协议会追踪流动性池中的流动性和价格变动，并相应调整其风险参数。 + + + + + + + + + + + diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Security/Third party audits.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Security/Third party audits.md new file mode 100644 index 0000000..a04d856 --- /dev/null +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Security/Third party audits.md @@ -0,0 +1,107 @@ +# 智能合约审计 + +Overlay的v1合约已经经过了两次审计，首先是由[Spearbit](https://spearbit.com/)进行的，然后是[Least Authority](https://leastauthority.com/)。 + +| 审计公司 + | +日期 + | +报告 + | +
| Spearbit + | +2022年5月5日 + | +Spearbit Overlay安全审查 + | +
| Least Authority + | +2022年6月8日 + | +Least Authority安全审计报告 + | +
| 类型 + | +问题数量 + | +状态 + | +
| 关键风险 + | +0 + | +- + | +
| 高风险 + | +2 + | +已修复 + | +
| 中风险 + | +2 + | +已修复 + | +
| 低风险 + | +5 + | +已修复 + | +