From 736ced7739d14412aa205c1f01a7248ae8a15450 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Tue, 18 Oct 2022 15:58:34 +0530 Subject: [PATCH 001/121] Add intro --- docs/Introduction.md | 60 +++++++++++++++++++++++++++++++++++++++++++- 1 file changed, 59 insertions(+), 1 deletion(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index 0815e40..2d5414c 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -3,4 +3,62 @@ 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 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. + + +``` +INFO +For a deep dive into Overlay Protocol, please refer to our white paper here. +``` + + + +## Types of markets + +Overlay aims to offer several types of markets, based on price data feeds and 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. +* traditional crypto markets +* 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 write-up. + + +## 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 article 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 on the Ethereum Mainnet. 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. + + +## 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. + + +``` +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 Oct 18, 2022

From 9df6262a513da345cdde797faec2324a060c1dbd Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Tue, 18 Oct 2022 16:14:53 +0530 Subject: [PATCH 002/121] Bug fix for style prop --- docs/Introduction.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index 2d5414c..99f73bd 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -60,5 +60,5 @@ Building positions can result in financial loss, especially with the use of leve ``` -

+

Last updated on Oct 18, 2022

From 5e38edade8d469728778ad67d5209661db282686 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Tue, 18 Oct 2022 16:16:28 +0530 Subject: [PATCH 003/121] Bug fix --- docs/Introduction.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index 99f73bd..2e8e2e8 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -60,5 +60,5 @@ Building positions can result in financial loss, especially with the use of leve ``` -

+

Last updated on Oct 18, 2022

From 9b0e1e24d014cb995eed41cb6c7142ed6dbe75fe Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Tue, 18 Oct 2022 16:18:55 +0530 Subject: [PATCH 004/121] Remove asterisk --- docs/Introduction.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index 2e8e2e8..c91aa20 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -3,7 +3,7 @@ slug: / sidebar_position: 1 --- -# **Introduction to Overlay** +# Introduction to Overlay ## What is Overlay? From 64ce25b23d9146c82b9da37407d1f1e341abf5b0 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 19:14:50 +0530 Subject: [PATCH 005/121] Add whitepaper link --- docs/Introduction.md | 14 ++++++-------- 1 file changed, 6 insertions(+), 8 deletions(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index c91aa20..a2f9adc 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -11,10 +11,10 @@ sidebar_position: 1 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. -``` -INFO -For a deep dive into Overlay Protocol, please refer to our white paper here. -``` + +> INFO +> For a deep dive into Overlay Protocol, please refer to our white paper [here](https://planckcat.mypinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv). + @@ -54,10 +54,8 @@ OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on t 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. -``` -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. -``` +> 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.

From 5ccb2dd995f943fc92b3455e45b7c7d7205ea260 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 19:18:36 +0530 Subject: [PATCH 006/121] Minor change --- docs/Introduction.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index a2f9adc..c99d69b 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -12,7 +12,7 @@ Overlay Protocol is a decentralized platform built on Ethereum, and offers users -> INFO +> INFO\ > For a deep dive into Overlay Protocol, please refer to our white paper [here](https://planckcat.mypinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv). @@ -54,7 +54,7 @@ OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on t 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. -> DISCLAIMER +> 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. From 8ba490f8ceb55ba5cb0a5d34862df746fb16982f Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 19:22:49 +0530 Subject: [PATCH 007/121] Add empty line in blockquotes --- docs/Introduction.md | 6 ++++-- 1 file changed, 4 insertions(+), 2 deletions(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index c99d69b..d71767b 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -12,7 +12,8 @@ Overlay Protocol is a decentralized platform built on Ethereum, and offers users -> INFO\ +> INFO +> > For a deep dive into Overlay Protocol, please refer to our white paper [here](https://planckcat.mypinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv). @@ -54,7 +55,8 @@ OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on t 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. -> DISCLAIMER\ +> 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. From 299df323b298ca83c76f616d5886b2dd50fa947f Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 19:26:06 +0530 Subject: [PATCH 008/121] Fix line break --- docs/Introduction.md | 6 ++---- 1 file changed, 2 insertions(+), 4 deletions(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index d71767b..7115b23 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -12,8 +12,7 @@ Overlay Protocol is a decentralized platform built on Ethereum, and offers users -> INFO -> +> INFO > For a deep dive into Overlay Protocol, please refer to our white paper [here](https://planckcat.mypinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv). @@ -55,8 +54,7 @@ OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on t 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. -> DISCLAIMER -> +> 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. From 1741c9a06d5e904e5b8d46d125cbb0128cba08b0 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 19:49:30 +0530 Subject: [PATCH 009/121] Contract addresses content --- docs/Contracts/Contract Addresses.md | 83 ++++++++++++++++++++++++++++ 1 file changed, 83 insertions(+) create mode 100644 docs/Contracts/Contract Addresses.md diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md new file mode 100644 index 0000000..3689bfb --- /dev/null +++ b/docs/Contracts/Contract Addresses.md @@ -0,0 +1,83 @@ +# Conract Addresses + + + +> INFO +> Overlay Protocol is currently only available to participants in the gated and sandboxed Litter Box 1 program. The OVL token is NOT available on any exchanges as of now, nor have any liquidity pools been deployed. To learn more about Litter Box 1, please check out our blog post, available here. + + + + +## OVL Token + +The OVL token is deployed on the Ethereum mainnet, and is meant only for the sandboxed and gated Litter box 1 program at this point in time. The OVL token address on Ethereum mainnet is [0xdc77acc82cce1cc095cba197474cc06824ade6f7](https://etherscan.io/address/0xdc77acc82cce1cc095cba197474cc06824ade6f7#code). + + +## Overlay Smart Contracts + +Overlay smart contracts are currently deployed only on the Ethereum mainnet exclusively for testing purposes. + + + + + + + + + + + + + + + + + + + + + + + + + + + +
Contract + Address +
OverlayV1Factory + 0x9a74758c2A80fA1B1d899E0E1f24CF505a4Dea33 +
OverlayV1State + 0x477122219aa1F76E190f480a85af97DE0A643320 +
OverlayV1Market + 0x7f72986e190BBd1D02daC52b8DdA82eEa363d313 +
OverlayV1NoReserveUniswapV3Factory + 0x40a9C6E8d60bE1CE297Bef6a9aC3337d45193D87 +
OverlayV1NoReserveUniswapV3Feed ETH/USDC (0.05%) + 0xFFDd8e8D16AEd8CadF4b46DcAf4Ba620Dc269De1 +
+ + + +## PlanckCat DAO on Arbitrum + +PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in decision making processes through governance. Contributors receive an ERC-721 token when their contribution crosses a certain threshold. PCD NFTs are currently minted on Arbitrum. The contract address for the PCD NFTs is _[0xc9B28946144E3A0e02fcC119a622E30565916784](https://arbiscan.io/token/0xc9B28946144E3A0e02fcC119a622E30565916784)_. + + + +> TIP +> PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! For more details, go here. Hop into our discord here to start contributing. + + + +> DISCLAIMER +> Please note that Overlay Protocol's OVL token has been deployed in a limited capacity (only for participants of the Litter Box 1 program) on Ethereum mainnet. The official Overlay token OVL is not available on any exchange currently. The official token address of the OVL token is the one provided on this page. Any other ERC-20 tokens currently deployed on Ethereum (or any other chain) are not associated with Overlay Protocol. +> +> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed here. + + +

+Last updated on Oct 18, 2022

+ + + From 660a81011c0811d62c64150210481f2517b19364 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 22:44:31 +0530 Subject: [PATCH 010/121] Add links --- docs/Contracts/Contract Addresses.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index 3689bfb..76373dd 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -66,14 +66,14 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in > TIP -> PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! For more details, go here. Hop into our discord here to start contributing. +> PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! For more details, go [here](https://www.notion.so/PlanckCat-DAO-7a3fe097aa5c4acaac2d89e142467e53). Hop into our [discord](https://discord.com/invite/m2U5vSr4gD) here to start contributing. > DISCLAIMER > Please note that Overlay Protocol's OVL token has been deployed in a limited capacity (only for participants of the Litter Box 1 program) on Ethereum mainnet. The official Overlay token OVL is not available on any exchange currently. The official token address of the OVL token is the one provided on this page. Any other ERC-20 tokens currently deployed on Ethereum (or any other chain) are not associated with Overlay Protocol. > -> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed here. +> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](https://overlay-docs.vercel.app/Getting%20Started/Communication%20channels).

From c5e29f88d32314e4411431e65e18d7170928148a Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 23:04:26 +0530 Subject: [PATCH 011/121] Oracles --- docs/Concepts Explained/Oracles.md | 20 +++++++++++++++++++ docs/Concepts Explained/Oracles/Chainlink.md | 0 .../Concepts Explained/Oracles/Uni V3 TWAP.md | 0 3 files changed, 20 insertions(+) create mode 100644 docs/Concepts Explained/Oracles.md delete mode 100644 docs/Concepts Explained/Oracles/Chainlink.md delete mode 100644 docs/Concepts Explained/Oracles/Uni V3 TWAP.md diff --git a/docs/Concepts Explained/Oracles.md b/docs/Concepts Explained/Oracles.md new file mode 100644 index 0000000..fd44ea7 --- /dev/null +++ b/docs/Concepts Explained/Oracles.md @@ -0,0 +1,20 @@ +# Oracles + +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. + + +> TIP +> To learn more about oracles, a great place to start is the Ethereum Foundation's doc on oracles [here](https://ethereum.org/en/developers/docs/oracles/) or Chainlink's introduction [here](https://chain.link/education/blockchain-oracles). + + +The first oracle that will be used by Overlay is the Uniswap v3 TWAP oracle. Overlay markets using this oracle will use the price feed from pre-existing market pairs on Uniswap v3. Which market pairs will be onboarded as Overlay markets will be decided through governance. TWAP oracles help deter frontrunning of the oracle feed and protect the protocol from price oracle attacks. + + +> TIP +> To learn more about Uniswap v3 TWAP oracles, a great place to start is Uniswap's doc on TWAP oracles [here](https://ethereum.org/en/developers/docs/oracles/) and Chaos Labs' more accessible writeup [here](https://chaoslabs.xyz/posts/chaos-labs-uniswap-v3-twap-deep-dive-pt-1). + + +The second type of oracle to be implemented by Overlay would be Chainlink oracle feeds. Adding Chainlink feeds would help provide Overlay with the ability to offer any market/data stream available on Chainlink. This would also offer the protocol the ability to offer non-traditional markets based on data streams, like the Consumer Price Index (CPI), a metric for the level of inflation. Adding Chainlink oracles and other markets are a governance decision. + +

+Last updated on Oct 18, 2022

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 From 19ffd0816759e1498225be9e1edf1d1be90ac034 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 23:31:53 +0530 Subject: [PATCH 012/121] Comm channels --- docs/Getting Started/Communication channels.md | 11 ++++++++++- 1 file changed, 10 insertions(+), 1 deletion(-) diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index d4284e5..9633477 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -1,3 +1,12 @@ --- 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: _[https://discord.gg/m2U5vSr4gD](https://discord.gg/m2U5vSr4gD)_** + +**Twitter: _[https://twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** \ + +**Governance Forum:_ https://commonwealth.im/overlay/_** + +**Deprecated:** Telegram channel From fda22e5552f40afa02e96aa093965048c1f946a5 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 23:33:46 +0530 Subject: [PATCH 013/121] Minor bug --- docs/Getting Started/Communication channels.md | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index 9633477..0b34276 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -3,10 +3,10 @@ sidebar_position: 4 --- Official Communication Channels (Beware of Scams - these are the only official channels for Overlay Protocol) -**Discord: _[https://discord.gg/m2U5vSr4gD](https://discord.gg/m2U5vSr4gD)_** +**Discord: _[https://discord.gg/m2U5vSr4gD](https://discord.gg/m2U5vSr4gD)_** -**Twitter: _[https://twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** \ +**Twitter: _[https://twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** -**Governance Forum:_ https://commonwealth.im/overlay/_** +**Governance Forum:_ https://commonwealth.im/overlay/_** **Deprecated:** Telegram channel From 1afc0d297c582c9e3b83ef89971cdd520b99fa73 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 23:40:14 +0530 Subject: [PATCH 014/121] How is Overlay different --- .../How is Overlay different?.md | 57 +++++++++++++++++++ .../Concepts Explained/How is it different.md | 3 - 2 files changed, 57 insertions(+), 3 deletions(-) create mode 100644 docs/Concepts Explained/How is Overlay different?.md delete mode 100644 docs/Concepts Explained/How is it different.md diff --git a/docs/Concepts Explained/How is Overlay different?.md b/docs/Concepts Explained/How is Overlay different?.md new file mode 100644 index 0000000..8cb3b2a --- /dev/null +++ b/docs/Concepts Explained/How is Overlay different?.md @@ -0,0 +1,57 @@ +--- +sidebar_position: 2 +--- + +# How does Overlay differ from other perps? + + +## What are perpetual futures contracts or perps? + +Perps are the most popular type of derivative contract in crypto markets. Perps allow a user to take a long or short position on an underlying asset without owning it, while either paying or receiving funding to carry on the position (depending on market conditions and the side a user is on). + +Perps differ from traditional futures contracts in that there is no date of expiry/settlement or delivery of the underlying asset. Perp contracts keep rolling over in perpetuity till a user decides to close their position. + +Typically, whitelisted assets are used as margin/collateral for these positions and users are allowed to take on leverage (sometimes up to a 100x). If the margin requirements fall below the minimum threshold, the collateral is liquidated. + +Contracts on Overlay markets resemble perpetual future contracts in that there is no date of expiry (contracts can keep rolling over), and that there is no delivery of the underlying asset. However, there are some key features of contracts on Overlay markets that differ from traditional perps - these are discussed below. + + +## Oracle-based pricing + +Overlay brings in data points, which act as a proxy for price by using a combination of oracle-based feeds and native mechanisms to determine the data point of a feed that users can build positions on. For more details, please check out our detailed article on pricing. + +Traditional crypto exchanges like FTX and Binance usually use a centralized limit order book (CLOB) system to determine price. Price is based on matching of orders in the buy side and sell side of the order book - price is determined merely by what the asset was last bought for. + +Certain on-chain perp protocols like Perp Protocol and GMX also use oracle based feeds for pricing. + + +## Lack of traditional counterparties + +Overlay will offer tradable markets to its users without traditional counterparties taking the other side of a position. Overlay dynamically mints/burns its native token OVL when a position is closed: + +(i) if a positive delta is realized, the protocol mints OVL according to the delta difference against the users initial collateral (also denoted in OVL) + +(ii) if a negative delta is realized, a percent of collateral put up by the user (in the form of OVL) is burnt + +Risk of inflation is a potential risk for passive OVL holders, and should be understood by users of the system. To know more about how risks and how Overlay addresses risk, please refer to Summary of Risks. + +Traditional CLOB-based crypto exchanges rely on swap-based counterparties (including market makers) in order to provide liquidity into their markets. On-chain derivative protocols like Perp Protocol and GMX use liquidity providers to seed liquidity into liquidity pools that users then trade against. + + +## No Limit Orders + +Overlay v1 will not support setting bids and asks via limit orders. At this time, only market orders will be executable on Overlay markets. Generally, CLOB based and LP based exchanges have limit orders. + + +## Funding + +Funding rates refer to the periodic fees paid by a trader to hold a long or short position using perps. This can also be thought of as a ‘premium’ that is paid in traditional markets to hold certain futures/options positions. + +Funding rate mechanisms allow CLOB-based exchanges to get the futures price of an asset in line with the underlying spot price of the asset (and reduce the basis). Liquidity provider based trading platforms like GMX and Perp Protocol utilize funding payments in order to pay out yield to liquidity providers in return for providing liquidity. + +For Overlay, funding rates are calculated based on the imbalance in Open Interest, rather than the imbalance between spot and future prices. Funding rates on Overlay are mainly utilized to lessen the imbalance between longs and shorts, incentivizing users to come into the lagging side to reduce the imbalance. + + +## PnL and Collateral + +Users would be required to lock OVL as collateral to a position in an Overlay market. PnL will also be paid out in OVL. OVL is minted by the protocol and paid out to the user as PnL if a position delta positive; on the other hand, if the position is delta negative, locked OVL is burned (to the extent of the loss). diff --git a/docs/Concepts Explained/How is it different.md b/docs/Concepts Explained/How is it different.md deleted file mode 100644 index fb78fd4..0000000 --- a/docs/Concepts Explained/How is it different.md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 2 ---- \ No newline at end of file From d67bd36ab6f933c1c06b4d54ff40917cf2337c68 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 23:41:15 +0530 Subject: [PATCH 015/121] Remove question mark from name --- .../{How is Overlay different?.md => How is Overlay different.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Concepts Explained/{How is Overlay different?.md => How is Overlay different.md} (100%) diff --git a/docs/Concepts Explained/How is Overlay different?.md b/docs/Concepts Explained/How is Overlay different.md similarity index 100% rename from docs/Concepts Explained/How is Overlay different?.md rename to docs/Concepts Explained/How is Overlay different.md From aef522258d322ddc7b0bb4962434f5946b3a0ed1 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Fri, 21 Oct 2022 23:49:25 +0530 Subject: [PATCH 016/121] OVL --- docs/Concepts Explained/OVL.md | 45 +++++++++++++++++++++++++++++++++- 1 file changed, 44 insertions(+), 1 deletion(-) diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index d4284e5..993041b 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -1,3 +1,46 @@ --- sidebar_position: 4 ---- \ No newline at end of file +--- +# OVL + +OVL is the proposed native token of Overlay Protocol. It isan 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. + +OVL may be used by holders to: + + + +1. vote on governance proposals of the DAO governing Overlay Protocol +2. open positions on the markets offered on Overlay by using OVL as collateral + + +## 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.   + + +## Governance + +Currently, Overlay Protocol is governed by Planck Cat DAO. Members of Planck Cat DAO are issued ERC-721 tokens/NFTs depending on their contribution to the protocol. For more details on the structure of Overlay governance at this time and how one can start contributing to Planck Cat Dao, please click [here](https://www.notion.so/PlanckCat-DAO-7a3fe097aa5c4acaac2d89e142467e53). + + +> TIP +> PCD minting is live with a soft cap of 500 PCDs. Contribute to Overlay and earn CRED in order to mint a PCD. For more details, go [here](https://www.notion.so/What-is-PlanckCat-DAO-PCD-330510eae9864129aa511668a8a594c8). Hop into the [discord](https://discord.com/invite/m2U5vSr4gD) here to start contributing. + + + +In the future, OVL will be the governance token of Overlay Protocol and may be used by holders to vote on governance proposals made by the community. + +This is similar to other existing DAOs like Maker DAO, Yearn Finance, etc. that also use their respective native tokens for voting on governance proposals for functioning and decision making.  + + +## Supply + +There were 8 million OVL tokens when the token was first deployed. The OVL supply, by function, is dynamic. OVL will be dynamically minted and burned by the smart contracts when positions are unwound by users. + +

+Last updated on Oct 18, 2022

+ From 6e64f6d91d8591fdc5370c5fba2bff2fd234d3ba Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 22 Oct 2022 00:02:03 +0530 Subject: [PATCH 017/121] Remove duplicate --- docs/Getting Started/Token addresses.md | 3 --- 1 file changed, 3 deletions(-) delete mode 100644 docs/Getting Started/Token addresses.md 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 From 3dc4d12635a7f99aee74feff30eb6c8b32a48fef Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 22 Oct 2022 00:07:18 +0530 Subject: [PATCH 018/121] Basis trade --- docs/Concepts Explained/Basis trade.md | 73 +++++++++++++++++++++++++- 1 file changed, 72 insertions(+), 1 deletion(-) diff --git a/docs/Concepts Explained/Basis trade.md b/docs/Concepts Explained/Basis trade.md index 3bde8c5..b93f5c5 100644 --- a/docs/Concepts Explained/Basis trade.md +++ b/docs/Concepts Explained/Basis trade.md @@ -1,3 +1,74 @@ --- sidebar_position: 5 ---- \ No newline at end of file +--- +# Basis Position + + +## Introduction + +The basis position on Overlay enables users to earn yield on delta neutral positions. If a user takes a position on Overlay that earns funding, the user can hedge that position (by opening a second position of the same size on the opposite side of the market), and get paid funding rates while maintaining no/minimal market exposure. + + +> WARNING +> EXECUTING THE BASIS POSITION REQUIRES CONSTANT SUPERVISION OF POSITIONS TAKEN AND THE FUNDING RATES INVOLVED. + + + +## When is funding paid to users on Overlay Markets? + +If the open interest (OI) of long positions is greater than the OI of short positions on an Overlay market, short positions earn funding on that market. The opposite also holds true, if OI of shorts are greater than that of longs. + + + + + + + + + + + + + + + +
OI imbalance + Funding paid to +
OIshorts > OIlongs + Longs +
OIlongs > OIshorts + Shorts +
+ + + +## Executing the basis position using Overlay + +To execute the basis position, a user may + +(i) take a position on the side of an Overlay market that is currently earning funding (only one earns funding at any given time), and then + +(ii) take a converse position to hedge out the market exposure of the first position by using + + + +* spot assets +* perps +* lending markets + + +## Purpose of the basis position on Overlay + +Funding is paid on traditional crypto exchanges offering perpetual futures (perps, the most popular derivative contract in crypto) in order to make the price of the perp contract trend towards the spot price of the underlying asset. Funding rates incentivise users to take positions on a particular side of the market in order to reduce the “basis”, that is, the gap between the spot price and the derivative price of an asset. + + +> To learn more about the basis trade and how to execute it on Overlay, please read our detailed article on that [here](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/BWarv3spOc4YLQBLM7DlchqOzYt6-v2fpF378mRKzpU). + + +However, pricing on Overlay occurs through an oracle fetch. Funding rates are not required to bring the price of the derivative in line with the spot asset - price data for assets is simply fetched from oracle feeds. + + +> To learn more about oracles on Overlay, please refer to our docs here + + +Overlay requires funding rates in order to narrow OI imbalances between the long and short side of a market. Due to the mechanics of PnL being paid out by the protocol in the form of OVL, passive OVL holders face the potential of OVL inflation risk in case of OI imbalances - this risk increases the greater the OI imbalance. The funding rates are used to narrow the OI imbalances as much as possible, thus reducing OVL inflation risks. From b77c694fac746df0d6fcd2f4d370e56347eddbd6 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 22 Oct 2022 00:11:56 +0530 Subject: [PATCH 019/121] Caps --- .../OI caps and other caps.md | 39 +++++++++++++++++++ 1 file changed, 39 insertions(+) create mode 100644 docs/Concepts Explained/OI caps and other caps.md diff --git a/docs/Concepts Explained/OI caps and other caps.md b/docs/Concepts Explained/OI caps and other caps.md new file mode 100644 index 0000000..d209be8 --- /dev/null +++ b/docs/Concepts Explained/OI caps and other caps.md @@ -0,0 +1,39 @@ +# Payoff caps, OI caps, and the Circuit Breaker + + +## Introduction + +Overlay uses its native token OVL to pay out PnL if there is a loss, and burns OVL collateralized by the user (up to the extent of the loss) in case of a loss. While this mechanism bestows the protocol with benefits like not requiring market makers or the ability to open positions on nearly any scalar data stream, it also opens the protocol up to potential vulnerabilities caused by OVL inflation (especially in case of long-tail assets). + +To counter these potential vulnerabilities, Overlay utilizes a risk framework that includes payoff caps, OI caps, and a circuit breaker mechanism. + + +## Payoff caps + +Payoff caps (denoted as _Cp_) are a “per-position” limit on the PnL of each position. This is a static cap that will be determined by the DAO through a formal governance process and will be specific to each market on Overlay. With riskier/longer tail assets, governance could choose a lower cap. + +In markets based on long tail price feeds, the payoff cap enables: + +(i) the protocol to avoid a theoretically infinite payout on any particular position; and + +(ii) the protocol to quantify the risk associated with each market in an automated fashion, based on the _Cp_ determined by the DAO + + +## Open Interest caps + +Open Interest caps (OI caps or CQ are “per-market” caps that set a cut off or limit on the aggregate amount of open interest (on the long and short side) in Overlay markets. This static constant will vary from market to market, and will be determined by the community through governance. OI caps are required despite the existence of payoff caps as payoff caps may be bypassed by a user by opening multiple positions. + +Setting CQ through governance helps the protocol quantify inflation risk: the amount of OVL that the protocol will have to mint in case of a worst-case scenario for any given market. This hypothetical worst-case scenario involves the imbalance liability (the difference in OI between longs and shorts) being completely skewed towards one side of the market. Quantifying the per-market inflation risk (a function of CQ) in the worst-case scenario in an automated fashion allows the community to be aware of the risks posed to the protocol by the introduction of any new market. + + +## Circuit Breaker + +The circuit breaker mechanism gives Overlay an extra layer of protection: it allows a market to cool off in case there have been large payouts (in the form of OVL printing) during the recent past. + +Using CQ, the protocol calculates an expected inflation rate over a rolling period of time. If the actual inflation rate in this period exceeds the expected rate, CQ is adjusted to stem the inflation. CQ comes back to normal when the actual inflation rate nears the expected inflation rate. + +The circuit breaker works by adjusting the per-market notional OI cap (CQ) for a particular period of time so as to limit the possible notional size of new positions offered by the market till the market cools down. + +

+Last updated on [insert date of publication/edit]

+ From 3bd661f25999f7edafe9b124fa8fd4086dafa1c3 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 22 Oct 2022 00:17:21 +0530 Subject: [PATCH 020/121] Fix date html tags --- docs/Concepts Explained/OI caps and other caps.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/docs/Concepts Explained/OI caps and other caps.md b/docs/Concepts Explained/OI caps and other caps.md index d209be8..e74aee0 100644 --- a/docs/Concepts Explained/OI caps and other caps.md +++ b/docs/Concepts Explained/OI caps and other caps.md @@ -34,6 +34,6 @@ Using CQ, the protocol calculates an expected inflation rate over a r The circuit breaker works by adjusting the per-market notional OI cap (CQ) for a particular period of time so as to limit the possible notional size of new positions offered by the market till the market cools down. -

-Last updated on [insert date of publication/edit]

+

+Last updated on Oct 18, 2022

From affefbf24addc9a11f65f2058843a9ad038d7957 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 22 Oct 2022 00:21:35 +0530 Subject: [PATCH 021/121] Governance --- docs/Getting Started/Governance.md | 16 +++++++++++++++- 1 file changed, 15 insertions(+), 1 deletion(-) diff --git a/docs/Getting Started/Governance.md b/docs/Getting Started/Governance.md index deadfb1..9401a17 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -1,3 +1,17 @@ --- sidebar_position: 3 ---- \ No newline at end of file +--- +# Governance + +As of today, Overlay Protocol is governed by Planck Cat DAO, a DAO for Overlay contributors to participate in the protocol governance via PlanckCat (PCD) NFT’s. \ + \ +Discussions are currently being had about OVL taking the place of governance. These discussions will be had in the appropriate channels on Discord and Forum. + +1 PCD NFT equals one vote and PCD NFT holders can vote for governance proposals on [Snapshot](https://snapshot.org/#/planckcatdao.eth). Moreover, any PCD NFT holder can start a discussion on both [Overlay Discord](discord.gg/m2U5vSr4gD) and/or the [Forum](https://gov.overlay.market/), and then after a temperature check, can open a governance proposal on Snapshot. + +PlanckCat DAO can and will decide on what markets will be listed or delisted on the protocol, as well as set protocol risk parameters which will dictate the experience for all users. + +Non-PCD NFT holders can still get involved with discussions on Discord and the Governance Forum. \ + + +If community members want to actively participate in governance,they must earn an NFT by contributing to Overlay Protocol. Participation is judged by community members, and contributors are rewarded with Cred. As of today, community members must collect 1000 Cred to claim one PCD NFT.he soft cap supply of the PCD NFT is currently set to 500. More NFT’s can be minted on a one off basis once the 500 limit has been set. From 923c2182a931813deaa6d58755bdeecfb478cb32 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 22 Oct 2022 00:23:12 +0530 Subject: [PATCH 022/121] Minor changes --- docs/Getting Started/Governance.md | 5 ++--- 1 file changed, 2 insertions(+), 3 deletions(-) diff --git a/docs/Getting Started/Governance.md b/docs/Getting Started/Governance.md index 9401a17..048477d 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -3,15 +3,14 @@ sidebar_position: 3 --- # Governance -As of today, Overlay Protocol is governed by Planck Cat DAO, a DAO for Overlay contributors to participate in the protocol governance via PlanckCat (PCD) NFT’s. \ - \ +As of today, Overlay Protocol is governed by Planck Cat DAO, a DAO for Overlay contributors to participate in the protocol governance via PlanckCat (PCD) NFT’s. Discussions are currently being had about OVL taking the place of governance. These discussions will be had in the appropriate channels on Discord and Forum. 1 PCD NFT equals one vote and PCD NFT holders can vote for governance proposals on [Snapshot](https://snapshot.org/#/planckcatdao.eth). Moreover, any PCD NFT holder can start a discussion on both [Overlay Discord](discord.gg/m2U5vSr4gD) and/or the [Forum](https://gov.overlay.market/), and then after a temperature check, can open a governance proposal on Snapshot. PlanckCat DAO can and will decide on what markets will be listed or delisted on the protocol, as well as set protocol risk parameters which will dictate the experience for all users. -Non-PCD NFT holders can still get involved with discussions on Discord and the Governance Forum. \ +Non-PCD NFT holders can still get involved with discussions on Discord and the Governance Forum. If community members want to actively participate in governance,they must earn an NFT by contributing to Overlay Protocol. Participation is judged by community members, and contributors are rewarded with Cred. As of today, community members must collect 1000 Cred to claim one PCD NFT.he soft cap supply of the PCD NFT is currently set to 500. More NFT’s can be minted on a one off basis once the 500 limit has been set. From 622b8b0626b1ff83378e32049d45186522a60de3 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 22 Oct 2022 00:29:56 +0530 Subject: [PATCH 023/121] Remove sidebar --- docs/Getting Started/Governance.md | 6 ++---- 1 file changed, 2 insertions(+), 4 deletions(-) diff --git a/docs/Getting Started/Governance.md b/docs/Getting Started/Governance.md index 048477d..3df4f48 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -1,6 +1,4 @@ ---- -sidebar_position: 3 ---- + # Governance As of today, Overlay Protocol is governed by Planck Cat DAO, a DAO for Overlay contributors to participate in the protocol governance via PlanckCat (PCD) NFT’s. @@ -13,4 +11,4 @@ PlanckCat DAO can and will decide on what markets will be listed or delisted on Non-PCD NFT holders can still get involved with discussions on Discord and the Governance Forum. -If community members want to actively participate in governance,they must earn an NFT by contributing to Overlay Protocol. Participation is judged by community members, and contributors are rewarded with Cred. As of today, community members must collect 1000 Cred to claim one PCD NFT.he soft cap supply of the PCD NFT is currently set to 500. More NFT’s can be minted on a one off basis once the 500 limit has been set. +If community members want to actively participate in governance,they must earn an NFT by contributing to Overlay Protocol. Participation is judged by community members, and contributors are rewarded with Cred. As of today, community members must collect 1000 Cred to claim one PCD NFT. The soft cap supply of the PCD NFT is currently set to 500. More NFT’s can be minted on a one off basis once the 500 limit has been set. From c8305dcc983455a44ba509a4c7538855fd09298a Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 22 Oct 2022 00:31:11 +0530 Subject: [PATCH 024/121] Fix link --- docs/Getting Started/Governance.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Getting Started/Governance.md b/docs/Getting Started/Governance.md index 3df4f48..9be44ed 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -4,7 +4,7 @@ As of today, Overlay Protocol is governed by Planck Cat DAO, a DAO for Overlay contributors to participate in the protocol governance via PlanckCat (PCD) NFT’s. Discussions are currently being had about OVL taking the place of governance. These discussions will be had in the appropriate channels on Discord and Forum. -1 PCD NFT equals one vote and PCD NFT holders can vote for governance proposals on [Snapshot](https://snapshot.org/#/planckcatdao.eth). Moreover, any PCD NFT holder can start a discussion on both [Overlay Discord](discord.gg/m2U5vSr4gD) and/or the [Forum](https://gov.overlay.market/), and then after a temperature check, can open a governance proposal on Snapshot. +1 PCD NFT equals one vote and PCD NFT holders can vote for governance proposals on [Snapshot](https://snapshot.org/#/planckcatdao.eth). Moreover, any PCD NFT holder can start a discussion on both [Overlay Discord](http://discord.gg/m2U5vSr4gD) and/or the [Forum](https://gov.overlay.market/), and then after a temperature check, can open a governance proposal on Snapshot. PlanckCat DAO can and will decide on what markets will be listed or delisted on the protocol, as well as set protocol risk parameters which will dictate the experience for all users. From 9e37671cff04eebae38b883c45066b37434ea1d6 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 22 Oct 2022 00:58:29 +0530 Subject: [PATCH 025/121] Spelling --- docs/Contracts/Contract Addresses.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index 76373dd..a158666 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -1,4 +1,4 @@ -# Conract Addresses +# Contract Addresses From c8b0902dfaff152fceed808cd86cb9b1d99976de Mon Sep 17 00:00:00 2001 From: 43z708 Date: Tue, 25 Oct 2022 09:39:26 +0000 Subject: [PATCH 026/121] Add summary of risks --- docs/Risks/Summary of risks.md | 74 ++++++++++++++++++++++++++++++++++ 1 file changed, 74 insertions(+) diff --git a/docs/Risks/Summary of risks.md b/docs/Risks/Summary of risks.md index e69de29..9ca253f 100644 --- a/docs/Risks/Summary of risks.md +++ b/docs/Risks/Summary of risks.md @@ -0,0 +1,74 @@ +# Summary of risks + +## 1. 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 two comprehensive audits: Spearbit and Least Authority. For more details on Overlay’s audits, read about them here. + +## 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 a 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. Frontrunning is an issue especially on the Ethereum mainnet. + +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. From 54d6641dfa9b1c5f4bffa47b026e6285f462de61 Mon Sep 17 00:00:00 2001 From: 43z708 Date: Tue, 25 Oct 2022 18:46:59 +0900 Subject: [PATCH 027/121] Fix indexes --- docs/Risks/Summary of risks.md | 14 ++++++-------- 1 file changed, 6 insertions(+), 8 deletions(-) diff --git a/docs/Risks/Summary of risks.md b/docs/Risks/Summary of risks.md index 9ca253f..9cf42aa 100644 --- a/docs/Risks/Summary of risks.md +++ b/docs/Risks/Summary of risks.md @@ -2,18 +2,17 @@ ## 1. 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. +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. +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 +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: +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. @@ -21,10 +20,9 @@ ### 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. - +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. +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 From 2fc4d51de7cacfbb1c022b1579a498bb3b42b441 Mon Sep 17 00:00:00 2001 From: 43z708 Date: Tue, 25 Oct 2022 18:49:15 +0900 Subject: [PATCH 028/121] Fix indexes --- docs/Risks/Summary of risks.md | 17 +++++++---------- 1 file changed, 7 insertions(+), 10 deletions(-) diff --git a/docs/Risks/Summary of risks.md b/docs/Risks/Summary of risks.md index 9cf42aa..ec84e7d 100644 --- a/docs/Risks/Summary of risks.md +++ b/docs/Risks/Summary of risks.md @@ -48,25 +48,22 @@ 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. +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. +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. - +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). +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. - +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. +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. +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. From 6f0e3f9e2865555270eac6672378c622cd33db92 Mon Sep 17 00:00:00 2001 From: 43z708 Date: Tue, 25 Oct 2022 21:52:53 +0900 Subject: [PATCH 029/121] Add Third party audits and move Summary of risks to Risks --- docs/Risks/Summary of risks.md | 69 ------------------- docs/Security/Risks.md | 69 +++++++++++++++++++ docs/Security/Third party audits.md | 101 ++++++++++++++++++++++++++++ 3 files changed, 170 insertions(+), 69 deletions(-) diff --git a/docs/Risks/Summary of risks.md b/docs/Risks/Summary of risks.md index ec84e7d..e69de29 100644 --- a/docs/Risks/Summary of risks.md +++ b/docs/Risks/Summary of risks.md @@ -1,69 +0,0 @@ -# Summary of risks - -## 1. 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 two comprehensive audits: Spearbit and Least Authority. For more details on Overlay’s audits, read about them here. - -## 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 a 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. Frontrunning is an issue especially on the Ethereum mainnet. - -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/Risks.md b/docs/Security/Risks.md index e69de29..ec84e7d 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -0,0 +1,69 @@ +# Summary of risks + +## 1. 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 two comprehensive audits: Spearbit and Least Authority. For more details on Overlay’s audits, read about them here. + +## 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 a 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. Frontrunning is an issue especially on the Ethereum mainnet. + +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/Third party audits.md b/docs/Security/Third party audits.md index e69de29..168afae 100644 --- a/docs/Security/Third party audits.md +++ b/docs/Security/Third party audits.md @@ -0,0 +1,101 @@ +# Smart Contract Audits + +Overlay’s v1 contracts have been audited twice, at first by [Spearbit](https://spearbit.com/) and then [Least Authority](https://leastauthority.com/). + + + + + + + + + + + + + + + + + +
Auditor + Date + Report +
Spearbit + May 5 2022 + Spearbit Overlay Security Review +
Least Authority + June 8 2022 + Least Authority Security Audit Report +
+ +## _Spearbit_ + +The Spearbit Overlay Security Review took place over a course of 23 days and reviewed the Overlay market contracts found [here](https://github.com/overlay-market/). Spearbit found 31 issues in this review, out of which 21 issues were gas optimization and informational issues. No critical risk issues were found. + + + + + + + + + + + + + + + + + + + + + + + + + + + +
Type + Number of Issues + Status +
Critical Risk + 0 + - +
High Risk + 2 + Fixed +
Medium Risk + 2 + Fixed +
Low Risk + 5 + Fixed +
+ +## _Least Authority_ + +Least Authority’s initial code review took place between April 4 2022 and May 9 2022, and reviewed the code repository found [here](https://github.com/overlay-market/v1-core). Least Authority’s report has several comments on their methodology and Overlay’s code. + +Least Authority made 9 suggestions to Overlay, of which 4 were resolved by Overlay. Five of these suggestions were related to code quality and best practices, of which 4 were resolved. 3 of these suggestions were related to system design and testing. The last suggestion was related to better documentation for the protocol, which Overlay is in the process of resolving. + +There are some selected excerpts below: + +From the “General Comments” section: + +_“…Our team attempted to force existing positions to become liquidatable by executing a flash loan attack. The attack attempted to build large subsequent positions that would cause the existing positions to lose value. However, the attack was thwarted by the circuit breaker defense. We observed that the risk parameters maintenanceMarginFraction and liquidationFeeRate are critical in preventing flash loan attacks and should be set carefully by a secure governance mechanism._ + +_We also attempted to create many small positions as an alternative vector to manipulate the value of existing positions but found that the gas cost was prohibitive. Given that the ability to access the feed creation mechanism is unguarded, we explored the potential for griefing attacks but did not identify any issues. Our team found the protocol to be well designed and implemented. However, the project is based on complex finance structures that increased the auditing complexity substantially.”_ + +From the “System Design” section: + +_“We found that security has been taken into consideration in the design of the Overlay protocol as demonstrated by a careful delineation of roles and the authority granted to them. Our team noted that sufficient input validation has been implemented where appropriate, in addition to mechanisms that hinder attacks, such as caps, spreads, and market-specific parameters set by protocol governance… “_ + +_The Overlay code is well organized and adheres to best practices as demonstrated by optimizing storage space by rationally assigning storage variables, moving logic into libraries to minimize the code, appropriately using the require function to ensure the validity of contract state transitions, and also using interfaces to improve readability and facilitate reasoning about the code by abstracting code functionality…”_ + +From the “Code Quality” section: + +_The Overlay code is well organized and adheres to best practices as demonstrated by optimizing storage space by rationally assigning storage variables, moving logic into libraries to minimize the code, appropriately using the require function to ensure the validity of contract state transitions, and also using interfaces to improve readability and facilitate reasoning about the code by abstracting code functionality._ From 3d59e8bdaf4c4cb5391a9b4fdb5edb4c0353df3a Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Tue, 25 Oct 2022 20:48:42 +0530 Subject: [PATCH 030/121] Remove pending --- docs/Concepts Explained/Trading on Overlay explained.md | 3 --- docs/Concepts Explained/What is the protocol.md | 3 --- docs/Contribute/Contributor tools.md | 3 --- docs/Contribute/Documentation.md | 3 --- docs/Contribute/Governance/Foundation.md | 0 docs/Contribute/Governance/How governance works.md | 0 docs/Contribute/Governance/PlanckCat DAO.md | 0 docs/Contribute/Governance/_category_.json | 5 ----- docs/Contribute/Operations.md | 3 --- docs/Contribute/_category_.json | 5 ----- docs/Getting Started/Using Overlay/High-level concept.md | 0 .../Using Overlay/Step by step walkthrough.md | 0 docs/Getting Started/Using Overlay/Video walkthrough.md | 0 docs/Getting Started/Using Overlay/_category_.json | 5 ----- docs/Guides/Get OVL.md | 3 --- docs/Guides/Trade on Overlay (how to).md | 3 --- docs/Guides/Video guides.md | 3 --- docs/Guides/_category_.json | 5 ----- docs/Resources/_category_.json | 5 ----- docs/Risks/Summary of risks.md | 0 docs/Risks/_category_.json | 5 ----- docs/Security/Security assumptions.md | 0 22 files changed, 54 deletions(-) delete mode 100644 docs/Concepts Explained/Trading on Overlay explained.md delete mode 100644 docs/Concepts Explained/What is the protocol.md delete mode 100644 docs/Contribute/Contributor tools.md delete mode 100644 docs/Contribute/Documentation.md delete mode 100644 docs/Contribute/Governance/Foundation.md delete mode 100644 docs/Contribute/Governance/How governance works.md delete mode 100644 docs/Contribute/Governance/PlanckCat DAO.md delete mode 100644 docs/Contribute/Governance/_category_.json delete mode 100644 docs/Contribute/Operations.md delete mode 100644 docs/Contribute/_category_.json delete mode 100644 docs/Getting Started/Using Overlay/High-level concept.md delete mode 100644 docs/Getting Started/Using Overlay/Step by step walkthrough.md delete mode 100644 docs/Getting Started/Using Overlay/Video walkthrough.md delete mode 100644 docs/Getting Started/Using Overlay/_category_.json delete mode 100644 docs/Guides/Get OVL.md delete mode 100644 docs/Guides/Trade on Overlay (how to).md delete mode 100644 docs/Guides/Video guides.md delete mode 100644 docs/Guides/_category_.json delete mode 100644 docs/Resources/_category_.json delete mode 100644 docs/Risks/Summary of risks.md delete mode 100644 docs/Risks/_category_.json delete mode 100644 docs/Security/Security assumptions.md diff --git a/docs/Concepts Explained/Trading on Overlay explained.md b/docs/Concepts Explained/Trading on Overlay explained.md deleted file mode 100644 index deadfb1..0000000 --- a/docs/Concepts Explained/Trading on Overlay explained.md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 3 ---- \ No newline at end of file diff --git a/docs/Concepts Explained/What is the protocol.md b/docs/Concepts Explained/What is the protocol.md deleted file mode 100644 index ef0119d..0000000 --- a/docs/Concepts Explained/What is the protocol.md +++ /dev/null @@ -1,3 +0,0 @@ ---- -sidebar_position: 1 ---- \ No newline at end of file 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/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/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/Security assumptions.md b/docs/Security/Security assumptions.md deleted file mode 100644 index e69de29..0000000 From 8f39197f6508f34fae6428af2b92acc324e9a8b3 Mon Sep 17 00:00:00 2001 From: liray-unendlich Date: Thu, 3 Nov 2022 23:00:29 +0900 Subject: [PATCH 031/121] Add first step for i18n(ja) setup --- README.md | 9 ++ docusaurus.config.js | 120 ++++++++++-------- .../current.json | 22 ++++ .../current/Introduction.md | 59 +++++++++ .../current/readme.md | 2 + 5 files changed, 160 insertions(+), 52 deletions(-) create mode 100644 i18n/ja/docusaurus-plugin-content-docs/current.json create mode 100644 i18n/ja/docusaurus-plugin-content-docs/current/Introduction.md create mode 100644 i18n/ja/docusaurus-plugin-content-docs/current/readme.md diff --git a/README.md b/README.md index aaba2fa..21e2847 100644 --- a/README.md +++ b/README.md @@ -16,6 +16,15 @@ $ yarn start This command starts a local development server and opens up a browser window. Most changes are reflected live without having to restart the server. +### Test multilanguage Development(i18n) + +``` +$ yarn build +$ yarn serve +``` + +This command generates static content includes multilanguage feature(i18n).And it starts a local development server and opens up a browser window. Most changes are reflected live without having to restart the server. + ### Build ``` diff --git a/docusaurus.config.js b/docusaurus.config.js index 25e369b..1b9ec4d 100644 --- a/docusaurus.config.js +++ b/docusaurus.config.js @@ -1,53 +1,69 @@ 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://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: [ + { + type: "localeDropdown", + position: "right", + }, + { + 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", + }, + ], + }, + }, + i18n: { + defaultLocale: "en", + locales: ["en", "ja"], + localeConfigs: { + en: { + htmlLang: "en-GB", + }, + ja: { + htmlLang: "ja-JP", + }, + }, + }, + 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/ja/docusaurus-plugin-content-docs/current.json b/i18n/ja/docusaurus-plugin-content-docs/current.json new file mode 100644 index 0000000..ecac228 --- /dev/null +++ b/i18n/ja/docusaurus-plugin-content-docs/current.json @@ -0,0 +1,22 @@ +{ + "version.label": { + "message": "Next", + "description": "The label for version current" + }, + "sidebar.defaultSidebar.category.Getting Started": { + "message": "Getting Started", + "description": "The label for category Getting Started in sidebar defaultSidebar" + }, + "sidebar.defaultSidebar.category.Concepts Explained": { + "message": "Concepts Explained", + "description": "The label for category Concepts Explained in sidebar defaultSidebar" + }, + "sidebar.defaultSidebar.category.Contracts": { + "message": "Contracts", + "description": "The label for category Contracts in sidebar defaultSidebar" + }, + "sidebar.defaultSidebar.category.Security": { + "message": "Security", + "description": "The label for category Security in sidebar defaultSidebar" + } +} diff --git a/i18n/ja/docusaurus-plugin-content-docs/current/Introduction.md b/i18n/ja/docusaurus-plugin-content-docs/current/Introduction.md new file mode 100644 index 0000000..482ff28 --- /dev/null +++ b/i18n/ja/docusaurus-plugin-content-docs/current/Introduction.md @@ -0,0 +1,59 @@ +--- +slug: / +sidebar_position: 1 +--- + +# Overlayの紹介 + + +## Overlayってなに？ + +Overlay ProtocolはEthereum上に構築された分散型プラットフォームで、従来のカウンターパーティ（流動性供給者やマーケットメーカー）をポジションの反対側として相手取ることなく、マーケットやデータストリーム上でポジションを構築する能力をユーザーに提供します。理想的には、（i）価格データフィードと（ii）非操作可能かつ非予測可能なデータフィードに基づく市場を提供するプロトコルです。 + + + +> 参考情報 +> Overlay Protocol の詳細については、[ホワイトペーパー](https://planckcat.mypinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv)を参照してください。 + + + + +## マーケットの種類 + +Overlayは、価格データフィードと操作不可能および予測不可能なデータフィードに基づいて、数種類のマーケットを提供することを目的としています。これには以下が含まれます： + + +* ハッシュレート、ガス、BTC難易度、NFTフロア、ソーシャルトークン、イールドレートなどのポジションをユーザーが構築できる市場など、従来と異なった暗号資産に関わる市場 +* eスポーツやスポーツ、スニーカー価格、スカラー社会・政治市場、自然・科学市場などの従来と異なった市場 +* 従来同様の暗号資産市場 +* その他多数 + +## Overlay はどのように取引相手のいない市場を提供しますか？ + +ユーザーはプロトコル全体に対して、つまり他のすべてのOVL保有者に対して、同時にポジションを構築します。これにより、Overlay市場は流動性プロバイダーや従来のスワップベースのカウンターパーティ（マーケットメーカーを含む）を必要とせずに、多くの流動性を持つことができます。このメカニズムがもたらす潜在的なOVLインフレリスクを否定するプロトコルの詳細については、こちらの記事を参照してください。 + +## オラクルフィードに基づく価格設定 + +Overlay市場の価格設定は、従来の意味で、動的なものではなく、オラクルから断続的に取得される値に基づいています。オラクルから取得される値は、プロトコルに組み込まれたメカニズムによって調整されます（詳細については、Overlayの価格設定に関する記事をご覧ください）。Overlayは、オラクルからの取得値が操作不可能かつ予測不可能である限り、ほぼすべてのオラクルを搭載可能です。 + +## 取引はどのように行われますか（例えば、担保と PnLは）？ + +ユーザーは、OVL をOverlay市場におけるポジションの担保としてロックする必要があります。PnLはOVL建てで支払われます。OVLはプロトコルによって生成され、ポジションの利益が上がればPnLとしてユーザーに送られますが、一方、ポジションの利益が無ければ、ロックされたOVLは（損失の範囲内で）燃やされます。 + + +## OVL + +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. 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. + + +## 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. + + +> 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 Oct 18, 2022

diff --git a/i18n/ja/docusaurus-plugin-content-docs/current/readme.md b/i18n/ja/docusaurus-plugin-content-docs/current/readme.md new file mode 100644 index 0000000..dc40c7b --- /dev/null +++ b/i18n/ja/docusaurus-plugin-content-docs/current/readme.md @@ -0,0 +1,2 @@ +This folder should include all documents in docs. +And each file in this folder should be translated into ja-JP. From 7ae041c2b46241f7a7a14752c5def66dbe5f5d06 Mon Sep 17 00:00:00 2001 From: 43z708 Date: Thu, 8 Dec 2022 14:15:07 +0900 Subject: [PATCH 032/121] Fix typo in Risks.md --- docs/Security/Risks.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index ec84e7d..628c9c9 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -1,6 +1,6 @@ # Summary of risks -## 1. Inflation risk +## 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. @@ -40,7 +40,7 @@ If access to the smart contract is not implemented correctly, this can lead to a 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 a 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. Frontrunning is an issue especially on the Ethereum mainnet. +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. Frontrunning is an issue especially on the Ethereum mainnet. 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). From 73bb9449c7f939759d4ed7c10a27f807e127fe15 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 28 Jan 2023 01:38:51 +0530 Subject: [PATCH 033/121] Add new logo --- docusaurus.config.js | 6 +++--- static/img/favicon.jpeg | Bin 0 -> 2579 bytes static/img/logo-white.png | Bin 0 -> 6511 bytes static/img/logo.png | Bin 0 -> 5521 bytes 4 files changed, 3 insertions(+), 3 deletions(-) create mode 100644 static/img/favicon.jpeg create mode 100644 static/img/logo-white.png create mode 100644 static/img/logo.png diff --git a/docusaurus.config.js b/docusaurus.config.js index 25e369b..8c048dd 100644 --- a/docusaurus.config.js +++ b/docusaurus.config.js @@ -3,7 +3,7 @@ module.exports = { tagline: "Trade data streams", url: "https://overlay-docs.com", baseUrl: "/", - favicon: "img/favicon.ico", + favicon: "img/favicon.jpg", organizationName: "overlay", // Usually your GitHub org/user name. projectName: "overlay-docs", // Usually your repo name. themeConfig: { @@ -15,8 +15,8 @@ module.exports = { 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organizationName: "overlay", // Usually your GitHub org/user name. projectName: "overlay-docs", // Usually your repo name. themeConfig: { diff --git a/static/img/OVL-favicon.ico b/static/img/OVL-favicon.ico new file mode 100644 index 0000000000000000000000000000000000000000..73f490962fa0f2a98a1235330fe77798c60ed904 GIT binary patch literal 8894 zcmeI0%~2ac5QSGx0G)hA_Q@xT3_uY;06vHaLjS{{tMhsnPC^X1ZU$elt5FiU#rD$w?G{j-scZQS?2EqF-@~yQ1H5qaPdoh@wB= z{z~=E|1US=b14!Za5q!`0?{m2FHds z4IkXYEA8y;EO#tp@P~DggZW%676Gn2-pOQ=tKqk|w=kQ{l3a{)yTU=2*jKC7e|VLz zgtQVL`0@2p>?K^39s(bpXZDS{w%hFjHPX6uf!*&HtjRWv+!Z^ycr%Uq{-S5^+jy?) z&&RvGynNqh&^-I9S=|`yv#JmD+|)c4G^l##zNxVXXdPKoZ5w$!K0dz3fpd-H^UR8` zBEQVJ&iBxW6aCT z%fWkLJRTR~WB}Z9hONSD8SIRK|1{%#nH7)oQJRq-It8nLH+ekxMk~aD8*)T@rg@%q z&(-<#Q-5#FFN%vFV$-txYb+bj-T=-rrha+9p*46Rr#xe<&h#-7&t|hZ@CW~GnC8uTQm)&IVY)Nz z`QHqRp-xU07Z(TIun#r$2@bTOItRbUUI#C8@T2fd9}ny0aK4BF5- z;_v9_DB(!wRJm9GI*&E#-!br0bq%q1Qa|;DzSH*8EG&wv%)Oowm4EPq2OiT5t+8h? zPUmsoHD<#Dzq Date: Sat, 28 Jan 2023 01:50:31 +0530 Subject: [PATCH 035/121] Minor bug fix --- docusaurus.config.js | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docusaurus.config.js b/docusaurus.config.js index 2ab313c..dcbffd1 100644 --- a/docusaurus.config.js +++ b/docusaurus.config.js @@ -3,7 +3,7 @@ module.exports = { tagline: "Trade data streams", url: "https://overlay-docs.com", baseUrl: "/", - favicon: "img/OVL-favicon.jpg", + favicon: "img/OVL-favicon.ico", organizationName: "overlay", // Usually your GitHub org/user name. projectName: "overlay-docs", // Usually your repo name. themeConfig: { From 2a4ada4f581b970d32f7acfe3e0d1af0c2042e49 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Sat, 28 Jan 2023 01:53:41 +0530 Subject: [PATCH 036/121] Remove old logo files --- static/img/favicon.ico | Bin 226 -> 0 bytes static/img/favicon.jpeg | Bin 2579 -> 0 bytes static/img/logo-white.svg | 4 ---- static/img/logo.svg | 4 ---- 4 files changed, 8 deletions(-) delete mode 100755 static/img/favicon.ico 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--- a/static/img/logo.svg +++ /dev/null @@ -1,4 +0,0 @@ - - - - \ No newline at end of file From cf13b88f76ed3e53ccf66e508095ea3fbc551ce4 Mon Sep 17 00:00:00 2001 From: Anantdeep Singh Parihar <31017687+deepsp94@users.noreply.github.com> Date: Mon, 13 Feb 2023 13:10:31 +0530 Subject: [PATCH 037/121] Fix typo --- docs/Concepts Explained/OVL.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index 993041b..ed408e9 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -3,7 +3,7 @@ sidebar_position: 4 --- # OVL -OVL is the proposed native token of Overlay Protocol. It isan 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. +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. OVL may be used by holders to: From d1df22c917dc0ef0b1d9bc6f25d9ea31bc6f028e Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Mon, 27 Mar 2023 12:55:02 +0530 Subject: [PATCH 038/121] Add tokenomics content --- docs/Token/Monetary Policy and Token Supply | 14 ++++++++++++++ 1 file changed, 14 insertions(+) create mode 100644 docs/Token/Monetary Policy and Token Supply diff --git a/docs/Token/Monetary Policy and Token Supply b/docs/Token/Monetary Policy and Token Supply new file mode 100644 index 0000000..dd3394c --- /dev/null +++ b/docs/Token/Monetary Policy and Token Supply @@ -0,0 +1,14 @@ +# Monetary Policy and Token Supply + + +Overlay Protocol's native token, OVL, had an initial minted supply of 8,000,000 tokens at its Token Generation Event (TGE). As the protocol relies on dynamic minting and burning, there is no defined maximum total supply. The token supply is allocated as follows: + +DAO Treasury: 58.80% +Initial Developers: 15% +Early Stakeholders: 26.13% + +Of the 58.80% in the DAO Treasury, 7% should be allocated to Dev Fund and Community Incentives. This and all future allocations must be voted on and approved by the DAO. For example, the DAO could aim to fund community initiatives such as further Litter Box competitions, Referrals and Ambassador programs, and future Liquidity Mining Rewards. + +The initial developers' tokens are subject to a vesting schedule (1 year cliff for 25%, 75% linear after that) starting from TGE, while stakeholder tokens have a 2-year linear vesting schedule starting from January 2023. + +Upcoming: Mirror article for a further detailed read about Tokenomics and incentive alignment for the sustainability of Overlay Protocol. \ No newline at end of file From 4e47a4924fcb78ec9c3b3a1394534d25b2cd715c Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Mon, 27 Mar 2023 12:57:00 +0530 Subject: [PATCH 039/121] Make markdown --- ...icy and Token Supply => Monetary Policy and Token Supply.md} | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) rename docs/Token/{Monetary Policy and Token Supply => Monetary Policy and Token Supply.md} (99%) diff --git a/docs/Token/Monetary Policy and Token Supply b/docs/Token/Monetary Policy and Token Supply.md similarity index 99% rename from docs/Token/Monetary Policy and Token Supply rename to docs/Token/Monetary Policy and Token Supply.md index dd3394c..b2f0f2e 100644 --- a/docs/Token/Monetary Policy and Token Supply +++ b/docs/Token/Monetary Policy and Token Supply.md @@ -11,4 +11,4 @@ Of the 58.80% in the DAO Treasury, 7% should be allocated to Dev Fund and Commun The initial developers' tokens are subject to a vesting schedule (1 year cliff for 25%, 75% linear after that) starting from TGE, while stakeholder tokens have a 2-year linear vesting schedule starting from January 2023. -Upcoming: Mirror article for a further detailed read about Tokenomics and incentive alignment for the sustainability of Overlay Protocol. \ No newline at end of file +Upcoming: Mirror article for a further detailed read about Tokenomics and incentive alignment for the sustainability of Overlay Protocol. From eed5d1a9c7de6ee8bf50310c263443cebdc5ce5b Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Mon, 27 Mar 2023 18:44:37 +0530 Subject: [PATCH 040/121] Add mirror link --- docs/Token/Monetary Policy and Token Supply.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Token/Monetary Policy and Token Supply.md b/docs/Token/Monetary Policy and Token Supply.md index b2f0f2e..109959c 100644 --- a/docs/Token/Monetary Policy and Token Supply.md +++ b/docs/Token/Monetary Policy and Token Supply.md @@ -11,4 +11,4 @@ Of the 58.80% in the DAO Treasury, 7% should be allocated to Dev Fund and Commun The initial developers' tokens are subject to a vesting schedule (1 year cliff for 25%, 75% linear after that) starting from TGE, while stakeholder tokens have a 2-year linear vesting schedule starting from January 2023. -Upcoming: Mirror article for a further detailed read about Tokenomics and incentive alignment for the sustainability of Overlay Protocol. +Read [this mirror article](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/e1oJnBNi1Fb8IXrP-RzSWQFsmhljh9pPhqkuVOR6P2M) for a further detailed read about Tokenomics and incentive alignment for the sustainability of Overlay Protocol. From 0e0feef3a48436e4f635ec733efd6d0a2182a44f Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Tue, 28 Mar 2023 16:45:42 +0530 Subject: [PATCH 041/121] Timelines --- docs/Token/Monetary Policy and Token Supply.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/docs/Token/Monetary Policy and Token Supply.md b/docs/Token/Monetary Policy and Token Supply.md index 109959c..1284e5f 100644 --- a/docs/Token/Monetary Policy and Token Supply.md +++ b/docs/Token/Monetary Policy and Token Supply.md @@ -1,7 +1,7 @@ # Monetary Policy and Token Supply -Overlay Protocol's native token, OVL, had an initial minted supply of 8,000,000 tokens at its Token Generation Event (TGE). As the protocol relies on dynamic minting and burning, there is no defined maximum total supply. The token supply is allocated as follows: +Overlay Protocol's native token, OVL, had an initial minted supply of 8,000,000 tokens at its Token Generation Event (TGE on Sept 19, 2022). As the protocol relies on dynamic minting and burning, there is no defined maximum total supply. The token supply is allocated as follows: DAO Treasury: 58.80% Initial Developers: 15% @@ -9,6 +9,6 @@ Early Stakeholders: 26.13% Of the 58.80% in the DAO Treasury, 7% should be allocated to Dev Fund and Community Incentives. This and all future allocations must be voted on and approved by the DAO. For example, the DAO could aim to fund community initiatives such as further Litter Box competitions, Referrals and Ambassador programs, and future Liquidity Mining Rewards. -The initial developers' tokens are subject to a vesting schedule (1 year cliff for 25%, 75% linear after that) starting from TGE, while stakeholder tokens have a 2-year linear vesting schedule starting from January 2023. +The initial developers' tokens are subject to a vesting schedule (1 year cliff for 25%, 75% linear for a year after that) starting from TGE, while stakeholder tokens have a 2-year linear vesting schedule starting from January 2023. Read [this mirror article](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/e1oJnBNi1Fb8IXrP-RzSWQFsmhljh9pPhqkuVOR6P2M) for a further detailed read about Tokenomics and incentive alignment for the sustainability of Overlay Protocol. From 92f3e4d183c69cbc7057233804126bef7c04f325 Mon Sep 17 00:00:00 2001 From: LangYou Date: Fri, 21 Apr 2023 22:00:33 -0700 Subject: [PATCH 042/121] Create Chinese (CN) document (Introduction page) starting with introducation page --- .../current/introduction.md | 62 +++++++++++++++++++ 1 file changed, 62 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/introduction.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/introduction.md b/i18n/cn/docusaurus-plugin-content-docs/current/introduction.md new file mode 100644 index 0000000..f8569b8 --- /dev/null +++ b/i18n/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://planckcat.mypinata.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

From b1fb9fad7100fd9989f09e5ab45a2658774a186d Mon Sep 17 00:00:00 2001 From: LangYou Date: Sun, 23 Apr 2023 21:41:43 -0700 Subject: [PATCH 043/121] Create Basis trade.md --- .../current/Concepts Explained/Basis trade.md | 75 +++++++++++++++++++ 1 file changed, 75 insertions(+) create mode 100644 i8n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md diff --git a/i8n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md b/i8n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md new file mode 100644 index 0000000..c37da6e --- /dev/null +++ b/i8n/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 +
+ + + +## 如何使用 Overlay 创建基差头寸 + +要创建基差头寸，用户可以： + +(i) 在 Overlay 交易市场目前赚取资金费用的一侧持有头寸（在任何时候只有一侧可以赚取资金），然后 + +(ii) 通过使用以下几种方式来持有相反的对冲头寸以对冲第一个头寸的市场风险 + + + +* 现货资产 +* 永续合约 +* 借贷市场 + + +## Overlay 基差头寸的目的 + +为了使永续合约价格趋近于标的资产的现货价格，传统加密货币交易所会支付永续合约的资金费用（永续合约是加密货币市场上最受欢迎的衍生品合约）。资金费率激励用户在市场的特定一侧持有头寸，从而减少“基差”，即资产现货价格和衍生品价格之间的差距。 + + +> 如要了解有关 Overlay 上基差头寸及其如何执行的详细信息，请阅读我们的[相关文章](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/BWarv3spOc4YLQBLM7DlchqOzYt6-v2fpF378mRKzpU)。 + + +然而，Overlay 通过预言机喂价而确定价格。所以市场不需要资金费率以保证衍生品的价格与现货资产的价格相一致 — 资产的价格数据仅需从预言机中获取即可。 + + + +> 请参阅相关文档，了解有关 Overlay 上预言机的更多信息。 + + +Overlay 需要资金费率以缩小交易市场的多空OI的失衡。由于交易收益由协议以 OVL 形式支付的机制，因此被动的 OVL 持有者在未平持仓量不平衡的情况下面临 OVL 通胀风险——这种风险随着 OI 失衡的程度而增加。因此，资金费率被用于尽可能地缩小 OI 之间的不平衡，从而减少 OVL 通胀风险。 From ba8f37d0b05664ec3ef4c708bafffa186c68fc2d Mon Sep 17 00:00:00 2001 From: LangYou Date: Sun, 23 Apr 2023 21:49:07 -0700 Subject: [PATCH 044/121] Delete i8n/cn/docusaurus-plugin-content-docs/current/Concepts Explained directory --- .../current/Concepts Explained/Basis trade.md | 75 ------------------- 1 file changed, 75 deletions(-) delete mode 100644 i8n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md diff --git a/i8n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md b/i8n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md deleted file mode 100644 index c37da6e..0000000 --- a/i8n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md +++ /dev/null @@ -1,75 +0,0 @@ ---- -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 -
- - - -## 如何使用 Overlay 创建基差头寸 - -要创建基差头寸，用户可以： - -(i) 在 Overlay 交易市场目前赚取资金费用的一侧持有头寸（在任何时候只有一侧可以赚取资金），然后 - -(ii) 通过使用以下几种方式来持有相反的对冲头寸以对冲第一个头寸的市场风险 - - - -* 现货资产 -* 永续合约 -* 借贷市场 - - -## Overlay 基差头寸的目的 - -为了使永续合约价格趋近于标的资产的现货价格，传统加密货币交易所会支付永续合约的资金费用（永续合约是加密货币市场上最受欢迎的衍生品合约）。资金费率激励用户在市场的特定一侧持有头寸，从而减少“基差”，即资产现货价格和衍生品价格之间的差距。 - - -> 如要了解有关 Overlay 上基差头寸及其如何执行的详细信息，请阅读我们的[相关文章](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/BWarv3spOc4YLQBLM7DlchqOzYt6-v2fpF378mRKzpU)。 - - -然而，Overlay 通过预言机喂价而确定价格。所以市场不需要资金费率以保证衍生品的价格与现货资产的价格相一致 — 资产的价格数据仅需从预言机中获取即可。 - - - -> 请参阅相关文档，了解有关 Overlay 上预言机的更多信息。 - - -Overlay 需要资金费率以缩小交易市场的多空OI的失衡。由于交易收益由协议以 OVL 形式支付的机制，因此被动的 OVL 持有者在未平持仓量不平衡的情况下面临 OVL 通胀风险——这种风险随着 OI 失衡的程度而增加。因此，资金费率被用于尽可能地缩小 OI 之间的不平衡，从而减少 OVL 通胀风险。 From 06a6803d533861c50d2a780764fdc72cd273d92d Mon Sep 17 00:00:00 2001 From: LangYou Date: Sun, 23 Apr 2023 21:52:18 -0700 Subject: [PATCH 045/121] Create Basis trade.md --- .../current/Concepts Explained/Basis trade.md | 75 +++++++++++++++++++ 1 file changed, 75 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md b/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md new file mode 100644 index 0000000..c37da6e --- /dev/null +++ b/i18n/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 +
+ + + +## 如何使用 Overlay 创建基差头寸 + +要创建基差头寸，用户可以： + +(i) 在 Overlay 交易市场目前赚取资金费用的一侧持有头寸（在任何时候只有一侧可以赚取资金），然后 + +(ii) 通过使用以下几种方式来持有相反的对冲头寸以对冲第一个头寸的市场风险 + + + +* 现货资产 +* 永续合约 +* 借贷市场 + + +## Overlay 基差头寸的目的 + +为了使永续合约价格趋近于标的资产的现货价格，传统加密货币交易所会支付永续合约的资金费用（永续合约是加密货币市场上最受欢迎的衍生品合约）。资金费率激励用户在市场的特定一侧持有头寸，从而减少“基差”，即资产现货价格和衍生品价格之间的差距。 + + +> 如要了解有关 Overlay 上基差头寸及其如何执行的详细信息，请阅读我们的[相关文章](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/BWarv3spOc4YLQBLM7DlchqOzYt6-v2fpF378mRKzpU)。 + + +然而，Overlay 通过预言机喂价而确定价格。所以市场不需要资金费率以保证衍生品的价格与现货资产的价格相一致 — 资产的价格数据仅需从预言机中获取即可。 + + + +> 请参阅相关文档，了解有关 Overlay 上预言机的更多信息。 + + +Overlay 需要资金费率以缩小交易市场的多空OI的失衡。由于交易收益由协议以 OVL 形式支付的机制，因此被动的 OVL 持有者在未平持仓量不平衡的情况下面临 OVL 通胀风险——这种风险随着 OI 失衡的程度而增加。因此，资金费率被用于尽可能地缩小 OI 之间的不平衡，从而减少 OVL 通胀风险。 From 5d5b95093be49c1f633f3e24c60e1fe41c0ba446 Mon Sep 17 00:00:00 2001 From: LangYou Date: Sun, 23 Apr 2023 22:13:11 -0700 Subject: [PATCH 046/121] Create How Is Overlay different.md --- .../How Is Overlay different.md | 57 +++++++++++++++++++ 1 file changed, 57 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/How Is Overlay different.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/How Is Overlay different.md b/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/How Is Overlay different.md new file mode 100644 index 0000000..35a1196 --- /dev/null +++ b/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/How Is Overlay different.md @@ -0,0 +1,57 @@ +--- +sidebar_position: 2 +--- + +# Overlay与其他永续期货有何不同？ + + +## 什么是永续期货合约或Perps？ + +Perps是加密市场中最受欢迎的衍生品合约类型。Perps允许用户在不持有标的资产的情况下建立多头或空头头寸，并支付或收取费用以维持头寸（取决于市场情况和用户所处头寸位置）。 + +Perps与传统期货合约的不同之处在于没有到期/结算日期或标的资产的交割。Perp合约会一直滚动，直到用户决定关闭其头寸。 + +通常，白名单资产被用作这些头寸的保证金/抵押，用户可以进行杠杆交易（有时高达100倍）。如果保证金要求低于最低阈值，则会清算抵押品。 + +Overlay市场上的合约类似于永续合约，因为它们没有到期日（合约可以不断滚动），且没有标的资产的交割。然而，Overlay市场上的合约具有与传统Perps不同的一些关键特点，下文将进行讨论。 + + +## 基于预言机的定价 + +Overlay通过使用基于预言机数据和原生机制的组合来确定用户可以建立头寸的价格对应的数据点。请查看我们相关的定价详细文章，以了解更多。 + +像FTX和Binance这样的传统加密货币交易所通常使用集中限价订单簿（CLOB）系统来确定价格。价格基于买卖订单的匹配 - 价格仅由资产最后一次购买价格决定。 + +某些链上永续期货协议，如Perp Protocol和GMX，也使用基于预言机的数据源进行定价。 + + +## 缺乏传统交易对手方 + +Overlay将在无需传统交易对手方的情况下，为其用户提供可交易的市场。当头寸关闭时，Overlay动态铸造/销毁其原生代币OVL： + +(i) 如果实现正Delta，则协议按用户初始抵押品（基于OVL）与头寸之间的差异铸造OVL + +(ii) 如果实现负Delta，则销毁用户提供的抵押品的一定比例（基于OVL） + +通货膨胀风险是被动型OVL持有人面临的潜在风险，用户应该充分了解该风险。请参阅风险总结了解更多相关风险以及Overlay如何应对风险的信息。 + +传统的基于CLOB的加密货币交易所依赖于交易对手（包括做市商），以便为其市场提供流动性。像Perp Protocol和GMX这样的链上衍生品协议则通过流动性提供者向流动性池注入流动性，然后用户针对这些流动性池进行交易。 + + +## 没有限价单 + +Overlay v1将不支持通过限价单设置买入和卖出委托。目前，Overlay市场上只有市价单可执行。通常，基于CLOB和LP的交易所都有限价单。 + + +## 资金费用 + +资金费率是交易者为使用Perps持有多头或空头头寸而支付的周期性费用。这也可以被视为在传统市场中持有某些期货/期权头寸需要支付的“溢价”。 + +资金费率机制允许基于CLOB的交易所将资产的期货价格与基础现货价格保持一致（并减少基差）。基于流动性提供者的交易平台，如GMX和Perp Protocol，利用资金费用向流动性提供者支付相关收益，以换取其提供流动性。 + +对于Overlay，资金费率是根据未平仓量的失衡性计算的，而不是基于现货和期货价格之间的失衡性计算。 Overlay的资金费率主要用于减少多头和空头之间的失衡，以激励用户进入滞后的一方来减少失衡性。 + + +## PnL收益和抵押品 + +用户需要将OVL作为抵押品锁定在Overlay市场上的头寸中。 交易盈亏也将以OVL支付。如果头寸Delta为正，则协议将铸造OVL并作为PnL支付给用户；另一方面，如果头寸Delta为负，则锁定的OVL将被销毁（直至损失额度）。 From 289193b115482be6dd8ed2c128939116b8baf41f Mon Sep 17 00:00:00 2001 From: LangYou Date: Sun, 23 Apr 2023 23:30:10 -0700 Subject: [PATCH 047/121] Create OI caps and other caps.md --- .../OI caps and other caps.md | 39 +++++++++++++++++++ 1 file changed, 39 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OI caps and other caps.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OI caps and other caps.md b/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OI caps and other caps.md new file mode 100644 index 0000000..00a7a70 --- /dev/null +++ b/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OI caps and other caps.md @@ -0,0 +1,39 @@ +# 收益上限，未平仓量上限及熔断机制 + + +## 介绍 + +Overlay使用其原生代币OVL支付损益，并在损失时销毁用户抵押的OVL（最多到损失程度）。尽管这种机制为协议带来了许多好处，例如不需要做市商或能够在几乎任何标量数据流上建立头寸，但它也导致协议面临OVL通胀的潜在风险（特别是在长尾资产的情况下）。 + +为了应对这些潜在的风险，Overlay搭建了一个包括收益上限、OI上限和熔断机制在内的风险框架。 + + +## 收益上限 + +收益上限（表示为 _Cp_）是每个头寸的PnL限制。这会是通过由DAO治理流程确认的固定上限，且将针对Overlay上的每个市场具体设置。对于风险较高的资产及长尾资产，DAO可以选择较低的上限。 + +对于基于长尾价格源的市场，收益上限使得： + +(i) 协议避免在任何特定头寸上支付理论上无限的收益； + +(ii) 协议可以基于DAO确定的 _Cp_ 以自动方式量化每个市场所涉及的风险。 + + +## 未平仓量上限 + +未平仓量上限（OI上限或CQ）是对Overlay各个市场上的多空持仓总量的限制。这个静态限制将因市场而异，并将由社区通过治理流程确定。尽管存在收益上限，但仍需要OI上限，因为用户可以通过开多个头寸来规避收益上限。 + +通过治理来设置CQ有助于协议量化通货膨胀风险：在任何给定市场的最坏情况下，协议将不得不发行的OVL数量。这种假设的最坏情况涉及多头和空头之间的OI差异责任（OI的差异）。以CQ的函数形式量化每个市场在最坏情况下的通货膨胀风险，使社区能够意识到引入任何新市场对协议造成的风险。 + + +## 熔断机制 + +熔断机制为Overlay提供了一层额外的保护：在有大额支付情况下（以铸造OVL的形式），它可以让市场冷却下来。 + +协议会使用CQ持续计算预期通货膨胀率。如果某个周期内的实际通货膨胀率超过了预期值，CQ将被调整以遏制通货膨胀。当实际通货膨胀率接近预期值时，CQ会回到正常水平。 + +直到市场冷却下来之前，熔断器通过调整特定时间段内每个市场的OI上限（CQ），以限制市场可创建的头寸大小。 + +

+Last updated on Oct 18, 2022

+ From c4d31a263ab58a92df968715ea297201c3c2d19f Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 09:54:05 -0700 Subject: [PATCH 048/121] Create OVL.md --- .../current/Concepts Explained/OVL.md | 46 +++++++++++++++++++ 1 file changed, 46 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md b/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md new file mode 100644 index 0000000..aa0e3f9 --- /dev/null +++ b/i18n/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。 + + +## Supply + +代币首次部署时，OVL代币有800万枚。 OVL供应是动态的。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

+ From 66b4f740cb3b532e83d226792596cec81227890e Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 10:01:05 -0700 Subject: [PATCH 049/121] Create Oracles.md --- .../current/Concepts Explained/Oracles.md | 20 +++++++++++++++++++ 1 file changed, 20 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md b/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md new file mode 100644 index 0000000..bc227b8 --- /dev/null +++ b/i18n/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

From 46fda43983525f001a6f0d5fc7e674a4b8d29b06 Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 10:17:06 -0700 Subject: [PATCH 050/121] Create Contract Addresses.md --- .../current/Contracts/Contract Addresses.md | 82 +++++++++++++++++++ 1 file changed, 82 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md b/i18n/cn/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md new file mode 100644 index 0000000..4de3c0e --- /dev/null +++ b/i18n/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 +
+ + + +## Arbitrum上的PlanckCat DAO + +PlanckCat DAO（PCD）是一个允许Overlay贡献者通过治理参与决策过程的DAO组织。当贡献者的付出达到一定阈值时，会收到一个ERC-721代币。目前，PCD NFT在Arbitrum上铸造。PCD NFT的合约地址为_[0xc9B28946144E3A0e02fcC119a622E30565916784](https://arbiscan.io/token/0xc9B28946144E3A0e02fcC119a622E30565916784)_。 + + + +> 提示 +> PCD NFT铸造已经启动，有500个PCD NFT的软上限。参与共建Overlay并获得CRED以铸造PCD吧！请访问[此处](https://www.notion.so/PlanckCat-DAO-7a3fe097aa5c4acaac2d89e142467e53)了解更多详细信息。请加入我们的[discord](https://discord.com/invite/m2U5vSr4gD)开始共建。 + + + +> 免责声明 +> 请注意，Overlay Protocol的OVL代币在以太坊主网上部署了有限的数量（仅供Litter Box 1计划的参与者使用）。目前，官方的Overlay代币OVL未上线任何交易所。OVL代币的官方地址是本页面提供的地址。其它任何在以太坊（或任何其他链）上部署的其他ERC-20代币均不与Overlay Protocol有任何关系。 +> +> 请勿与未列在本网页上的任何代币/智能合约地址进行交互。任何未列在本页面上但存在于任何链上的“OVL”代币均与Overlay Protocol无关。请保持谨慎，并仅从[此处](https://overlay-docs.vercel.app/Getting%20Started/Communication%20channels)列出的官方渠道获取Overlay的信息。 + + +

+Last updated on Oct 18, 2022

+ + + From 9f75479b96a1ae4250d94bed96c4fff869d4532f Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 10:20:07 -0700 Subject: [PATCH 051/121] Create Communication channels.md --- .../Getting Started/Communication channels.md | 12 ++++++++++++ 1 file changed, 12 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md b/i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md new file mode 100644 index 0000000..015938f --- /dev/null +++ b/i18n/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 From 54c2ce314a7dcc4bc1324017fcdebedf987652b6 Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 10:25:06 -0700 Subject: [PATCH 052/121] Create Governance.md --- .../current/Getting Started/Governance.md | 22 +++++++++++++++++++ 1 file changed, 22 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Governance.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Governance.md b/i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Governance.md new file mode 100644 index 0000000..35d10fb --- /dev/null +++ b/i18n/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。 + + + + + + + + + From 91d549b6a93380c05f27945e201005542dce8081 Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 18:21:20 -0700 Subject: [PATCH 053/121] Create Risks.md --- .../current/Security/Risks.md | 80 +++++++++++++++++++ 1 file changed, 80 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Security/Risks.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Security/Risks.md b/i18n/cn/docusaurus-plugin-content-docs/current/Security/Risks.md new file mode 100644 index 0000000..6d3b22d --- /dev/null +++ b/i18n/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。 + + + + + + + + + + + From 89dd048cf51b12edc5a151c6ec1349e728f9e97b Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 18:35:25 -0700 Subject: [PATCH 054/121] Create Third party audits.md --- .../current/Security/Third party audits.md | 107 ++++++++++++++++++ 1 file changed, 107 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Security/Third party audits.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Security/Third party audits.md b/i18n/cn/docusaurus-plugin-content-docs/current/Security/Third party audits.md new file mode 100644 index 0000000..a04d856 --- /dev/null +++ b/i18n/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 +
+ +## _Spearbit_ + +Spearbit Overlay安全审查历时23天，审查了Overlay市场[合约](https://github.com/overlay-market/)。在此次审查中，Spearbit发现了31个问题，其中21个问题是矿工费优化和信息问题相关的，没有发现重大风险问题。 + + + + + + + + + + + + + + + + + + + + + + + + + + + +
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 +
+ +## _Least Authority_ + +Least Authority的初步代码审查于2022年4月4日至5月9日进行，审查了[此处](https://github.com/overlay-market/v1-core)的代码存储库。Least Authority的报告对他们的方法和Overlay的代码有一些评论。 + +Least Authority向Overlay提出了9个建议，其中4个得到了解决。其中五个建议与代码质量和最佳实践有关，其中有4个已得到解决。3个建议涉及系统设计和测试。最后一个建议涉及更好的协议文档，Overlay正在解决这个问题。 + +以下是一些选定的摘录： + +“常规评论”部分： + +_“...我们的团队试图通过执行一次闪电贷攻击来强制清算现有头寸。该攻击试图建立大量后续头寸，以导致现有头寸失去价值。然而，这种攻击被熔断机制阻止了。我们观察到maintenanceMarginFraction 和 liquidationFeeRate 两个风险参数在防止闪电贷攻击方面至关重要，且应通过安全的治理机制谨慎设置。_ + +_我们还试图创建许多小头寸作为替代方法来操纵现有头寸的价值，但发现燃气成本太高。鉴于访问数据流创建机制的能力没有受到保护，我们探索griefing攻击可能造成的危害，但没有发现任何问题。我们的团队发现该协议设计良好且实现得很好。但是，该项目基于复杂的金融结构，大大增加了审计复杂性。”_ + +“系统设计”部分： + +_“我们发现在Overlay协议的设计中，安全性得到了考虑，这通过对角色的仔细划分和授予权限得以体现。我们团队注意到，输入验证已经在恰当的地方实施，此外还有一些阻止攻击的机制，如上限、基差和由协议治理设置的市场相关参数...“_ + +_Overlay的代码组织良好，遵循最佳实践，例如通过合理分配存储变量来优化存储空间，将逻辑移入库以最小化代码，适当使用require函数确保合约状态转换的有效性，以及使用接口提高可读性并通过抽象代码功能来促进代码推理...“_ + +“代码质量”部分： + +_Overlay的代码组织良好，遵循最佳实践，例如通过合理分配存储变量来优化存储空间，将逻辑移入库以最小化代码，适当使用require函数确保合约状态转换的有效性，以及使用接口提高可读性并通过抽象代码功能来促进代码推理。_ + + + + + + From 7977b9e6e51de72f3f234855c07179aa30718753 Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 18:48:46 -0700 Subject: [PATCH 055/121] Create Monetary Policy and Token Supply.md --- .../Token/Monetary Policy and Token Supply.md | 14 ++++++++++++++ 1 file changed, 14 insertions(+) create mode 100644 i18n/cn/docusaurus-plugin-content-docs/current/Token/Monetary Policy and Token Supply.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Token/Monetary Policy and Token Supply.md b/i18n/cn/docusaurus-plugin-content-docs/current/Token/Monetary Policy and Token Supply.md new file mode 100644 index 0000000..5f5c00c --- /dev/null +++ b/i18n/cn/docusaurus-plugin-content-docs/current/Token/Monetary Policy and Token Supply.md @@ -0,0 +1,14 @@ +# 货币政策和代币供给 + + +Overlay协议的原生代币OVL在2022年9月19日的Token Generation Event（TGE）上首次发行，发行量为8,000,000个代币。由于该协议依赖于动态铸造和销毁，因此没有预设的最大总供应量。代币供给如下分配： + +DAO财库：58.80％ +早期开发者：15％ +早期股东：26.13％ + +在DAO财库的58.80％中，7％应分配给Dev Fund和社区激励。这部分以及未来的所有分配都必须由DAO投票和批准。例如，DAO可以致力于资助社区提议，如Litter Box比赛、推荐和大使计划以及未来的流动性挖掘奖励。 + +早期开发者的代币受到解锁计划（Vesting）的限制（从TGE日开始，25％悬崖期（cliff）为1年，之后75％的将在TGE一年后开始线性解锁），而早期股东的代币则有一个从2023年1月开始的为期2年的线性解锁计划。 + +请阅读[这篇镜像文章](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/e1oJnBNi1Fb8IXrP-RzSWQFsmhljh9pPhqkuVOR6P2M)详细了解Overlay协议的代币经济学和激励对可持续发展的影响。 From db254f221812306f2eaa6f0cf861e8989658d0c4 Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 18:58:08 -0700 Subject: [PATCH 056/121] Update OVL.md additional translation --- .../current/Concepts Explained/OVL.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md b/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md index aa0e3f9..16c937f 100644 --- a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md +++ b/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md @@ -37,9 +37,9 @@ OVL是Overlay Protocol提出的原生代币。它是以太坊主网上的ERC-20 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。 -## Supply +## 供给 -代币首次部署时，OVL代币有800万枚。 OVL供应是动态的。当用户解除头寸时，智能合约将动态铸造和销毁OVL。 +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

From 1a4c0c2840c658930bdf2263d8c6d639bc3c2ce6 Mon Sep 17 00:00:00 2001 From: LangYou Date: Sat, 13 May 2023 19:00:46 -0700 Subject: [PATCH 057/121] Update Communication channels.md format issue --- .../current/Getting Started/Communication channels.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md b/i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md index 015938f..d281e54 100644 --- a/i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md +++ b/i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md @@ -7,6 +7,6 @@ sidebar_position: 4 **Twitter: _[https://twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** -**治理论坛:_ https://commonwealth.im/overlay/_** +**治理论坛: _https://commonwealth.im/overlay/_** **停用:** Telegram channel From 212082992dc7d5ec337ef4a52554c2afc8e6326a Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Mon, 5 Jun 2023 16:32:32 +0530 Subject: [PATCH 058/121] Merge remote-tracking branch 'origin/main' into HEAD --- docs/Concepts Explained/OVL.md | 2 +- docs/Security/Risks.md | 4 ++-- .../Token/Monetary Policy and Token Supply.md | 14 +++++++++++ docusaurus.config.js | 22 +++++++++--------- static/img/OVL-favicon.ico | Bin 0 -> 8894 bytes static/img/favicon.ico | Bin 226 -> 0 bytes static/img/logo-white.png | Bin 0 -> 6511 bytes static/img/logo-white.svg | 4 ---- static/img/logo.png | Bin 0 -> 5521 bytes static/img/logo.svg | 4 ---- 10 files changed, 28 insertions(+), 22 deletions(-) create mode 100644 docs/Token/Monetary Policy and Token Supply.md create mode 100644 static/img/OVL-favicon.ico delete mode 100755 static/img/favicon.ico create mode 100644 static/img/logo-white.png delete mode 100644 static/img/logo-white.svg create mode 100644 static/img/logo.png delete mode 100644 static/img/logo.svg diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index 993041b..ed408e9 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -3,7 +3,7 @@ sidebar_position: 4 --- # OVL -OVL is the proposed native token of Overlay Protocol. It isan 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. +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. OVL may be used by holders to: diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index ec84e7d..628c9c9 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -1,6 +1,6 @@ # Summary of risks -## 1. Inflation risk +## 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. @@ -40,7 +40,7 @@ If access to the smart contract is not implemented correctly, this can lead to a 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 a 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. Frontrunning is an issue especially on the Ethereum mainnet. +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. Frontrunning is an issue especially on the Ethereum mainnet. 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). 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..1284e5f --- /dev/null +++ b/docs/Token/Monetary Policy and Token Supply.md @@ -0,0 +1,14 @@ +# Monetary Policy and Token Supply + + +Overlay Protocol's native token, OVL, had an initial minted supply of 8,000,000 tokens at its Token Generation Event (TGE on Sept 19, 2022). As the protocol relies on dynamic minting and burning, there is no defined maximum total supply. The token supply is allocated as follows: + +DAO Treasury: 58.80% +Initial Developers: 15% +Early Stakeholders: 26.13% + +Of the 58.80% in the DAO Treasury, 7% should be allocated to Dev Fund and Community Incentives. This and all future allocations must be voted on and approved by the DAO. For example, the DAO could aim to fund community initiatives such as further Litter Box competitions, Referrals and Ambassador programs, and future Liquidity Mining Rewards. + +The initial developers' tokens are subject to a vesting schedule (1 year cliff for 25%, 75% linear for a year after that) starting from TGE, while stakeholder tokens have a 2-year linear vesting schedule starting from January 2023. + +Read [this mirror article](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/e1oJnBNi1Fb8IXrP-RzSWQFsmhljh9pPhqkuVOR6P2M) for a further detailed read about Tokenomics and incentive alignment for the sustainability of Overlay Protocol. diff --git a/docusaurus.config.js b/docusaurus.config.js index 1b9ec4d..8af6358 100644 --- a/docusaurus.config.js +++ b/docusaurus.config.js @@ -3,21 +3,21 @@ module.exports = { tagline: "Trade data streams", url: "https://overlay-docs.com", baseUrl: "/", - favicon: "img/favicon.ico", + favicon: "img/OVL-favicon.ico", organizationName: 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100644 index aaec7d1..0000000 --- a/static/img/logo.svg +++ /dev/null @@ -1,4 +0,0 @@ - - - - \ No newline at end of file From 679a304f8c8e3b2fe9d682c526af7ec5dc2a3dbb Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Mon, 5 Jun 2023 16:44:54 +0530 Subject: [PATCH 059/121] Rm incomplete japanese (retain i18n integration) --- docusaurus.config.js | 7 +-- .../current.json | 22 ------- .../current/Introduction.md | 59 ------------------- .../current/readme.md | 2 - 4 files changed, 2 insertions(+), 88 deletions(-) delete mode 100644 i18n/ja/docusaurus-plugin-content-docs/current.json delete mode 100644 i18n/ja/docusaurus-plugin-content-docs/current/Introduction.md delete mode 100644 i18n/ja/docusaurus-plugin-content-docs/current/readme.md diff --git a/docusaurus.config.js b/docusaurus.config.js index 8af6358..2ea17c9 100644 --- a/docusaurus.config.js +++ b/docusaurus.config.js @@ -43,14 +43,11 @@ module.exports = { }, i18n: { defaultLocale: "en", - locales: ["en", "ja"], + locales: ["en"], localeConfigs: { en: { htmlLang: "en-GB", - }, - ja: { - htmlLang: "ja-JP", - }, + } }, }, presets: [ diff --git a/i18n/ja/docusaurus-plugin-content-docs/current.json b/i18n/ja/docusaurus-plugin-content-docs/current.json deleted file mode 100644 index ecac228..0000000 --- a/i18n/ja/docusaurus-plugin-content-docs/current.json +++ /dev/null @@ -1,22 +0,0 @@ -{ - "version.label": { - "message": "Next", - "description": "The label for version current" - }, - "sidebar.defaultSidebar.category.Getting Started": { - "message": "Getting Started", - "description": "The label for category Getting Started in sidebar defaultSidebar" - }, - "sidebar.defaultSidebar.category.Concepts Explained": { - "message": "Concepts Explained", - "description": "The label for category Concepts Explained in sidebar defaultSidebar" - }, - "sidebar.defaultSidebar.category.Contracts": { - "message": "Contracts", - "description": "The label for category Contracts in sidebar defaultSidebar" - }, - "sidebar.defaultSidebar.category.Security": { - "message": "Security", - "description": "The label for category Security in sidebar defaultSidebar" - } -} diff --git a/i18n/ja/docusaurus-plugin-content-docs/current/Introduction.md b/i18n/ja/docusaurus-plugin-content-docs/current/Introduction.md deleted file mode 100644 index 482ff28..0000000 --- a/i18n/ja/docusaurus-plugin-content-docs/current/Introduction.md +++ /dev/null @@ -1,59 +0,0 @@ ---- -slug: / -sidebar_position: 1 ---- - -# Overlayの紹介 - - -## Overlayってなに？ - -Overlay ProtocolはEthereum上に構築された分散型プラットフォームで、従来のカウンターパーティ（流動性供給者やマーケットメーカー）をポジションの反対側として相手取ることなく、マーケットやデータストリーム上でポジションを構築する能力をユーザーに提供します。理想的には、（i）価格データフィードと（ii）非操作可能かつ非予測可能なデータフィードに基づく市場を提供するプロトコルです。 - - - -> 参考情報 -> Overlay Protocol の詳細については、[ホワイトペーパー](https://planckcat.mypinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv)を参照してください。 - - - - -## マーケットの種類 - -Overlayは、価格データフィードと操作不可能および予測不可能なデータフィードに基づいて、数種類のマーケットを提供することを目的としています。これには以下が含まれます： - - -* ハッシュレート、ガス、BTC難易度、NFTフロア、ソーシャルトークン、イールドレートなどのポジションをユーザーが構築できる市場など、従来と異なった暗号資産に関わる市場 -* eスポーツやスポーツ、スニーカー価格、スカラー社会・政治市場、自然・科学市場などの従来と異なった市場 -* 従来同様の暗号資産市場 -* その他多数 - -## Overlay はどのように取引相手のいない市場を提供しますか？ - -ユーザーはプロトコル全体に対して、つまり他のすべてのOVL保有者に対して、同時にポジションを構築します。これにより、Overlay市場は流動性プロバイダーや従来のスワップベースのカウンターパーティ（マーケットメーカーを含む）を必要とせずに、多くの流動性を持つことができます。このメカニズムがもたらす潜在的なOVLインフレリスクを否定するプロトコルの詳細については、こちらの記事を参照してください。 - -## オラクルフィードに基づく価格設定 - -Overlay市場の価格設定は、従来の意味で、動的なものではなく、オラクルから断続的に取得される値に基づいています。オラクルから取得される値は、プロトコルに組み込まれたメカニズムによって調整されます（詳細については、Overlayの価格設定に関する記事をご覧ください）。Overlayは、オラクルからの取得値が操作不可能かつ予測不可能である限り、ほぼすべてのオラクルを搭載可能です。 - -## 取引はどのように行われますか（例えば、担保と PnLは）？ - -ユーザーは、OVL をOverlay市場におけるポジションの担保としてロックする必要があります。PnLはOVL建てで支払われます。OVLはプロトコルによって生成され、ポジションの利益が上がればPnLとしてユーザーに送られますが、一方、ポジションの利益が無ければ、ロックされたOVLは（損失の範囲内で）燃やされます。 - - -## OVL - -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. 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. - - -## 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. - - -> 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 Oct 18, 2022

diff --git a/i18n/ja/docusaurus-plugin-content-docs/current/readme.md b/i18n/ja/docusaurus-plugin-content-docs/current/readme.md deleted file mode 100644 index dc40c7b..0000000 --- a/i18n/ja/docusaurus-plugin-content-docs/current/readme.md +++ /dev/null @@ -1,2 +0,0 @@ -This folder should include all documents in docs. -And each file in this folder should be translated into ja-JP. From c09278b0c9e00bfb16ced8ed75f5283cc8b0589c Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Mon, 5 Jun 2023 18:28:56 +0530 Subject: [PATCH 060/121] Fix chinese locale config --- docusaurus.config.js | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/docusaurus.config.js b/docusaurus.config.js index 6d1a70e..b12efff 100644 --- a/docusaurus.config.js +++ b/docusaurus.config.js @@ -43,12 +43,12 @@ module.exports = { }, i18n: { defaultLocale: "en", - locales: ["en", "cn"], + locales: ["en", "zh-CN"], localeConfigs: { en: { htmlLang: "en-GB", }, - cn: { + 'zh-CN': { htmlLang: "zh-CN", } }, From d0254a686459b4576c953b386abf37434fbca174 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Mon, 5 Jun 2023 18:51:02 +0530 Subject: [PATCH 061/121] Change directory name to match locale --- .../current/Concepts Explained/Basis trade.md | 0 .../current/Concepts Explained/How Is Overlay different.md | 0 .../current/Concepts Explained/OI caps and other caps.md | 0 .../current/Concepts Explained/OVL.md | 0 .../current/Concepts Explained/Oracles.md | 0 .../current/Contracts/Contract Addresses.md | 0 .../current/Getting Started/Communication channels.md | 0 .../current/Getting Started/Governance.md | 0 .../docusaurus-plugin-content-docs/current/Security/Risks.md | 0 .../current/Security/Third party audits.md | 0 .../current/Token/Monetary Policy and Token Supply.md | 0 .../docusaurus-plugin-content-docs/current/introduction.md | 0 12 files changed, 0 insertions(+), 0 deletions(-) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Concepts Explained/How Is Overlay different.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Concepts Explained/OI caps and other caps.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Getting Started/Governance.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Security/Risks.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Security/Third party audits.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/Token/Monetary Policy and Token Supply.md (100%) rename i18n/{cn => zh-CN}/docusaurus-plugin-content-docs/current/introduction.md (100%) diff --git a/i18n/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 similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/Basis trade.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/How Is Overlay different.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/How Is Overlay different.md similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/How Is Overlay different.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/How Is Overlay different.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OI caps and other caps.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/OI caps and other caps.md similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OI caps and other caps.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/OI caps and other caps.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/OVL.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Concepts Explained/Oracles.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Contracts/Contract Addresses.md diff --git a/i18n/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 similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Getting Started/Communication channels.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Governance.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Getting Started/Governance.md similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Getting Started/Governance.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Getting Started/Governance.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Security/Risks.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Security/Risks.md similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Security/Risks.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Security/Risks.md diff --git a/i18n/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 similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Security/Third party audits.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Security/Third party audits.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/Token/Monetary Policy and Token Supply.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Token/Monetary Policy and Token Supply.md similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/Token/Monetary Policy and Token Supply.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Token/Monetary Policy and Token Supply.md diff --git a/i18n/cn/docusaurus-plugin-content-docs/current/introduction.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/introduction.md similarity index 100% rename from i18n/cn/docusaurus-plugin-content-docs/current/introduction.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/introduction.md From 21c880f65f380ae000b0587c5be623e4bc999041 Mon Sep 17 00:00:00 2001 From: deepsp94 Date: Mon, 5 Jun 2023 20:45:51 +0530 Subject: [PATCH 062/121] Fix case --- .../current/{introduction.md => Introduction.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename i18n/zh-CN/docusaurus-plugin-content-docs/current/{introduction.md => Introduction.md} (100%) diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/introduction.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Introduction.md similarity index 100% rename from i18n/zh-CN/docusaurus-plugin-content-docs/current/introduction.md rename to i18n/zh-CN/docusaurus-plugin-content-docs/current/Introduction.md From fcb4cf1900c5db8909af102c25dcc68b158f5741 Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Mon, 26 Jun 2023 08:47:22 -0300 Subject: [PATCH 063/121] update sidebar_position --- docs/Concepts Explained/Basis trade.md | 2 +- docs/Concepts Explained/How is Overlay different.md | 2 +- docs/Concepts Explained/OI caps and other caps.md | 4 ++++ docs/Concepts Explained/OVL.md | 2 +- docs/Concepts Explained/Oracles.md | 4 ++++ 5 files changed, 11 insertions(+), 3 deletions(-) diff --git a/docs/Concepts Explained/Basis trade.md b/docs/Concepts Explained/Basis trade.md index b93f5c5..0a986b2 100644 --- a/docs/Concepts Explained/Basis trade.md +++ b/docs/Concepts Explained/Basis trade.md @@ -1,5 +1,5 @@ --- -sidebar_position: 5 +sidebar_position: 3 --- # Basis Position diff --git a/docs/Concepts Explained/How is Overlay different.md b/docs/Concepts Explained/How is Overlay different.md index 8cb3b2a..9035a29 100644 --- a/docs/Concepts Explained/How is Overlay different.md +++ b/docs/Concepts Explained/How is Overlay different.md @@ -1,5 +1,5 @@ --- -sidebar_position: 2 +sidebar_position: 1 --- # How does Overlay differ from other perps? diff --git a/docs/Concepts Explained/OI caps and other caps.md b/docs/Concepts Explained/OI caps and other caps.md index e74aee0..4959e33 100644 --- a/docs/Concepts Explained/OI caps and other caps.md +++ b/docs/Concepts Explained/OI caps and other caps.md @@ -1,3 +1,7 @@ +--- +sidebar_position: 4 +--- + # Payoff caps, OI caps, and the Circuit Breaker diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index ed408e9..b0e615f 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -1,5 +1,5 @@ --- -sidebar_position: 4 +sidebar_position: 2 --- # OVL diff --git a/docs/Concepts Explained/Oracles.md b/docs/Concepts Explained/Oracles.md index fd44ea7..c8ca524 100644 --- a/docs/Concepts Explained/Oracles.md +++ b/docs/Concepts Explained/Oracles.md @@ -1,3 +1,7 @@ +--- +sidebar_position: 5 +--- + # Oracles 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. From 620c61a18196652c1dcfed9e51eedf848868a77b Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Mon, 26 Jun 2023 08:47:28 -0300 Subject: [PATCH 064/121] add charts --- docs/Concepts Explained/Charts.md | 7 +++++++ 1 file changed, 7 insertions(+) create mode 100644 docs/Concepts Explained/Charts.md diff --git a/docs/Concepts Explained/Charts.md b/docs/Concepts Explained/Charts.md new file mode 100644 index 0000000..e381ac8 --- /dev/null +++ b/docs/Concepts Explained/Charts.md @@ -0,0 +1,7 @@ +--- +sidebar_position: 6 +--- + +# Charts + +The charting technology is provided by TradingView, a platform for traders and investors especially valued by crypto enthusiasts: it lets you dive into versatile research with high-performance tools and data like [BTC USD](https://www.tradingview.com/symbols/BTCUSD/) price and other key stats, to stay up-to-date on where the markets are moving. From 03315765d0124c4d550be6b000b2da816c8c4cad Mon Sep 17 00:00:00 2001 From: Tomas C Imach <43709975+TomasCImach@users.noreply.github.com> Date: Tue, 15 Aug 2023 15:46:27 -0300 Subject: [PATCH 065/121] Update Introduction.md --- docs/Introduction.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index 7115b23..470765b 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -13,7 +13,7 @@ Overlay Protocol is a decentralized platform built on Ethereum, and offers users > INFO -> For a deep dive into Overlay Protocol, please refer to our white paper [here](https://planckcat.mypinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv). +> For a deep dive into Overlay Protocol, please refer to our white paper [here](https://gateway.pinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv). From 7ba1fc5538df04868997a4f3d7e37ec643f2bb86 Mon Sep 17 00:00:00 2001 From: Tomas C Imach <43709975+TomasCImach@users.noreply.github.com> Date: Tue, 15 Aug 2023 15:48:06 -0300 Subject: [PATCH 066/121] Update Introduction.md --- .../docusaurus-plugin-content-docs/current/Introduction.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Introduction.md b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Introduction.md index f8569b8..6c09246 100644 --- a/i18n/zh-CN/docusaurus-plugin-content-docs/current/Introduction.md +++ b/i18n/zh-CN/docusaurus-plugin-content-docs/current/Introduction.md @@ -13,7 +13,7 @@ Overlay协议是建立在以太坊上的去中心化平台，为用户提供在 > 额外信息 -> 请参阅我们的[白皮书](https://planckcat.mypinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv)进一步了解Overlay协议的相关细节。 +> 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。 From e690bd4b21446367bc0e64255816b875f7bb2df9 Mon Sep 17 00:00:00 2001 From: AndresImach Date: Thu, 9 Nov 2023 11:06:44 -0500 Subject: [PATCH 067/121] Update Docs with Arbitrum info --- docs/Concepts Explained/OVL.md | 2 +- docs/Contracts/Contract Addresses.md | 15 +++++++++++---- docs/Getting Started/Governance.md | 13 ++++++------- docs/Introduction.md | 4 ++-- docs/Security/Risks.md | 2 +- 5 files changed, 21 insertions(+), 15 deletions(-) diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index b0e615f..6cd1093 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -3,7 +3,7 @@ sidebar_position: 2 --- # OVL -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. +OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. 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: diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index a158666..e22c783 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -3,19 +3,26 @@ > INFO -> Overlay Protocol is currently only available to participants in the gated and sandboxed Litter Box 1 program. The OVL token is NOT available on any exchanges as of now, nor have any liquidity pools been deployed. To learn more about Litter Box 1, please check out our blog post, available here. +> Overlay Protocol is currently exclusively accessible to participants in the gated and sandboxed Litter Box programs. There have been three different versions of gated programs in the past. To stay informed about future private versions and the full launch, please follow updates on our official channels and actively participate in forum discussions. ## OVL Token -The OVL token is deployed on the Ethereum mainnet, and is meant only for the sandboxed and gated Litter box 1 program at this point in time. The OVL token address on Ethereum mainnet is [0xdc77acc82cce1cc095cba197474cc06824ade6f7](https://etherscan.io/address/0xdc77acc82cce1cc095cba197474cc06824ade6f7#code). +The OVL token is a native protocol on Arbitrum. Governance proposals and voting on the protocol are conducted using OVL tokens on the Arbitrum network. The OVL token contract address on Arbitrum is: 0x4305c4bc521b052f17d389c2fe9d37cabeb70d54. + +The old Ethereum contract: 0xdc77acc82cce1cc095cba197474cc06824ade6f7 (OVL holders on Ethereum can also participate in governance proposals and voting). + +Please note that as of now, the OVL token is not available on any exchanges, and no liquidity pools have been deployed for it. It is currently intended for use within the sandboxed and gated Litter Box program on Arbitrum. + +If you have any further questions or need additional information, don't hesitate to reach out through our official communication channels. + ## Overlay Smart Contracts -Overlay smart contracts are currently deployed only on the Ethereum mainnet exclusively for testing purposes. +Overlay smart contracts are currently deployed only on the Arbitrum mainnet exclusively for testing purposes. @@ -71,7 +78,7 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in > DISCLAIMER -> Please note that Overlay Protocol's OVL token has been deployed in a limited capacity (only for participants of the Litter Box 1 program) on Ethereum mainnet. The official Overlay token OVL is not available on any exchange currently. The official token address of the OVL token is the one provided on this page. Any other ERC-20 tokens currently deployed on Ethereum (or any other chain) are not associated with Overlay Protocol. +> Please note that Overlay Protocol's OVL token has been deployed in a limited capacity (only for participants of the Litter Box 1 program) on Arbitrum mainnet. The official Overlay token OVL is not available on any exchange currently. The official token address of the OVL token is the one provided on this page. Any other ERC-20 tokens currently deployed on Arbitrum (or any other chain) are not associated with Overlay Protocol. > > Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](https://overlay-docs.vercel.app/Getting%20Started/Communication%20channels). diff --git a/docs/Getting Started/Governance.md b/docs/Getting Started/Governance.md index 9be44ed..3886c63 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -1,14 +1,13 @@ # Governance -As of today, Overlay Protocol is governed by Planck Cat DAO, a DAO for Overlay contributors to participate in the protocol governance via PlanckCat (PCD) NFT’s. -Discussions are currently being had about OVL taking the place of governance. These discussions will be had in the appropriate channels on Discord and Forum. +As of the present day, Overlay Protocol is under the joint governance of PlanckCat DAO and OVL token holders. One PCD NFT equates to 100 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. -1 PCD NFT equals one vote and PCD NFT holders can vote for governance proposals on [Snapshot](https://snapshot.org/#/planckcatdao.eth). Moreover, any PCD NFT holder can start a discussion on both [Overlay Discord](http://discord.gg/m2U5vSr4gD) and/or the [Forum](https://gov.overlay.market/), and then after a temperature check, can open a governance proposal on Snapshot. +PlanckCat DAO is a DAO created for Overlay contributors to engage in protocol governance through PlanckCat (PCD) NFTs, currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OVL token holders. -PlanckCat DAO can and will decide on what markets will be listed or delisted on the protocol, as well as set protocol risk parameters which will dictate the experience for all users. +These discussions are taking place within the appropriate channels on Discord and the Forum. +PCD NFT holders are granted one vote per NFT, and they have the ability to participate in voting for governance proposals on Snapshot. Furthermore, any PCD NFT or OVL holder is entitled to initiate discussions on the Overlay Discord and/or the Forum. Following a temperature check within the community, they can proceed to create a governance proposal on Snapshot. -Non-PCD NFT holders can still get involved with discussions on Discord and the Governance Forum. +PlanckCat DAO and OVL holders 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. - -If community members want to actively participate in governance,they must earn an NFT by contributing to Overlay Protocol. Participation is judged by community members, and contributors are rewarded with Cred. As of today, community members must collect 1000 Cred to claim one PCD NFT. The soft cap supply of the PCD NFT is currently set to 500. More NFT’s can be minted on a one off basis once the 500 limit has been set. +It's important to emphasize that individuals who do not hold PCD NFTs or OVL can still actively engage in discussions on Discord and the Governance Forum. diff --git a/docs/Introduction.md b/docs/Introduction.md index 470765b..bcd815d 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -8,7 +8,7 @@ sidebar_position: 1 ## What is Overlay? -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. +Overlay Protocol is a native Arbitrum protocol. Initially, the token and markets were created on Ethereum. However, following a governance proposal, the community decided to transition to becoming a native Arbitrum protocol due to factors such as transaction fees and other considerations. @@ -46,7 +46,7 @@ Users would be required to lock OVL as collateral to a position in an Overlay ma ## OVL -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. 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. +OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. 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. ## Nature of Contracts entered by users diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index 628c9c9..1e60344 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -40,7 +40,7 @@ If access to the smart contract is not implemented correctly, this can lead to a 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. Frontrunning is an issue especially on the Ethereum mainnet. +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. Frontrunning is an issue especially on the Arbitrum mainnet. 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). From 556109412ce28b8cd42590ab64e2e3463be124be Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 22 Nov 2023 10:05:04 -0500 Subject: [PATCH 068/121] changes for What is Overlay? text --- docs/Introduction.md | 4 +++- 1 file changed, 3 insertions(+), 1 deletion(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index bcd815d..08772fd 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -8,7 +8,9 @@ sidebar_position: 1 ## What is Overlay? -Overlay Protocol is a native Arbitrum protocol. Initially, the token and markets were created on Ethereum. However, following a governance proposal, the community decided to transition to becoming a native Arbitrum protocol due to factors such as transaction fees and other considerations. +Overlay Protocol is a decentralized platform built on Arbitrum, 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. + +Initially, the token and markets were created on Ethereum. However, following a governance proposal, the community decided to transition to becoming a native Arbitrum protocol due to factors such as transaction fees and other considerations. From 20bca94744969044f539e0fb74d48da52222ddb8 Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 22 Nov 2023 11:34:40 -0500 Subject: [PATCH 069/121] Changing for Arbitrum addresses --- docs/Contracts/Contract Addresses.md | 22 +++++----------------- 1 file changed, 5 insertions(+), 17 deletions(-) diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index e22c783..c7da117 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -10,7 +10,7 @@ ## OVL Token -The OVL token is a native protocol on Arbitrum. Governance proposals and voting on the protocol are conducted using OVL tokens on the Arbitrum network. The OVL token contract address on Arbitrum is: 0x4305c4bc521b052f17d389c2fe9d37cabeb70d54. +The OVL token is a native protocol on Arbitrum. Governance proposals and voting on the protocol are conducted using OVL tokens on the Arbitrum network. The OVL token contract address on Arbitrum is: 0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54. The old Ethereum contract: 0xdc77acc82cce1cc095cba197474cc06824ade6f7 (OVL holders on Ethereum can also participate in governance proposals and voting). @@ -35,31 +35,19 @@ Overlay smart contracts are currently deployed only on the Arbitrum mainnet excl - - - - - - - - - - - -
OverlayV1Factory 0x9a74758c2A80fA1B1d899E0E1f24CF505a4Dea33 + 0xFA39CdE07Ff63b4329A70784C0600Da38CF4777C
OverlayV1State 0x477122219aa1F76E190f480a85af97DE0A643320 + 0xC3cB99652111e7828f38544E3e94c714D8F9a51a
OverlayV1Market + OverlayV1ChainlinkFeedFactory 0x7f72986e190BBd1D02daC52b8DdA82eEa363d313 -
OverlayV1NoReserveUniswapV3Factory - 0x40a9C6E8d60bE1CE297Bef6a9aC3337d45193D87 -
OverlayV1NoReserveUniswapV3Feed ETH/USDC (0.05%) - 0xFFDd8e8D16AEd8CadF4b46DcAf4Ba620Dc269De1 + 0x92ee7A26Dbc18E9C0157831d79C2906A02fD1FAe
From f564dc0340a41a0c3f1250c294475ee65a4be8db Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 22 Nov 2023 12:47:39 -0500 Subject: [PATCH 070/121] Adding OVL Token to table --- docs/Contracts/Contract Addresses.md | 6 ++++++ 1 file changed, 6 insertions(+) diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index c7da117..05d4ee2 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -32,6 +32,12 @@ Overlay smart contracts are currently deployed only on the Arbitrum mainnet excl Address + + OVL Token + + 0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54 + + OverlayV1Factory From 162f84ee3c1b0e3549fe78e413d6b8ac2ccc61b8 Mon Sep 17 00:00:00 2001 From: AndresImach Date: Tue, 19 Dec 2023 18:13:29 +0100 Subject: [PATCH 071/121] Change OVL for OV --- docs/Concepts Explained/Basis trade.md | 74 ------------------- .../How is Overlay different.md | 12 +-- .../OI caps and other caps.md | 6 +- docs/Concepts Explained/OVL.md | 28 +++---- docs/Concepts Explained/Oracles.md | 19 +---- docs/Contracts/Contract Addresses.md | 34 +++------ docs/Getting Started/Governance.md | 10 +-- docs/Introduction.md | 8 +- docs/Security/Risks.md | 6 +- .../Token/Monetary Policy and Token Supply.md | 12 +-- 10 files changed, 43 insertions(+), 166 deletions(-) delete mode 100644 docs/Concepts Explained/Basis trade.md diff --git a/docs/Concepts Explained/Basis trade.md b/docs/Concepts Explained/Basis trade.md deleted file mode 100644 index 0a986b2..0000000 --- a/docs/Concepts Explained/Basis trade.md +++ /dev/null @@ -1,74 +0,0 @@ ---- -sidebar_position: 3 ---- -# Basis Position - - -## Introduction - -The basis position on Overlay enables users to earn yield on delta neutral positions. If a user takes a position on Overlay that earns funding, the user can hedge that position (by opening a second position of the same size on the opposite side of the market), and get paid funding rates while maintaining no/minimal market exposure. - - -> WARNING -> EXECUTING THE BASIS POSITION REQUIRES CONSTANT SUPERVISION OF POSITIONS TAKEN AND THE FUNDING RATES INVOLVED. - - - -## When is funding paid to users on Overlay Markets? - -If the open interest (OI) of long positions is greater than the OI of short positions on an Overlay market, short positions earn funding on that market. The opposite also holds true, if OI of shorts are greater than that of longs. - - - - - - - - - - - - - - - -
OI imbalance - Funding paid to -
OIshorts > OIlongs - Longs -
OIlongs > OIshorts - Shorts -
- - - -## Executing the basis position using Overlay - -To execute the basis position, a user may - -(i) take a position on the side of an Overlay market that is currently earning funding (only one earns funding at any given time), and then - -(ii) take a converse position to hedge out the market exposure of the first position by using - - - -* spot assets -* perps -* lending markets - - -## Purpose of the basis position on Overlay - -Funding is paid on traditional crypto exchanges offering perpetual futures (perps, the most popular derivative contract in crypto) in order to make the price of the perp contract trend towards the spot price of the underlying asset. Funding rates incentivise users to take positions on a particular side of the market in order to reduce the “basis”, that is, the gap between the spot price and the derivative price of an asset. - - -> To learn more about the basis trade and how to execute it on Overlay, please read our detailed article on that [here](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/BWarv3spOc4YLQBLM7DlchqOzYt6-v2fpF378mRKzpU). - - -However, pricing on Overlay occurs through an oracle fetch. Funding rates are not required to bring the price of the derivative in line with the spot asset - price data for assets is simply fetched from oracle feeds. - - -> To learn more about oracles on Overlay, please refer to our docs here - - -Overlay requires funding rates in order to narrow OI imbalances between the long and short side of a market. Due to the mechanics of PnL being paid out by the protocol in the form of OVL, passive OVL holders face the potential of OVL inflation risk in case of OI imbalances - this risk increases the greater the OI imbalance. The funding rates are used to narrow the OI imbalances as much as possible, thus reducing OVL inflation risks. diff --git a/docs/Concepts Explained/How is Overlay different.md b/docs/Concepts Explained/How is Overlay different.md index 9035a29..d6cd29d 100644 --- a/docs/Concepts Explained/How is Overlay different.md +++ b/docs/Concepts Explained/How is Overlay different.md @@ -27,15 +27,15 @@ Certain on-chain perp protocols like Perp Protocol and GMX also use oracle based ## Lack of traditional counterparties -Overlay will offer tradable markets to its users without traditional counterparties taking the other side of a position. Overlay dynamically mints/burns its native token OVL when a position is closed: +Overlay will offer tradable markets to its users without traditional counterparties taking the other side of a position. Overlay dynamically mints/burns its native token OV when a position is closed: -(i) if a positive delta is realized, the protocol mints OVL according to the delta difference against the users initial collateral (also denoted in OVL) +(i) if a positive delta is realized, the protocol mints OV according to the delta difference against the users initial collateral (also denoted in OV) -(ii) if a negative delta is realized, a percent of collateral put up by the user (in the form of OVL) is burnt +(ii) if a negative delta is realized, a percent of collateral put up by the user (in the form of OV) is burnt -Risk of inflation is a potential risk for passive OVL holders, and should be understood by users of the system. To know more about how risks and how Overlay addresses risk, please refer to Summary of Risks. +Risk of inflation is a potential risk for passive OV holders, and should be understood by users of the system. To know more about how risks and how Overlay addresses risk, please refer to Summary of Risks. -Traditional CLOB-based crypto exchanges rely on swap-based counterparties (including market makers) in order to provide liquidity into their markets. On-chain derivative protocols like Perp Protocol and GMX use liquidity providers to seed liquidity into liquidity pools that users then trade against. +Traditional CLOB-based crypto exchanges rely on swap-based counterparties (including market makers) in order to provide liquidity into their markets. On-chain derivative protocols like Perp Protocol and GMX use liquidity providers to seed liquidity into liquidity pools that users then trade against. ## No Limit Orders @@ -54,4 +54,4 @@ For Overlay, funding rates are calculated based on the imbalance in Open Interes ## PnL and Collateral -Users would be required to lock OVL as collateral to a position in an Overlay market. PnL will also be paid out in OVL. OVL is minted by the protocol and paid out to the user as PnL if a position delta positive; on the other hand, if the position is delta negative, locked OVL is burned (to the extent of the loss). +Users would be required to lock OV as collateral to a position in an Overlay market. PnL will also be paid out in OV. OV is minted by the protocol and paid out to the user as PnL if a position delta positive; on the other hand, if the position is delta negative, locked OV is burned (to the extent of the loss). \ No newline at end of file diff --git a/docs/Concepts Explained/OI caps and other caps.md b/docs/Concepts Explained/OI caps and other caps.md index 4959e33..5f88b35 100644 --- a/docs/Concepts Explained/OI caps and other caps.md +++ b/docs/Concepts Explained/OI caps and other caps.md @@ -7,7 +7,7 @@ sidebar_position: 4 ## Introduction -Overlay uses its native token OVL to pay out PnL if there is a loss, and burns OVL collateralized by the user (up to the extent of the loss) in case of a loss. While this mechanism bestows the protocol with benefits like not requiring market makers or the ability to open positions on nearly any scalar data stream, it also opens the protocol up to potential vulnerabilities caused by OVL inflation (especially in case of long-tail assets). +Overlay uses its native token OV to pay out PnL if there is a loss, and burns OV collateralized by the user (up to the extent of the loss) in case of a loss. While this mechanism bestows the protocol with benefits like not requiring market makers or the ability to open positions on nearly any scalar data stream, it also opens the protocol up to potential vulnerabilities caused by OV inflation (especially in case of long-tail assets). To counter these potential vulnerabilities, Overlay utilizes a risk framework that includes payoff caps, OI caps, and a circuit breaker mechanism. @@ -27,12 +27,12 @@ In markets based on long tail price feeds, the payoff cap enables: Open Interest caps (OI caps or CQ are “per-market” caps that set a cut off or limit on the aggregate amount of open interest (on the long and short side) in Overlay markets. This static constant will vary from market to market, and will be determined by the community through governance. OI caps are required despite the existence of payoff caps as payoff caps may be bypassed by a user by opening multiple positions. -Setting CQ through governance helps the protocol quantify inflation risk: the amount of OVL that the protocol will have to mint in case of a worst-case scenario for any given market. This hypothetical worst-case scenario involves the imbalance liability (the difference in OI between longs and shorts) being completely skewed towards one side of the market. Quantifying the per-market inflation risk (a function of CQ) in the worst-case scenario in an automated fashion allows the community to be aware of the risks posed to the protocol by the introduction of any new market. +Setting CQ through governance helps the protocol quantify inflation risk: the amount of OV that the protocol will have to mint in case of a worst-case scenario for any given market. This hypothetical worst-case scenario involves the imbalance liability (the difference in OI between longs and shorts) being completely skewed towards one side of the market. Quantifying the per-market inflation risk (a function of CQ) in the worst-case scenario in an automated fashion allows the community to be aware of the risks posed to the protocol by the introduction of any new market. ## Circuit Breaker -The circuit breaker mechanism gives Overlay an extra layer of protection: it allows a market to cool off in case there have been large payouts (in the form of OVL printing) during the recent past. +The circuit breaker mechanism gives Overlay an extra layer of protection: it allows a market to cool off in case there have been large payouts (in the form of OV printing) during the recent past. Using CQ, the protocol calculates an expected inflation rate over a rolling period of time. If the actual inflation rate in this period exceeds the expected rate, CQ is adjusted to stem the inflation. CQ comes back to normal when the actual inflation rate nears the expected inflation rate. diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index 6cd1093..bf42efe 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -1,45 +1,35 @@ --- sidebar_position: 2 --- -# OVL +# OV -OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OVL serves a dual purpose and will be used to participate in trading and DAO governance after launch. +OV is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OV serves a dual purpose and will be used to participate in trading and DAO governance after launch. -OVL may be used by holders to: +OV may be used by holders to: 1. vote on governance proposals of the DAO governing Overlay Protocol -2. open positions on the markets offered on Overlay by using OVL as collateral +2. open positions on the markets offered on Overlay by using OV as collateral ## 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. +To enter a position, a user of Overlay Protocol will lock OV 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. +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 OV tokens equivalent to the delta difference of the market between build and unwind. These tokens are added to the circulating supply of OV. -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.   +If the position is unprofitable, the protocol burns OV tokens of a value equivalent to the loss sustained. These tokens are removed from the circulating supply of OV. No tokens are minted or burned in case a position is closed at a break even.   ## Governance -Currently, Overlay Protocol is governed by Planck Cat DAO. Members of Planck Cat DAO are issued ERC-721 tokens/NFTs depending on their contribution to the protocol. For more details on the structure of Overlay governance at this time and how one can start contributing to Planck Cat Dao, please click [here](https://www.notion.so/PlanckCat-DAO-7a3fe097aa5c4acaac2d89e142467e53). - - -> TIP -> PCD minting is live with a soft cap of 500 PCDs. Contribute to Overlay and earn CRED in order to mint a PCD. For more details, go [here](https://www.notion.so/What-is-PlanckCat-DAO-PCD-330510eae9864129aa511668a8a594c8). Hop into the [discord](https://discord.com/invite/m2U5vSr4gD) here to start contributing. - - - -In the future, OVL will be the governance token of Overlay Protocol and may be used by holders to vote on governance proposals made by the community. - -This is similar to other existing DAOs like Maker DAO, Yearn Finance, etc. that also use their respective native tokens for voting on governance proposals for functioning and decision making.  +Currently, Overlay Protocol is governed by Planck Cat DAO NFT and OV holders. One PCD NFT equates to 100,000 votes, while one OV 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, currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OV token holders. These discussions are taking place within the appropriate channels on Discord and the Forum. ## Supply -There were 8 million OVL tokens when the token was first deployed. The OVL supply, by function, is dynamic. OVL will be dynamically minted and burned by the smart contracts when positions are unwound by users. +Total supply of OV is 800 million. The OV supply, by function, is dynamic. Thus, OV will be dynamically minted and burned by the smart contracts when positions are unwound by users.

Last updated on Oct 18, 2022

diff --git a/docs/Concepts Explained/Oracles.md b/docs/Concepts Explained/Oracles.md index c8ca524..14bb0da 100644 --- a/docs/Concepts Explained/Oracles.md +++ b/docs/Concepts Explained/Oracles.md @@ -4,21 +4,4 @@ sidebar_position: 5 # Oracles -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. - - -> TIP -> To learn more about oracles, a great place to start is the Ethereum Foundation's doc on oracles [here](https://ethereum.org/en/developers/docs/oracles/) or Chainlink's introduction [here](https://chain.link/education/blockchain-oracles). - - -The first oracle that will be used by Overlay is the Uniswap v3 TWAP oracle. Overlay markets using this oracle will use the price feed from pre-existing market pairs on Uniswap v3. Which market pairs will be onboarded as Overlay markets will be decided through governance. TWAP oracles help deter frontrunning of the oracle feed and protect the protocol from price oracle attacks. - - -> TIP -> To learn more about Uniswap v3 TWAP oracles, a great place to start is Uniswap's doc on TWAP oracles [here](https://ethereum.org/en/developers/docs/oracles/) and Chaos Labs' more accessible writeup [here](https://chaoslabs.xyz/posts/chaos-labs-uniswap-v3-twap-deep-dive-pt-1). - - -The second type of oracle to be implemented by Overlay would be Chainlink oracle feeds. Adding Chainlink feeds would help provide Overlay with the ability to offer any market/data stream available on Chainlink. This would also offer the protocol the ability to offer non-traditional markets based on data streams, like the Consumer Price Index (CPI), a metric for the level of inflation. Adding Chainlink oracles and other markets are a governance decision. - -

-Last updated on Oct 18, 2022

+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. \ No newline at end of file diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index 05d4ee2..adfc2f9 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -8,13 +8,13 @@ -## OVL Token +## OV Token -The OVL token is a native protocol on Arbitrum. Governance proposals and voting on the protocol are conducted using OVL tokens on the Arbitrum network. The OVL token contract address on Arbitrum is: 0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54. +The OV token is a native protocol on Arbitrum. Governance proposals and voting on the protocol are conducted using OV tokens on the Arbitrum network. The OV token contract address on Arbitrum is: 0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54. -The old Ethereum contract: 0xdc77acc82cce1cc095cba197474cc06824ade6f7 (OVL holders on Ethereum can also participate in governance proposals and voting). +The old Ethereum contract: 0xdc77acc82cce1cc095cba197474cc06824ade6f7 (OV holders on Ethereum can also participate in governance proposals and voting). -Please note that as of now, the OVL token is not available on any exchanges, and no liquidity pools have been deployed for it. It is currently intended for use within the sandboxed and gated Litter Box program on Arbitrum. +Please note that as of now, the OV token is not available on any exchanges, and no liquidity pools have been deployed for it. It is currently intended for use within the sandboxed and gated Litter Box program on Arbitrum. If you have any further questions or need additional information, don't hesitate to reach out through our official communication channels. @@ -33,27 +33,15 @@ Overlay smart contracts are currently deployed only on the Arbitrum mainnet excl - OVL Token + OV Token - 0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54 - - - - OverlayV1Factory - - 0xFA39CdE07Ff63b4329A70784C0600Da38CF4777C + To be announced - OverlayV1State + OVL Token (For test purpose on Arbitrum Mainnet) - 0xC3cB99652111e7828f38544E3e94c714D8F9a51a - - - - OverlayV1ChainlinkFeedFactory - - 0x92ee7A26Dbc18E9C0157831d79C2906A02fD1FAe + 0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54 @@ -62,7 +50,7 @@ Overlay smart contracts are currently deployed only on the Arbitrum mainnet excl ## PlanckCat DAO on Arbitrum -PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in decision making processes through governance. Contributors receive an ERC-721 token when their contribution crosses a certain threshold. PCD NFTs are currently minted on Arbitrum. The contract address for the PCD NFTs is _[0xc9B28946144E3A0e02fcC119a622E30565916784](https://arbiscan.io/token/0xc9B28946144E3A0e02fcC119a622E30565916784)_. +PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in decision making processes through governance. PCD NFTs are currently minted on Arbitrum. The contract address for the PCD NFTs is 0xc9B28946144E3A0e02fcC119a622E30565916784. @@ -72,9 +60,9 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in > DISCLAIMER -> Please note that Overlay Protocol's OVL token has been deployed in a limited capacity (only for participants of the Litter Box 1 program) on Arbitrum mainnet. The official Overlay token OVL is not available on any exchange currently. The official token address of the OVL token is the one provided on this page. Any other ERC-20 tokens currently deployed on Arbitrum (or any other chain) are not associated with Overlay Protocol. +> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels. > -> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](https://overlay-docs.vercel.app/Getting%20Started/Communication%20channels). +> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OV" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](https://overlay-docs.vercel.app/Getting%20Started/Communication%20channels).

diff --git a/docs/Getting Started/Governance.md b/docs/Getting Started/Governance.md index 3886c63..0f93196 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -1,13 +1,13 @@ # Governance -As of the present day, Overlay Protocol is under the joint governance of PlanckCat DAO and OVL token holders. One PCD NFT equates to 100 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. +As of the present day, Overlay Protocol is under the joint governance of PlanckCat DAO and OV token holders. One PCD NFT equates to 100,000 votes, while one OV 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, currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OVL token holders. +PlanckCat DAO is a DAO created for Overlay contributors to engage in protocol governance through PlanckCat (PCD) NFTs, currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OV token holders. These discussions are taking place within the appropriate channels on Discord and the Forum. -PCD NFT holders are granted one vote per NFT, and they have the ability to participate in voting for governance proposals on Snapshot. Furthermore, any PCD NFT or OVL holder is entitled to initiate discussions on the Overlay Discord and/or the Forum. Following a temperature check within the community, they can proceed to create a governance proposal on Snapshot. +Furthermore, any PCD NFT or OV holder is entitled to initiate discussions on the Overlay Discord and/or the Forum. Following a temperature check within the community, they can proceed to create a governance proposal on Snapshot. -PlanckCat DAO and OVL holders 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. +PlanckCat DAO and OV holders 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 or OVL can still actively engage in discussions on Discord and the Governance Forum. +It's important to emphasize that individuals who do not hold PCD NFTs or OV can still actively engage in discussions on Discord and the Governance Forum. diff --git a/docs/Introduction.md b/docs/Introduction.md index 08772fd..8a600c5 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -34,7 +34,7 @@ Overlay aims to offer several types of markets, based on price data feeds and no ## 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 write-up. +Users build positions against the entire protocol itself, or perhaps most tellingly: against every other OV 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 OV inflation risk from this mechanism, please refer to this write-up. ## Pricing based on oracle feeds @@ -43,12 +43,12 @@ Pricing on Overlay markets is not dynamic in the traditional sense; it is based ## 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). +Users would be required to lock OV as collateral to a position in an Overlay market. PnL is settled in OV. OV 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 OV is burned (to the extent of the loss). -## OVL +## OV -OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. 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. +OV is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OV serves a dual purpose and will be used to participate in trading and DAO governance after launch. OV acts as liquidity and governance in the Overlay system - all PnL for users is denominated in OV, creating a flywheel effect where utility, liquidity and community incentives are fed back into the system. For more on OV, please refer to our section on OV here. ## Nature of Contracts entered by users diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index 1e60344..b411697 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -2,7 +2,7 @@ ## 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. +Overlay settles all PnL in its native token OV - OV 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 OV. This risk is managed through a range of mechanisms, detailed below. ### A. Funding payments @@ -16,11 +16,11 @@ The protocol limits PnL or addition of new positions to mitigate inflation risk - 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. +- 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 OV 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. +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 OV 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. diff --git a/docs/Token/Monetary Policy and Token Supply.md b/docs/Token/Monetary Policy and Token Supply.md index 1284e5f..dc53e54 100644 --- a/docs/Token/Monetary Policy and Token Supply.md +++ b/docs/Token/Monetary Policy and Token Supply.md @@ -1,14 +1,4 @@ # Monetary Policy and Token Supply -Overlay Protocol's native token, OVL, had an initial minted supply of 8,000,000 tokens at its Token Generation Event (TGE on Sept 19, 2022). As the protocol relies on dynamic minting and burning, there is no defined maximum total supply. The token supply is allocated as follows: - -DAO Treasury: 58.80% -Initial Developers: 15% -Early Stakeholders: 26.13% - -Of the 58.80% in the DAO Treasury, 7% should be allocated to Dev Fund and Community Incentives. This and all future allocations must be voted on and approved by the DAO. For example, the DAO could aim to fund community initiatives such as further Litter Box competitions, Referrals and Ambassador programs, and future Liquidity Mining Rewards. - -The initial developers' tokens are subject to a vesting schedule (1 year cliff for 25%, 75% linear for a year after that) starting from TGE, while stakeholder tokens have a 2-year linear vesting schedule starting from January 2023. - -Read [this mirror article](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/e1oJnBNi1Fb8IXrP-RzSWQFsmhljh9pPhqkuVOR6P2M) for a further detailed read about Tokenomics and incentive alignment for the sustainability of Overlay Protocol. +To be announced. \ No newline at end of file From f52ef21357eedde17cbeb62f9ffe6cc765d85da2 Mon Sep 17 00:00:00 2001 From: AndresImach Date: Tue, 19 Dec 2023 18:47:58 +0100 Subject: [PATCH 072/121] Update OV Token section and Telegram channel --- docs/Contracts/Contract Addresses.md | 6 +++--- docs/Getting Started/Communication channels.md | 2 +- 2 files changed, 4 insertions(+), 4 deletions(-) diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index adfc2f9..eff2af9 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -10,11 +10,11 @@ ## OV Token -The OV token is a native protocol on Arbitrum. Governance proposals and voting on the protocol are conducted using OV tokens on the Arbitrum network. The OV token contract address on Arbitrum is: 0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54. +The OV token is a native protocol on Arbitrum. Governance proposals and voting on the protocol are conducted using OV tokens on the Arbitrum network. The OV token contract address on Arbitrum is to be announced. -The old Ethereum contract: 0xdc77acc82cce1cc095cba197474cc06824ade6f7 (OV holders on Ethereum can also participate in governance proposals and voting). +OVL is the Litter Box (test purpose) token on Arbitrum mainnet and the contract address is 0x4305c4bc521b052f17d389c2fe9d37cabeb70d54. -Please note that as of now, the OV token is not available on any exchanges, and no liquidity pools have been deployed for it. It is currently intended for use within the sandboxed and gated Litter Box program on Arbitrum. +Please note that as of now, the OV token is not available on any exchanges, and no liquidity pools have been deployed for it. If you have any further questions or need additional information, don't hesitate to reach out through our official communication channels. diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index 0b34276..52aa7ad 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -9,4 +9,4 @@ Official Communication Channels (Beware of Scams - these are the only official c **Governance Forum:_ https://commonwealth.im/overlay/_** -**Deprecated:** Telegram channel +**Deprecated:** Telegram (Announcements): **_[https://t.me/overlay_protocol](https://t.me/overlay_protocol)_** \ No newline at end of file From 5ec4140d43eb0580458cc4153d19be18a0a2c82b Mon Sep 17 00:00:00 2001 From: AndresImach Date: Tue, 19 Dec 2023 19:06:03 +0100 Subject: [PATCH 073/121] Tuning off lenguage feature --- docusaurus.config.js | 13 ++++--------- 1 file changed, 4 insertions(+), 9 deletions(-) diff --git a/docusaurus.config.js b/docusaurus.config.js index b12efff..d7449f5 100644 --- a/docusaurus.config.js +++ b/docusaurus.config.js @@ -19,15 +19,10 @@ module.exports = { srcDark: 'img/logo-white.png' }, items: [ - { - type: "localeDropdown", - position: "right", - }, - { - href: "https://www.notion.so/Overlay-Protocol-29da60fd11e9436ea69e2a5e0db28a74", - label: "Notion", - position: "right", - }, + // { + // type: "localeDropdown", + // position: "right", + // }, { href: "https://github.com/overlay-market", label: "GitHub", From 6711686f2503d97864828b219c5fe3ce8d5661b6 Mon Sep 17 00:00:00 2001 From: AndresImach Date: Tue, 19 Dec 2023 19:06:26 +0100 Subject: [PATCH 074/121] Remuving text --- docs/Introduction.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index 8a600c5..f39580d 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -10,7 +10,7 @@ sidebar_position: 1 Overlay Protocol is a decentralized platform built on Arbitrum, 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. -Initially, the token and markets were created on Ethereum. However, following a governance proposal, the community decided to transition to becoming a native Arbitrum protocol due to factors such as transaction fees and other considerations. +Initially, the token and markets were created on Ethereum. However, following a governance proposal, the community decided to transition to becoming a native Arbitrum protocol. From 2e4f1dd3ddf5b99d57e00e6809dd3442f5e0e58f Mon Sep 17 00:00:00 2001 From: AndresImach Date: Tue, 19 Dec 2023 20:35:51 +0100 Subject: [PATCH 075/121] Updating date, links and text corrections --- docs/Concepts Explained/How is Overlay different.md | 6 +++--- docs/Concepts Explained/OI caps and other caps.md | 2 +- docs/Concepts Explained/OVL.md | 4 ++-- docs/Contracts/Contract Addresses.md | 6 +++--- docs/Getting Started/Communication channels.md | 2 +- docs/Getting Started/Governance.md | 2 +- docs/Introduction.md | 11 +++++------ 7 files changed, 16 insertions(+), 17 deletions(-) diff --git a/docs/Concepts Explained/How is Overlay different.md b/docs/Concepts Explained/How is Overlay different.md index d6cd29d..fc95b33 100644 --- a/docs/Concepts Explained/How is Overlay different.md +++ b/docs/Concepts Explained/How is Overlay different.md @@ -18,9 +18,9 @@ Contracts on Overlay markets resemble perpetual future contracts in that there i ## Oracle-based pricing -Overlay brings in data points, which act as a proxy for price by using a combination of oracle-based feeds and native mechanisms to determine the data point of a feed that users can build positions on. For more details, please check out our detailed article on pricing. +Overlay brings in data points, which act as a proxy for price by using a combination of oracle-based feeds and native mechanisms to determine the data point of a feed that users can build positions on. For more details, please check out our [detailed article on pricing](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw). -Traditional crypto exchanges like FTX and Binance usually use a centralized limit order book (CLOB) system to determine price. Price is based on matching of orders in the buy side and sell side of the order book - price is determined merely by what the asset was last bought for. +Traditional crypto exchanges like Binance usually use a centralized limit order book (CLOB) system to determine price. Price is based on matching of orders in the buy side and sell side of the order book - price is determined merely by what the asset was last bought for. Certain on-chain perp protocols like Perp Protocol and GMX also use oracle based feeds for pricing. @@ -33,7 +33,7 @@ Overlay will offer tradable markets to its users without traditional counterpart (ii) if a negative delta is realized, a percent of collateral put up by the user (in the form of OV) is burnt -Risk of inflation is a potential risk for passive OV holders, and should be understood by users of the system. To know more about how risks and how Overlay addresses risk, please refer to Summary of Risks. +Risk of inflation is a potential risk for passive OV holders, and should be understood by users of the system. To know more about how risks and how Overlay addresses risk, please refer to [Summary of Risks](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Security/Risks). Traditional CLOB-based crypto exchanges rely on swap-based counterparties (including market makers) in order to provide liquidity into their markets. On-chain derivative protocols like Perp Protocol and GMX use liquidity providers to seed liquidity into liquidity pools that users then trade against. diff --git a/docs/Concepts Explained/OI caps and other caps.md b/docs/Concepts Explained/OI caps and other caps.md index 5f88b35..562f72b 100644 --- a/docs/Concepts Explained/OI caps and other caps.md +++ b/docs/Concepts Explained/OI caps and other caps.md @@ -39,5 +39,5 @@ Using CQ, the protocol calculates an expected inflation rate over a r The circuit breaker works by adjusting the per-market notional OI cap (CQ) for a particular period of time so as to limit the possible notional size of new positions offered by the market till the market cools down.

-Last updated on Oct 18, 2022

+Last updated on Dec 19, 2023

diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index bf42efe..1c8963a 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -24,7 +24,7 @@ If the position is unprofitable, the protocol burns OV tokens of a value equival ## Governance -Currently, Overlay Protocol is governed by Planck Cat DAO NFT and OV holders. One PCD NFT equates to 100,000 votes, while one OV 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, currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OV token holders. These discussions are taking place within the appropriate channels on Discord and the Forum. +Currently, Overlay Protocol is governed by Planck Cat DAO NFT and OV holders. One PCD NFT equates to 100,000 votes, while one OV 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 currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OV token holders. These discussions are taking place within the appropriate channels on Discord and the Forum. ## Supply @@ -32,5 +32,5 @@ Currently, Overlay Protocol is governed by Planck Cat DAO NFT and OV holders. On Total supply of OV is 800 million. The OV supply, by function, is dynamic. Thus, OV will be dynamically minted and burned by the smart contracts when positions are unwound by users.

-Last updated on Oct 18, 2022

+Last updated on Dec 19, 2023

diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index eff2af9..49193b5 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -3,14 +3,14 @@ > INFO -> Overlay Protocol is currently exclusively accessible to participants in the gated and sandboxed Litter Box programs. There have been three different versions of gated programs in the past. To stay informed about future private versions and the full launch, please follow updates on our official channels and actively participate in forum discussions. +> Overlay Protocol is currently exclusively accessible to participants in the gated and sandboxed Litter Box programs. There have been three different versions of gated programs in the past. For full launch, please follow updates on our official channels. ## OV Token -The OV token is a native protocol on Arbitrum. Governance proposals and voting on the protocol are conducted using OV tokens on the Arbitrum network. The OV token contract address on Arbitrum is to be announced. +The OV token is the native protocol token. Governance proposals, voting, and trading on the protocol are conducted using OV tokens. The OV token contract address is to be announced. OVL is the Litter Box (test purpose) token on Arbitrum mainnet and the contract address is 0x4305c4bc521b052f17d389c2fe9d37cabeb70d54. @@ -66,7 +66,7 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in

-Last updated on Oct 18, 2022

+Last updated on Dec 19, 2023

diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index 52aa7ad..8523d57 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -9,4 +9,4 @@ Official Communication Channels (Beware of Scams - these are the only official c **Governance Forum:_ https://commonwealth.im/overlay/_** -**Deprecated:** Telegram (Announcements): **_[https://t.me/overlay_protocol](https://t.me/overlay_protocol)_** \ No newline at end of file +**Telegram (Announcements): _[overlay.market/discord](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 0f93196..c03f819 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -3,7 +3,7 @@ As of the present day, Overlay Protocol is under the joint governance of PlanckCat DAO and OV token holders. One PCD NFT equates to 100,000 votes, while one OV 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, currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OV token holders. +PlanckCat DAO is a DAO created for Overlay contributors to engage in protocol governance through PlanckCat (PCD) NFTs, and currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OV token holders. These discussions are taking place within the appropriate channels on Discord and the Forum. Furthermore, any PCD NFT or OV holder is entitled to initiate discussions on the Overlay Discord and/or the Forum. Following a temperature check within the community, they can proceed to create a governance proposal on Snapshot. diff --git a/docs/Introduction.md b/docs/Introduction.md index f39580d..8048665 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -28,18 +28,17 @@ Overlay aims to offer several types of markets, based on price data feeds and no * 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. -* traditional crypto markets * 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 OV 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 OV inflation risk from this mechanism, please refer to this write-up. +Users build positions against the entire protocol itself, or perhaps most tellingly: against every other OV 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 OV inflation risk from this mechanism, please refer to this write-up](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw ). ## 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 article 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. +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 article on Pricing on Overlay)](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw). 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)? @@ -48,12 +47,12 @@ Users would be required to lock OV as collateral to a position in an Overlay mar ## OV -OV is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OV serves a dual purpose and will be used to participate in trading and DAO governance after launch. OV acts as liquidity and governance in the Overlay system - all PnL for users is denominated in OV, creating a flywheel effect where utility, liquidity and community incentives are fed back into the system. For more on OV, please refer to our section on OV here. +OV is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OV serves a dual purpose and will be used to participate in trading and DAO governance after launch. OV acts as liquidity and governance in the Overlay system - all PnL for users is denominated in OV, creating a flywheel effect where utility, liquidity and community incentives are fed back into the system. [For more on OV, please refer to our section on OV here](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/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. +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](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Concepts%20Explained/How%20is%20Overlay%20different). > DISCLAIMER @@ -61,4 +60,4 @@ Positions on Overlay Protocol resemble perpetual futures contracts (perps) - sim

-Last updated on Oct 18, 2022

+Last updated on Dec 19, 2023

From e93c07b25910ba7882d9d88d942f32de7aa47c8f Mon Sep 17 00:00:00 2001 From: AndresImach Date: Tue, 19 Dec 2023 21:06:39 +0100 Subject: [PATCH 076/121] more links --- docs/Security/Risks.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index b411697..c8ed4cc 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -30,7 +30,7 @@ The deterministic nature of smart contracts is a huge positive for transparency, 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 two comprehensive audits: Spearbit and Least Authority. For more details on Overlay’s audits, read about them here. +Overlay has undergone two comprehensive audits: Spearbit and Least Authority. For more details on Overlay’s audits, read about them [here](https://github.com/overlay-market/v1-core/blob/main/audits/spearbit/audit.pdf) and [here](https://github.com/overlay-market/v1-core/blob/main/audits/leastauthority/audit.pdf). ## III. Smart contract control/access From 1ff8f7eb336124cfc9ea7a2635183132b875c8ce Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 20 Dec 2023 12:12:49 +0100 Subject: [PATCH 077/121] Edit text and links --- docs/Contracts/Contract Addresses.md | 11 ++--------- docs/Getting Started/Communication channels.md | 8 ++++---- docs/Introduction.md | 8 ++++---- 3 files changed, 10 insertions(+), 17 deletions(-) diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index 49193b5..9803490 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -1,13 +1,6 @@ # Contract Addresses - -> INFO -> Overlay Protocol is currently exclusively accessible to participants in the gated and sandboxed Litter Box programs. There have been three different versions of gated programs in the past. For full launch, please follow updates on our official channels. - - - - ## OV Token The OV token is the native protocol token. Governance proposals, voting, and trading on the protocol are conducted using OV tokens. The OV token contract address is to be announced. @@ -55,14 +48,14 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in > TIP -> PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! For more details, go [here](https://www.notion.so/PlanckCat-DAO-7a3fe097aa5c4acaac2d89e142467e53). Hop into our [discord](https://discord.com/invite/m2U5vSr4gD) here to start contributing. +> PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! Hop into our [discord](https://discord.gg/gTnFZ7pS) here to start contributing. > DISCLAIMER > Do not interact with any token /smart contract addresses that are not listed on this webpage. Any token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels. > -> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OV" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](https://overlay-docs.vercel.app/Getting%20Started/Communication%20channels). +> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OV" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Getting%20Started/Communication%20channels).

diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index 8523d57..5f0b5dd 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -3,10 +3,10 @@ sidebar_position: 4 --- Official Communication Channels (Beware of Scams - these are the only official channels for Overlay Protocol) -**Discord: _[https://discord.gg/m2U5vSr4gD](https://discord.gg/m2U5vSr4gD)_** +**Discord: _[verlay.market/discord](https://discord.gg/m2U5vSr4gD)_** -**Twitter: _[https://twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** +**Twitter: _[twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** -**Governance Forum:_ https://commonwealth.im/overlay/_** +**Governance Forum: _[commonwealth.im/overlay](https://commonwealth.im/overlay/)_** -**Telegram (Announcements): _[overlay.market/discord](https://t.me/overlay_protocol)_** \ No newline at end of file +**Telegram (Announcements): _[t.me/overlay_protocol](https://t.me/overlay_protocol)_** \ No newline at end of file diff --git a/docs/Introduction.md b/docs/Introduction.md index 8048665..b18dd94 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -33,12 +33,12 @@ Overlay aims to offer several types of markets, based on price data feeds and no ## How does Overlay offer markets without counterparties? -Users build positions against the entire protocol itself, or perhaps most tellingly: against every other OV 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 OV inflation risk from this mechanism, please refer to this write-up](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw ). +Users build positions against the entire protocol itself, or perhaps most tellingly: against every other OV 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 OV inflation risk from this mechanism, please refer to [this write-up](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw ). ## 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 article on Pricing on Overlay)](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw). Overlay has the ability to onboard nearly any oracle, as long as the oracle feed is non-manipulable and non-predictable. +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 article](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw) 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)? @@ -47,12 +47,12 @@ Users would be required to lock OV as collateral to a position in an Overlay mar ## OV -OV is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OV serves a dual purpose and will be used to participate in trading and DAO governance after launch. OV acts as liquidity and governance in the Overlay system - all PnL for users is denominated in OV, creating a flywheel effect where utility, liquidity and community incentives are fed back into the system. [For more on OV, please refer to our section on OV here](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Concepts%20Explained/OVL). +OV is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OV serves a dual purpose and will be used to participate in trading and DAO governance after launch. OV acts as liquidity and governance in the Overlay system - all PnL for users is denominated in OV, creating a flywheel effect where utility, liquidity and community incentives are fed back into the system. For more on OV, please refer to [our section on OV here](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/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](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Concepts%20Explained/How%20is%20Overlay%20different). +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](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Concepts%20Explained/How%20is%20Overlay%20different). > DISCLAIMER From 087245fc6fb7b9e160587a503b086888649191ab Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 20 Dec 2023 12:30:37 +0100 Subject: [PATCH 078/121] Text correction --- docs/Getting Started/Communication channels.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index 5f0b5dd..d008a5d 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -3,7 +3,7 @@ sidebar_position: 4 --- Official Communication Channels (Beware of Scams - these are the only official channels for Overlay Protocol) -**Discord: _[verlay.market/discord](https://discord.gg/m2U5vSr4gD)_** +**Discord: _[overlay.market/discord](https://discord.gg/m2U5vSr4gD)_** **Twitter: _[twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** From 390a602a75701e22a35ee2f15036d4eebebfdcc8 Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 20 Dec 2023 12:42:41 +0100 Subject: [PATCH 079/121] Change Discord link --- docs/Getting Started/Communication channels.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index d008a5d..73d884b 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -3,7 +3,7 @@ sidebar_position: 4 --- Official Communication Channels (Beware of Scams - these are the only official channels for Overlay Protocol) -**Discord: _[overlay.market/discord](https://discord.gg/m2U5vSr4gD)_** +**Discord: _[overlay.market/discord](https://overlay.market/discord)_** **Twitter: _[twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** From 5d2309bd1c75a77a583a599c9ca647e7edddf21b Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 20 Dec 2023 12:46:52 +0100 Subject: [PATCH 080/121] Change Discord link --- docs/Contracts/Contract Addresses.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index 9803490..d1fdef7 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -48,7 +48,7 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in > TIP -> PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! Hop into our [discord](https://discord.gg/gTnFZ7pS) here to start contributing. +> PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! Hop into our [discord](https://overlay.market/discord) here to start contributing. From 8e2d06c659af78f853960457d4ad5224f8f79e13 Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 20 Dec 2023 12:57:03 +0100 Subject: [PATCH 081/121] Change Twitter for X --- docs/Getting Started/Communication channels.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index 73d884b..93f19b1 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -5,7 +5,7 @@ Official Communication Channels (Beware of Scams - these are the only official c **Discord: _[overlay.market/discord](https://overlay.market/discord)_** -**Twitter: _[twitter.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** +**X: _[x.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** **Governance Forum: _[commonwealth.im/overlay](https://commonwealth.im/overlay/)_** From 51f54bdfe82c97104fc2cf4d3659a2d924674898 Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 20 Dec 2023 13:06:23 +0100 Subject: [PATCH 082/121] X url --- docs/Getting Started/Communication channels.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index 93f19b1..a2a5ca6 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -5,7 +5,7 @@ Official Communication Channels (Beware of Scams - these are the only official c **Discord: _[overlay.market/discord](https://overlay.market/discord)_** -**X: _[x.com/OverlayProtocol](https://twitter.com/OverlayProtocol)_** +**X: _[x.com/OverlayProtocol](https://x.com/OverlayProtocol)_** **Governance Forum: _[commonwealth.im/overlay](https://commonwealth.im/overlay/)_** From bfa5414d9d8a071a169d3fac380c03af8300eb45 Mon Sep 17 00:00:00 2001 From: AndresImach Date: Wed, 20 Dec 2023 13:13:46 +0100 Subject: [PATCH 083/121] Whitepaper url --- docs/Introduction.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index b18dd94..02f9c45 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -15,7 +15,7 @@ Initially, the token and markets were created on Ethereum. However, following a > INFO -> For a deep dive into Overlay Protocol, please refer to our white paper [here](https://gateway.pinata.cloud/ipfs/QmVMX7DH8Kh22kxMyDFGUJcw1a3irNPvyZBtAogkyJYJEv). +> For a deep dive into Overlay Protocol, please refer to our white paper [here](https://overlay.market/whitepaper). From 7b6512591740e8779cbfd81b982039d43bee2d1d Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Sun, 28 Jan 2024 10:04:01 -0300 Subject: [PATCH 084/121] fix discord and wp links --- docs/Contracts/Contract Addresses.md | 2 +- docs/Getting Started/Communication channels.md | 2 +- docs/Introduction.md | 2 +- 3 files changed, 3 insertions(+), 3 deletions(-) diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index d1fdef7..1620927 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -48,7 +48,7 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in > TIP -> PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! Hop into our [discord](https://overlay.market/discord) here to start contributing. +> PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! Hop into our [discord](https://redrct.overlay.market/discord) here to start contributing. diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index a2a5ca6..5844da5 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -3,7 +3,7 @@ sidebar_position: 4 --- Official Communication Channels (Beware of Scams - these are the only official channels for Overlay Protocol) -**Discord: _[overlay.market/discord](https://overlay.market/discord)_** +**Discord: _[overlay.market/discord](https://redrct.overlay.market/discord)_** **X: _[x.com/OverlayProtocol](https://x.com/OverlayProtocol)_** diff --git a/docs/Introduction.md b/docs/Introduction.md index 02f9c45..a2056cc 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -15,7 +15,7 @@ Initially, the token and markets were created on Ethereum. However, following a > INFO -> For a deep dive into Overlay Protocol, please refer to our white paper [here](https://overlay.market/whitepaper). +> For a deep dive into Overlay Protocol, please refer to our white paper [here](https://redrct.overlay.market/whitepaper). From 96728a1748b722e6fc01a07135e74351285e698a Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 09:54:20 -0300 Subject: [PATCH 085/121] update OV -> OVL ticker --- .../How is Overlay different.md | 10 +++++----- .../OI caps and other caps.md | 6 +++--- docs/Concepts Explained/OVL.md | 18 +++++++++--------- docs/Contracts/Contract Addresses.md | 10 +++++----- docs/Getting Started/Governance.md | 10 +++++----- docs/Introduction.md | 10 +++++----- docs/Security/Risks.md | 6 +++--- 7 files changed, 35 insertions(+), 35 deletions(-) diff --git a/docs/Concepts Explained/How is Overlay different.md b/docs/Concepts Explained/How is Overlay different.md index fc95b33..86940da 100644 --- a/docs/Concepts Explained/How is Overlay different.md +++ b/docs/Concepts Explained/How is Overlay different.md @@ -27,13 +27,13 @@ Certain on-chain perp protocols like Perp Protocol and GMX also use oracle based ## Lack of traditional counterparties -Overlay will offer tradable markets to its users without traditional counterparties taking the other side of a position. Overlay dynamically mints/burns its native token OV when a position is closed: +Overlay will offer tradable markets to its users without traditional counterparties taking the other side of a position. Overlay dynamically mints/burns its native token OVL when a position is closed: -(i) if a positive delta is realized, the protocol mints OV according to the delta difference against the users initial collateral (also denoted in OV) +(i) if a positive delta is realized, the protocol mints OVL according to the delta difference against the users initial collateral (also denoted in OVL) -(ii) if a negative delta is realized, a percent of collateral put up by the user (in the form of OV) is burnt +(ii) if a negative delta is realized, a percent of collateral put up by the user (in the form of OVL) is burnt -Risk of inflation is a potential risk for passive OV holders, and should be understood by users of the system. To know more about how risks and how Overlay addresses risk, please refer to [Summary of Risks](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Security/Risks). +Risk of inflation is a potential risk for passive OVL holders, and should be understood by users of the system. To know more about how risks and how Overlay addresses risk, please refer to [Summary of Risks](https://overlay-docs-git-doc-ovl-update-overlayprotocol.vercel.app/Security/Risks). Traditional CLOB-based crypto exchanges rely on swap-based counterparties (including market makers) in order to provide liquidity into their markets. On-chain derivative protocols like Perp Protocol and GMX use liquidity providers to seed liquidity into liquidity pools that users then trade against. @@ -54,4 +54,4 @@ For Overlay, funding rates are calculated based on the imbalance in Open Interes ## PnL and Collateral -Users would be required to lock OV as collateral to a position in an Overlay market. PnL will also be paid out in OV. OV is minted by the protocol and paid out to the user as PnL if a position delta positive; on the other hand, if the position is delta negative, locked OV is burned (to the extent of the loss). \ No newline at end of file +Users would be required to lock OVL as collateral to a position in an Overlay market. PnL will also be paid out in OVL. OVL is minted by the protocol and paid out to the user as PnL if a position delta positive; on the other hand, if the position is delta negative, locked OVL is burned (to the extent of the loss). \ No newline at end of file diff --git a/docs/Concepts Explained/OI caps and other caps.md b/docs/Concepts Explained/OI caps and other caps.md index 562f72b..7ca830a 100644 --- a/docs/Concepts Explained/OI caps and other caps.md +++ b/docs/Concepts Explained/OI caps and other caps.md @@ -7,7 +7,7 @@ sidebar_position: 4 ## Introduction -Overlay uses its native token OV to pay out PnL if there is a loss, and burns OV collateralized by the user (up to the extent of the loss) in case of a loss. While this mechanism bestows the protocol with benefits like not requiring market makers or the ability to open positions on nearly any scalar data stream, it also opens the protocol up to potential vulnerabilities caused by OV inflation (especially in case of long-tail assets). +Overlay uses its native token OVL to pay out PnL if there is a loss, and burns OVL collateralized by the user (up to the extent of the loss) in case of a loss. While this mechanism bestows the protocol with benefits like not requiring market makers or the ability to open positions on nearly any scalar data stream, it also opens the protocol up to potential vulnerabilities caused by OVL inflation (especially in case of long-tail assets). To counter these potential vulnerabilities, Overlay utilizes a risk framework that includes payoff caps, OI caps, and a circuit breaker mechanism. @@ -27,12 +27,12 @@ In markets based on long tail price feeds, the payoff cap enables: Open Interest caps (OI caps or CQ are “per-market” caps that set a cut off or limit on the aggregate amount of open interest (on the long and short side) in Overlay markets. This static constant will vary from market to market, and will be determined by the community through governance. OI caps are required despite the existence of payoff caps as payoff caps may be bypassed by a user by opening multiple positions. -Setting CQ through governance helps the protocol quantify inflation risk: the amount of OV that the protocol will have to mint in case of a worst-case scenario for any given market. This hypothetical worst-case scenario involves the imbalance liability (the difference in OI between longs and shorts) being completely skewed towards one side of the market. Quantifying the per-market inflation risk (a function of CQ) in the worst-case scenario in an automated fashion allows the community to be aware of the risks posed to the protocol by the introduction of any new market. +Setting CQ through governance helps the protocol quantify inflation risk: the amount of OVL that the protocol will have to mint in case of a worst-case scenario for any given market. This hypothetical worst-case scenario involves the imbalance liability (the difference in OI between longs and shorts) being completely skewed towards one side of the market. Quantifying the per-market inflation risk (a function of CQ) in the worst-case scenario in an automated fashion allows the community to be aware of the risks posed to the protocol by the introduction of any new market. ## Circuit Breaker -The circuit breaker mechanism gives Overlay an extra layer of protection: it allows a market to cool off in case there have been large payouts (in the form of OV printing) during the recent past. +The circuit breaker mechanism gives Overlay an extra layer of protection: it allows a market to cool off in case there have been large payouts (in the form of OVL printing) during the recent past. Using CQ, the protocol calculates an expected inflation rate over a rolling period of time. If the actual inflation rate in this period exceeds the expected rate, CQ is adjusted to stem the inflation. CQ comes back to normal when the actual inflation rate nears the expected inflation rate. diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index 1c8963a..fa640a6 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -1,35 +1,35 @@ --- sidebar_position: 2 --- -# OV +# OVL -OV is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OV serves a dual purpose and will be used to participate in trading and DAO governance after launch. +OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OVL serves a dual purpose and will be used to participate in trading and DAO governance after launch. -OV may be used by holders to: +OVL may be used by holders to: 1. vote on governance proposals of the DAO governing Overlay Protocol -2. open positions on the markets offered on Overlay by using OV as collateral +2. open positions on the markets offered on Overlay by using OVL as collateral ## Building Position -To enter a position, a user of Overlay Protocol will lock OV into the Overlay smart contract as collateral/margin. A user could leverage this collateral on either side of any market offered by Overlay. +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 OV tokens equivalent to the delta difference of the market between build and unwind. These tokens are added to the circulating supply of OV. +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 OV tokens of a value equivalent to the loss sustained. These tokens are removed from the circulating supply of OV. No tokens are minted or burned in case a position is closed at a break even.   +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.   ## Governance -Currently, Overlay Protocol is governed by Planck Cat DAO NFT and OV holders. One PCD NFT equates to 100,000 votes, while one OV 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 currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OV token holders. These discussions are taking place within the appropriate channels on Discord and the Forum. +Currently, Overlay Protocol is governed by Planck Cat DAO NFT and OVL holders. 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 currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OVL token holders. These discussions are taking place within the appropriate channels on Discord and the Forum. ## Supply -Total supply of OV is 800 million. The OV supply, by function, is dynamic. Thus, OV will be dynamically minted and burned by the smart contracts when positions are unwound by users. +Total supply of OVL is 800 million. 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 Dec 19, 2023

diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index 1620927..09c127a 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -1,13 +1,13 @@ # Contract Addresses -## OV Token +## OVL Token -The OV token is the native protocol token. Governance proposals, voting, and trading on the protocol are conducted using OV tokens. The OV token contract address is to be announced. +The OVL token is the native protocol token. Governance proposals, voting, and trading on the protocol are conducted using OVL tokens. The OVL token contract address is to be announced. OVL is the Litter Box (test purpose) token on Arbitrum mainnet and the contract address is 0x4305c4bc521b052f17d389c2fe9d37cabeb70d54. -Please note that as of now, the OV token is not available on any exchanges, and no liquidity pools have been deployed for it. +Please note that as of now, the OVL token is not available on any exchanges, and no liquidity pools have been deployed for it. If you have any further questions or need additional information, don't hesitate to reach out through our official communication channels. @@ -26,7 +26,7 @@ Overlay smart contracts are currently deployed only on the Arbitrum mainnet excl - OV Token + OVL Token To be announced @@ -55,7 +55,7 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in > DISCLAIMER > Do not interact with any token /smart contract addresses that are not listed on this webpage. Any token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels. > -> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OV" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Getting%20Started/Communication%20channels). +> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](https://overlay-docs-git-doc-ovl-update-overlayprotocol.vercel.app/Getting%20Started/Communication%20channels).

diff --git a/docs/Getting Started/Governance.md b/docs/Getting Started/Governance.md index c03f819..b75d4a8 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -1,13 +1,13 @@ # Governance -As of the present day, Overlay Protocol is under the joint governance of PlanckCat DAO and OV token holders. One PCD NFT equates to 100,000 votes, while one OV token equals one vote within the governance structure. It's important to note that this equilibrium may be subject to change in the future. +As of the present day, Overlay Protocol is under the joint governance of PlanckCat DAO and OVL token holders. 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 currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OV token holders. +PlanckCat DAO is a DAO created for Overlay contributors to engage in protocol governance through PlanckCat (PCD) NFTs, and currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OVL token holders. These discussions are taking place within the appropriate channels on Discord and the Forum. -Furthermore, any PCD NFT or OV holder is entitled to initiate discussions on the Overlay Discord and/or the Forum. Following a temperature check within the community, they can proceed to create a governance proposal on Snapshot. +Furthermore, any PCD NFT or OVL holder is entitled to initiate discussions on the Overlay Discord and/or the Forum. Following a temperature check within the community, they can proceed to create a governance proposal on Snapshot. -PlanckCat DAO and OV holders 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. +PlanckCat DAO and OVL holders 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 or OV can still actively engage in discussions on Discord and the Governance Forum. +It's important to emphasize that individuals who do not hold PCD NFTs or OVL can still actively engage in discussions on Discord and the Governance Forum. diff --git a/docs/Introduction.md b/docs/Introduction.md index a2056cc..bd28cc1 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -33,7 +33,7 @@ Overlay aims to offer several types of markets, based on price data feeds and no ## How does Overlay offer markets without counterparties? -Users build positions against the entire protocol itself, or perhaps most tellingly: against every other OV 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 OV inflation risk from this mechanism, please refer to [this write-up](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw ). +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 write-up](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw ). ## Pricing based on oracle feeds @@ -42,17 +42,17 @@ Pricing on Overlay markets is not dynamic in the traditional sense; it is based ## How does trading work (Collateral and PnL)? -Users would be required to lock OV as collateral to a position in an Overlay market. PnL is settled in OV. OV 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 OV is burned (to the extent of the loss). +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). -## OV +## OVL -OV is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OV serves a dual purpose and will be used to participate in trading and DAO governance after launch. OV acts as liquidity and governance in the Overlay system - all PnL for users is denominated in OV, creating a flywheel effect where utility, liquidity and community incentives are fed back into the system. For more on OV, please refer to [our section on OV here](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Concepts%20Explained/OVL). +OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. 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](https://overlay-docs-git-doc-ovl-update-overlayprotocol.vercel.app/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](https://overlay-docs-git-doc-ov-update-overlayprotocol.vercel.app/Concepts%20Explained/How%20is%20Overlay%20different). +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](https://overlay-docs-git-doc-ovl-update-overlayprotocol.vercel.app/Concepts%20Explained/How%20is%20Overlay%20different). > DISCLAIMER diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index c8ed4cc..e5f4b91 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -2,7 +2,7 @@ ## I. Inflation risk -Overlay settles all PnL in its native token OV - OV 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 OV. This risk is managed through a range of mechanisms, detailed below. +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 @@ -16,11 +16,11 @@ The protocol limits PnL or addition of new positions to mitigate inflation risk - 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 OV 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. +- 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 OV loss incurred by the user is burnt, and some is sent to the fee repo. +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. From 71c68404f3e909179568aae0988da04e87ff106b Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 09:57:37 -0300 Subject: [PATCH 086/121] update internal links --- docs/Concepts Explained/How is Overlay different.md | 2 +- docs/Contracts/Contract Addresses.md | 2 +- docs/Introduction.md | 4 ++-- 3 files changed, 4 insertions(+), 4 deletions(-) diff --git a/docs/Concepts Explained/How is Overlay different.md b/docs/Concepts Explained/How is Overlay different.md index 86940da..df24008 100644 --- a/docs/Concepts Explained/How is Overlay different.md +++ b/docs/Concepts Explained/How is Overlay different.md @@ -33,7 +33,7 @@ Overlay will offer tradable markets to its users without traditional counterpart (ii) if a negative delta is realized, a percent of collateral put up by the user (in the form of OVL) is burnt -Risk of inflation is a potential risk for passive OVL holders, and should be understood by users of the system. To know more about how risks and how Overlay addresses risk, please refer to [Summary of Risks](https://overlay-docs-git-doc-ovl-update-overlayprotocol.vercel.app/Security/Risks). +Risk of inflation is a potential risk for passive OVL holders, and should be understood by users of the system. To know more about how risks and how Overlay addresses risk, please refer to [Summary of Risks](/Security/Risks). Traditional CLOB-based crypto exchanges rely on swap-based counterparties (including market makers) in order to provide liquidity into their markets. On-chain derivative protocols like Perp Protocol and GMX use liquidity providers to seed liquidity into liquidity pools that users then trade against. diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index 09c127a..e4041e2 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -55,7 +55,7 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in > DISCLAIMER > Do not interact with any token /smart contract addresses that are not listed on this webpage. Any token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels. > -> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](https://overlay-docs-git-doc-ovl-update-overlayprotocol.vercel.app/Getting%20Started/Communication%20channels). +> Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](/Getting%20Started/Communication%20channels).

diff --git a/docs/Introduction.md b/docs/Introduction.md index bd28cc1..d6b2d2b 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -47,12 +47,12 @@ Users would be required to lock OVL as collateral to a position in an Overlay ma ## OVL -OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. 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](https://overlay-docs-git-doc-ovl-update-overlayprotocol.vercel.app/Concepts%20Explained/OVL). +OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. 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](https://overlay-docs-git-doc-ovl-update-overlayprotocol.vercel.app/Concepts%20Explained/How%20is%20Overlay%20different). +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 From f3bd933f9e9da6eeb7c1f14313cc8ed1bb21dd05 Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 11:02:54 -0300 Subject: [PATCH 087/121] replace mirror pricing doc --- .../How is Overlay different.md | 2 +- .../Pricing and Price Impact.md | 145 ++++++++++++++++++ docs/Introduction.md | 4 +- static/img/formula-bid-price-a.png | Bin 0 -> 26408 bytes static/img/formula-bid-price-b.png | Bin 0 -> 26196 bytes 5 files changed, 148 insertions(+), 3 deletions(-) create mode 100644 docs/Concepts Explained/Pricing and Price Impact.md create mode 100644 static/img/formula-bid-price-a.png create mode 100644 static/img/formula-bid-price-b.png diff --git a/docs/Concepts Explained/How is Overlay different.md b/docs/Concepts Explained/How is Overlay different.md index df24008..2f88ee1 100644 --- a/docs/Concepts Explained/How is Overlay different.md +++ b/docs/Concepts Explained/How is Overlay different.md @@ -18,7 +18,7 @@ Contracts on Overlay markets resemble perpetual future contracts in that there i ## Oracle-based pricing -Overlay brings in data points, which act as a proxy for price by using a combination of oracle-based feeds and native mechanisms to determine the data point of a feed that users can build positions on. For more details, please check out our [detailed article on pricing](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw). +Overlay brings in data points, which act as a proxy for price by using a combination of oracle-based feeds and native mechanisms to determine the data point of a feed that users can build positions on. For more details, please check out our [detailed doc on pricing](/Concepts%20Explained/Pricing%20and%20Price%20Impact). Traditional crypto exchanges like Binance usually use a centralized limit order book (CLOB) system to determine price. Price is based on matching of orders in the buy side and sell side of the order book - price is determined merely by what the asset was last bought for. 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..486f395 --- /dev/null +++ b/docs/Concepts Explained/Pricing and Price Impact.md @@ -0,0 +1,145 @@ +--- +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 first oracle being considered by Overlay for use on its markets is the Uniswap v3 TWAP oracle. This can be used to deploy Overlay markets based on price feed from pre-existing market pairs on Uniswap v3 as long as liquidity within a market pair is deep enough (this will be decided by the community through governance processes). + +The second oracle that would likely be implemented by Overlay would be Chainlink oracle feeds: this would provide Overlay with the ability to offer any market / data stream available on Chainlink. This would also offer the protocol the ability to offer 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: + +

+ +

+ +Here, bid price (B) is a factor of: +- **e** → Euler’s number, a mathematical constant approximately equal to 2.71828 +- **δ** → “static spread” used to prevent the frontrunning of the shorter TWAP +- **λ** → Market-specific impact constant that dictates slippage for queuing an additional OIi worth of open interest +- **qb** → Cumulative rolling volume of open interest queued over the last **ν** period on the bid side +- **Δ** → Longer TWAP window +- **ν** → Shorter TWAP window such that **ν >> Δ** +- **t** → Current time at the execution of the position + +The formula for ask price A is as below: + +

+ +

+ +Here, ask price (A) is a factor of: +- **e** → Euler’s number, a mathematical constant approximately equal to 2.71828 +- **δ** → “static spread” used to prevent the frontrunning of the shorter TWAP +- **λ** → market specific impact constant that dictates slippage¹² for queuing an additional OIi worth of open interest to either the bid or the ask side +- **qa** → Cumulative rolling volume of open interest queued over the last **ν** period on the ask side +- **Δ** → Longer TWAP window +- **ν** → Shorter TWAP window such that **ν >> Δ** +- **t** → Current time at the execution of the position + +--- + +## Conclusion + +Overlay aims to offer markets based on non-manipulable and non-predictable data feeds. Overlay has made conscious choices in oracle implementation design so as to guard against manipulation of the protocol by attackers. + +Further, determination of pricing in an Overlay market depends not just on a non-manipulable and non-predictable data feed. Overlay has employed several mechanisms to arrive at a bid/ask price deterministically. This includes long and short TWAP based pricing, a static bid-ask spread, theoretical price slippage, etc. + +[^1]: A central limit order book (CLOB) is a mechanism used by most exchanges worldwide (eg., Binance and FTX), based on the system of matching bids and asks (according to price), with bids and order size transparently visible to the whole market + +[^2]: A Liquidity Pool is a pool where liquidity providers collectively deposit digital assets (usually two) in order to enable decentralized exchanges to offer swaps on the digital assets. Liquidity providers receive fees in exchange for providing liquidity. + +[^3]: DEX stands for decentralized exchange: a protocol which enables users to swap assets on-chain. Users build positions against a collectivized ‘pool’ of assets instead of traditional counterparties. Uniswap, Balancer, and Sushiswap are all primarily DEXs. + +[^4]: Constant Product Market Maker or CPPM is the automated market making algorithm used by decentralized exchanges like Uniswap. It is denoted by x*y=k. + +[^5]: Oracles are generally third-party services that help protocols fetch 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.” Oracles can be off-chain or on-chain; or centralized or decentralized. + +[^6]: Flash loans are unsecured loans issued to users (without putting up collateral) by ensuring the assets are borrowed and returned in the same transaction. Funds may not be borrowed unless they are returned in the same transaction. + +[^7]: DeFi Attacks: Flash Loans and Centralized Price Oracles by Liesl Eichholz, Glassnode Insights. + +[^8]: For more on price oracle related exploits, please refer to So you want to use a price oracle — Paradigm by samczsun, and Oracle Manipulation — Ethereum Smart Contract Best Practices. + +[^9]: For more details, please refer to Oracles | Uniswap, and Building an Oracle | Uniswap. + +[^10]: SIP-120: Atomic Exchange Function. + +[^11]: For more on this, please read “Manipulating Uniswap v3 TWAP Oracles” by Michael Bentley, available here. + +[^12]: The Overlay White Paper and this article use the terms “price impact” and “slippage” interchangeably. They are generally used interchangeably in the context of traditional CLOB style exchanges. However, in the context of a DEX, slippage and price impact are generally considered to be different things. The price impact of a trade is predetermined, is generally displayed before the execution of a trade, and depends on the liquidity of the pool. Slippage in the context of a DEX refers to the execution price of the trade changing due to the asset’s price changing while the transaction is pending (this could be organic or due to sandwich attacks etc.). For more details on this, please refer to Uniswap’s explanation here. + +--- diff --git a/docs/Introduction.md b/docs/Introduction.md index d6b2d2b..d82b2ce 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -33,12 +33,12 @@ Overlay aims to offer several types of markets, based on price data feeds and no ## 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 write-up](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw ). +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 article](https://mirror.xyz/0x7999C7f0b9f2259434b7aD130bBe36723a49E14e/vtmmujPcVINTIVavcsztrYHmP_N1mA4RwgYHmZ8lLdw) 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. +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). 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d379b348d5f41ccc1e6300e6710b06d1086bf044 Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 11:11:31 -0300 Subject: [PATCH 088/121] remove arbitrum mentions --- docs/Concepts Explained/OVL.md | 2 +- docs/Contracts/Contract Addresses.md | 38 +++++----------------------- docs/Introduction.md | 10 +++----- docs/Security/Risks.md | 2 +- 4 files changed, 11 insertions(+), 41 deletions(-) diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index fa640a6..60d264e 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -3,7 +3,7 @@ sidebar_position: 2 --- # OVL -OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. OVL serves a dual purpose and will be used to participate in trading and DAO governance after launch. +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: diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index e4041e2..08c5ec5 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -5,61 +5,35 @@ The OVL token is the native protocol token. Governance proposals, voting, and trading on the protocol are conducted using OVL tokens. The OVL token contract address is to be announced. -OVL is the Litter Box (test purpose) token on Arbitrum mainnet and the contract address is 0x4305c4bc521b052f17d389c2fe9d37cabeb70d54. - Please note that as of now, the OVL token is not available on any exchanges, and no liquidity pools have been deployed for it. If you have any further questions or need additional information, don't hesitate to reach out through our official communication channels. - ## Overlay Smart Contracts -Overlay smart contracts are currently deployed only on the Arbitrum mainnet exclusively for testing purposes. +Overlay smart contracts are currently deployed only on Arbitrum Sepolia and Berachain bArtio Testnets. - - - - - - - - - - - - - - -
Contract - Address -
OVL Token - To be announced -
OVL Token (For test purpose on Arbitrum Mainnet) - 0x4305C4Bc521B052F17d389c2Fe9d37caBeB70d54 -
+| Contract | Address | +| ----------- | ----------- | +| OVL Token | To be announced | ## PlanckCat DAO on Arbitrum -PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in decision making processes through governance. PCD NFTs are currently minted on Arbitrum. The contract address for the PCD NFTs is 0xc9B28946144E3A0e02fcC119a622E30565916784. - - +PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in decision making processes through governance. PCD NFTs are currently minted on Arbitrum. The contract address for the PCD NFTs is [0xc9B28946144E3A0e02fcC119a622E30565916784](https://arbiscan.io/address/0xc9B28946144E3A0e02fcC119a622E30565916784). > TIP > PCD NFT minting is live with a soft cap of 500 PCD NFTs. Contribute to Overlay and earn CRED in order to mint a PCD! Hop into our [discord](https://redrct.overlay.market/discord) here to start contributing. - - > DISCLAIMER > Do not interact with any token /smart contract addresses that are not listed on this webpage. Any token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels. > > Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](/Getting%20Started/Communication%20channels). -

-Last updated on Dec 19, 2023

+Last updated on Jan 2, 2025

diff --git a/docs/Introduction.md b/docs/Introduction.md index d82b2ce..3261ce2 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -8,9 +8,7 @@ sidebar_position: 1 ## What is Overlay? -Overlay Protocol is a decentralized platform built on Arbitrum, 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. - -Initially, the token and markets were created on Ethereum. However, following a governance proposal, the community decided to transition to becoming a native Arbitrum protocol. +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. @@ -22,9 +20,7 @@ Initially, the token and markets were created on Ethereum. However, following a ## Types of markets -Overlay aims to offer several types of markets, based on price data feeds and non-manipulable & non-predictable data feeds. These include: - - +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. @@ -47,7 +43,7 @@ Users would be required to lock OVL as collateral to a position in an Overlay ma ## OVL -OVL is the proposed native token of Overlay Protocol. It is an ERC-20 token on the Arbitrum Mainnet. 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). +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 diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index e5f4b91..eae6d96 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -40,7 +40,7 @@ If access to the smart contract is not implemented correctly, this can lead to a 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. Frontrunning is an issue especially on the Arbitrum mainnet. +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). From e3d07f5aa654d1441d93bcf9c4aa9c3be2a3d9f8 Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 11:14:31 -0300 Subject: [PATCH 089/121] remove Governance forum link --- docs/Getting Started/Communication channels.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index 5844da5..ee9c8bd 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -7,6 +7,6 @@ Official Communication Channels (Beware of Scams - these are the only official c **X: _[x.com/OverlayProtocol](https://x.com/OverlayProtocol)_** -**Governance Forum: _[commonwealth.im/overlay](https://commonwealth.im/overlay/)_** + **Telegram (Announcements): _[t.me/overlay_protocol](https://t.me/overlay_protocol)_** \ No newline at end of file From 3cd227213da8af55be2e39f262347dcd435865f2 Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 11:17:28 -0300 Subject: [PATCH 090/121] update audits --- docs/Security/Risks.md | 5 ++++- 1 file changed, 4 insertions(+), 1 deletion(-) diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index eae6d96..7af7ebc 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -30,7 +30,10 @@ The deterministic nature of smart contracts is a huge positive for transparency, 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 two comprehensive audits: Spearbit and Least Authority. For more details on Overlay’s audits, read about them [here](https://github.com/overlay-market/v1-core/blob/main/audits/spearbit/audit.pdf) and [here](https://github.com/overlay-market/v1-core/blob/main/audits/leastauthority/audit.pdf). +Overlay has undergone three comprehensive audits: Spearbit, Least Authority and Trail of Bits. 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). ## III. Smart contract control/access From 38c501b42ce555ae0e2e52a0cf00df89fd42ca53 Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 11:20:53 -0300 Subject: [PATCH 091/121] remove comprehensive third party audits page --- docs/Security/Risks.md | 3 +- docs/Security/Third party audits.md | 101 ---------------------------- 2 files changed, 2 insertions(+), 102 deletions(-) delete mode 100644 docs/Security/Third party audits.md diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index 7af7ebc..7400dbd 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -30,7 +30,8 @@ The deterministic nature of smart contracts is a huge positive for transparency, 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 three comprehensive audits: Spearbit, Least Authority and Trail of Bits. For more details on Overlay’s audits, read about them: +### Overlay has undergone three comprehensive audits +Spearbit, Least Authority and Trail of Bits. 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). diff --git a/docs/Security/Third party audits.md b/docs/Security/Third party audits.md deleted file mode 100644 index 168afae..0000000 --- a/docs/Security/Third party audits.md +++ /dev/null @@ -1,101 +0,0 @@ -# Smart Contract Audits - -Overlay’s v1 contracts have been audited twice, at first by [Spearbit](https://spearbit.com/) and then [Least Authority](https://leastauthority.com/). - - - - - - - - - - - - - - - - - -
Auditor - Date - Report -
Spearbit - May 5 2022 - Spearbit Overlay Security Review -
Least Authority - June 8 2022 - Least Authority Security Audit Report -
- -## _Spearbit_ - -The Spearbit Overlay Security Review took place over a course of 23 days and reviewed the Overlay market contracts found [here](https://github.com/overlay-market/). Spearbit found 31 issues in this review, out of which 21 issues were gas optimization and informational issues. No critical risk issues were found. - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Type - Number of Issues - Status -
Critical Risk - 0 - - -
High Risk - 2 - Fixed -
Medium Risk - 2 - Fixed -
Low Risk - 5 - Fixed -
- -## _Least Authority_ - -Least Authority’s initial code review took place between April 4 2022 and May 9 2022, and reviewed the code repository found [here](https://github.com/overlay-market/v1-core). Least Authority’s report has several comments on their methodology and Overlay’s code. - -Least Authority made 9 suggestions to Overlay, of which 4 were resolved by Overlay. Five of these suggestions were related to code quality and best practices, of which 4 were resolved. 3 of these suggestions were related to system design and testing. The last suggestion was related to better documentation for the protocol, which Overlay is in the process of resolving. - -There are some selected excerpts below: - -From the “General Comments” section: - -_“…Our team attempted to force existing positions to become liquidatable by executing a flash loan attack. The attack attempted to build large subsequent positions that would cause the existing positions to lose value. However, the attack was thwarted by the circuit breaker defense. We observed that the risk parameters maintenanceMarginFraction and liquidationFeeRate are critical in preventing flash loan attacks and should be set carefully by a secure governance mechanism._ - -_We also attempted to create many small positions as an alternative vector to manipulate the value of existing positions but found that the gas cost was prohibitive. Given that the ability to access the feed creation mechanism is unguarded, we explored the potential for griefing attacks but did not identify any issues. Our team found the protocol to be well designed and implemented. However, the project is based on complex finance structures that increased the auditing complexity substantially.”_ - -From the “System Design” section: - -_“We found that security has been taken into consideration in the design of the Overlay protocol as demonstrated by a careful delineation of roles and the authority granted to them. Our team noted that sufficient input validation has been implemented where appropriate, in addition to mechanisms that hinder attacks, such as caps, spreads, and market-specific parameters set by protocol governance… “_ - -_The Overlay code is well organized and adheres to best practices as demonstrated by optimizing storage space by rationally assigning storage variables, moving logic into libraries to minimize the code, appropriately using the require function to ensure the validity of contract state transitions, and also using interfaces to improve readability and facilitate reasoning about the code by abstracting code functionality…”_ - -From the “Code Quality” section: - -_The Overlay code is well organized and adheres to best practices as demonstrated by optimizing storage space by rationally assigning storage variables, moving logic into libraries to minimize the code, appropriately using the require function to ensure the validity of contract state transitions, and also using interfaces to improve readability and facilitate reasoning about the code by abstracting code functionality._ From d6db0204fb55b7166cc8d225f13bd5c7d459e7fd Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 11:24:28 -0300 Subject: [PATCH 092/121] update config --- docusaurus.config.js | 8 ++++---- 1 file changed, 4 insertions(+), 4 deletions(-) diff --git a/docusaurus.config.js b/docusaurus.config.js index d7449f5..7f34f5d 100644 --- a/docusaurus.config.js +++ b/docusaurus.config.js @@ -1,7 +1,7 @@ module.exports = { title: "Overlay", tagline: "Trade data streams", - url: "https://overlay-docs.com", + url: "https://docs.overlay.market", baseUrl: "/", favicon: "img/OVL-favicon.ico", organizationName: "overlay", // Usually your GitHub org/user name. @@ -43,9 +43,9 @@ module.exports = { en: { htmlLang: "en-GB", }, - 'zh-CN': { - htmlLang: "zh-CN", - } + // 'zh-CN': { + // htmlLang: "zh-CN", + // } }, }, presets: [ From 0ffaa5f0d4aba91202e0884966c6d0b26fb60d8d Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 12:08:31 -0300 Subject: [PATCH 093/121] governance updates --- docs/Concepts Explained/OVL.md | 7 +------ docs/Getting Started/Governance.md | 12 ++++++------ 2 files changed, 7 insertions(+), 12 deletions(-) diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index 60d264e..187cb2c 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -9,7 +9,7 @@ OVL may be used by holders to: -1. vote on governance proposals of the DAO governing Overlay Protocol +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 @@ -22,11 +22,6 @@ On closing a position, the position could either be profitable, unprofitable or 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.   -## Governance - -Currently, Overlay Protocol is governed by Planck Cat DAO NFT and OVL holders. 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 currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OVL token holders. These discussions are taking place within the appropriate channels on Discord and the Forum. - - ## Supply Total supply of OVL is 800 million. 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. diff --git a/docs/Getting Started/Governance.md b/docs/Getting Started/Governance.md index b75d4a8..2937bff 100644 --- a/docs/Getting Started/Governance.md +++ b/docs/Getting Started/Governance.md @@ -1,13 +1,13 @@ # Governance -As of the present day, Overlay Protocol is under the joint governance of PlanckCat DAO and OVL token holders. 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. +Overlay Protocol is under the governance of PlanckCat DAO, and in the future, OVL token holders will have voting rights. -PlanckCat DAO is a DAO created for Overlay contributors to engage in protocol governance through PlanckCat (PCD) NFTs, and currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OVL token holders. +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. -These discussions are taking place within the appropriate channels on Discord and the Forum. -Furthermore, any PCD NFT or OVL holder is entitled to initiate discussions on the Overlay Discord and/or the Forum. Following a temperature check within the community, they can proceed to create a governance proposal on Snapshot. +PlanckCat DAO is a DAO created for Overlay contributors to engage in protocol governance through PlanckCat (PCD) NFTs, and play central role in governance. -PlanckCat DAO and OVL holders 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. +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 or OVL can still actively engage in discussions on Discord and the Governance Forum. +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. From 13e5b5e429251bec674997bd14355d8fce8521ca Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 12:08:52 -0300 Subject: [PATCH 094/121] minor changes --- docs/Concepts Explained/How is Overlay different.md | 2 +- docs/Concepts Explained/OVL.md | 4 ++-- docs/Concepts Explained/Oracles.md | 2 +- 3 files changed, 4 insertions(+), 4 deletions(-) diff --git a/docs/Concepts Explained/How is Overlay different.md b/docs/Concepts Explained/How is Overlay different.md index 2f88ee1..e7ffc8b 100644 --- a/docs/Concepts Explained/How is Overlay different.md +++ b/docs/Concepts Explained/How is Overlay different.md @@ -2,7 +2,7 @@ sidebar_position: 1 --- -# How does Overlay differ from other perps? +# How is Overlay Different ## What are perpetual futures contracts or perps? diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index 187cb2c..0580ae5 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -24,8 +24,8 @@ If the position is unprofitable, the protocol burns OVL tokens of a value equiva ## Supply -Total supply of OVL is 800 million. 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. +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 Dec 19, 2023

+Last updated on Jan 2, 2025

diff --git a/docs/Concepts Explained/Oracles.md b/docs/Concepts Explained/Oracles.md index 14bb0da..8c52398 100644 --- a/docs/Concepts Explained/Oracles.md +++ b/docs/Concepts Explained/Oracles.md @@ -4,4 +4,4 @@ sidebar_position: 5 # Oracles -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. \ No newline at end of file +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 From 5a8a5458cc3ff72f90715f5d045edd2e3663feef Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 12:17:12 -0300 Subject: [PATCH 095/121] update update date --- docs/Introduction.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Introduction.md b/docs/Introduction.md index 3261ce2..e560a2e 100644 --- a/docs/Introduction.md +++ b/docs/Introduction.md @@ -56,4 +56,4 @@ Positions on Overlay Protocol resemble perpetual futures contracts (perps) - sim

-Last updated on Dec 19, 2023

+Last updated on Jan 2, 2025

From c03cd27cac48f6dab2ecac07a58226b0f8c9082d Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 2 Jan 2025 12:49:27 -0300 Subject: [PATCH 096/121] about oracles edits --- docs/Concepts Explained/Pricing and Price Impact.md | 4 +--- 1 file changed, 1 insertion(+), 3 deletions(-) diff --git a/docs/Concepts Explained/Pricing and Price Impact.md b/docs/Concepts Explained/Pricing and Price Impact.md index 486f395..dc8ad53 100644 --- a/docs/Concepts Explained/Pricing and Price Impact.md +++ b/docs/Concepts Explained/Pricing and Price Impact.md @@ -22,9 +22,7 @@ To determine price, Overlay does not utilize: 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 first oracle being considered by Overlay for use on its markets is the Uniswap v3 TWAP oracle. This can be used to deploy Overlay markets based on price feed from pre-existing market pairs on Uniswap v3 as long as liquidity within a market pair is deep enough (this will be decided by the community through governance processes). - -The second oracle that would likely be implemented by Overlay would be Chainlink oracle feeds: this would provide Overlay with the ability to offer any market / data stream available on Chainlink. This would also offer the protocol the ability to offer non-traditional markets based on data streams, like the Consumer Price Index (CPI), a metric for the level of inflation. +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. --- From eb736dadc67488f8f24e4f59dfc06f2431301a7b Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Wed, 8 Jan 2025 12:42:38 -0300 Subject: [PATCH 097/121] token details - arbitrum deployment --- docs/Concepts Explained/OVL.md | 7 +++++++ 1 file changed, 7 insertions(+) diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index 0580ae5..3f24c9d 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -13,6 +13,13 @@ OVL may be used by holders to: 2. open positions on the markets offered on Overlay by using OVL as collateral +## Token Details + +| Ticker | OVL | +| :----------- | :----------- | +| Initial Supply | 88,888,888 | +| Arbitrum Address | [0x18cBaBcAF71B274cdB5508c5c02F6F815e04C5a4](https://arbiscan.io/token/0x18cBaBcAF71B274cdB5508c5c02F6F815e04C5a4) | + ## 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. From 1454b5883e269b10dcbfa505f1f4874dd38a8437 Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 9 Jan 2025 11:28:14 -0300 Subject: [PATCH 098/121] remove arb token deployment address --- docs/Concepts Explained/OVL.md | 1 - 1 file changed, 1 deletion(-) diff --git a/docs/Concepts Explained/OVL.md b/docs/Concepts Explained/OVL.md index 3f24c9d..e3886f7 100644 --- a/docs/Concepts Explained/OVL.md +++ b/docs/Concepts Explained/OVL.md @@ -18,7 +18,6 @@ OVL may be used by holders to: | Ticker | OVL | | :----------- | :----------- | | Initial Supply | 88,888,888 | -| Arbitrum Address | [0x18cBaBcAF71B274cdB5508c5c02F6F815e04C5a4](https://arbiscan.io/token/0x18cBaBcAF71B274cdB5508c5c02F6F815e04C5a4) | ## Building Position From 0dbc7b63eb5bd3e50d2af67218833959f3edfe25 Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Sat, 11 Jan 2025 16:33:03 -0300 Subject: [PATCH 099/121] push medium comm channel --- docs/Getting Started/Communication channels.md | 2 ++ 1 file changed, 2 insertions(+) diff --git a/docs/Getting Started/Communication channels.md b/docs/Getting Started/Communication channels.md index ee9c8bd..fd74b79 100644 --- a/docs/Getting Started/Communication channels.md +++ b/docs/Getting Started/Communication channels.md @@ -7,6 +7,8 @@ Official Communication Channels (Beware of Scams - these are the only official c **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 From 47fbeb8e211a4ce0df781b7b814922222fae3e3b Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Wed, 18 Jun 2025 10:12:55 -0300 Subject: [PATCH 100/121] update audit section in Risks.md to include Nethermind audit --- docs/Security/Risks.md | 5 +++-- 1 file changed, 3 insertions(+), 2 deletions(-) diff --git a/docs/Security/Risks.md b/docs/Security/Risks.md index 7400dbd..c37c96f 100644 --- a/docs/Security/Risks.md +++ b/docs/Security/Risks.md @@ -30,11 +30,12 @@ The deterministic nature of smart contracts is a huge positive for transparency, 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 three comprehensive audits -Spearbit, Least Authority and Trail of Bits. For more details on Overlay’s audits, read about them: +### 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 From c57a93453967a58537f9995cd625e0544d6889bd Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Tue, 12 Aug 2025 09:45:38 -0300 Subject: [PATCH 101/121] update OVL token details and last updated date in Contract Addresses.md --- docs/Contracts/Contract Addresses.md | 11 +++-------- 1 file changed, 3 insertions(+), 8 deletions(-) diff --git a/docs/Contracts/Contract Addresses.md b/docs/Contracts/Contract Addresses.md index 08c5ec5..31b3a45 100644 --- a/docs/Contracts/Contract Addresses.md +++ b/docs/Contracts/Contract Addresses.md @@ -3,20 +3,15 @@ ## OVL Token -The OVL token is the native protocol token. Governance proposals, voting, and trading on the protocol are conducted using OVL tokens. The OVL token contract address is to be announced. - -Please note that as of now, the OVL token is not available on any exchanges, and no liquidity pools have been deployed for it. +The OVL token is the native protocol token. Governance proposals, voting, and trading on the protocol are conducted using OVL tokens. If you have any further questions or need additional information, don't hesitate to reach out through our official communication channels. - ## Overlay Smart Contracts -Overlay smart contracts are currently deployed only on Arbitrum Sepolia and Berachain bArtio Testnets. - | Contract | Address | | ----------- | ----------- | -| OVL Token | To be announced | +| OVL Token - BNB Smart Chain | [0x1F34c87ded863Fe3A3Cd76FAc8adA9608137C8c3](https://bscscan.com/token/0x1F34c87ded863Fe3A3Cd76FAc8adA9608137C8c3) | @@ -33,7 +28,7 @@ PlanckCat DAO (PCD) is a DAO that enables Overlay contributors to be involved in > Do not interact with any token /smart contract addresses that are not listed on this webpage. Any "OVL" token not listed on this page that exists on any chain is not associated with Overlay Protocol. Please be careful and get information about Overlay only from the official channels listed [here](/Getting%20Started/Communication%20channels).

-Last updated on Jan 2, 2025

+Last updated on Aug 12, 2025

From fb510c3828c68f28385a880a1d9644e4ac8ae17d Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Wed, 20 Aug 2025 14:07:33 -0300 Subject: [PATCH 102/121] add TORCH Airdrop claiming instructions and eligibility criteria --- docs/Token/TORCH Airdrop.md | 60 +++++++++++++++++++++++++++++++++++++ 1 file changed, 60 insertions(+) create mode 100644 docs/Token/TORCH Airdrop.md diff --git a/docs/Token/TORCH Airdrop.md b/docs/Token/TORCH Airdrop.md new file mode 100644 index 0000000..7504035 --- /dev/null +++ b/docs/Token/TORCH Airdrop.md @@ -0,0 +1,60 @@ +# 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: + +* ≥ 30 — Verified Human + - Your wallet will be added to the next airdrop batch. + - Claim on Sablier opens \~3 days later. + +* 20–29 — 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 20–29? 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. + +--- + +## On-page Status Glossary + +* Qualified — Verify Humanity → CTA: Verify with [Human Passport](https://app.passport.xyz/#/dashboard) +* Review Required → CTA: Open [Discord](https://redrct.overlay.market/discord) Ticket +* Disqualified → CTA: Appeal in [Discord](https://redrct.overlay.market/discord) (not available for **Score < 20**) + +--- + +### 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 From 91e3d5c7d99d8c5a35b7de96350ceab956a1c55c Mon Sep 17 00:00:00 2001 From: TomasCImach Date: Thu, 21 Aug 2025 09:36:43 -0300 Subject: [PATCH 103/121] update Humanity Score thresholds in TORCH Airdrop documentation --- docs/Token/TORCH Airdrop.md | 14 +++----------- 1 file changed, 3 insertions(+), 11 deletions(-) diff --git a/docs/Token/TORCH Airdrop.md b/docs/Token/TORCH Airdrop.md index 7504035..6930a5a 100644 --- a/docs/Token/TORCH Airdrop.md +++ b/docs/Token/TORCH Airdrop.md @@ -16,11 +16,11 @@ We’ll show one of two pre-screen statuses from our bot checker: Complete the quick verification on [Human Passport](https://app.passport.xyz/#/dashboard). Based on your Humanity Score: -* ≥ 30 — Verified Human +* \> 25 — Verified Human - Your wallet will be added to the next airdrop batch. - Claim on Sablier opens \~3 days later. -* 20–29 — Review Required (likely bot) +* 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. @@ -33,7 +33,7 @@ Complete the quick verification on [Human Passport](https://app.passport.xyz/#/d ## Appeals (Discord) * Disqualified by bot checker? Open a ticket in [Discord](https://redrct.overlay.market/discord). -* Score 20–29? 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. --- @@ -45,14 +45,6 @@ Complete the quick verification on [Human Passport](https://app.passport.xyz/#/d --- -## On-page Status Glossary - -* Qualified — Verify Humanity → CTA: Verify with [Human Passport](https://app.passport.xyz/#/dashboard) -* Review Required → CTA: Open [Discord](https://redrct.overlay.market/discord) Ticket -* Disqualified → CTA: Appeal in [Discord](https://redrct.overlay.market/discord) (not available for **Score < 20**) - ---- - ### Security notes * We will never DM you first. From 194e83f24bd29eb83d34593fb6b0be68239a0f8e Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Thu, 15 Jan 2026 16:23:27 +0300 Subject: [PATCH 104/121] Add overview of Funded Trader Program This document outlines the Funded Trader Program, including its overview, evaluation criteria, risk controls, profit distribution, and eligible markets. --- docs/Funded Trader Program/Overview.md | 96 ++++++++++++++++++++++++++ 1 file changed, 96 insertions(+) create mode 100644 docs/Funded Trader Program/Overview.md diff --git a/docs/Funded Trader Program/Overview.md b/docs/Funded Trader Program/Overview.md new file mode 100644 index 0000000..3b47a83 --- /dev/null +++ b/docs/Funded Trader Program/Overview.md @@ -0,0 +1,96 @@ +# Funded Trader Program + +## 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. + +--- + +## 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 From 09c9a5f27f013de0f730d1ef6da2f435da5a3461 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Mon, 26 Jan 2026 18:08:30 +0300 Subject: [PATCH 105/121] Add safeguards section to Funded Trader Program overview Added section on program safeguards to address market manipulation and user protection. --- docs/Funded Trader Program/Overview.md | 3 +++ 1 file changed, 3 insertions(+) diff --git a/docs/Funded Trader Program/Overview.md b/docs/Funded Trader Program/Overview.md index 3b47a83..0a6caff 100644 --- a/docs/Funded Trader Program/Overview.md +++ b/docs/Funded Trader Program/Overview.md @@ -81,6 +81,9 @@ If any risk limit is breached: - 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 From 7478a18d416d8d406916ff1fe5323b8a56d2a52f Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Mon, 23 Feb 2026 14:23:41 +0300 Subject: [PATCH 106/121] Create payouts --- docs/Funded Trader Program/payouts | 79 ++++++++++++++++++++++++++++++ 1 file changed, 79 insertions(+) create mode 100644 docs/Funded Trader Program/payouts diff --git a/docs/Funded Trader Program/payouts b/docs/Funded Trader Program/payouts new file mode 100644 index 0000000..d77538b --- /dev/null +++ b/docs/Funded Trader Program/payouts @@ -0,0 +1,79 @@ +# Funded Trader Program - 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. From 3cb8fbbcc733b849d7a1564eb2a47d77b4a980f5 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Mon, 23 Feb 2026 14:55:15 +0300 Subject: [PATCH 107/121] Rename payouts to payouts.md --- docs/Funded Trader Program/{payouts => payouts.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Funded Trader Program/{payouts => payouts.md} (100%) diff --git a/docs/Funded Trader Program/payouts b/docs/Funded Trader Program/payouts.md similarity index 100% rename from docs/Funded Trader Program/payouts rename to docs/Funded Trader Program/payouts.md From 797a7618a3da58e544712d8b8c4fe6f8ebc3072e Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Mon, 23 Feb 2026 15:09:00 +0300 Subject: [PATCH 108/121] Update docs/Funded Trader Program/payouts.md Co-authored-by: Tomas C Imach <43709975+TomasCImach@users.noreply.github.com> --- docs/Funded Trader Program/payouts.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/docs/Funded Trader Program/payouts.md b/docs/Funded Trader Program/payouts.md index d77538b..ca4f704 100644 --- a/docs/Funded Trader Program/payouts.md +++ b/docs/Funded Trader Program/payouts.md @@ -1,4 +1,4 @@ -# Funded Trader Program - Payout Requests +# Payout Requests This document outlines how funded traders can request payouts, the eligibility requirements, and the processing timeline. From 702d74cd9500ad0ff8e1e15a18dca711d5f91139 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 00:06:39 +0300 Subject: [PATCH 109/121] Update Overview.md --- docs/Funded Trader Program/Overview.md | 2 -- 1 file changed, 2 deletions(-) diff --git a/docs/Funded Trader Program/Overview.md b/docs/Funded Trader Program/Overview.md index 0a6caff..867b630 100644 --- a/docs/Funded Trader Program/Overview.md +++ b/docs/Funded Trader Program/Overview.md @@ -1,5 +1,3 @@ -# Funded Trader Program - ## 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. From c70c2ecf8af6230bb65db338bf8d4ce171540073 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 00:12:53 +0300 Subject: [PATCH 110/121] Create start-evaluation.md --- .../Funded Trader Program/start-evaluation.md | 78 +++++++++++++++++++ 1 file changed, 78 insertions(+) create mode 100644 docs/Funded Trader Program/start-evaluation.md diff --git a/docs/Funded Trader Program/start-evaluation.md b/docs/Funded Trader Program/start-evaluation.md new file mode 100644 index 0000000..f3bfc52 --- /dev/null +++ b/docs/Funded Trader Program/start-evaluation.md @@ -0,0 +1,78 @@ +# 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 both: + - The required trading volume + - The required net PnL target + +Both conditions must be satisfied to qualify. + +There are no daily loss limits or maximum drawdown rules. + +--- + +## Outcomes + +### 1️⃣ You Reach Volume + PnL Targets + +If you successfully reach both 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. + +--- + +## Important Notes + +- Evaluation capital is non-refundable unless targets are achieved. +- Targets must be achieved in full (both volume and net PnL). From 76e6a9bdcf6dd890f7cc92e677e533681c45ecf0 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 00:20:12 +0300 Subject: [PATCH 111/121] Create claim-funded-account.md --- .../claim-funded-account.md | 56 +++++++++++++++++++ 1 file changed, 56 insertions(+) create mode 100644 docs/Funded Trader Program/claim-funded-account.md diff --git a/docs/Funded Trader Program/claim-funded-account.md b/docs/Funded Trader Program/claim-funded-account.md new file mode 100644 index 0000000..d2ab9e2 --- /dev/null +++ b/docs/Funded Trader Program/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. From e199366bacbf2e6b63cdf9597a5b61b8fa12c1ca Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 00:22:35 +0300 Subject: [PATCH 112/121] Update start-evaluation.md --- docs/Funded Trader Program/start-evaluation.md | 7 ------- 1 file changed, 7 deletions(-) diff --git a/docs/Funded Trader Program/start-evaluation.md b/docs/Funded Trader Program/start-evaluation.md index f3bfc52..f7cc4bc 100644 --- a/docs/Funded Trader Program/start-evaluation.md +++ b/docs/Funded Trader Program/start-evaluation.md @@ -69,10 +69,3 @@ If your trading results in losses and your collateral is depleted: - There are no refunds. You may start a new evaluation at any time. - ---- - -## Important Notes - -- Evaluation capital is non-refundable unless targets are achieved. -- Targets must be achieved in full (both volume and net PnL). From 7f71300117f8b5ca1fa9b499d882e85a556acc93 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 00:25:20 +0300 Subject: [PATCH 113/121] Rename Overview.md to 01-overview.md --- docs/Funded Trader Program/{Overview.md => 01-overview.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Funded Trader Program/{Overview.md => 01-overview.md} (100%) diff --git a/docs/Funded Trader Program/Overview.md b/docs/Funded Trader Program/01-overview.md similarity index 100% rename from docs/Funded Trader Program/Overview.md rename to docs/Funded Trader Program/01-overview.md From 725fb4cd653400d1202761087aa7f659de0f6558 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 00:25:58 +0300 Subject: [PATCH 114/121] Rename start-evaluation.md to 02-start-evaluation.md --- .../{start-evaluation.md => 02-start-evaluation.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Funded Trader Program/{start-evaluation.md => 02-start-evaluation.md} (100%) diff --git a/docs/Funded Trader Program/start-evaluation.md b/docs/Funded Trader Program/02-start-evaluation.md similarity index 100% rename from docs/Funded Trader Program/start-evaluation.md rename to docs/Funded Trader Program/02-start-evaluation.md From 6cf40907ffd7efd2fe380b43cbb6fb0f10e743db Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 00:26:28 +0300 Subject: [PATCH 115/121] Rename claim-funded-account.md to 03-claim-funded-account.md --- .../{claim-funded-account.md => 03-claim-funded-account.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Funded Trader Program/{claim-funded-account.md => 03-claim-funded-account.md} (100%) diff --git a/docs/Funded Trader Program/claim-funded-account.md b/docs/Funded Trader Program/03-claim-funded-account.md similarity index 100% rename from docs/Funded Trader Program/claim-funded-account.md rename to docs/Funded Trader Program/03-claim-funded-account.md From bbf7f267ec36b239012b847bc4c062e6b2f1310f Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 00:26:45 +0300 Subject: [PATCH 116/121] Rename payouts.md to 04-payouts.md --- docs/Funded Trader Program/{payouts.md => 04-payouts.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Funded Trader Program/{payouts.md => 04-payouts.md} (100%) diff --git a/docs/Funded Trader Program/payouts.md b/docs/Funded Trader Program/04-payouts.md similarity index 100% rename from docs/Funded Trader Program/payouts.md rename to docs/Funded Trader Program/04-payouts.md From cacb913a7117d5a5beea9b4bfa091f2ff5faf608 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 01:38:47 +0300 Subject: [PATCH 117/121] Rename 01-overview.md to 01-Overview.md --- docs/Funded Trader Program/{01-overview.md => 01-Overview.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Funded Trader Program/{01-overview.md => 01-Overview.md} (100%) diff --git a/docs/Funded Trader Program/01-overview.md b/docs/Funded Trader Program/01-Overview.md similarity index 100% rename from docs/Funded Trader Program/01-overview.md rename to docs/Funded Trader Program/01-Overview.md From 439704fc84a868f27358b0e06b91a00dc7b86cb8 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 01:39:24 +0300 Subject: [PATCH 118/121] Rename 02-start-evaluation.md to 02-Start-Evaluation.md --- .../{02-start-evaluation.md => 02-Start-Evaluation.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Funded Trader Program/{02-start-evaluation.md => 02-Start-Evaluation.md} (100%) diff --git a/docs/Funded Trader Program/02-start-evaluation.md b/docs/Funded Trader Program/02-Start-Evaluation.md similarity index 100% rename from docs/Funded Trader Program/02-start-evaluation.md rename to docs/Funded Trader Program/02-Start-Evaluation.md From 3b773b555334ca73a11f8fd26094dc63eb7eec83 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 01:39:47 +0300 Subject: [PATCH 119/121] Rename 03-claim-funded-account.md to 03-Claim-Funded-Account.md --- .../{03-claim-funded-account.md => 03-Claim-Funded-Account.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Funded Trader Program/{03-claim-funded-account.md => 03-Claim-Funded-Account.md} (100%) diff --git a/docs/Funded Trader Program/03-claim-funded-account.md b/docs/Funded Trader Program/03-Claim-Funded-Account.md similarity index 100% rename from docs/Funded Trader Program/03-claim-funded-account.md rename to docs/Funded Trader Program/03-Claim-Funded-Account.md From dc0b579119e13fd97c130ca76b9d098d0256e774 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 01:40:01 +0300 Subject: [PATCH 120/121] Rename 04-payouts.md to 04-Payouts.md --- docs/Funded Trader Program/{04-payouts.md => 04-Payouts.md} | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename docs/Funded Trader Program/{04-payouts.md => 04-Payouts.md} (100%) diff --git a/docs/Funded Trader Program/04-payouts.md b/docs/Funded Trader Program/04-Payouts.md similarity index 100% rename from docs/Funded Trader Program/04-payouts.md rename to docs/Funded Trader Program/04-Payouts.md From 177463f7626380f5259a2f47d034dc0ea8ec36d3 Mon Sep 17 00:00:00 2001 From: omar-zamel <110908555+omar-zamel@users.noreply.github.com> Date: Tue, 24 Feb 2026 01:55:50 +0300 Subject: [PATCH 121/121] Update 02-Start-Evaluation.md --- docs/Funded Trader Program/02-Start-Evaluation.md | 9 +++++---- 1 file changed, 5 insertions(+), 4 deletions(-) diff --git a/docs/Funded Trader Program/02-Start-Evaluation.md b/docs/Funded Trader Program/02-Start-Evaluation.md index f7cc4bc..c5ac2bc 100644 --- a/docs/Funded Trader Program/02-Start-Evaluation.md +++ b/docs/Funded Trader Program/02-Start-Evaluation.md @@ -37,11 +37,12 @@ Once your deposit is confirmed, your evaluation begins. During evaluation: - You trade using your locked collateral. -- You must reach both: +- You must reach: - The required trading volume - The required net PnL target + - The minimum trading days threshold -Both conditions must be satisfied to qualify. +All conditions must be satisfied to qualify. There are no daily loss limits or maximum drawdown rules. @@ -49,9 +50,9 @@ There are no daily loss limits or maximum drawdown rules. ## Outcomes -### 1️⃣ You Reach Volume + PnL Targets +### 1️⃣ You Reach All Targets -If you successfully reach both targets: +If you successfully reach All targets: - Your locked collateral is returned. - Your evaluation profits are returned.