(OGP 20)- Full Launch of Overlay Protocol

The aim for the launch date is the first week of July

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Title: (OGP 19) - Full Launch of Overlay Protocol

Author: @mertioi | twitter.com/mertioi

Sentence Summary: This governance proposal aims to facilitate the full launch of the Overlay Protocol by implementing various initiatives such as OVL distribution programs, LP staking, volume-based rewards, NFT incentives for token lockers, increased leverage on pairs, trading competition, and UI improvements.

Security Risks: While all code within the protocol will strive to adhere to best security practices, it is important to note that some portions may be unaudited. Consequently, there is always a risk of potential hacks or the loss of tokens and funds. Users should be aware of this inherent risk and exercise caution before depositing anything of value into the protocol. It is advisable to conduct thorough research, evaluate the security measures in place, and assess the reputation and track record of the protocol before engaging in any transactions.

Introduction: Overlay Protocol is ready for its full launch, and we believe it's essential to introduce several initiatives to engage the community, promote liquidity, and enhance user experience. This governance proposal outlines the key components of the full launch, including OVL distribution programs, LP staking, volume-based rewards, NFT incentives, increased leverage on pairs, a trading competition, and UI improvements. Body: This proposal aims to ensure transparency and fairness in the distribution process, allowing community members, LP stakers, and high-volume users to actively participate and benefit from the growth of the protocol. The proposal offers following:

OVL Distribution Programs:

OVL Distribution: A small amount of OVL will be distributed by Overlay Foundation to the community to initiate the full launch. In addition, the Foundation may also consider conducting a potential token sale, involving the community in the distribution process. Further details regarding the token sale will be communicated at a later stage.

OVL LP Staking: Users with USDC-OVL LP positions will be able to stake their LP tokens through the Overlay UI. The details of the program will be determined by the Overlay Foundation.

Volume-based Rewards: Overlay protocol users will share OVL rewards their trading volume proportionally. This incentivizes users to actively participate in using the platform. Similar to the LP staking program, the details of the program will be determined by the Overlay Foundation.

NFT Incentives for OVL maxis: Users who stake OVL tokens, or other tokens* will earn points called "CAT NIPS." These points can be redeemed to claim various NFTs that grant specific powers like fee discounts within the Overlay Protocol. This program aims to reward long-term supporters and incentivize them to contribute to the ecosystem.

Increased Leverage on Pairs: To provide additional trading opportunities and accommodate different trading strategies, we propose introducing increased leverage options on pairs within the Overlay Protocol. This will attract more traders and enhance the platform's overall liquidity.

Sponsored Trading Competition for Adoption: As part of the full launch, Overlay Foundation should sponsor a trading competition for the first month, and seek new competitions for the upcoming months with partnerships.

The competition should reward participants with USDC and OVL rewards. This initiative aims to drive user engagement, increase trading activity, and create excitement within the community.

UI Improvements: To enhance the user experience, significant UI improvements should be made, including the addition of charts and other relevant tools. These improvements will make the Overlay Protocol more intuitive and user-friendly, attracting a broader user base.

Proposed Cost: The proposed initiatives do not incur any direct costs to the Overlay Protocol. The OVL tokens allocated for distribution are part of the existing token supply, and USDC part should be handled by Overlay Foundation. Conclusion: The full launch of the Overlay Protocol marks an important milestone in our journey towards building a thriving decentralized trading platform. By implementing OVL distribution programs, LP staking, volume-based rewards, NFT incentives, increased leverage, a trading competition, and UI improvements, we aim to engage the community, promote liquidity, and enhance the overall user experience. We encourage the community to support this proposal and actively participate in the growth