(OGP 15) - Deprecate Ethereum Markets, Become Arbitrum Native

Title: (OGP 15) - Deprecate Ethereum Markets, Become Arbitrum Native

Author: @mertioi | twitter.com/mertioi

Sentence Summary: Overlay should become an Arbitrum native protocol. Arbitrum is so good, there's no activity on Ethereum (because it's slow and expensive), and it will increase DAO's chance to get a possible Arbitrum grant.

Security Risks: There's no security risk.

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Intro: It's been months since the Overlay Protocol was launched in a gated, sandboxed environment, known as Litter Box. The first two versions of it were launched on Ethereum, and the latest, third one is launched on Arbitrum at March 1st. On the Arbitrum side, the protocol has seen more than 10,000 transactions ever since, and the private beta users are still playing with the protocol building/unwinding positions every day. However, on the Ethereum side, we're seeing only a few transactions are happening and since it's so hard to onboard new markets there, there's only BTC and ETH markets live. The question is: why go with Ethereum and Arbitrum at the same time, if all the volume and activity will be on Arbitrum side? Body: The Ethereum network has been the primary platform for decentralized applications and smart contracts for a long time. However, due to its high fees and slow transaction processing times, many projects are now moving towards other Layer 2 solutions that can offer faster and cheaper transactions. One such solution is Arbitrum, which has been gaining popularity in recent times due to its scalability and efficiency. Overlay was launched on Ethereum. However, due to the high gas fees and slow transaction times, the platform has not seen much activity on Ethereum. In contrast, the protocol has seen significant activity on the Arbitrum side, where it was launched on March 1st. The platform has had more than 10,000 transactions on Arbitrum, and private beta users are still actively using the protocol to build and unwind positions every day. Therefore, it is proposed that Overlay should become an Arbitrum native protocol and deprecate the Ethereum markets and Ethereum front end. This move would help the protocol to concentrate all its resources on a single network and attract more users who are already using Arbitrum. Moreover, it would increase the chances of the DAO receiving a possible Arbitrum grant, which would further boost the development and adoption of the protocol. Proposed Cost: There is no cost for this proposal. Overlay Foundation should deprecate the markets if the proposal passes. Security Risks: There are no significant security risks associated with this proposal. This move would not involve any changes to the security model of the protocol. Conclusion: In conclusion, Overlay Protocol has seen significant activity on the Arbitrum network and little activity on Ethereum due to high fees and slow transaction processing times. Therefore, it is proposed that Overlay becomes an Arbitrum native protocol and deprecates the Ethereum markets. This move would help the platform to concentrate all its resources on a single network and increase its chances of receiving a possible Arbitrum grant.