Overlay launches TUNA campaign with 1.5% of OV supply in rewards
Overlay, a decentralized platform that allows users to trade any market or data stream without counterparties, has launched an incentivized campaign called TUNA, which offers 12 million OV tokens (1.5% of total supply) as rewards for trading test OVL tokens on its platform.
The campaign, which will run for at least four weeks, is aimed at attracting more users and testing the platform’s features ahead of its mainnet launch and the initial DEX offering (IDO) of the OV token on Polkastarter.
Overlay is built on Arbitrum, a layer-2 scaling solution for Ethereum that enables fast and cheap transactions. Overlay enables users to create and trade synthetic markets on any data feed, such as crypto prices, sports outcomes, weather events, and more, without the need for liquidity providers or order books.
Users can claim test OVL tokens from the faucet in Overlay’s Discord channel and use them to trade on app.overlay.market. By trading, users can earn Purrps Points, which will be converted into OV tokens at the end of the campaign. The amount of Purrps Points depends on the trading frequency and performance, as well as other factors such as joining the Galxe campaign and inviting friends.
The campaign also features a leaderboard that shows the ranking of the participants based on their Purrps Points. The leaderboard will be updated every Wednesday and the final results will be announced after the campaign ends.
Overlay raised $2.22 million in a funding round in 2021, backed by prominent investors such as Polychain Capital, ParaFi Capital, 1kx, and others. The project also recently announced that Airdrop 1, which rewards early supporters and community members, is now available for Overlay OGs on airdrop.overlay.market.
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