Overlay – the protocol for the long/short trading of streaming data – has just revealed the stakeholders behind their $2.215M strategic round of fundraising.
1/ We’re excited to finally come out of stealth mode and share what we’ve been building + who we’ve been building with!https://t.co/UMcbAo02gx
— Overlay (@OverlayProtocol) March 17, 2021
The Overlay team chose to raise from respected names in the DeFi space like Polychain, Parafi,1kx, The LAO, and Metacartel Ventures so that these parties would serve as active governance participants, protocol users, and advisors on crypto-economics and protocol design.
Overlay’s investors all seem extremely excited by the new use-cases that a financial primitive like Overlay could potentially enable. Whether it’s unlocking much-needed liquidity in niche markets or enabling the creation of new markets altogether, the stakeholders behind Overlay believe this is a design space worth experimenting in.
“Overlay sits at the intersection of DeFi derivatives, prediction markets, and automated on-chain market-making — three of the most exciting opportunities in DeFi today. Overlay will unlock much-needed liquidity for synthetic exposure to DeFi assets and will enable the creation of entirely new markets that couldn’t have existed outside of crypto, making it a powerful primitive for financial innovation.” — Jacob Phillips, Polychain Capital
Overlay is planning to launch with their Beta Mainnet and liquidity mining incentives sometime in May, exact dates are not yet finalized.