OVL coin is the native token of Overlay Protocol, a decentralized derivatives protocol built on Ethereum.
Launched around 2021, but the mainnet launch and TGE occurred in August 2025. It allows you to go long or short on various data streams, such as NFT floor prices, hash rates, gas fees, and even Twitch viewer counts or sports event outcomes—provided the data is reliable and difficult to manipulate.
Its core gameplay is unique: you lock OVL as collateral to open positions, betting directly against the protocol itself, eliminating the need for traditional market makers. OVL is also used for governance, enabling holders to vote on new markets, parameters, and more.
The total supply cap is approximately 88.88 million tokens, but the circulating supply is dynamic, currently around 10 to 20 million. The current OVL price is low, roughly $0.03–$0.04, with a market cap in the hundreds of thousands of dollars and 24-hour trading volume in the millions, primarily traded on DEXs like Uniswap, with recent listings on some mid-tier CEXs.
At launch in August 2025, the price briefly surged above $0.7. The project has notable technical strengths and appeals to traders who enjoy unconventional derivatives. The community is still relatively small, and the project is in its early stages.
If you're interested, consider testing it with small amounts to explore these unusual markets for fun—don't expect quick riches, but rather focus on the long-term potential of attracting more data sources and users.
$OVL
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