Øverlay, the first RegDeFi token launchpad on Concordium ready for mass adoption

USA - English

• USA - English

ZUG, Switzerland, Feb. 22, 2023 /PRNewswire/ -- The Beta-test whitelisting of Overlay, the first Regulated Decentralised Finance (RegDeFi) token launchpad on Concordium, has been successful. +800 more whitelists are filled!

Overlay and Concordium partnered with the goal to help protect users from fraud within a decentralized structure and currently around 300 testers have helped Overlay in getting ready to go live. More are joining every day as testers receive Overlay token $OVL, USDC and CCD in advance.

Testers access the project, stake $OVL, get a tier rank determined by the amount of $OVL held, and deposit USDC at the same time. Whether or not they can invest in the project will be decided by a smart contract lottery after two weeks. The probability of winning the lottery increases depending on the Tier rank. Nevertheless, USDC will be returned to those who do not win the lottery.

Concordium, the only layer-1 blockchain with a built-in self sovereign ID framework, enables Øverlay to combine the benefits of Centralized Finance (CeFi) with DeFi (Decentralized Finance), to provide a secure and flexible platform for capital raising through IDOs. 

Concoridum's zero-knowledge proof and ID layer, ensures the integrity of fundraising activities and Overlay's compliance with regulations worldwide. Its IDO platform is designed to be user-friendly, allowing projects to easily launch and manage their fundraising activities.

In addition, Øverlay provides a fast and easy onboarding process and distribution of project tokens, along with a lucrative tier model and OVL credits, with staking also available. The platform is fully community-driven and the perfect choice for projects looking to raise capital and for investors looking for investment opportunities in the DeFi space. 

Øverlay's use of decentralized technologies ensures that funds are secure and protected from fraud, meanwhile its community-driven nature enables a robust ecosystem that supports projects and investors alike. 

The platform also offers a flexible, performance-based token distribution model that incentivises early adopters and rewards long-term participants. Øverlay will continue to evolve and improve, with regular updates and new features aimed at enhancing the user experience and driving innovation in the DeFi space. 

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SOURCE Concordium