# OVL FAQ

By [ blablaventures](https://paragraph.com/@blablainvest) · 2023-03-28

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FAQ

1.  What is Overlay.market? Overlay.market is a decentralized exchange platform that allows users to trade cryptocurrencies without the need for a centralized intermediary. OVL token is used as collateral/
    
2.  What is an OVL token? An ecosystem token is collateral for creating trades, with the price of the token being volatile and its value affecting your PNL/
    
3.  How to get an OVL token? At the moment OVL token could be got only by members of friendly communities, who were given access by overlay.market to test their protocol, OVL token has no secondary market/
    
4.  What was OVL distributed for? To hold Litter Box tournaments. These are tournaments for traders, where participants who have scored a certain number of points can be rewarded with one of 3 NFTs (bronze, silver and gold, see 📣│announcements), whose utility is still unknown, but will open some doors/
    
5.  What makes Overlay.market different from other decentralized exchanges? Overlay.market promotes minimalism, ease of use/
    
6.  How does Overlay.market work? Overlay.market uses smart contracts on Ethereum/Arbitrum blockchain for automatic and secure transactions/
    
7.  What kinds of cryptocurrencies can be traded on Overlay.market? Overlay.market supports a wide range of tokens and coins - ETH, WBTC, LINK, SOL, AVAX, MATIC, APE, and the recent addition of BAYC floor price/
    
8.  Does Overlay.market charge a transaction fee? Yes, Overlay.market charges a small commission for every transaction made on the platform/
    
9.  Who invested in Overlay? There was a seed round of $2.2 million in March 2021, with funds such as Polychain, 1kx, ParaFI, The LAO, MetaCartel Ventures/
    
10.  Who is responsible for managing the protocol? PlanckCatDAO is behind the project, a total of 500 NFTs can be released giving the most influence on the protocol. Only owners of this asset can create proposals/

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*Originally published on [ blablaventures](https://paragraph.com/@blablainvest/ovl-faq)*