October 8, 2024, Twitter Space Recap

Q1: Over the past few months, the schedule for the mainnet launch has been delayed. Even in the last announcement, the timeline was extended by more than a few months. I believe the community feels that the reasons for those delays, have not been fully explained. Could you provide more details about the reasons for the delays?

I saw two questions here:

• Why were there delays between June and August?
  The reason for the delay is that market conditions became difficult, and our partners, including exchanges, advised us to postpone the launch again and again. I don’t think we can succeed by ignoring their advice. Right now, many other projects have also delayed their launches, just like we have.
• Why was there such a long delay in September?
  A lot of projects are holding off for the bull market, which is expected to bring heavy competition. But it doesn’t feel right to base a project’s timeline and success solely on market conditions. So, we decided to adjust our plans and stay on track by launching the OverFlex market first. This allows us to develop a stronger strategy that ensures success, regardless of what the market looks like. Ultimately, our goal is to create a new system that will shape the future markets for real-world digital goods.

Q2: Some people believe that the repeated schedule changes are intended to lower the community’s interest before the launch. What are your thoughts on this opinion?

This is just FUD. We want to get this project off the ground ASAP and show how blockchain can blend digital assets with real life. But, in the crypto world, we can’t control everything by ourselves. We’re doing our best to make it happen the right way.

Q3: What are your plans for the mainnet that launched on August 27th? Will there be any changes?

We have already shut down the existing mainnet, but we’ll be relaunching it closer to the official launch date. We are working on optimizing it to reduce operating costs and make it fit better with the OverFlex Market. Plus, we have had to push back the airdrop and lockup schedules for the team and investors. Due to the high operational costs and our desire to minimize the period when the mainnet is not fully public, we are planning to shorten the undisclosed phase to ensure fair token distribution through consensus.

Q4: There have been many inquiries about investment and listing. Is there anything you can share regarding this?

We’re currently talking with several investors and have teamed up with a few exchanges already. But sharing the details right now might affect things, so please wait for the official announcements!

Q5: The community is asking why Sybil Detection was done through exchange registration. There is also a concern that the Over team benefited from referrals during this process. Could you clarify this?

Since we have built a large community of around 5.8 million global users, conducting Sybil detection has come with significant costs. Thankfully, two generous exchanges helped us with this process, enabling us to complete the Sybil detection for the airdrop. That’s why we partnered with these exchanges.

Additionally, I’ve talked with them about offering benefits to the community rather than profiting from referrals ourselves. We’ve already provided special token airdrops, and you’ll discover new benefits with the mainnet launch! So, please look forward to it.

Q6: There is an opinion that the Over team only kept the Google form open for 24 hours after the Sybil Detection and some people mentioned that it was difficult to fill out the form in such a short period. What do you think about this, and are there any additional plans for Sybil Detection?

We’ve already offered Sybil detection opportunities through two exchanges. We also recognized the challenges some countries face, so we provided a Google Form as an alternative. The guidelines and submission period were announced during the second phase of Sybil detection. As a result, we received over 150,000 applications. I think this is enough, so there won’t be any more Sybil detection opportunities.

Q7: After the NFT minting, the launch was delayed, and there are concerns about how the minting funds are being used. Can you explain how the team plans to use the NFT minting funds?

We are using the funds from the previous investment round while keeping the NFT minting funds intact. These funds will be used to provide liquidity to essential DeFi modules, such as DEX and lending protocols, to ensure a smooth user experience with OverProtocol.

Q8: There seems to be a lot of interest in airdrops. Can you briefly explain your policy?

As previously mentioned, honesty is our top priority, followed by diligence and score. We assess honesty through Sybil detection, while diligence and score are based on the meaningful actions you’ve taken in OverWallet and OverNode. We have tested our protocol with the airdrop program and have identified and fixed many bugs. Thank you for your contributions, and we will provide you with the airdrop as a genuine response.

Q9: I think the community seems to be curious about the criteria for evaluating airdrops. Could you provide more details on this?

In OverWallet, points serve as the primary criteria, taking into account factors like friend cards and on-chain activities such as transactions, daily claims, and palm staking claims. For OverNode, we calculate the number of attestations and transactions. Additionally, missions and reports are used as extra indicators. All airdrops were designed to prevent excessive gains from abuse or bots.

Q10: It seems there are many suggestions in the community to provide an airdrop checker because the Sybil detection results and detailed evaluation methods for airdrops have not been disclosed. Do you plan to offer an airdrop checker?

The OverFlex application will be upgraded in October to include an airdrop checker. You’ll be able to see how many OVER tokens you’re eligible to receive and check your eligibility through the checker.

Q11: It seems that many people are tired of the several delays since June, while many others are still waiting and hoping for the updates. Are there any benefits for the community after such a long wait?

We’re looking into providing extra benefits and figuring out how to offer them to the loyal users who are still waiting and hopeful about the project. I believe we’ll be able to announce these benefits at the same time as the mainnet launch.

Q12: We’ve shared the roadmap through the article, but there are still many questions about it. I think the community is more curious about the short-term timeline than the long-term roadmap. Could you provide some valuable details on this?

The OverFlex market is set to launch in October, starting off without crypto and focusing on the booming beauty market in Korea by attracting customers with discounted vouchers. After that, we’ll roll out the mainnet and open up the marketplace, creating a secondary market that helps bring consumers into OverProtocol so they can benefit from trading. For instance, consumers will have the option to sell vouchers they no longer need or combine their vouchers with DeFi projects to maximize profits, like using the vouchers as collateral to borrow funds and earn yields. This approach will provide real utility to users and help them transition smoothly into the Web3 ecosystem. Web3 users can become resellers in the market and earn profits by providing liquidity to the marketplace. After that, we plan to introduce microfinance that uses vouchers backed by their face value and nodes supported by their cash flow, unlocking new financial possibilities. Everyone involved in the ecosystem will share in the profits generated.

Q13: The community asked the team to communicate more actively and not ignore the feedback. What do you think about this?

I am not ignoring the community; I just cannot provide the updates everyone hopes for. Also, we cannot accommodate all feedback since we are focused on building a new blockchain ecosystem that enables the trading of digital goods in our real lives. I believe we can succeed together by staying focused on our mission and working collaboratively. Let’s move forward and create a new future.

Q14: The rebranding of OverFlex, OverScape, and OverFlex Market was done recently, but the community feels it happened all of a sudden. Can you explain why the team did the rebrand?

These products are designed to help normies easily navigate OverProtocol. However, we realized that terms like “wallet” and “node” are unfamiliar to most people and could create barriers to adoption. That’s why we rebranded them, making the ecosystem more accessible and relatable to everyday life.

Q15: The nearest update is the OverFlex Market. It seems that the community is not very familiar with it and is quite curious. I think it’s because we couldn’t let them experience this service during the testnet. Could you provide some valuable details on this?

I think the blockchain scene has lost its way. A lot of projects are just opening up casinos with new meta, gambling with users’ money, and ultimately draining funds. New coins with new themes keep popping up left and right. Plus, existing blockchains still make people jump through hoops by requiring them to join exchanges, install Chrome extensions, and figure out DeFi projects and themed coins, which creates barriers and makes mass adoption feel far off. To make matters worse, there aren’t any coins in the market that provide real value, leading to a community filled with speculative traders while others leave the space.

I want to change that and reveal the true value blockchain can offer. That’s why we’re building a complete blockchain stack, from the mainnet to the marketplace, to lower those barriers and onboard useful coins that have real-life value.

OverFlex is designed for both Web2 and Web3 users, letting them trade vouchers and create utility through financing. If OverFlex can attract Web2 users, we can bring a significant number of them to OverProtocol, increasing token demand and benefiting our current contributors, like node operators and liquidity providers in DeFi. This will boost growth for both Web2 and Web3 users across the entire ecosystem and create new value.

This is our vision, and I refuse to let OverProtocol become just another project that loses steam after its listing. The mainnet launch and listing are just the starting point; we will achieve our mission and share the profits.

Q16: Is there anything you want to say to the community?

As I mentioned before, I aim to redefine the path for crypto projects. The mainnet launch and listing aren’t the end game; they mark the beginning of a new era that we’re creating. While this may take a bit more time, I truly believe we can succeed and uncover how blockchain can improve the world. I hope you join us on this journey, and together, we can make it happen. Looking forward to seeing you next time. Thank you!