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As of the present day, Overlay Protocol is under the joint governance of PlanckCat DAO and OVL token holders. One PCD NFT equates to 100 votes, while one OVL token equals one vote within the governance structure. It's important to note that this equilibrium may be subject to change in the future.

PlanckCat DAO is a DAO created for Overlay contributors to engage in protocol governance through PlanckCat (PCD) NFTs, currently plays a central role in governance. Discussions are ongoing regarding the potential transition of governance responsibilities to OVL token holders.

These discussions are taking place within the appropriate channels on Discord and the Forum. PCD NFT holders are granted one vote per NFT, and they have the ability to participate in voting for governance proposals on Snapshot. Furthermore, any PCD NFT or OVL holder is entitled to initiate discussions on the Overlay Discord and/or the Forum. Following a temperature check within the community, they can proceed to create a governance proposal on Snapshot.

PlanckCat DAO and OVL holders hold the authority to determine which markets are listed or delisted on the protocol, as well as to establish protocol risk parameters that influence the user experience for all participants.

It's important to emphasize that individuals who do not hold PCD NFTs or OVL can still actively engage in discussions on Discord and the Governance Forum.