Ovrlay's first update was just released, fixing stability issues that occurred when either 1) Discord was not running when Ovrlay started, or 2) Discord was shut down while Ovrlay was running. You should still make sure your VR headset is plugged in before starting Ovrlay. The easiest way to force a Steam update is to just exit Steam fully and restart it.
Thank you for all of the feedback so far! <3