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Editorial policyOvernight is a DeFi asset management protocol that uses neutral-risk strategies to generate yield. Launched in 2021, it issues fully collateralized, yield-bearing stablecoins such as USD+ that rebasingly distribute daily income while preserving a fiat peg across Arbitrum, Optimism, Base, Linea, and Blast.
Quick answer
Overnight is a DeFi asset management protocol that uses neutral-risk strategies to generate yield. Launched in 2021, it issues fully collateralized, yield-bearing stablecoins such as USD+ that rebasingly distribute daily income while preserving a fiat peg across Arbitrum, Optimism, Base, Linea, and Blast.
Overnight is a decentralized finance asset-management platform that emphasizes neutral-risk approaches and stablecoins that produce yield. Launched in 2021, the protocol issues automated, fully collateralized tokens like USD+ intended to deliver passive returns via daily yield distribution while keeping a stable peg. The system is deployed on multiple chains, including Arbitrum, Optimism, Base, Linea, and Blast.
Overnight concentrates on stablecoins and investment strategies that aim to earn yield with controlled risk exposure. Its primary issuance, USD+, is a fully collateralized stablecoin tied to USDC that uses a rebasing method to add yield to holders’ balances while maintaining a fixed price. The protocol also supports variants such as USDT+ and wrapped forms of assets, integrates with money markets and liquidity pools, and designs its portfolio around neutral-risk DeFi tactics. Overnight emphasizes audits, on-chain transparency, and governance mechanisms that enable users to participate in protocol decisions.
Swap
The Swap capability enabled conversions of various tokens into Overnight assets through Odos, a decentralized trading protocol that provided peer-to-peer routing and execution. This feature offered a direct on-chain route for asset transfers while preserving decentralization, with slippage-aware routing, typically lower fees than centralized venues, and retained user custody so participants could rebalance or adjust positions efficiently while contributing liquidity to the wider ecosystem.
Wrapped Tokens+
Wrapped Tokens+ are tokenized representations of yield-bearing assets like USD+ designed for contexts that require fixed wallet balances. Rather than increasing token counts to deliver rewards, these wrapped tokens accumulate value by rising in price, keeping wallet amounts constant while still exposing holders to the underlying yield. This approach maintains compatibility with smart contracts and DeFi strategies that expect immutable token balances while preserving exposure to the yield-generating instruments.
Pools
Overnight Tokens+ are fully collateralized, yield-accruing instruments pegged to their underlying assets, examples being USD+, xUSD, and USDT+. Their balances grow through a rebasing process that directs yield into holders’ wallets while keeping each token’s peg intact.
OVN
The OVN token functions across the Overnight ecosystem for governance, incentives, and risk management, granting holders a voice in strategy choices and tools to mitigate excessively aggressive tactics. OVN is also central to a recycling mechanism in which a share of liquidity pool rebase income purchases OVN and the acquired tokens are redistributed as bribes, forming a feedback cycle that promotes continued liquidity provision.
Tokenomics
OVN has a total supply of 1M tokens and has the following distribution:
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