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Overnight Finance
Overnight Finance (Overnight.fi) is a decentralized finance protocol specializing in yield-generating stablecoins backed by proprietary delta-neutral and other low-risk strategies. Its flagship product, USD+, along with USDT+, DAI+, USDC+ and ETH+, are fully collateralized rebase tokens that distribute daily passive yield to holders. The platform primarily serves DeFi users seeking stable, real-yield-bearing assets across multiple chains including Optimism, Arbitrum, Base, Linea, and Blast.
Distributed
Description
Overnight is a DeFi platform that combines the stability of traditional financial instruments with blockchain technology to maximize users' earning potential. The protocol issues fully collateralized, rebasing Tokens+ (USD+, USDT+, DAI+, USDC+, ETH+) that are 1:1 pegged to their underlying assets and generate passive yield through proprietary delta-neutral and other low-risk DeFi strategies deployed on protocols like Aave and Uniswap V3. Users mint Tokens+ and receive daily rebase payouts reflecting real, sustainable yield, which can also be used elsewhere in DeFi via swap, zap-in, and bridging features. The OVN token underpins protocol governance and risk management through bribes and voting rights, while an insurance mechanism using OVN absorbs first-loss risk to protect rebase token holders. Overnight emphasizes security and transparency through regular third-party audits and serves retail and DeFi-native users looking for stablecoin yield products across multiple chains including Optimism, Arbitrum, Base, Linea, and Blast. The team consists of 20+ members, including 12 on the technical side, and the protocol has been operating since 2021.Grant Funding
VC Funding
OP
2022
$565K
$850K