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Overnight USD+

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Category: CDP
TVL: $71M

Overnight Finance

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.
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Funding Rounds

Funding Round: Pre-Seed
Funding Date: 1 Feb, 2022
Raised Amount: $850K

Investors