{"id":"overnight","title":"Overnight","content":"**Overnight** is a decentralized finance (DeFi) asset management protocol focused on neutral-risk strategies and yield-generating stablecoins. [\\[1\\]](#cite-id-xkfkbC7xIIecABV9) Launched in 2021, the protocol offers automated, fully collateralized tokens, such as its flagship product USD+, that are designed to provide passive income through daily yield distribution while maintaining a stable price peg. It operates across multiple blockchain networks, including [Arbitrum](https://iq.wiki/wiki/arbitrum), [Optimism](https://iq.wiki/wiki/optimism), [Base](https://iq.wiki/wiki/base), Linea, and [Blast](https://iq.wiki/wiki/blast). [\\[1\\]](#cite-id-xkfkbC7xIIecABV9)​\n\n## Overview\n\nOvernight is a [DeFi](https://iq.wiki/wiki/defi) protocol focused on [stablecoins](https://iq.wiki/wiki/stablecoin) and strategies that generate yield while keeping risk exposure limited. Its main product, USD+, is a fully collateralized [stablecoin](https://iq.wiki/wiki/stablecoin) pegged to [USDC](https://iq.wiki/wiki/usdc) that distributes yield through a rebasing mechanism, allowing balances to increase while the price stays fixed. The platform also offers variants like USDT+ and wrapped assets, supports money markets and [liquidity pools](https://iq.wiki/wiki/liquidity-pool), and structures its investment approach around neutral-risk [DeFi](https://iq.wiki/wiki/defi) strategies. Overnight incorporates auditing, on-chain transparency, and governance features that allow participants to influence protocol decisions. [\\[2\\]](#cite-id-Yc6KKwwsrBOfHbtG)​\n\n## Features\n\n### Swap\n\nThe Swap feature on the Overnight platform allowed users to convert various assets into Overnight tokens through Odos, a decentralized trading protocol that handled peer-to-peer routing and execution. It provided a direct method for transferring assets while maintaining decentralized transactions. The tool enabled quick exchanges with [slippage](https://iq.wiki/wiki/slippage)-aware routing and typically lower fees than [centralized](https://iq.wiki/wiki/cefi-centralized-finance) platforms. Users retained control of their assets throughout the process and could rebalance or adjust positions efficiently, while their activity added liquidity to the broader ecosystem. [\\[8\\]](#cite-id-cOFDBbaLFHAGoZbI)​\n\n### Wrapped Tokens+\n\nWrapped Tokens+ are tokenized versions of assets like USD+ designed for [DeFi](https://iq.wiki/wiki/defi) protocols that require stable wallet balances. Instead of distributing yield by increasing the number of tokens, they capture rewards through a rise in the token’s price, providing a predictable balance while still allowing users to earn returns. This mechanism ensures compatibility with [smart contracts](https://iq.wiki/wiki/smart-contract) and [DeFi](https://iq.wiki/wiki/defi) strategies that depend on fixed token amounts, while maintaining exposure to the underlying yield-generating assets. [\\[7\\]](#cite-id-MCzFiiYtBJvM2X9Y)​\n\n### Pools\n\n![](https://ipfs.everipedia.org/ipfs/QmWNPvhJscEtuG9uLJyvGAWDpJJJ2jRhy9MXYHfkCDT16o)\n\nPools on the Overnight platform let users supply assets to decentralized [liquidity pools](https://iq.wiki/wiki/liquidity-pool) that power trading and other [DeFi](https://iq.wiki/wiki/defi) functions. By depositing into these pools, users act as liquidity providers and earn yields sourced from [trading fees](https://iq.wiki/wiki/trading-fee), interest, or external protocol rewards. The pools page displays options across supported chains, with filters available to narrow results by network. Each pool includes a Deposit button with Zapin support, allowing users to swap into the pool and provide liquidity in a single step. [\\[9\\]](#cite-id-THXejEWQfvl3i397)​\n\n### Zapin\n\n![](https://ipfs.everipedia.org/ipfs/QmWgt3BghrkSsY8YzLj3UARVgbuMsSd4FeRsDAaUFWGeDE)\n\nZapin is a [smart-contract](https://iq.wiki/wiki/smart-contract) tool that lets users enter [DeFi](https://iq.wiki/wiki/defi) [liquidity pools](https://iq.wiki/wiki/liquidity-pool) in a single transaction by automatically creating and depositing LP tokens, removing the need for multi-step interactions across different protocols. It streamlines the process for both beginners and experienced users by reducing friction, saving time, and consolidating what would otherwise be several manual transactions into a single transaction.\n\nThe Overnight Zapin [NFT](https://iq.wiki/wiki/non-fungible-token-nft) campaign rewards users who interact with platform features such as depositing through Zapin, swapping tokens, and adjusting positions. Participants earn a Level 1 [NFT](https://iq.wiki/wiki/non-fungible-token-nft) for completing an initial Zapin deposit. They can progress to a Level 2 [NFT](https://iq.wiki/wiki/non-fungible-token-nft)—limited each round—which grants access to a private Discord community with early feature access, direct communication with the team, and community events. [\\[10\\]](#cite-id-lMz4hGsP5Zb9rtld) [\\[11\\]](#cite-id-Gg6ts4cyLUKPRdqj)​\n\n## Tokens\n\nOvernight Tokens+ are fully collateralized, yield-accruing assets pegged to the value of their underlying tokens, such as USD+, xUSD, and USDT+. Their balances increase through a rebasing mechanism that distributes yield directly into users’ wallets while keeping each token’s peg intact. [\\[5\\]](#cite-id-CmSJEdgJlQLtu0da)​\n\n### OVN\n\nThe OVN token is used across the Overnight protocol for governance, incentives, and risk management, giving holders influence over strategy decisions and the ability to counterbalance overly aggressive approaches. It also underpins a recycling mechanism where a portion of [liquidity pool](https://iq.wiki/wiki/liquidity-pool) rebase income is used to buy OVN and redistribute it as bribes, creating a feedback loop that encourages ongoing liquidity participation. [\\[12\\]](#cite-id-VnkckQa3ikS0KnIB)​\n\n#### Tokenomics\n\nOVN has a total supply of 1M tokens and has the following distribution: [\\[12\\]](#cite-id-VnkckQa3ikS0KnIB)​\n\n* **Treasury**: 44%\n* **Team**: 25%\n* **Insurance Fund**: 20%\n* **Pre-seed Investors**: 8.5%\n* **Pre-sale**: 2.5%\n\n#### OVN Staking\n\n![](https://ipfs.everipedia.org/ipfs/QmWYAuCdvSG4aG6RtzkxJ62ibpxJAZhALDEEnaYNVwV3v1)\n\nOVN [staking](https://iq.wiki/wiki/staking) allows users to lock OVN and receive OVN+ at a one-to-one rate, providing holders with a way to earn passive rewards while contributing to the protocol’s broader system. OVN+ accrued yield automatically through the same rebase mechanism used across Overnight’s Tokens+, with balances adjusting daily rather than requiring any manual action.\n\nRewards for OVN+ stakers were derived from a share of daily skims collected on USD+ pools on [Base](https://iq.wiki/wiki/base), with 20% of those skims used to purchase OVN on the market and convert it into OVN+. OVN+ was fully backed by staked OVN, and buybacks increased the [collateral](https://iq.wiki/wiki/collateral) base, ensuring that backing always remained equal to or above the circulating supply. When accumulated OVN exceeded the required [collateral](https://iq.wiki/wiki/collateral), the OVN+ supply was adjusted through rebases to reflect the surplus. Users could view [staking](https://iq.wiki/wiki/staking) metrics—including [total value locked](https://iq.wiki/wiki/tvl), daily yield, and payout history—through the protocol’s statistics page. [\\[14\\]](#cite-id-F2eLq5ybUm4q0xQm) [\\[15\\]](#cite-id-sBCVYgf3k08aOwBS)​\n\n### USD+\n\nUSD+ functions as a stable, fully collateralized token that anchors many [DeFi](https://iq.wiki/wiki/defi) activities by providing dollar-pegged stability while generating yield through its rebase model. It supports strategies such as [yield farming](https://iq.wiki/wiki/yield-farming), lending, borrowing, and liquidity provision, giving users a predictable asset they can deploy across protocols without the volatility of typical [crypto](https://iq.wiki/wiki/cryptocurrency) tokens. Built around conservative, real-yield strategies and daily profit distribution, USD+ helps smooth transactions, improve liquidity, and provide a flexible foundation for planning and executing [DeFi](https://iq.wiki/wiki/defi) investments. [\\[6\\]](#cite-id-4mMC9zVRh2emorIM)​\n\n#### Rebase System\n\nThe rebase system distributes yield by increasing each holder’s token balance rather than changing the token’s price, keeping assets like USD+, Tokens+, and xUSD pegged while reflecting accrued returns. Yield is generated from selected strategies, converted to collateral (e.g., USDC), and then issued as newly minted tokens during a manual rebase, which adjusts balances according to each user’s share of the supply. [\\[3\\]](#cite-id-0fuDDkSlAXqvBzI6)​\n\n### xUSD\n\nxUSD is a fully collateralized [stablecoin](https://iq.wiki/wiki/stablecoin) pegged to [USDC](https://iq.wiki/wiki/usdc) that distributes yield through a rebasing mechanism, increasing token balances directly in holders’ wallets. It is supported across multiple [blockchains](https://iq.wiki/wiki/blockchain) using [Chainlink CCIP](https://iq.wiki/wiki/chainlink) and can be minted on [Arbitrum](https://iq.wiki/wiki/arbitrum), offering a dollar-pegged asset that passively accrues returns without requiring [staking](https://iq.wiki/wiki/staking) or lockups. [\\[4\\]](#cite-id-30MlplwXhB4XcW4q)​\n\n## Investors\n\n* Sandeep Naiwal\n* Ryan Selkis\n* [HackVC](https://iq.wiki/wiki/hack-vc)\n* FJ Labs\n* Brian Tubergen\n* Paul Holland","summary":"Overnight is a DeFi protocol for asset management using neutral-risk strategies. It offers yield-generating stablecoins like USD+ that provide passive income through a daily rebasing mechanism across multiple blockchains.","images":[{"id":"QmQdvtfu3E7CHcswRvsjDYyRfyguUJvcfBt6CRfAnWVeXM","type":"image/jpeg, image/png"}],"categories":[{"id":"defi","title":"defi"}],"tags":[{"id":"Protocols"},{"id":"Stablecoins"},{"id":"Ethereum"},{"id":"BinanceSmartChain"},{"id":"Developers"}],"media":[{"id":"QmWy5rvbs4Q6WrxAMGqqdB6j9Y7iM8WvUo9z6Kk53hE6up","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmWgt3BghrkSsY8YzLj3UARVgbuMsSd4FeRsDAaUFWGeDE","name":"6R66L1eLtaPgWoGw.webp","caption":"","thumbnail":"QmWgt3BghrkSsY8YzLj3UARVgbuMsSd4FeRsDAaUFWGeDE","source":"IPFS_IMG"},{"id":"QmWNPvhJscEtuG9uLJyvGAWDpJJJ2jRhy9MXYHfkCDT16o","name":"poolsOVN.png","caption":"","thumbnail":"QmWNPvhJscEtuG9uLJyvGAWDpJJJ2jRhy9MXYHfkCDT16o","source":"IPFS_IMG"},{"id":"QmWYAuCdvSG4aG6RtzkxJ62ibpxJAZhALDEEnaYNVwV3v1","name":"hUp4BkGAPlbjMRat.webp","caption":"","thumbnail":"QmWYAuCdvSG4aG6RtzkxJ62ibpxJAZhALDEEnaYNVwV3v1","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[\n  {\n    \"id\": \"xkfkbC7xIIecABV9\",\n    \"url\": \"https://overnight.fi/\",\n    \"description\": \"Overnight.fi homepage\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"Yc6KKwwsrBOfHbtG\",\n    \"url\": \"https://docs.overnight.fi/\",\n    \"description\": \"Overnight core concepts and documentation\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"0fuDDkSlAXqvBzI6\",\n    \"url\": \"https://docs.overnight.fi/core-concept/yield-mechanism-rebase\",\n    \"description\": \"Overnight Rebase System explained\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"30MlplwXhB4XcW4q\",\n    \"url\": \"https://docs.overnight.fi/core-concept/xusd-token\",\n    \"description\": \"xUSD token and Sper strategy details\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"CmSJEdgJlQLtu0da\",\n    \"url\": \"https://docs.overnight.fi/core-concept/overnight-tokens+\",\n    \"description\": \"Overnight Tokens+ overview\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"4mMC9zVRh2emorIM\",\n    \"url\": \"https://overnightdefi.medium.com/usd-in-defi-2895900c2300\",\n    \"description\": \"Role and utility of USD+ in DeFi\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"MCzFiiYtBJvM2X9Y\",\n    \"url\": \"https://docs.overnight.fi/user-guides/wrapped-tokens+\",\n    \"description\": \"Wrapped Tokens+ mechanism and use case\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"cOFDBbaLFHAGoZbI\",\n    \"url\": \"https://docs.overnight.fi/user-guides/swap\",\n    \"description\": \"Overnight Swap feature documentation\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"THXejEWQfvl3i397\",\n    \"url\": \"https://docs.overnight.fi/user-guides/pools\",\n    \"description\": \"Overnight Pools feature documentation\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"lMz4hGsP5Zb9rtld\",\n    \"url\": \"https://docs.overnight.fi/user-guides/zapin\",\n    \"description\": \"Zapin feature user guide\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"Gg6ts4cyLUKPRdqj\",\n    \"url\": \"https://overnightdefi.medium.com/guide-to-the-overnight-zapin-nft-campaign-64ea9ab0e94e\",\n    \"description\": \"Guide to the Overnight Zapin NFT Campaign\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"VnkckQa3ikS0KnIB\",\n    \"url\": \"https://docs.overnight.fi/core-concept/ovn-token\",\n    \"description\": \"OVN token utility and governance details\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"vxxLHLu5Q5ikdcda\",\n    \"url\": \"https://coinmarketcap.com/currencies/overnight/\",\n    \"description\": \"OVN token market data and price history\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"F2eLq5ybUm4q0xQm\",\n    \"url\": \"https://overnightdefi.medium.com/introducing-ovn-staking-a-new-way-to-earn-with-overnight-5dc167694304?source=user\\\\_profile\\\\_page---------8-------------9c1c9b547bfc----------------------\",\n    \"description\": \"OVN Staking announcement and details\",\n    \"timestamp\": 1763557552242\n  },\n  {\n    \"id\": \"sBCVYgf3k08aOwBS\",\n    \"url\": \"https://docs.overnight.fi/core-concept/ovn-staking\",\n    \"description\": \"OVN+ reward source and redemption fees\",\n    \"timestamp\": 1763557552242\n  }\n]"},{"id":"website","value":"https://overnight.fi/"},{"id":"twitter_profile","value":"https://twitter.com/overnight_fi"},{"id":"telegram_profile","value":"https://t.me/overnight_fi"},{"id":"discord_profile","value":"https://discord.gg/W4Tv8vVq"},{"id":"github_profile","value":"https://github.com/ovnstable"},{"id":"medium_profile","value":"https://overnightdefi.medium.com/"},{"id":"coinmarketcap_url","value":"https://coinmarketcap.com/currencies/overnight/"},{"id":"discord_profile","value":"https://discord.gg/overnight-fi"},{"id":"contract_url","value":"https://optimistic.etherscan.io/token/0x3b08fcd15280e7b5a6e404c4abb87f7c774d1b2e"},{"id":"contract_url","value":"https://app.nansen.ai/token-god-mode?chain=optimism&tab=transactions&tokenAddress=0x3b08fcd15280e7B5A6e404c4abb87F7C774D1B2e"},{"id":"contract_url","value":"https://arbiscan.io/token/0xA3d1a8DEB97B111454B294E2324EfAD13a9d8396"},{"id":"contract_url","value":"https://basescan.org/token/0xa3d1a8deb97b111454b294e2324efad13a9d8396"},{"id":"contract_url","value":"https://bscscan.com/token/0x259b30c916e440fb79747cd559207ffdabbae057"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/overnight-finance"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmcRyjuhD57TLDEhfaKRQkh1ctF2AXzacwxQABct9X4MnW\""},{"id":"commit-message","value":"\"Added founder and removed recent activity\""},{"id":"previous_cid","value":"QmcRyjuhD57TLDEhfaKRQkh1ctF2AXzacwxQABct9X4MnW"}],"events":[{"id":"36976995-0559-4e8c-83e2-725485b6a263","date":"2021-01","title":"Overnight Protocol Founded","type":"CREATED","description":"Overnight protocol was launched in 2021, focusing on neutral-risk strategies and yield-generating stablecoins.","link":"https://overnight.fi/","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"b10cb51f-3d13-4d65-bced-c7a5bb5ae710","date":"2024-04","title":"OVN Token Reaches All-Time High","type":"DEFAULT","description":"The OVN token reached an all-time high price of $106.51.","link":"https://coinmarketcap.com/currencies/overnight/","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"1b02d401-f06a-45e2-a73a-db410e7ab703","date":"2025-02","title":"OVN Staking Feature Launched","type":"DEFAULT","description":"Overnight launched its OVN staking feature, allowing holders to lock OVN to receive the yield-bearing OVN+ token.","link":"https://overnightdefi.medium.com/introducing-ovn-staking-a-new-way-to-earn-with-overnight-5dc167694304","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"f4a51149-3caa-4e53-8161-facaebb23a2f","date":"2025-03","title":"Zapin NFT Campaign Guide Published","type":"DEFAULT","description":"Overnight published a guide for its recurring monthly Zapin NFT Campaign on the Galxe platform to reward user engagement.","link":"https://overnightdefi.medium.com/guide-to-the-overnight-zapin-nft-campaign-64ea9ab0e94e","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"operator":{"id":"0xacb6c5AD52b8f605299B0d774CE97F26e3DB80c2"},"language":"en","version":1,"linkedWikis":{"blockchains":["optimism","arbitrum","base"],"founders":["maxim-ermilov"],"speakers":[]},"recentActivity":"{\"items\":[{\"id\":\"92fd524a-d041-46d4-b936-8afddb130fa8\",\"title\":\"Overnight\",\"description\":\"Overnight is a DeFi protocol for asset management using neutral-risk strategies. It offers yield-generating stablecoins like USD+ that provide passive income through a daily rebasing mechanism across multiple blockchains.\",\"timestamp\":\"2025-11-21T13:35:45.996Z\",\"category\":\"Wiki Update\",\"status\":{\"icon\":\"RiGlobalLine\",\"label\":\"Wiki Updated\",\"iconClassName\":\"text-green-500\"},\"user\":{\"name\":\"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889\",\"address\":\"0xacb6c5AD52b8f605299B0d774CE97F26e3DB80c2\"},\"button\":{\"label\":\"View Summary\",\"icon\":\"RiFileTextLine\"},\"summarySections\":[{\"title\":\"Events\",\"subtitle\":\"Four new events were added.\",\"variant\":\"added\",\"changeCount\":1,\"changes\":[\"Added 4 new 'CREATE' events.\"]},{\"title\":\"Founders\",\"subtitle\":\"A founder was added to the list.\",\"variant\":\"added\",\"changeCount\":1,\"changes\":[\"Added founder: 'maxim-ermilov'\"]}]}]}"}