Project description (please explain how your project works):
Overnight.fi 28 is the company behind stablecoin USD+. USD+ is USDC that pays you yield via daily rebase. It is 100% collaterized with high-quality stables (USDC, BUSD, USDT, DAI etc.) that are invested onchain into lowest risk no IL stable-to-stable strategies. The yield from farming is passed over to USD+ holders via rebase. The superpower of USD+ is its ability to pay yield in liquidity pools, thus maximizing capital efficiency of LP provision.
Core usecases:
Treasury management
Liquidity provision on Dexes (e.g. currently USDC/USD+ on Velodrome)
Maximizing yield on projects’ own liquidity on DEXes (e.g. Sphere, OtterClam, Tetu, Parrotly, MDB etc paired against USD+ to receive yield from liquidity they maintain at DEXes)
In addition to USD+, Overnight is offering ETS (“exchange traded strategies” product line). ETS is a quasi-stable (some call it ‘delta-neutral’ strategy packaged inside a rebase token) that accepts USD+/USDC, uses it as collateral to borrow (hedge) a crypto asset on AAVE (or Granary), then farms crypto-to-stable pools. Currently, on OP there is already ETS ETH/USDC via Velodrome/AAVE and ETS OP/USDC via Velodrome/Granary in process of release.
Overnight intends to make Optimism its ‘innovation hub’, i.e. the chain where all new products/approaches are developed, tried and launched ahead of other chains. Innovative products already implemented include:
‘Self-bribing’ LP on Velodrome: USD+ yield from Velodrome LP pools automatically directed towards bribes on Velo
Insurance (closed beta): Users are able to exchange risky asset, e.g. ETS ETH/USDC, for a combination of insured and uninsured tokens (tranches), with insured - redeemable for USD+ and uninsured - for OVN, Overnight’s governance token yet to be released
-Additional ‘+’ products: DAI+