OVERNIGHT Review

OVERNIGHT

overnight.fi

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Getting started

Welcome to the Overnight docs. This is a live document that will be updated as Overnight evolves. Here you will find all the information that you need to know about Overnight.

Core products include

Money Markets: Encompassing USD+, DAI+, and USDT+ tokens, enabling users to delve into various yield-generating opportunities.

Pools with USD+, DAI+, USDT+.

Insurance: Funds allocated to provide coverage for potential initial losses of our rebase tokens of chain.

It is important to note that USD+ can allocate a part of its portfolio to ETS, thus giving its users exposure to delta-neutral yield.

Overnight assets

With Overnight, managing stablecoin cash becomes remarkably simpler and hassle-free. Say goodbye to the intricacies of in-depth market research, active trading, and juggling multiple DeFi protocols. Manual minting and redeeming are also a thing of the past. Overnight offers an elegant solution — just like buying a token, no staking required. Enjoy the ease and convenience that Overnight brings to your financial journey!

Overnight tokens are rebase tokens, fully collateralized with assets that can be instantly converted into USDC. A rebase token can experience Profit (positive rebase) when the collateral value exceeds 100% and Loss (negative rebase) when the collateral value falls below 100%. Please note that you assume the risk of all protocols in the . Profit payouts occur through daily rebasing, providing transparent balance and P/L visibility.

Characteristics:

Yield-generating stablecoins fully collateralized with yield-generating DeFi assets, with USD+ pegged to USDC, DAI+ pegged to DAI, and USDT+ pegged to USDT in a 1:1 ratio.

A DeFi equivalent of a Money Market fund, boasting a highly conservative and liquid portfolio with a daily yield of 1-5 bps and profits distributed daily.

As a fully decentralized protocol, it performs all activities on-chain, ensuring an unmatched level of transparency and disclosure.

There are many ways one could manage stablecoin cash, but with Overnight you can:

Avoid in-depth market research and active trading

Steer clear of monitoring and dealing with numerous DeFi protocols

Eliminate the need for manual minting and redeeming

With our tokens, all these hassles are reduced to a straightforward process of buying a token, without requiring staking. Enjoy a hassle-free experience with USD+!

USD+

A risk-minimised USDC-pegged crypto asset backed by an underlying basket of USD stablecoins

What is USD+?

USD+ is the main token of the protocol, ERC20. It’s a rebase token, fully collateralized with assets that can be instantly converted into USDC.

A rebase token can experience Profit (positive rebase) when the collateral value exceeds 100% and Loss (negative rebase) when the collateral value falls below 100%. Please note that you assume the risk of all protocols in the . Profit payouts occur through daily rebasing, providing transparent balance and P/L visibility.

The pegging mechanism is based on the ‘NAV of 1’ policy (“Net Asset Value”), i.e. market value of assets equals the amount of USD+ in circulation. This is achieved by:

Conservative risk management aims to avoid daily losses by building a diversified portfolio of highly conservative DeFi Investments

Daily distribution of profits in the form of a rebase to USD+ holders; all yield collected by the USD+ reserves are distributed to USD+ holders directly by increasing their wallet balance once a day

Use a liquidity index reflecting the current ratio of the number of issued USD+ tokens to the volume of assets on strategies (Strategy), expressed in USDC.

Internally, balances are stored in RAY (using WadRayMath), which allows you not to worry about the accuracy of working with balances when mint / redeem / balanceOf. The liquidity index is adjusted when the payment process is started on Exchange.payout() on behalf of Exchange. Access to mint() and redeem() is only available to Exchange.

The external function exchange() make it possible to get the current Exchange address for making mint/redeem.

USD+ Contract Addresses

USD+

Contract Name

Contract Address

USD+

0x73cb180bf0521828d8849bc8CF2B920918e23032

Exchange

0xe80772Eaf6e2E18B651F160Bc9158b2A5caFCA65

Mark2Market

0x9Af655c4DBe940962F776b685d6700F538B90fcf

PortfolioManager

0xe1E36e93D31702019D38d2B0F6aB926f15008409

wUSD+

0xA348700745D249c3b49D2c2AcAC9A5AE8155F826

DAI+

A record of the contracts that make up the Overnight protocol. These are all Polygon addresses.

DAI+ Contract Addresses

DAI+

Contract Name

Contract Address

DAI+

0x970D50d09F3a656b43E11B0D45241a84e3a6e011

Exchange

0x7C7938B6a1eF49470aa53Da53bE9A0baa8CE0b10

Mark2Market

0x8416d215b71a5C91b04E326140bbbDcDa82C01da

PortfolioManager

0x542BdE36670D066d9386bD7b174Cc81199B2e6A7

Use cases

Managing stablecoin cash is risky, cumbersome, and costly. USD+ solves these problems for 3 distinct groups of stakeholders:

For fiat investors; USD+ solves for easy access to a superior yield generation with minimum risk and maximum liquidity

For the crypto community; USD+ simplifies stablecoin cash management, an opportunistic and non-core activity, that can be time-consuming and costly

For AMMs; USD+ provides an opportunity to earn a yield on massive amounts of liquidity locked in protocols like SushiSwap and Uniswap, liquidity that is not currently generating any yield for them

For fiat investors:

An online broker, aka Robinhood, lets its clientele buy USD+ from its app as a high yield alternative to the money market fund

A neobank, aka Revolut, builds a savings account, with the rate linked to Overnight's yield

A qualified investor invests in a registered/regulated fund in a respectable jurisdiction, e.g. Switzerland, Singapore, or the Netherlands, that holds USD+

For the crypto community:

A solid alternative for low-risk users who are still in a look out for yields in DeFi

A crypto-investor temporarily exits its ETH position and holds USD+ tokens as a ‘risk-free yield generating alternative’ until their market view improves

A new blockchain project raises [Х] mil USD in cryptocurrency and stablecoins to fund its 2-year roadmap, project chooses to keep it in USD+ to minimize volatility while earning ~2 bps / 7.6% APY a day

For AMMs:

A decentralized exchange, aka SushiSwap, lowers fees and sponsors USDC/USD+, wETH/USD+, etc. trading pairs, as it starts receiving interest on USD+ posted by liquidity providers

The above use cases are centered around yield generation. As USD+ is a stablecoin, there are many use cases around payments, be that P2P, B2C, or C2B, onchain or across chains. Given USD+ is pegged to USDC, onchain to off-chain use cases are also possible.

Pools

Dive into Overnight Pools: Select at a Quick Look

Pools on the Overnight platform provide users with opportunities to participate in liquidity pools and earn yields by depositing their assets. This user guide will navigate you through the pools page's features and functionalities, enabling you to effortlessly identify and select the perfect pool for staking, ensuring a seamless experience.

What are Pools?

Liquidity Pools: Pools are decentralized liquidity pools that allow users to deposit their assets, such as cryptocurrencies or stablecoins, into a pool. Commonly pools facilitate various DeFi activities, such as lending, borrowing, and yield farming. Liquidity pools are primarily used to allow trading of different assets on DEXes operated by AMM.

Yield Generation: By depositing your assets into a pool, you become a liquidity provider and earn yields in return. The yields are generated through various mechanisms, including trading fees, interest accrual, or rewards from other protocols.

Pool Overview

Featured and APR: Pools are sorted by default based on their featured status and Annual Percentage Rate (APR). The featured pools are those highlighted by the Overnight platform for their attractive yield opportunities

Filter: By default, the pools page includes pools from all supported chains. You can view pools from specific chains by adjusting the chain filter settings

Zappable: Check this box to view pools that support the , enabling you to easily stake from any of your tokens, facilitating seamless asset allocation within the pool.

APR over 15%: Check this box to display pools with an Annual Percentage Rate (APR) greater than 15%, indicating higher potential yields.

The pools page provides the date of the last update, ensuring you have access to the most recent information about the pools. If automatic integration with a specific platform is not configured, the APR column will show "See on Platform" to indicate that more information is available on the respective platform.

Interacting with Pools

Zap In Button: For pools that support the Zapping feature, you will find a "Zap in" button. Clicking this button allows for seamless asset swapping and entry into the selected pool.

Use this user guide to explore the pools available on the . By leveraging the filtering, sorting, and interaction options, you can make informed decisions and participate in liquidity pools to earn yields and maximize the potential of your assets

Main Components

The scheme and description of main components of Overnight DAO

Overnight DAO scheme

Scheme DAO of Overnight

OVN token

The serves as the governance token within the Overnight ecosystem, granting voting rights for decentralized risk management. It encourages the alignment of community incentives by rewarding support for conservative risk decisions and vetoing aggressive ones. OVN token holders can influence the protocol by creating and accepting proposals.

OVN Governance

OVN Governance is the smart contract enabling holders to participate in the voting process. This smart contract is the governing entity on the . Users can cast their votes through OVN Governance by holding their OVN tokens in a wallet on the Optimism chain.

OVN Holder

OVN Holders are individuals who possess tokens in their wallets on the Optimism chain. OVN Holders have the authority to vote through OVN Governance and can initiate proposals. Each OVN Holder's voting power is equivalent to the number of OVN tokens held.

OVN_LP Holders

OVN LP tokens are rewarded to users for providing liquidity in pools with OVN tokens. OVN LP and OVN holders can participate in voting and create proposals for protocol changes. To become an OVN LP holder, one must stake OVN tokens in pools with OVN tokens, such as those on Aerodrom or Velodrome.

Timelock

There are 2 types of timelocks:

Agent Timelock - This smart contract imposes a 6-hour delay between the end of a vote and its acceptance at OVN Agent. It also requires a consensus from 3 out of 5 signers to reach a quorum.

OVN Governance Timelock - This smart contract introduces a delay between the end of a vote and its acceptance at , allowing users time to take desired actions with their tokens.

Different types of timelocks take different times from a couple of hours to several days

OVN Agent

The OVN Agent serves as a protocol proxy, operating as a multisignature (Gnosis Safe) wallet that enforces governance and community-driven solutions. It plays a crucial role in expediting protocol management, providing a swift alternative to the potentially lengthy process associated with .

The OVN Agent wallet is dedicated to managing the protocol on behalf of the community, facilitating necessary modifications in a remarkably short timeframe. This agility stands in stark contrast to. The time required for protocol adjustments corresponds to the specified time lock variable within the smart contract.

OVN Agents are strategically positioned across all networks that implement the protocol. These agents serve as the implementers of solutions proposed by token holders. If an OVN Agent operates on the Optimism network, it receives a direct assignment from OVN Governance. In cases where the OVN Agent is on a different network, the assignment process involves the. The Axelar Gateway is a bridge facilitating transactions between different blockchain networks. It enables cross-chain communication between contracts. OVN Agents play a pivotal role in executing decisions ratified by the community through snapshot mechanisms.

Process of setting new OVN Agent

Process of Agent OVN upgrading protocol

Snapshot

Snapshot is a voting platform that enables easy and gas-free voting for DAOs, DeFi protocols, and NFT communities.

It allows and holders to make decisions regarding the protocol, including for or against the inclusion of investment strategies or vetoing votes.

Snapshot aggregates balances from all pools across various networks and conducts snapshots for users eligible to vote.

Snapshot will be integrated into the voting system .

Portfolio Manager Agent

This wallet manages portfolio weights, decides on investment strategies, and allocates funds.It determines how much to invest.The selection of the Portfolio Manager Agent occurs through a by OVN and OVN_LP holders

Multisig Gnosis Safe

A multisignature wallet that requires a quorum of signatories to approve any solution applied by the .

OVN Token

What is the OVN Token

OVN token is a utility token that serves multiple purposes in the Overnight protocol. It is used for bribes to promote USD+ and incentivize conservative risk decisions, as well as for voting rights to establish decentralized risk monitoring and management processes.

Overnight Tokenomics

Information about Overnight Tokenomics

OVN utility

The goal of issuing OVN is twofold:

Promote and popularize USD+, which is achieved with using OVN for bribes;

Establish a robust & decentralized risk monitoring and management processes at the protocol level.

OVN token will provide standard voting rights which will be key to realizing the vision of decentralized risk-management. OVN token should help align community incentives with this goal: to reward for supporting conservative risk decisions, and for vetoing aggressive ones.

After a period of testing, Overnight will introduce Overnight Insurance Vault (1 per chain), where OVN holders will be able to stake OVN in exchange for insurance premiums. Staked OVN will receive a part of the yield generated by the insured strategies (not all strategies will be insured) and in case the strategy is unprofitable on a specific day the entire incurred loss. During profitable days excess yield generated by the strategies will accrue to the Insurance Vault and will be used to buy OVN off the market and add to the vault; In case of a loss, the opposite would happen. As these vaults won’t be immediately redeemable, stakers will have a vested interest to support strategies with optimal risk reward upfront.

We believe that Insurance Vaults would play an important role in scaling Overnight while maintaining attractive yield for USD+ holders and creating upward pressure on OVN. The way USD+ is designed is that this is the token that should be profitable every day.

OVN token distribution

OVN will have a fixed supply of 1,000,000 tokens. No emissions of additional OVN is planned.

33.5% of total supply is reserved for the team and pre-seed investors. These tokens will vest over 30 months (see below). Up to 12.5% is reserved for the pre-sale and public sale, unsold excess tokens won’t be burned, but returned to the treasury.

Token allocation

Share (%)

Vesting terms

Pre-seed investors

8.5%

6 months cliff followed by 24 months linear vest

Team

25.0%

6 months cliff followed by 24 months linear vest

Pre-sale

2.5%

25% on end of sale, 75% 4 week linear vest

Public sale

10.0%

25% on end of sale, 75% 4 week linear vest

Insurance fund

20.0%

10% on end of sale, 90% 6 months linear vest

Treasury

34.0%

10% on end of sale, 90% 6 months linear vest

The remaining parts include Treasury, which will vest over 6 months, and will be used for seeding liquidity to OVN pools, incentivizing USD+ pools via bribes and other forms of incentives. The remaining 20%, once vested, will be used for staking into specific Insurance Vaults. The revenue generated from seeding liquidity and insurance staking would be included into protocol’s revenue and treated as such.

How you can benefit from OVN token

There are multiple strategies that can help you benefit from OVN token:

Buy and hold – the tokenomics is designed to maximize the value of 100% of the token supply over the next 30 months, so buying and holding through that period is the most straightforward way to get exposure to OVN

Buy OVN and stake OVN/USD+ LP – should generate additional yield on the LP from revenue, however, would limit maximum upside and reinforce downside through impermanent loss

Buy OVN, stake into Insurance Vault – should generate additional yield from insurance premiums, however, potential downside in case of a potential loss on a strategy

Read more information in our article:

Insurance

Supply Capital, Earn Premiums. Yield by providing Insurance with OVN

Our rebase tokens (, DAI+, USDT+) are designed to minimize protocol risks. Therefore, we prioritize well-established protocols with a low risk profile, such as Aave, Balancer, Uni V3, and others, over newer protocols or forks created by unknown teams. Our philosophy is that protocol risk is akin to a black-swan event that cannot be effectively hedged, insured, or diversified away from.

Since established protocols typically yield relatively lower returns, our rebase tokens, especially USD+, rely on delta-neutral strategies () to generate attractive yields for our users. These ETSes can vary in risk level, ranging from low to medium or high. This means that there may be days when, by design, ETSes result in losses. These losses are typically modest, and we take steps to partially diversify and insure against them.

To address these concerns, Overnight introduces the (one per chain). OVN holders can stake their OVN tokens in exchange for insurance premiums (1 INS = 1 OVN). Staked OVN tokens will receive a portion of the yield generated by insured strategies of our (note that not all strategies will be insured). In the event of a loss on a specific day, the entire incurred loss will be covered.

On profitable days, excess yield generated by the strategies will accumulate in the Insurance Vault and will be used to purchase OVN tokens from the market, adding them to the vault. Conversely, in case of a loss, the opposite will occur. As these vaults will not be immediately redeemable, stakers will have a vested interest in supporting strategies with an optimal risk-reward ratio from the outset.

Insurance Vault

To mint and withdraw insurance tokens, there is no fee associated with these actions, making it cost-effective for users.

Users can mint insurance tokens at their convenience without any restrictions, providing them with flexibility in joining insurance.

However, when it comes to withdrawing insurance, users are required to initiate a redemption request. Upon making the request, there's a waiting period of 72 hours before the user gains access to a 96-hour window to complete the withdrawal of their insurance tokens. This process allows for efficient management of insurance withdrawals while maintaining a reasonable level of security.

It's important to note that the insurance vault is denominated in OVN, and insurance providers are expected to deposit OVN tokens. Additionally, insurance premiums are collected in OVN. This setup helps align the ecosystem with the OVN token and ensures that insurance operations are conducted using this native token.

As mentioned earlier, we are launching insurance on the Optimism chain first, and afterward, we plan to roll out insurance on the Base chain.

Proposals

The description of proposal types

Users have the opportunity to vote on proposals through the voting-forum in . This channel acts as a platform for users to engage in discussions about the proposals they intend to vote on.

There are 2 ways how proposal could be initiated:

1.OVN Agent send automatic notification in the special discord channel. OVN holders have the right to veto if they disagree with any proposal. They can exercise their right by voting on this Discord channel

2.OVN holders have the autonomy to independently initiate discussions and engage in them in the same Discord channel.

The OVN community actively engages in the formulation and discussion of proposals.

After a while, we will implement a snapshot and after voting in the discord , OVN and OVN LP holders will vote on the Snapshot service

Proposal process on OVN Governance

The description of proposal process on OVN Governance on Mother Chain(Optimism)

Creating a Proposal: An Holder initiates a proposal,such as change and upgrade .

Proposal in Pending State: The proposal is initially in a pending state, awaiting further actions.

Active Proposal: Afterward, the proposal becomes active and is open for voting, during which a quorum requirement must be met.

Successful Proposal: If the proposal garners the necessary support and meets the quorum requirement, it succeeds. Proposal Unsuccessful: Proposal canceled

Queue Period: The successful proposal is then placed in a queue for execution, where it awaits its turn for another one-week period.

Execution of Proposal: Finally, the proposal is executed, and its intended actions are carried out.

Proposal process on Mother Chain

Types of proposals on mother chain:

Mint a new tokens

Set a new

Upgrade contract

Proposal process on Snapshot

The description of proposal process on Snapshot

Creating a Proposal: An or holder initiates a proposal on .

Proposal Goes Live: The proposal becomes active on Snapshot, making it available for the OVN or OVN_LP holder community to review and vote.

Community Voting: Other OVN and OVN_LP holders have the opportunity to vote in favor of or against the proposal.

Success Criteria: For a proposal to succeed, it must meet the quorum requirement, meaning it garners sufficient support. Unsuccessful Proposal: If the quorum is not reached, the proposal is considered unsuccessful and is canceled.

Queue Period : In the event of a successful proposal, it enters a queue, awaiting execution.

Proposal Execution: After the queue period, the executes the proposal, bringing the proposed changes to life.

Proposal process on Snapshot

Types of proposals on snapshot:

Upgrade protocol

Swap

Unleash the Power of Swap: Seamless Asset Exchange within Overnight ecosystem

Swap, an integral feature of the Overnight platform, streamlines the process of converting various assets into Overnight tokens with ease and efficiency. With integration powered by Odos, a trusted protocol for decentralized asset trading, Swap offers users the convenience to seamlessly swap other tokens into Overnight tokens, maximizing their yield generation potential.

Benefits of Swap on Overnight

Convenience: Swap eliminates the need for intermediaries and centralized exchanges. Within the Overnight ecosystem, you can effortlessly exchange your assets into Overnight tokens, saving time and effort.

Lower Fees: Swap offers competitive and transparent transaction fees, often lower than those associated with traditional exchanges. This ensures that you retain a higher portion of your assets during the exchange process. The default setting of our swaps are set to the lowest slippage it can be so there will be no surprises when you are swapping stablecoin to stablecoin and the like.

Security and Privacy: Swap leverages blockchain technology, ensuring secure and private asset swaps. With decentralized exchanges, you have full control over your assets, reducing the risks associated with centralized platforms.

Improved Liquidity: By participating in Swap, you contribute to the liquidity, enhancing the overall liquidity of the ecosystem. This increased liquidity enables better trading opportunities and minimizes slippage.

Efficient Asset Management: Swap allows you to rebalance your portfolio or switch between assets swiftly. Whether you're diversifying your holdings or adjusting your strategies, Swap offers a seamless solution.

Available Swap Options on Overnight:

To Overnight Tokens: You can swap any available assets to Overnight tokens (USD+, DAI+, USDT+).

From Overnight Tokens: You can swap any of the Overnight tokens to other supported assets.

How to Use Swap on Overnight

Accessing Swap: Visit the on the Overnight platform.

Asset Selection: Select up to 6 assets for swap from the available options. You can choose from a wide range of supported tokens and stablecoins.

Asset Input: Enter the amount of the asset you want to exchange in the "From" field. The platform will display the approximate amount of the desired asset you will receive in the "To" field, based on the current exchange rate.

Slippage Tolerance: Set a slippage tolerance to control the acceptable deviation in price during the swap. Slippage is the difference between the expected and executed prices. You have the option to modify the slippage tolerance to your preference, providing greater control over price deviations during the transaction.

Recommended slippage tolerance values are: 0.05% for stablecoins, 0.1% for mix of stablecoins and volatile assets, and 1% for volatile assets.

Transaction Confirmation: Review the details of the swap, including the estimated transaction fee and the resulting amount of the exchanged asset. Ensure that the information is accurate before proceeding.

Transaction Execution: Click the "Swap" button to execute the transaction. Confirm the transaction on your connected wallet, following the prompts provided.

Transaction Completion: Once the transaction is confirmed on the blockchain, the exchanged asset will be credited to your wallet.

You can click on the provided external link to view the transaction details on the blockchain explorer. This allows you to verify the transaction and view additional information about the swap.

Integration with Odos

Swap on Overnight is powered by Odos, a decentralized asset trading protocol. Odos enables fast and secure peer-to-peer trading, ensuring efficient asset exchange on the Overnight platform. about Odos and its contribution to decentralized asset trading.

Zap in

Unlock the Potential of Zap-in: Effortless Pool Allocation with Overnight Tokens

The Overnight platform's 'Zap in' feature offers users an intuitive and seamless method to invest in a variety of pools in the decentralized finance (DeFi) ecosystem. Zap-ins act as an easy on-ramp for users to allocate their assets into different pools, streamlining the investment process and saving time and effort.

What is Zap in feature? Zap-ins on Overnight are powered by smart contracts that let's you create liquidity pool tokens and deposit it directly to the partner protocol gauges with just one transaction. They eliminate the need for users to manually interact with multiple protocols and perform complex transactions. This feature enables users to invest in pools with just a few simple steps, making it more accessible for both novice and experienced investors

How to Zap in

Access Zaps: Visit the on the Overnight dapp. Here, you'll find a curated list of pools with their featured status and Annual Percentage Rate (APR) and Total Value Locked (TVL) for yield comparison.

Choose a Zappable Pool: Browse the list of pools and select a Zappable pool that interests you. To narrow down your options, use the chain filter settings to view pools from specific chains. Click on the "Zap In" button next to the pool's line to initiate the Zapping process.

Select the Token to Stake: Choose up to six tokens you want to stake into the pool from your wallet or connected accounts. Specify the amount you wish to invest in the chosen pool.

Slippage Tolerance: Set the slippage tolerance to control price deviations during the transaction. Slippage depends on the pool's volatility; stable pools may require less slippage, while less stable pools may need more to ensure a higher likelihood of a successful transaction.

Review and Confirm: Review the transaction details, including slippage tolerance, the exchanged asset's resulting amount, and any required token approvals. If necessary, approve the token for the transaction, then click "Stake" to proceed with the Zapping process. Confirm the transaction on your connected wallet following the prompts provided.

Transaction Completion: Once the blockchain confirms the transaction, your assets will be swapped and staked in the chosen pool

After a successful transaction, a popup window will display the transaction details, along with external links to view your position in the pool and transaction details on the chain explorer. When your wallet is connected on the external platform, you can effortlessly access and review your position for added transparency and assurance.

Congratulations! You've successfully used the Zap-in feature to join pools with Overnight tokens. This innovative feature in the field of farming enables you to easily join any pool in just one click, granting you access to attractive yield opportunities in a quick and user-friendly manner.

Swipe

Introducing Swipe: Unlock Earning Potential of your stablecoins within the Overnight Ecosystem.

Swipe, a user-friendly feature of the Overnight platform, is designed to revitalize your dormant assets and transform them into earning potential. With a single click, Swipe simplifies the process of investing your stablecoins into Overnight's rebase token, USD+. This seamless integration empowers users to maximize their yield generation potential, ensuring that their assets don't sleep but earn actively, instead of merely holding a variety of stablecoins in their connected wallet.

Why Swipe on Overnight

1. Awakening Dormant Assets: Swipe breathes new life into your assets that would otherwise sit idle in your connected wallet. It's a proactive approach to asset management, ensuring your stablecoins are put to work.

2. Easy-to-Use Investment: With just one click, you can allocate your stablecoins towards USD+, making it easier than ever to grow your asset. Say goodbye to the complexity of managing multiple tokens individually. Swipe offers a convenient solution for consolidating your assets into USD+ for optimal yield generation.

3. Higher Yield Potential: USD+ is designed for yield generation through rebase (https://docs.overnight.fi/core-concept/overnight-assets/usd+), ensuring that your assets work harder for you within the Overnight ecosystem.

How to Use Swipe on Overnight

1. Accessing Swipe: Start by entering the

at the top right corner connect your wallet (1) and Click on the Swipe in the Navbar menu (2).

Accessing Swipe

2. Token Selection: After your wallet is connected, Swipe will calculate and display a comprehensive list of the stablecoins you currently hold within your connected wallet, it is shown in the left widget as well as in the tab on the right.

The right block also provides insights into the profit you could have earned if you had invested your stablecoins into USD+ 1, 3 or 6 months ago.

Token Selection

3. One-Click Investment: Simply click the "Swipe" button. Your selected stablecoins will be seamlessly converted into USD+ and credited to your connected wallet automatically.

One-Click Swipe

4. Effortless Yield Generation: To track how your assets are performing, head to the "My Dashboard" section in the Navbar menu. Witness your assets actively growing within USD+, maximizing their earning potential within the Overnight ecosystem.

User Dashboard

Experience the power of Swipe within the Overnight ecosystem and watch your assets earn instead of remaining dormant.

For further details or assistance, reach out to our support team.

Exchange

Minting

USD+ can be minted in exchange for USDC using a 1:1 exchange rate by connecting a wallet at .

The received USDC is transferred to the PortfolioManager, where the received assets are deposited to the specified strategies.

Redeeming

Users can redeem their USD+ for USDC using a 1:1 exchange rate by connecting their wallet at

If necessary, the PortfolioManager will launch the process to withdraw from strategies needed for the amount of USDC required for the return to take place. The level of collateral below the critical threshold gives a client ability to receive a proportional share of assets from the Vault.

Payouts

Once a day Overnight calculates the payout.

The income is received by strategies, after which the liquidity index on the USD+ is adjusted per the volume of assets on strategies (Strategy).

Fees

The fee in line with stable-to-stable conversion fees on most protocols is 0.04% and is applied to each trade. The fee goes to the Overnight collateral pool and serves to compensate existing USD+ holders for the accumulated but not yet paid out daily P&L, which is typically in the range of 1-5 bps per day. It also makes flash loan attacks at the protocol economically impractical.

As USD+ grows in TVL, a management fee will be retained from USD+ yield on a daily basis.

Portfolio Manager

Portfolio manager is a smart contract that runs the algorithm that rebalances the portfolio to meet the investment strategy.

Hold information about the target weights strategyWeights for the strategies. If necessary, performs the asset reallocation process using the balance method.

Portfolio manager receives M2M data and compares the portfolio structure to the Investment strategy. In case the asset weight is below the minimum or above the maximum specified, It will initiate trades required to meet the target asset weights. For example, in the case of a large deposit, the portfolio manager will see the weight of cash exceed the maximum percentage and thus deploy the excess cash into the relevant lending and liquidity strategies. It will do the opposite in case of a large withdrawal.

Portfolio manager contains three methods available only for the EXCHANGER role:

deposit - receives assets and places them in cashStrategy until the limit is reached. If the limit is exceeded, then it starts balancing for distributing assets to all strategies according to target weights

withdraw - withdraws assets from strategies to return to the client. If there are enough assets in cashStrategy, then use them, otherwise starts balancing with the withdrawal of the required amount of assets from the strategies

claimAndBalance - starts collecting (claiming) rewards for strategies with the subsequent balancing of the portfolio to target values

There are also management methods available for the ADMIN role:

balance - start balancing assets between strategies to match the given target values

setStrategyWeights - setting target values for strategies

setCashStrategy - assigns which strategy to use as cashStrategy - which is a buffer for assets, preventing permanent balancing

Mark2Market

Mark2Market provides functionality for obtaining information about current assets managed by strategies and their value in USDC. Information about the value of each asset in USDC is provided by the strategies themselves.

Has the following public methods:

strategyAssets - getting a pivot table for the value of current assets managed by strategies

totalNetAssets - total value of assets managed by all strategies at USDC equivalent

totalLiquidationAssets - the potential amount of USDC, which can be obtained with a full withdrawal of assets from all strategies