Fear in the market roams free with cryptocurrencies crashing to historic lows. This down surge has been led by the infamous algorithmic stablecoin, UST depegging and whipping out Billions in market cap within a matter of days.

The Post-UST crash has had the adverse effect of notable algorithmic stablecoins (TOMB, DEI, etc) crashing and plunging to unprecedented levels never seen before. Moreover, increased reluctance around DeFi has scared investors and sent shock waves throughout the space. What intended to serve as a “Safe-Haven” to park one’s crypto has turned out to conflict with its very intended purpose.

This reluctance around DeFi and stablecoins as a whole has led to a halt in DeFi growth with projects struggling to stay afloat and retain TVL.

However, on the other hand, Overnight continues to grow and in the midst of uncertain times has managed to provide its users with the necessary assurance that they need; being fully collateralized with secure & safe stablecoins — USDC & USDT — Overnight is the obvious winner here. Despite uncertain market conditions and reluctance around stablecoins, Overnight’s TVL has grown exponentially with it recently surpassing a whopping $2M in TVL and achieving $1M+ daily trading volume on Dystopia DEX. Moreover, the unique addresses holding USD+ have also jumped 3x to 1,220 addresses as of currently signifying that the stablecoin is highly popular among DeFi users.

The inherent advantage of Overnight is that it uses its collateral across a range of diversified stable-to-stable pools (lending & yield-farming) such as Arrakis and Aave to generate 8–12% APY for its users — paid out daily as rebases. This leaves out the question of being on the daily hunt for yields within the DeFi realm as Overnight automatically does this for you.

Overnight is beneficial for the DeFi ecosphere because of the following:

• Passive income without the stress and DeFi knowledge required
• Allows protocols to achieve forced appreciation by having their Liquidity tied to USD+ (rebases from USD+ allow the said token to appreciate as well)
• Improves Capital Efficiency within Liquidity Pools (USD+ also provides rebases in LPs as well)
• Offers DeFi a secure stablecoin collateralized by USDC & USDT

The model described above makes USD+ highly lucrative for Yield-Farmers and is an evident factor explaining Overnight’s success in times of shaky markets.

This is the magic of USD+, enshrining in the new and providing DeFi with the necessary assurance and safety it needs!

About Overnight

Overnight is a DeFi protocol behind USD+ stablecoin which is fully collateralised by USDC, USDT & DAI; users earn an average of 6–12% APY through its secure and vigorously tested yield-farming strategies with profits paid out daily.

The protocol is backed by world-class investors, including the likes of the founders of Coinlist and Polygon. Overnight is led by aspiring Fin-tech leader — Maxim Ermilov — who holds a 17-year background in BCG Financial practice and is a renowned entrepreneur. Moreover, Overnight was recently accepted into two esteemed crypto accelerator programs: UC Berkeley’s Blockchain Xcelerator and Binance’s BNB MVB IV Incubation Program.

For more information visit overnight.fi.