1)Token Sale
Overnight has started to conduct a $OVN token sale featuring a presale on the Base blockchain, which promises innovation, inclusivity, and, most importantly, exciting potential for investors.
The primary goal of the issuing OVN token is to promote and popularize USD+ and establish robust and decentralized risk monitoring and management processes within the protocol.
First on the list is Overnight’s presale of the OVN token. This is no ordinary token sale; it’s an exclusive event reserved for whitelisted members.
To gain entry to the presale, one must obtain a presale NFT. Acquiring them comes in two exciting flavors:
- Minting through Galxe – Participants can mint the NFT by participating in a Galxe campaign.
- Partner Access – The alternative route is to obtain the NFT through one of Overnight’s launch partners. Throughout the Overnight journey concluded a lot of important and valuable strategic partnerships with some of the big projects in the Defi industry. We are proud to give the list of our launch partners: Magpie, Stable.Fish, Olympus, Velocore, Alienbase, Beefy, Defi Edge, Pika, Angle, SONNE, Baseswap, Inverse Finance, Velocimeter, Extra Finance, and the OATH Foundation and others…
The technical side of the presale
Overnight’s presale leverages the innovative Overflow Farming method. What sets this method apart is the potential for early contributors to earn a farming bonus. This bonus, is calculated using USD+ rebase.
The Overflow Farming Method in Action: This novel method is engineered to ensure a fair and efficient token allocation during the sale. Here’s how it unfolds:
- Participants register with their wallet addresses and desired USD+ contributions.
- Tokens are initially distributed proportionally based on contributions.
- Any surplus funds are channeled into an “overflow” pool for equitable redistribution.
- A farming bonus, contingent on USD+ rebase and time in the pool, is dispensed.
- Finally, participants can claim their tokens by engaging with the token sale smart contract.
Presale Details:
Full information about our OVN Presale can be found in our article https://overnight.fi/blog/2023/09/11/ovn-token-sale/
At the time this digest was published, we had reached 380k $ on presale and succeeded in the soft cap requirements.
In the next digest we will write about the results of the pre-sale, the conclusions of it, and governance.
2) Updates in our dapp
Presale page
We developed a separate page dedicated to our presale. There we step by step guide users through our campaign to obtain our OVN token with full details of a Presale Round
Here is the link
Bridge
We’ve successfully integrated the Squid widget from Axelar Network in our Dapp. This integration allows users to transfer USD+ and other Overnight tokens across multiple chains effortlessly with the lowest fees
The benefits of this integration
1) You can choose to bridge one token and get any other token you want. Squid supports a large number of tokens
2) You can add another destination address
3)After we’ve launched our pools on Velodrome and Aerodrome you are able to seamlessly bridge OVN on OP and Base networks.
The bridge will help users easily move assets and participate in our new OVN pools.
Deprecated chains
Overnight integrate Deprecated feature
When a chain is marked as “Deprecated” in the Overnight ecosystem, it means that support for that specific chain is gradually being phased out. This decision can be influenced by various factors, including technological changes, network performance issues, security concerns, or strategic choices to focus on more promising chains.
The Overnight ecosystem has already deprecated the Polygon chain.
Users can view deprecated chains by toggling the chain switcher in the website menu.
When a chain is deprecated, several significant changes occur:
- Support Discontinuation
- No Rebase and Payouts
- Retention of Token Ownership
Follow our socials to get notified about the latest updates from the project
3)Marketing
During this period, we executed an extensive array of marketing initiatives focused on our Token presale.
Galxe Campaign
We created a main Galxe campaign tailored for our community, featuring simple tasks across our social platforms. Participants earned eligibility for the OVN Presale by claiming an OVN Presale NFT. It was also mandatory to have a USD+ balance to participate in the presale
Partner Campaign
Alternatively, users had the option to acquire the NFT through our launch partners. In the lead-up to and during the presale, Overnight has worked diligently on various activities to spread the word about the OVN token and OVN presale.
As part of these initiatives, Overnight allocated a limited number of NFTs to its partners for distribution within their respective communities. The distribution of these NFTs was determined by the partners, with some being awarded based on active participation in collaborative events, particularly the AMAs hosted by our partners.
Our esteemed launch partners included Magpie, Stable.Fish, Olympus, Velocore, Alienbase, Beefy, Defi Edge, Pika, Angle, SONNE, Baseswap, Inverse Finance, Velocimeter, Extra Finance, and the OATH Foundation and others.
Additionally, to express our gratitude to those who voted for our pools on various DEXs, we conducted special NFT airdrops for their communities.
Our partners in this endeavor included Mendi, Axelar, Odos, Chronos, Moonwell, Velodrome, and Aerodrome.
As part of our marketing efforts, we also actively participated in AMA sessions, which provided an invaluable platform for us to inform a broad audience about our products and the OVN token in particular. We engaged in AMAs with Silo, SONNE, Baseswap, OATH Foundation, Yield and more community, Odos, Alienbase, Bytemasons, Defi Edge and Axelar.
4)The Yield-Farmer’s Digest
a)New Pools and new Zap In
This month was big for us in terms of integrations. We have launched new pools and have updated this information in our dapp.
Here is the new LP so far with a Zap In feature
We’ve successfully launched new pools on Aerodrome and Velodrome:
USD+/DOLA on Velodrome
MAI/USD+ on Aerodrome
This week, we’ve launched the USD+/crvUSD pool on Base in partnership with Curve Finance.
And we’re so excited to tell you that we already deployed our OVN/USD+ liquidity pools on Aerodrome and Velodrome dexes. The emission and incentives will be available next week with a Zap In.
b) Bribes
To incentivize Liquid pools with bribes for the last 3 weeks in the following order
Velodrome – 32K$
Aerodrome – 52K$
After the successful integration of USD+/crvUSD pools on Curve we started to incentivize with 10K during 2 weeks on the Base:
c) APRs
Yield farming through USD+ pairs has proven to be highly lucrative, with the following impressive returns:
Base
The remarkable progress Base has made in terms of transaction volume and TVL positions it as an attractive choice for investors.
Here are some of the interesting APRs at this moment
DOLA/USD+ on Aerodrome 19% Stable pool
YFX/USD+ on Aerodrome 24% Volatile pool
USD+ / DAI+ LP on Swap Base 27 %
USDbC / USD+ LP on Swap Base 25%
Optimism
Optimism is still one of the best L2 solutions on the market so here are some interesting liquid pools you may consider investing now
USD+/DOLA on Velodrome 10% Stable pool
USD+ / DAI on Velodrome 8% Stable pool
YFX/USD+ on Velodrome 24% Volatile pool
Arbitrum
This year’s most high-profile project definitely deserves your attention with attractive APRs you can invest in today
USD+/FRAX LP on Convex 10%
FRAX / USD+ on Chronos up to 27%
Linea
Closing our list is the promising Linea with today’s big APRs so far.
USDC/USD+/USDT+ LP on Velocore 23%
5)Risk review
Base Chain:
Sonne Finance
Sonne Finance is an existing Overnight partner on Optimism chain and they launched their Base chain extension on 15th August 2023. They used new code for their CTokens which are notably not covered by their audit by yAudit (https://reports.yaudit.dev/reports/05-2023-Sonne/#review-summary).
Contracts are all verified on basescan.org. A simple contract comparison shows very little to no change from the original apart from being upgradeable and proxied. The code was found to be the same as the one used by Mendi Finance on Linea whom they consulted for.
Sonne uses Chainlink oracles for all their Base assets.
Current documentation on their base protocol remains lacking.
https://docs.sonne.finance/protocol/contract-addresses
In being prudent, Overnight did not deploy collateral on Sonne until they had shown proper governance controls were established for their Base protocol. On 5th September 2023, we confirmed on basescan that they deployed their timelock contract (0x81077d101293eca45114af55a63897cec8732fd3) with a 24 hour delay and transferred ownership of all protocol proxy contracts to it. The sole proposer of the timelock contract is a 2/3 multisig (0x814ae3e7bc6b20b4da64b76a7e66bca0993f22a8) with the same signers as their Optimism protocol multisig.
Compound Finance
Likewise, Compound Finance launched on Base chain on 15th August 2023. Their Base protocol uses existing Compound v3 code that has been deployed on other blockchains for all their Base contracts. As such their audit by ChainSecurity and OpenZeppelin remain valid.
Contracts are all verified on basescan.org. Code comparisons with their optimism deployment show no discernable changes. All proxied and upgradeable contracts had proper Governance controls. Ownership of all proxy contracts were transferred to the 12 hour delay timelock contract (0xCC3E7c85Bb0EE4f09380e041fee95a0caeDD4a02). Admin of the timelock contract is the bridgeReceiver contract (0x18281dfc4d00905da1aaa6731414eaba843c468a) which receives proposals from their governance Timelock contract (0x6d903f6003cca6255d85cca4d3b5e5146dc33925) on Ethereum Mainnet.
Compound also uses Chainlink oracles for their assets on Base.
Additionally, Compound like Moonwell also benefits from risk management and assessment by Gauntlet as well as risk and analytic tools by Warden Finance. Documentation on all Base contracts is detailed and up-to-date. https://docs.compound.finance/
Since Compound Finance does not yet allow borrowing of ETH with USDC collateral, Overnight currently only deposits USDC collateral to accrue yield. The reward token COMP has currently little to no liquidity on Base chain.
Moonwell
Moonwell recently added 2 new assets to their lending market: DAI and native USDC.
The hundred finance exploit mitigation was verified to have been performed on both assets on their deployment.
mDAI (https://basescan.org/tx/0xe607dad7f7516ff6cb9081b8546d01ba34d7c5d0c08e8546dc7dfe4f1c030e9d)
mUSDC (https://basescan.org/tx/0x8bcdc94713e1e2c7262cc7a7d7640096c259b626c656f11b96c75ce50f22f5e1)
Ownership of the assets were also promptly transferred to their 24 hour timelocked TemporalGovernor contract (0x8b621804a7637b781e2bbd58e256a591f2df7d51).
Chainlink Oracles were also verified to have been set for both assets. (https://basescan.org/address/0xEC942bE8A8114bFD0396A5052c36027f2cA6a9d0#events)
The Upcoming Projects which we’re going to review is Toupee.tech (Velodrome fork) on Base chain and Lynex (Thena fork) on Linea
6) Future Plans
Currently, our primary focus is on a token presale, but we have a vision for how OVN can empower Overnight in the future.
Following a period of rigorous testing, Overnight plans to introduce the Overnight Insurance Vault (1 per chain). This innovative system will allow OVN holders to stake their tokens in exchange for insurance premiums. Those who stake their OVN will not only receive a portion of the yield generated by the insured strategies (although not all strategies will be covered), but they will also be safeguarded in case a strategy proves to be unprofitable on a specific day, covering the entire incurred loss.
After successfully listing on VelodromeFi and AerodromeFi, we have ambitious plans to expand OVN’s presence further. We’re actively exploring opportunities to integrate OVN into other Dexes’ pools, complete with the seamless “zap in” functionality. And of course we’ll add incentives to them.
Stay tuned for the next digest!
