TL;DR:
Overnight conducted a successful OVN token presale, raising $476,000, and decided not to proceed with a public sale. They’re providing 100% of liquidity raised to Aerodrome and Velodrome.
Investors can claim 25% immediately, with the rest vested over four weeks.
We introduced four ways to profit from OVN tokens: farming on Aerodrome or Velodrome, holding, and providing insurance.
We launched an Insurance, special OVN Zap In
The project partnered with MoonBase and Stake DAO, and held a community call.
New OVN/USD+, huge boost, and high APRs with Zap In are available on Beefy.
Future plans include launching insurance on Base and Arbitrum, Uni V3 delta neutral strategies, and ETH+.
1)OVN Token
Token Sale
Overnight has conducted the token sale and successfully raised an impressive $476 000 during the presale of OVN token. It’s almost reached a hard cup of $ 500,000.
Due to market conditions, and because we always prioritize the community interests, we’ve decided not to proceed with a public sale.
Instead of using 25-50% of funds raised for OVN liquidity, we have decided to seed 100% of liquidity raised for OVN to Aerodrome on the Base network and Velodrome on the Optimism network.
Every presale investor can claim his 25% allocation on 2nd October. The rest of 75% of OVN will be linearly vested over 4 weeks period, beginning 5 days after the End of the sale.
After the token has been claimed you have 4 options to increase your profit by utilizing OVN.
You can find more information about it in our dapp updates.
We have some exciting news. The OVN token has been successfully listed on CoinMarketCap, CoinGecko, and DefiLlama. Now you can track all the info about our token on these major coin stats and crypto charts aggregators
2) Updates in our dapp
Token claim page
After the end of the presale of OVN token we designed a page to explain how to maximize the benefits of holding and utilizing OVN tokens:
Here are 4 ways of doing it:
1. Claim and farm on Aerodrome – Earn rewards by staking OVN tokens on the Aerodrome platform and get high APRs. Also, our pools are bribed with USD+ backed by our protocol’s profit
2. Claim and Hold – Benefit from OVN’s potential price growth and governance features by simply holding OVN tokens in your wallet.
3. Claim and Provide Insurance – By holding OVN, you not only benefit from the potential increase in value but also gain the unique advantage of participating in the Overnight Insurance Vault, allowing you to stake OVN for insurance premiums, share in strategy yields, and receive protection against losses on supported chains, aligning your interests with optimal risk-reward strategies.
4. Claim and farm on Optimism – Diversify your income sources by bridging OVN tokens to Optimism networks and participating in farming on Velodrome LP and Beefy increasing your profit. Right now you can experience a huge 2-week boost in Beefy Pool and we’ve bribed with USD+ backed by our protocol’s profit.
You can check the page here
Insurance
We’ve launched Overnight Insurance on the Optimism chain.
Overnight has introduced an Insurance Vault for each chain to hedge the risks of unprofitable protocol days and opportunities for OVN holders to increase their earnings.
Users can stake OVN tokens to get insurance premiums, with no fees for minting or withdrawing insurance tokens. 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. Stakers are encouraged to support strategies with a good risk-reward ratio.
For more details check our article
At the moment Insurance performance is beyond our expectations with a huge APY since launch. It makes investments very lucrative in this product
Special OVN Zap In feature
We have designed a unique approach to using Zap In a feature in our dapp for OVN pools.
Previously, our innovative Zap in feature allowed you to add any token for equal distribution in LP with USD+.
But now we have changed some mechanics in our Zap of OVN pools
In our OVN pools, you won’t sell or swap OVN during Zap In process. Instead, we’ve introduced special mechanics that allow you to add liquidity only using other assets
We believe it should lead to the full growth potential of OVN
ETH+
Overnight is announcing the launch of the ETH+ beta version.
ETH+ operates similarly to USD+, with a 1:1 peg to ETH, instant minting and redemption in ETH, and 100% collateralization with delta-neutral and other strategies.
ETH+ has been launched on the Arbitrum chain, with plans to add strategies soon and potentially launch on other Base and Optimism chains.
3)Marketing
After a big marketing campaign dedicated to our token presale, we continue to explore new collaboration opportunities.
Partnership with MoonBase
MoonBase it’s a First Class DEX on Base.
We’ve already launched DAI+ – USD+ LP .
Partnership with Horiza
Horiza is an upcoming Arbitrum DEX with a unique ve3 UI.
In the future, we plan to add our pools and bribes them, to leverage your profit on Arbitrum.
AMA with Stake DAO
Stake DAO is a very interesting partner we’ve got. On 12.10 we held a fascinating AMA discussing partnership possibilities and the USD+/FraxBP LP on their platform.
We recommend listening to this AMA.
OVN Community Call
Also, we’d like to highlight the 2 OVN Community Calsl we held on Tuesday.
We have the CEO of Overnight Max and he was answering interesting questions from the community during these calls.
You can check the recording in our Discord server in the community calls recording channel.
Starting this period we will have regular Community Calls to communicate and interact more with our members, and to keep them updated on the latest developments, vision for the Overnight future, and other important news.
And of course, your opinions and feedback are very important to us, so we’d love to communicate with you.
4)The Yield-Farmer’s Digest
a)New Pools and new Zap In
We are constantly expanding our assets to other promising dexes to provide lucrative returns to its contributors.
We have launched new pools and have updated this information in our dapp.
Here is the new LP so far:
USD +
We are glad to announce DAI+ – USD+ LP on MoonBase.
Also, check out our new WETH/DAI+ and WETH/USD+ Volatile Pools on Equalizer.
OVN
We’re happy to launch new OVN/USD+ pools on Beefy both for Base and Optimism networks you can seamlessly provide liquidity to these pools with Zap In and experience a huge boost on them.
We have successfully integrated OVN/USD+ on Base Swap our important long-term partner. The incentives and Zap In will be available soon.
b) Bribes
After launching of OVN token we changed bribes mechanics. Now we incentivize USD+ pools with OVN token, and OVN pools incentivize with USD+ backed up by real revenue.
To incentivize Liquid pools with bribes of more than 100 000 $ for the last 3 weeks in the following order.
USD+
Velodrome – 23 100+ $
Aerodrome – 31 500+ $
OVN
Velodrome – 18700+ $
Aerodrome – 21700+ $
Beefy
We’ve launched a huge 4-week 40 000 OP boost on Beefy on Optimism network which is still running so you can get a huge return on it.
c) APRs
OVN
Since the beginning of the providing emission we have witnessed a 4-digit number of APRs in OVN pools on Aerodrome and Velodrome from the start, but now they are still very lucrative.
The current APRs you can check on our dapp.
And don’t forget about the 4-week boost that waiting for you!
USD+
Yield farming through USD+ pairs has proven to be highly lucrative, with the following impressive returns:
Base
Returns on Base network look very attractive to invest in now:
DOLA/USD+ on Aerodrome 20.2% Stable pool
USDbC/USD+ on Alienbase 10.3% Volatile pool
USD+ / DAI+ LP on Swap Base 12.8%
USDbC / USD+ LP on Swap Base 13.9%
Optimism
Investing in the Optimism network seems like an attractive choice due to its promising returns for now.
USD+/DOLA on Velodrome 14% Stable pool
FRAX/USD+ on Velodrome 8.9% Stable pool
USD+/USDC on Velodrome 8% Volatile pool
Arbitrum
It’s hard to ignore the alluring investment potential of the base network’s returns for now.
USD+/FRAX/USDC on Curve via Stake DAO 9.9%
Linea
The returns being generated till now by the base network are certainly catching the attention of potential investors.
USDC/USD+/USDT+ on Velocore 20.1%
5)Risk review
Base Chain:
Moonbase (Moonbase.fi)
Moonbase is a Uniswapv2 type DEX on Base chain.
The team background is anonymous with an unknown background but were friendly during interaction and answered all questions asked. No presale was held before the launch.
Codebase for pairFactory and Router is forked from Zyberswap, Masterchef is forked Goose finance v2.
No significant changes to any of the code. Notably, the owner of the Masterchef contract can increase deposit fees to a maximum of 10%.
The owner of Masterchef contract was transferred to a 6h timelock contract (0x333312709f4612Ba2Ea3f7f89bF1578D51a74fE6). The deployer wallet (0x9db152c244ac03b9e3e4b9af39785ef765c26cea) is the sole proposer for the contract. The deployer wallet was funded from Binance.
A second deployer wallet (0x5ce6b9ca9ec08e4a13b443da82e5c1aaf5753315) which is primarily used to create LPs was found to be funded from Binance and Kucoin.
Although the team is unknown, the codebase used has been battletested and the use of a 6h timelock on the Masterchef is sufficient to allow inspection of any changes to the Masterchef contract.
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Baldex (Baldex.hair)
Baldex is a Uniswapv2 type DEX on Base chain.
Team background is anonymous but a team member (BALDACUS) was vouched for by GT from Firebird Finance. They had previously tried to launch a Solidly type dex on arbitrum (arbx exchange) but when that failed, they refunded the presale. Baldex managed to raise a combined ~52 ETH in a seed and whitelisted presale.
Almost all raised funds were used to provide liquidity for their BALDX token and locked for 1 month using BaseSwap’s LP locker.
https://basescan.org/tx/0xaca05df3fbd0e78ea0a88957bdc961f965fbe9e48119397711b51ac307bbecf3
Codebase is a clone of Sushiswap v2 with added deposit fee (capped at 2%) functionality on the masterchef. Also, since the code was directly forked from Sushiswap, it contained migrator code. When informed, the team removed all instances of the code before the protocol launched.
The deployer wallet (0x1cffcd51f21bb0c5b2da922f0ae78e1611b32e0a) was funded from OKX.
The Masterchef is still owned by an EOA team wallet (0x33Ed43Df631fdD3dBE45Ba5fbAa9a12C8260C75B) and can change the deposit fee without delay. Although we have requested a timelock, they have not gotten back to us.
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Equalizer (equalizer.exchange)
Equalizer is a Solidly type DEX on Base chain.
The Equalizer team consists of well-known devs and doxxed personnel (hoops) and has a history of running a relatively successful Solidly type DEX of the same name on Fantom chain.
The codebase was velodromev1 but has undergone multiple changes. These changes are unaudited since it would be costly due to the number of changes to the code they continue to make. The team maintains that their code is “peer-reviewed by many other devs”. Additionally, they use proxy contracts for all their deployed code except the LP contracts, gauge contracts and router. Presently, the proxy admin contract (0xFAB311FE3E3be4bB3fEd77257EE294Fb22Fa888b) is owned by the deployer (0x5C146cd18fa53914580573C9b9604588529406Ca), an EOA wallet. The deployer was funded by Eliteness.eth of Guru Network DAO, a prominent Fantom developer.
One of such code changes allows the deployer wallet or Eliteness dynamic fee contracts to increase swap fees to effectively 100% for any LP. We were informed that this was done for their new SeedR Launchpad product. Also, the team treasury max rate on the minter contract was set to 54.3%. When governance controls (timelock and multisig) were requested, we were only informed that a multisig would only be deployed “after a few epochs”.
6) Future Plans
After the token sale, we are going to try our best to maintain the demand for OVN token by bribing the OVN pools with backed-up real revenue, integrating new pools on other DEXs, and Zap In them.
We’re planning to launch insurance on Base and Arbitrum networks to provide more high-return opportunities.
The next step after launching insurance the team is focusing on Uni V3 delta neutral strategies they are more lucrative than Uni V2 delta neutral strategies, so they provide more yield for the protocol in the long term. Combined with the Insurance it’ provides much higher yields on USD+
Also Overnight is launching ETH+ which means doing the same that we do with USD+. We’ve already done an ETH+ beta version and will be developing it, adding strategies, and expanding to other chains.
That’s it for now!
Stay tuned for the next digest!
