TL;DR
Overnight’s OVN products are showing strong performance, especially ETH+ with 10% APY and an overall 15% profit for the Insurance providers since launch.
The marketing efforts include joining Hub71’s 13th cohort, which allows us to get a coveted license and launch a Halloween campaign. We’ve had successful AMAs and partnerships.
New pools on Balancer, Beethoven, and BaseSwap, significant bribes for OVN and USD+ pools, and great APRs.
Overnight plans to stick to its roadmap, expand to Arbitrum, and continually enhance its products.
1) Overnight’s products performance
Total TVL: 20.6 mln
USD+
TVL USD+: $15+ mln
Base – $6.5 mln
Optimism – $6.2 mln
Arbitrum – $1.1 mln
ZKSync – $0.7 mln
BSC – $0.5 mln
Linea – $50 k
The flagman product of OVN has performed well this month, particularly on Optimism, zkSync, and Linea networks.
Monthly APY
Linea – 10.4%
ZKSync – 10.2%
Optimism – 6.8%
BSC – 3.8%
Base – 3.6%
Arbitrum – 3.5%
Insurance
TVL(Optimism) – $53 000
Monthly APY – 533%
Our Insurance was meant to secure the USD+ holders from negative rebase days, but in reality, it gives an astonishing 15%+ profit for INS providers in the space of a month.
ETH+
TVL(Arbitrum) – 49 ETH
APY(7 days) – 10.6%
Another newest product on Arbitrum who just started its journey, but already shows one of the best results in the LST space. In some days ETH+ daily APY is better than wstETH and eETH APRs combined. And this is just the beginning.
2)Marketing and collaborations
Hub71 13th cohort
We’re thrilled to be invited to Hub71’s 13th cohort.
Hub71 is a global tech ecosystem championing startup growth from Abu Dhabi.
We were selected as one of 23 startups from 1400 applications who will join the Hub71 community.
This achievement will open new opportunities and particularly give us a chance to get an official license for digital assets.
Overnight Halloween campaign
We launched a special campaign for ETH+ holders. Anyone who obtains ETH on the wallet can claim a special Halloween NFT during this campaign.
Join now
AMA with Mendi Finance
We dived into the world of Mendi protocol and the advantages of our partnership.
AMA with Extra Finance
We had a wonderful conversation about $OVN lending and leverage yield farming pools, and exciting future prospects.
Partnership with Citadel
Citadel is a base-native hyperfunctional Dex and Launchpad.
In the future, we plan to integrate USDC/USD+ pool and incentivize it.
OVN Community Call
We have the CEO of Overnight Max and he was answering interesting questions from the community during this call.
You can check the recording in our Discord server in the community calls recording channel.
Aerodrome’s “Flight School” partner program
Happy to take first place in Aerodrome’s “Flight School” partner program by providing our pools with voting incentives, generating volume, and locking AERO.
3)The Yield-Farmer’s Digest
a)New Pools
We have launched new pools:
Base Swap
#USDPlus – USDC on Base
OVN – USDC on Base
80:20 pools on Balancer and Beethoven
These pools particularly drive the buying pressure for OVN token.
OVN/wUSD+ on Arbitrum(Balancer)
OVN/wUSD+ on Optimism(Beethoven)
Extra Finance
The integration with Extra Finance creates for OVN holders new way to gain profit by single staking, especially for those users who don’t like two-sided liquidity, it’s:
OVN Lending pool
OVN/USD+ Leverage Yield Farming
Check out our thread for more info
b) Bribes
For the last 2 weeks, we bribed OVN and USD+ pools with more than 63 600$+. It’s shown that protocol is profitable as the protocol drives this profit to incentivize these pools:
OVN
Velodrome – $14000+
Aerodrome – $12900+
Balancer – 1000$
Beethoven – 1000$
Base Swap – 2500$
USD+
Velodrome – $18400+
Aerodrome – $13800+
Don’t forget to vote for our pools to get more incentives!
Beefy
We’ve held a huge 4-week 40 000 OP boost campaign on Beefy on Optimism network which gave some great APY to its providers.
c) APRs
OVN
OVN pools give very lucrative yields on the following DEX
Velodrome – 141% APR
Aerodrome – 276% APR
Beefy
Optimism – 257% APY
Base – 1.102% APY
USD+
Let’s check the current situation with USD+ pools:
Base
DOLA/USD+ on Aerodrome 10.6% Stable pool
USDbC/USD+ on Alienbase 9.3% Volatile pool
DAI+/USD+ on Aerodrome 9%
USD+/crvUSD on Curve
USD+ / DAI+ LP on Swap Base 13.5%
USDbC / USD+ LP on Swap Base 25%
Optimism
USD+/DOLA on Velodrome 14% Stable pool
USD+/DAI+ on Velodrome 11.2% Stable pool
USD+/USDC on Velodrome 10.1% Stable pool
FRAX/USD+ on Velodrome 9% Volatile pool
Linea
USDC/USD+/USDT+ on Velocore 18.8%
4)Risk review
Equalizer
New router contract deployed (0x2F87Bf58D5A9b2eFadE55Cdbd46153a0902be6FA).
https://basescan.org/tx/0xe261c6aa501eade954e6d01981ff06cd5d1d08bfb83850941e90ba6facf2538d
Additionally, new pool factory implementation was deployed (0xd7627edf607c49f525212fc09d650a91a9b222e1)
https://basescan.org/address/0xd7627edf607c49f525212fc09d650a91a9b222e1#code
Like before, the router is not proxied and has a minor change to pairFor which now directly calls the pair contract’s getPair function.
The new change to the pool factory is notable and allows Equalizer to determine who gets the skimmed amount by setting a new variable called “feeTakers”. Although this does not affect the previously created overnight LPs WETH/USD+ and WETH/DAI+, the later USD+/USDbC and USD+/USDC LPs are affected.
The feeTakers address has not yet been set for either of these LPs so the skim function currently works as per usual.
Citadelswap
Citadelswap is eZKalibur DEX fork on Base Chain.
The original code is a direct fork of Camelot’s AMM contracts (pair and pairfactory) and MMF’s masterchef and escrowed Token.
They have one audit by SolidProof on their github code.
(https://github.com/solidproof/projects/blob/main/2023/CitadelSwap/SmartContract_Audit_Solidproof_CitadelSwap_AMM.pdf)
Upon our request, the team deployed the contracts on-chain and I have confirmed that there are no changes to the deployed contracts when compared to the audited code or to the original (excepting name/tokenomic changes).
The only apparent risk is their privileged control over their FORT and esFORT tokens.
Lastly, their deployer wallet funding was traced ultimately to Yobit.net (a non-KYC exchange) though this wallet 0x581f621237f87bc8dc64bb00640fb1ad0177423f.
While the use of a non-KYC exchange does not necessarily indicate malice, it is nonetheless riskier since it reduces possible avenues of resolution if something does go wrong.
Extra Finance
Extra Finance is a leveraged yield farming protocol deployed on Base and Optimism chain.
They first deployed on Optimism in Q1 this year and only launched their Base expansion recently in September.
Their codebase has had 2 audits, one broader audit by peckshield in May 2023 (https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-ExtraFi-v1.0.pdf) and another specific audit on their leverage contract on optimism by Blocksec in Sep 2023(https://github.com/blocksecteam/audit-reports/blob/main/solidity/blocksec_extrafinance_v1.0-signed.pdf).
All issues found in both audits were resolved to the auditors’ satisfaction.
Only one minor incident of note was when USDR (real USD token by Tangible) depegged suddenly followed by a drastic reduction in liquidity which resulted in a few leveraged users on Extra finance whose positions were unable to liquidate leaving them with nothing. We should caution overnight users using Extra finance on the risks of using leverage.
5) Future Plans
After the OVM presale participants’ vesting period ends, we expect less speculation on the token, which should reduce big price swings. We’re committed to our clear roadmap and plan to increase demand for OVN by offering profitable opportunities to its holders.
Our main focus is on the Base and Optimism, but now we want to shift our attention to Arbitrum. We’ve been approved for a grant there, and it’s a significant market.
We’re about to launch some OVN pools soon, including OVN/USDT+ LP on Thena on the BNB Chain and USD+/USDC LP on zkSync.
After successfully launching an insurance product, we plan to add new strategies, starting with Optimism Uni v3 delta-neutral, and we’ll expand to the Arbitrum chain once we secure a grant from the Arbitrum Foundation, and then to the Base.
Our ETH+ product has been performing well, and we’re looking to integrate the first liquidity pools on Arbitrum.
Our new products have shown fantastic performance, but we’re continuously working to make them even better and more profitable.
