TL;DR
The protocol showed great performance this month by getting a profit of more than $165000.The OVN governance token has experienced substantial growth, rising from an all-time low of $12.7 to a stable $17.5, showcasing confidence in its tokenomics. Updates include a redesigned landing page, the introduction of a mascot (sloth), and the addition of wrapped ETH+ in response to community requests. Notable marketing efforts involve successful collaborations with Linea, Shakel Swap, and Coffee Dex. Future plans include adapting the rebase mechanism to work with new Dexs, increasing presence on the Arbitrum chain, and getting an ARB grant.
1) Overnight’s products performance
USD+
TVL – $11+ mln
Base – $4.9 mln
Optimism – $3.7 mln
Arbitrum – $1.3 mln
ZKSync – $0.7 mln
BSC – $0.54 mln
Linea – $120 k
The flagman product of OVN has performed well this month, particularly on ZK sync and Linea networks
Monthly APY
Linea – 11.5%
ZKSync – 12.4%
Optimism – 6.1%
BSC – 4.3%
Base – 6.7%
Arbitrum – 6.3%
Insurance
TVL(Optimism) – 5341 OVN ($96 000)
Monthly APY -123%
Our Insurance was meant to secure the USD+ holders from negative rebase days, but in reality, it gives an astonishing 23%+ profit for INS providers in the space of 2 months.
ETH+
TVL(Arbitrum) – 145.7 ETH
Monthly APY – 13.7%
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.
2) OVN
Current price: 17.5
Unclaimed tokens: 1423
Total circulation: 71481
Our governance token was at an all-time low of $12.7 on November 4th, and since then, it has constantly grown and fixed at $18. This shows a strong belief in our tokenomics and price appreciation.
To understand what stands behind it, check out our latest thread.
3) Updates
Landing page redesign
Our landing page was quite outdated, so we understood the need for an upgrade to make it clearer and more convenient for users. After receiving valuable feedback, we made improvements.
The fresh and updated landing page includes a “How It Works” section, an updated key features section, and more.
Check it here
$2.2 million profit generated for our holders
We are happy to announce that since the beginning of our launch until now, we have managed to generate over $2.2 million, and the protocol aims to continue staying as profitable as possible.
Mascot
To add a new approach to spreading and translating our product, something that sets us apart from others, we decided to create our mascot that fits the idea of how our investors get effortless daily income by holding USD+.
WETH+ Integration
We received a request from our community to add a token similar to wUSD+ for users who need it and, in the short term, added wrapped ETH+.
4)Marketing and collaborations
Linea campaign
At the beginning of the month, we officially announced our collaboration with Linea network and were added to the Linea ecosystem page.
On November 20th, we participated in Linea DeFi Voyage, a campaign for users aimed at strengthening the Linea ecosystem.
We took part in the Token swap, and to summarize the results, there was an increase in tokenholders by 3 times (3047) and transactions increased by 20 times (33,000).
Next, we’ll participate in an LP wave where users need to provide liquidity with USD+ and USDT+ on December 4.
To amplify our tokens’ awareness, we listed them on Lynex and Horizon – Dexs on Linea.
OVN community calls
We had two awesome calls with the CEO where we discussed recent project news and answered community questions. If you haven’t listened to it, it will be very useful for you.
Shakel Swap
We announced a partnership with Shakel Swap, the novel v2 DEX on Arbitrum with strategies used to maximize yields.
Integrated first USD+ pools.
Coffee Dex
We’re teaming up with Coffee Dex, the top Native ve(3,3) DEX on Arbitrum. Exciting pools and incentives are on the way
5)The Yield-Farmer’s Digest
a)New Pools
USD+/USDC, USD+/DAI+ pools on Arbitrum(zap in integrated)
Beefy
OVN/wUSD+ autocompounded pool on OP(Beets)
USDT+/OVN pool on BNB
USD+/Fraxbp on Base
b) Bribes
We bribe pools with revenue generated by the protocol. This month we had one of the best results in terms of providing bribes. We managed to provide more than $165,000 for OVN and USD+ pools
OVN
Velodrome – $33000
Aerodrome – $34600
Thena – $1400
Balancer – $12000
Beets – $12000
USD+
Velodrome – $48 k
Aerodrome – $28 k
c) APRs
Check the current APR here
6)Risk review
Citadelswap Dex New contracts were deployed on Base chain through a new deployer wallet. The source of funds for this wallet remains the same as previously – Yobit.net (non-KYC exchange). Comparing the contracts for changes reveals changes to the tokenomics of their FORT and esFORT tokens. These changes were confirmed with the team. Risk remains the same – mostly isolated to their DEX token.
Moonwell New rETH (rocketpool ETH) and wstETH (Lido staked ETH) collaterals launched on Base. Collaterals were both confirmed to be properly initialized to prevent a Hundred finance style exploit. mrETH (https://basescan.org/tx/0x1cd5e583b6486d80c5223c21968b49fdd4d0722391e1a89dcdd512875d805378) mwstETH (https://basescan.org/tx/0x72fe9aa564fc94c3d613bb6a4e454d3749210598cde04b973e1dbc4459ff2fbd) Both collaterals are also confirmed to be using Chainlink oracles. wstETH feed: 0xa5A5892bCfca4642c6bD789Ca75f27774309Dcb7 rETH feed: 0x106c7f4f7f0F1B1B5973dD7b89CF3ac46420945F
Horizon Dex A concentrated liquidity DEX on Linea and Base chains. Codebase is forked from Kyberswap. Codebase is exactly identical to Kyberswap with minimal use of proxies on only their Descriptor and PoolOracle contract. Horizon Dex was recommended by the Linea team and have audits from Defimoonorg and Solidproof. An additional comparison of changes from Kyberswap by Hacken was performed and showed no significant code changes. The team was also very responsive to inquiries and requests to verify unverified contracts. Deployer wallet was funded from an unknown source that received funding from Kraken and Bybit. The risk of deploying capital on Horizon Dex was judged to be low since its code was identical to Kyberswap which had just completed a Chain Security audit. A small amount of liquidity was therefore deposited in Horizon dex on Linea in support of the ongoing Linea Wave event. Unfortunately, on 23rd November, Kyberswap was exploited by a sophisticated attack (details: https://slowmist.medium.com/a-deep-dive-into-the-kyberswap-hack-3e13f3305d3a) which drained $54 million of liquidity across multiple chains. Max and the Horizon Dex team were immediately informed of this attack and all liquidity deployed on Horizon Dex was swiftly withdrawn. Overnight Finance was not affected by this exploit.
Coffee Dex A concentrated liquidity solidly DEX on Arbitrum. Originally deployed on Scroll, they migrated to Arbitrum due to a lack of significant on-chain activity on Scroll. The initial liquidity of their Coffee/WETH LP was funded by a seed raise conducted in YAM and their whitelist sale. Codebase is forked from Thena v2 with some changes. The most significant of changes is the removal of all proxy contracts. Other notable changes:
- removal of NFTs/NFT staking,
- introduction of a vested token (xCoffee) as well as a split reward system that deposits 30% of user rewards into xCoffee which is linearly vested into Coffee over 30 days.
- Implemented OpenZeppelin recommended fixes to the VoterV3.sol contract.
- Introduced new functions that allow them to designate veNFTs as partners and give them control over whether these NFTs can participate in voting.
- introduction of a treasury fee variable in their pair factory contract.
No. 5 was poorly implemented without any checks on the maximum value. However, no risk to liquidity was found after consulting with third-party devs. The team was informed about the oddity and have said that they will transfer fee manager control to a 48-hour timelock.
7) Future Plans
The rebase mechanism has been changing by the team since the middle of the month to allow working with the Dexs that we couldn’t work with before. It should pass tests, be audited, and only then be used in the pools and eventually will increase the TV
The team is focused on increasing its presence on the Arbitrum chain by launching new pools and is in the process of getting an ARB grant from Arbitrum DAO.
