# Welcome

Overnight DeFi Platform Overview

Overnight is a cutting-edge DeFi platform designed to maximize users' earning potential. By combining the stability of traditional financial instruments with the advantages of blockchain technology, Overnight transforms how individuals engage with the financial ecosystem.

At its core, **Overnight** is a decentralized finance protocol specializing in stablecoins and neutral-risk strategies, offering users enhanced yield opportunities while maintaining stability. The platform introduces stablecoins such as **USD+**, **USDT+** and **xUSD** which are designed to preserve a stable value relative to their underlying assets.

**Overnight.fi** focuses on asset management with a specialization in neutral-risk strategies. The flagship product, **USD+**, is a yield-driven stablecoin fully backed by collateral rooted in DeFi strategies that generate returns.

### **USD+** <a href="#usd" id="usd"></a>

**USD+** is the flagship stablecoin of the Overnight protocol. It is a fully collateralized, yield-generating stablecoin, pegged 1:1 to **USDC**. Users can mint USD+ by converting USDC through Overnight's official platform, immediately earning passive yield as USD+ accrues daily profits.

<figure><img src="/files/3Ai3UXjRwrWJiWdUSq7a" alt="" width="85"><figcaption><p>USD+</p></figcaption></figure>

* **Yield Mechanism**: The yield for **USD+** is generated through **neutral-risk DeFi strategies**, which users can track on the [stats page](https://app.overnight.fi/market/usd). These aggregated yields are then distributed to USD+ holders through a **rebasing mechanism**. This rebasing ensures that the USD+ token balance in users' wallets increases over time as yield accumulates, while the token's price remains consistently **pegged at 1 USD**. This allows users to passively earn yield without fluctuations in the token's value.

### **Core Products** <a href="#core-products" id="core-products"></a>

* **Money Markets**: USD+, USDT+, Wrapped Tokens+ and OVN tokens, offering diverse yield-generating opportunities.
* **Liquidity Pools**: Featuring users to participate in liquidity provision and earn rewards.

### **Key Features and Benefits** <a href="#key-features-and-benefits" id="key-features-and-benefits"></a>

* **Stable, Yield-Driven Assets**: Overnight provides stablecoins backed trusted assets, offering stability in a volatile market. Our robust structure, stringent security measures, and refined financial protocols create a solid environment for investment growth.
* **Efficient Asset Management**: Advanced smart contract technology is leveraged to ensure a balanced and strategic investment approach, focusing only on top-tier protocols with thorough due diligence.
* **Security and Transparency:** Overnight.fi emphasizes safety and transparency through robust smart contracts, regular audits, and adherence to best practices. The platform also promotes decentralized governance, enabling users to influence its future development.
* **Community-Driven Governance**: Overnight fosters an engaged community that actively participates in the platform's governance. Decentralized decision-making processes allow users to shape the future direction of Overnight.

Overnight.fi empowers DeFi participants by combining stability with enhanced yield generation through neutral-risk strategies. With its innovative products like USD+ token, the platform is designed to unlock the full potential of decentralized finance, providing users with secure, transparent, and profitable investment opportunities.


# Overnight Tokens+

**Overnight Tokens+** are tokens that represent **USD**, fully collateralized with yield-generating assets. These tokens are **pegged** to the price of the asset they represent and **automatically accrue rewards** by increasing the number of Tokens+ in your wallet.

<figure><img src="/files/WapsMm4wqwbK80GYAPqn" alt="" width="85"><figcaption><p>USD+</p></figcaption></figure>

Overnight offers several **Tokens+**, each fully collateralized with yield-generating assets and pegged to the value of the asset they represent. These include:

* **USD+**
* **xUSD**
* **USDT+**

These tokens automatically accrue rewards by increasing the balance in users' wallets, providing a seamless way to earn yield while maintaining the stability of the underlying asset.

The generated yields are distributed to Tokens+ holders via a [**rebasing mechanism**](/core-concept/yield-mechanism-rebase).

<br>


# xUSD Token

Yield-bearing stablecoin that combines stability with real-time passive income for token holders.

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdi-PYPAIKjLE8TJ-4xYhWztiJQ8r-zHg6tQRBXAUSYvqF0aINz-zxMSkKeQjMePhUfvaqjTBl3luq8AIwReyPtl06FiDUzrqZEn5wdhb5i-1iFelQC8eWHQlflRRfqoAroCgjqZg?key=aEAohFbwFILwhkNoj4pCM3DQ" alt=""><figcaption></figcaption></figure>

### Overview

xUSD is a fully collateralized, yield-bearing stablecoin that represents the US Dollar and is pegged 1:1 to USDC. Designed for DeFi users, xUSD seamlessly combines stability with passive income generation by distributing real-time yield directly to holders.

Each xUSD token is backed by highly secure and liquid assets, ensuring safety and reliability. Rewards are automatically accrued by increasing the number of tokens in the holder’s wallet, providing a consistent and transparent way to earn.

Built on a diversified pool of low-risk, high-quality financial instruments, xUSD offers a competitive yield while maintaining dollar stability. Regardless of the blockchain users operate on, xUSD empowers them with the benefits of a dollar-pegged token and consistent yield generation.

### Fully Collateralized

Each xUSD token is backed 1:1 by high-quality, liquid assets, ensuring full security and transparency for all users. xUSD consists of Sper strategies that buy ETH and hedge with a perp position.

### Secure Cross-Chain Compatibility with Chainlink CCIP

xUSD is designed to be a cross-chain asset, meaning users can hold and generate yield on any supported blockchain, offering flexibility and seamless integration into multiple ecosystems. No matter where users hold xUSD, it will generate real-time yield across chains, making it a powerful tool for earning passive income in any DeFi ecosystem.

xUSD utilizes advanced Chainlink [cross chain interoperability protocol (CCIP)](https://docs.chain.link/ccip#what-is-chainlink-ccip) technology, which is the most secure cross-chain tech available today.

### Arbitrum Minting

xUSD can be minted directly on Arbitrum, taking advantage of the network’s low fees and high efficiency for fast, cost-effective transactions.

### Effortless Yield

Simply holding xUSD in a wallet automatically generates yield, with no staking or locking required.\
The generated yields are distributed to xUSD holders via a [**rebasing mechanism**](/core-concept/yield-mechanism-rebase).


# Yield Mechanism (Rebase)

Overnight Tokens+ and xUSD are pegged to the price of the asset it represents and automatically accrues rewards by increasing the number of corresponding tokens in the holder's wallet through a rebase mechanism.

### **Yield Mechanism: USD+ E**xample <a href="#yield-mechanism-with-usd-example" id="yield-mechanism-with-usd-example"></a>

The yield for **USD+** is generated through **neutral-risk DeFi strategies**, which users can easily track on the platform's [**Stats page**](https://app.overnight.fi/market/usd). These strategies are selected based on the principle of **minimizing risk** while ensuring **stable returns**.

The generated yields are distributed to USD+ holders via a **rebasing mechanism**. Here’s how it works:

1. **Rebasing**: Instead of fluctuating in value, the **USD+** token balance in users' wallets increases as yield accumulates.
2. **Stable Peg**: The price of **USD+** remains consistently pegged at **1 USD**, ensuring stability.
3. **Passive Earnings**: Users benefit from passive earnings, as the increasing token balance directly reflects the yield earned, with no impact on the token's value.

This setup allows users to enjoy reliable yield generation without worrying about volatility in the token price.

### **What Is Rebase and How Does It Work?**&#x20;

The rebase mechanism is triggered manually by the protocol and occurs seamlessly in six steps:

1. Users mint Overnight Token+ or xUSD through dApp.
2. Smart Contracts implement an automated investment strategy for yield-generating purposes.
3. Fees and rewards from the investment strategy are swapped for USDC.
4. New Overnight Token+ or xUSD is minted from the earned yield.
5. The minted Token+ or xUSD is sent back to the user's wallet through the rebase mechanism.

The rebase mechanism pays out yields from strategies, expanding the circulating supply financed by the USDC earned from yield-farming strategies.

### Positive and Negative Rebase <a href="#positive-and-negative-rebase" id="positive-and-negative-rebase"></a>

A rebase token can experience **Profit (positive rebase)** when the collateral value exceeds 100% and **Loss (negative rebase)** when the collateral value falls below 100%. Please note that you assume the risk of all protocols at the [**Collateral page**](https://app.overnight.fi/market/usd). Profit payouts occur through **daily rebasing**, providing transparent balance and P/L visibility.

The pegging mechanism is based on the ‘NAV of 1’ policy (“Net Asset Value”), i.e., market value of assets equals the amount of corresponding tokens in circulation. This is achieved by:

* Conservative risk management, which aims to avoid daily losses by building a diversified portfolio of highly conservative DeFi Investments;
* Daily distribution of profits in the form of a rebase to the token's holders; all yield collected by the token reserves is distributed to its holders directly by increasing their wallet balance once a day.

Use a liquidity index reflecting the current ratio of the number of issued tokens to the volume of assets on strategies (`Strategy`), expressed in USDC.

> Internally, balances are stored in RAY (using `WadRayMath`), which allows you not to worry about the accuracy of working with balances when mint / redeem / balanceOf. The liquidity index is adjusted when the payment process is started on `Exchange.payout()` on behalf of `Exchange`. Access to `mint()` and `redeem()` is only available to `Exchange`.

The external function `exchange()` make it possible to get the current `Exchange` address for making mint/redeem.


# OVN Token

The **OVN token** serves multiple purposes within the Overnight protocol, functioning as a utility token with significant roles in governance, incentives, and risk management.

<figure><img src="/files/Zoux7RvtSteoloO1MsOD" alt="" width="85"><figcaption><p>OVN token</p></figcaption></figure>

### Overnight Tokenomics <a href="#overnight-tokenomics" id="overnight-tokenomics"></a>

#### **OVN Utility** <a href="#ovn-utility" id="ovn-utility"></a>

The issuance of OVN aims to achieve two primary goals:

1. **Promotion and Popularization of USD+**: OVN is utilized for bribes to encourage the adoption of USD+.
2. **Decentralized Risk Management**: OVN provides voting rights that are essential for establishing robust risk monitoring and management processes.

The OVN token aligns community incentives by rewarding support for conservative risk decisions and allowing holders to veto aggressive strategies.

### Bribing Strategy

Our new approach introduces a tokenomics model focused on sustainable growth and value for OVN holders. At the core of this strategy is our innovative rebase recycling system: 80% of rebase income generated from each liquidity pool with Tokens+ are used to purchase OVN tokens, which are then allocated as bribes in the same pool for the following epoch. This cyclical mechanism not only increases demand for OVN but also stimulates continuous pool growth.

A key emphasis is placed on high-revenue pools, especially those involving USDC+ and USD+ on the Base network, aiming to maximize returns and establish a strong economic engine for the protocol. To support this strategy, we’ve dedicated 9,000 OVNs weekly for bribes, with additional OVNs sourced from pool rebase income.

### How to Benefit from OVN Token <a href="#how-to-benefit-from-ovn-token" id="how-to-benefit-from-ovn-token"></a>

1. **Buy and Hold**: The tokenomics are designed to maximize value over the next 30 months, making this a straightforward strategy for exposure to OVN.
2. **Buy and Stake OVN/USD+ LP**: This strategy generates additional yield from revenue but may limit upside potential and increase downside risk through impermanent loss.

### OVN Token Distribution <a href="#ovn-token-distribution" id="ovn-token-distribution"></a>

* **Total Supply**: 1,000,000 tokens (fixed supply; no additional emissions planned).

| Token allocation     | Share (%) | Vesting terms                                    |
| -------------------- | --------- | ------------------------------------------------ |
| *Pre-seed investors* | 8.5%      | 6 months cliff followed by 24 months linear vest |
| *Team*               | 25.0%     | 6 months cliff followed by 24 months linear vest |
| *Pre-sale*           | 2.5%      | 25% on end of sale, 75% 4 week linear vest       |
| *Insurance fund*     | 20.0%     | 10% on end of sale, 90% 6 months linear vest     |
| *Treasury*           | 44.0%     | 10% on end of sale, 90% 6 months linear vest     |


# OVN Staking

OVN staking allows OVN holders to earn passive rewards while supporting the Overnight ecosystem.

### **What is OVN Staking?**

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeJCyu2pvZP_FtUqoJkb4NUjsCYpjhNLPpkjQlfdq3ljqlaRuvNGKEyP-vZDm4d_a6Fp8Cx_Uma_PoneiEHXJ_H3odfwX7vkXhIanOVARQNTLSUwZQZXWmNMqSVdx1XC2sEZ5_94w?key=_NWrt2JcDMzvPABchgTD3LgC" alt=""><figcaption></figcaption></figure>

OVN staking introduces a yield-generating mechanism built on our proven and audited USD+ technology. Users who hold OVN tokens can stake them on the Overnight platform to receive (mint) OVN+ tokens at a 1:1 ratio. The system features:

* Zero minting fees when staking OVN
* Instant redemption available with a 2.5% fee
* Rewards for OVN+ holders are automatically added to their OVN+ balances daily via the rebase mechanism developed for Overnight Tokens+ (i.e., USD+)

### **How Does It Work?**

#### Yield Generation & Distribution

OVN+ holders earn yield from skims collected on USD+ pools on Base. Here's how it works:&#x20;

* 20% of daily skims from USD+ pools on Base are allocated to OVN stakers ([Dune Analytics](https://dune.com/overnightfi/overnight-skims) data on all USD+ pools and skims)&#x20;
* These funds are used for market buybacks of OVN, which is then converted to OVN+.&#x20;
* Additional OVN+ is distributed to stakers' balances daily through rebases.

#### Collateralization

* Every OVN+ token is fully backed by staked OVN
* Additional OVN accumulated through buybacks ensures the total OVN collateral always equals or exceeds OVN+ in circulation
* OVN+ rebases occur when accumulated OVN exceeds the required backing

### Monitoring Stats

Track OVN+ staking performance through [Stats page](https://app.overnight.fi/market/ovn), which displays OVN+ TVL, Daily APY and payouts history.


# FAQ

### **Frequently Asked Questions**

**What is USD+ and how does it work?** USD+ is the primary token of the Overnight protocol, fully collateralized with assets that can be instantly converted into USDC. It is a rebase token that can experience Profit (positive rebase) when the collateral value exceeds 100% and Loss (negative rebase) when it falls below that threshold. Profits are distributed to USD+ holders by increasing their wallet balance once daily.

**What is rebase and how does it work?** The rebase mechanism is triggered manually by the protocol and occurs seamlessly in six steps:

1. Users mint USD+ using USDC or BUSD through Overnight’s dApp (BUSD is only for minting USD+ on BSC).
2. Smart Contracts implement an automated investment strategy for yield-generating purposes.
3. Fees and rewards from the investment strategy (including inflationary rewards, swap fees, and lending fees) are swapped for USDC.
4. New USD+ is minted from the earned USDC.
5. The minted USD+ is sent back to the user's wallet through the rebase mechanism.

The rebase mechanism pays out yields from strategies, expanding the circulating supply financed by the USDC earned from yield-farming strategies. This approach is similar to Interest Bearing Tokens, like aUSDC from AAVE, where underlying token quantities grow passively based on lending fees earned. The formula for determining a user's rebase rewards is:

**Rebase Rewards = (User Holdings \* Rebase Amount) / Total Holdings**

**What is the OVN token?** The OVN token is a utility token with several purposes in the Overnight protocol. It is used for:

* **Bribes**: Promoting USD+ and incentivizing conservative risk strategies.
* **Voting Rights**: Participating in decentralized risk monitoring and management.

The goals of issuing OVN are to:

1. Promote and popularize USD+ through bribes.
2. Establish robust and decentralized risk management processes at the protocol level.

**What are bribes?** Bribes are a mechanism that allows users to select a Liquidity Provider (LP) to incentivize on a compatible DEX. The more votes an LP receives, the more rewards LP holders earn. In return, voters receive a portion of the LP fees and the bribes.


# Use Cases

Managing stablecoin cash is risky, cumbersome, and costly. USD+ solves these problems for 3 distinct groups of stakeholders:

* For fiat investors: USD+ solves for easy access to a superior yield generation with minimum risk and maximum liquidity
* For the crypto community: USD+ simplifies stablecoin cash management, an opportunistic and non-core activity, that can be time-consuming and costly
* For AMMs: USD+ provides an opportunity to earn a yield on massive amounts of liquidity locked in protocols like SushiSwap and Uniswap, liquidity that is not currently generating any yield for them

**For fiat investors:**

* An online broker, aka Robinhood, lets its clientele buy USD+ from its app as a high yield alternative to the money market fund
* A neobank, aka Revolut, builds a savings account, with the rate linked to Overnight's yield
* A qualified investor invests in a registered/regulated fund in a respectable jurisdiction, e.g. Switzerland, Singapore, or the Netherlands, that holds USD+

**For the crypto community:**

* A solid alternative for low-risk users who are still in a look out for yields in DeFi
* A crypto-investor temporarily exits its ETH position and holds USD+ tokens as a ‘risk-free yield generating alternative’ until their market view improves
* A new blockchain project raises \[Х] mil USD in cryptocurrency and stablecoins to fund its 2-year roadmap, project chooses to keep it in USD+ to minimize volatility while earning \~2 bps / 7.6% APY a day

***For AMMs:***

* A decentralized exchange, aka SushiSwap, lowers fees and sponsors USDC/USD+, wETH/USD+, etc. trading pairs, as it starts receiving interest on USD+ posted by liquidity providers

The above use cases are centered around yield generation. As USD+ is a stablecoin, there are many use cases around payments, be that P2P, B2C, or C2B, onchain or across chains. Given USD+ is pegged to USDC, onchain to off-chain use cases are also possible.<br>


# Swap

The **Swap** feature on the Overnight platform streamlines the conversion of various assets into Overnight tokens. Powered by **Odos**, a decentralized trading protocol, it enables fast and secure peer-to-peer trading for efficient asset exchanges.

With **Swap**, users can maximize their yield generation potential and enjoy a seamless trading experience.

[**Learn more about Odos**](https://www.odos.xyz/about) and its contribution to decentralized asset trading.

### Benefits of Swap on Overnight <a href="#benefits-of-swap-on-overnight" id="benefits-of-swap-on-overnight"></a>

* **Convenience** Effortlessly exchange assets for Overnight tokens without intermediaries, saving you time and effort.
* **Lower Fees** Enjoy competitive transaction fees, often lower than traditional exchanges. Our default settings prioritize minimal slippage, ensuring no surprises when swapping stablecoins.
* **Security and Privacy** Leverage blockchain technology for secure, private asset exchanges, maintaining full control over your assets without the risks of centralized platforms.
* **Improved Liquidity** Contribute to ecosystem liquidity, enhancing trading opportunities and minimizing slippage.
* **Efficient Asset Management** Quickly rebalance your portfolio or switch assets, making it easy to diversify and adjust your strategies.

### How to Use Swap on Overnight <a href="#how-to-use-swap-on-overnight" id="how-to-use-swap-on-overnight"></a>

{% stepper %}
{% step %}
**Access Swap**

&#x20;Visit the [**Swap**](https://app.overnight.fi/) page on the Overnight platform.
{% endstep %}

{% step %}
**Asset Selection**

Choose up to 3 assets in both the "**You Send**" and "**You Receive**" fields from a wide range of supported tokens and stablecoins for your swap.

<img src="/files/IWhKoaRVpcqDNXp3EpAL" alt="" data-size="original">
{% endstep %}

{% step %}
**Asset Input**

Enter the amount you want to exchange in the "**You send**" field. The platform will show the approximate amount of the desired asset in the "**You receive**" field based on the current exchange rate.
{% endstep %}

{% step %}
**Slippage Tolerance**

Set your slippage tolerance to control acceptable price deviations during the swap. Recommended values:

* **0.05%** for stablecoins
* **0.1%** for a mix of stablecoins and volatile assets
* **1%** for volatile assets

<img src="/files/7v5KMoXhuu5K0pseppZM" alt="" data-size="original">
{% endstep %}

{% step %}
**Transaction Confirmation**

Review the swap details, including the estimated transaction fee and the resulting asset amount. Ensure all information is accurate before proceeding.

<img src="/files/l4B1trmqH72Eot3ZW5H6" alt="" data-size="original">
{% endstep %}

{% step %}
**Transaction Execution**

Click the **"Swap"** button to execute the transaction. Confirm the transaction in your connected wallet by following the prompts.
{% endstep %}

{% step %}
**Transaction Completion**&#x20;

Once confirmed on the blockchain, the exchanged asset will be credited to your wallet. You can also click the provided link to view transaction details on the blockchain explorer for verification.

<img src="/files/BQDRoGyYNm1VI6mc4Dqb" alt="" data-size="original">
{% endstep %}
{% endstepper %}


# Mint/Redeem

### What Is Minting? <a href="#anchor2" id="anchor2"></a>

Crypto minting refers to the process of **creating new units** of a particular cryptocurrency. This method adds tokens into circulation, enabling them to be traded or used within its ecosystem.

On the Overnight.fi platform, **Tokens+** can be minted in exchange for stablecoins at a 1:1 ratio. This can be done through the **Mint** section on the homepage.

To mint **xUSD**, the Arbitrum blockchain must be chosen.

{% hint style="info" %}
The transferred USDC is sent to the `PortfolioManager`, where it is then deposited into the designated strategies.
{% endhint %}

<figure><img src="/files/xyovuyCgcgfdcsI2FfHx" alt="" width="375"><figcaption></figcaption></figure>

### **How to Mint Tokens+**

Follow these steps to mint Tokens+ on the Overnight platform:

{% stepper %}
{% step %}
**Navigate to the Mint/Redeem Tab:**

On the main page, locate and click the "Mint/Redeem" tab.

<img src="/files/yT4Txa24UzSTEh6O3q39" alt="" data-size="original">
{% endstep %}

{% step %}
**Select Tokens for Minting:**

From the list of tokens in your wallet, select the ones you want to use for minting Token+. For example, to mint **USDC+**, you'll need **USDC**; for **ETH+**, you'll need **ETH**, and so on.

<img src="/files/CkMOGYazvINqMbxaSRui" alt="" data-size="original">
{% endstep %}

{% step %}
**View Transaction Details:**

In the window below, review the key details such as the **exchange rate**, **Overnight fee**, and the **number of tokens** you will receive after the transaction.

<img src="/files/fu8faNxyqIiQcP2jdVMx" alt="" data-size="original">
{% endstep %}

{% step %}
**Approve and Mint:**\
If prompted, approve the transaction in your wallet, then click the **Mint** button to complete the process.

<img src="/files/O3ikl9PyJOegOgDNjeny" alt="" data-size="original">
{% endstep %}
{% endstepper %}

Once the transaction is confirmed, your new Tokens+ will appear in your wallet.

### Redeeming <a href="#redeeming" id="redeeming"></a>

The reverse process, called **Redeeming**, allows users to exchange Tokens+ back into stablecoins or ETH, and xUSD back into stablecoins. This can be done in the **Redeem** tab, effectively withdrawing funds from the strategies.

{% hint style="info" %}
If necessary, the `PortfolioManager` will initiate the withdrawal process from strategies to gather the required amount of USDC for the return. If the collateral falls below the critical threshold, clients can receive a proportional share of assets from the Vault.
{% endhint %}


# OVN Staking

### **What is OVN Staking?**

Users who hold OVN tokens in their wallets can stake them on the Overnight platform to receive OVN+ tokens at a 1:1 ratio with zero minting fees. Unlike traditional staking mechanisms, users can redeem their OVN tokens instantly, with a 2.5% unstaking commission.

Rewards for OVN+ holders are automatically added to their OVN+ balances daily via the rebase mechanism developed for Overnight Tokens+ (i.e., USD+).

### How to Start Staking OVN

{% stepper %}
{% step %}
**Visit the Staking tab on the Overnight platform**

<div align="left"><figure><img src="/files/Qz9OBnTDYe8CvbyhVLIq" alt="" width="375"><figcaption></figcaption></figure></div>
{% endstep %}

{% step %}
**Connect your wallet containing OVN tokens**
{% endstep %}

{% step %}
**Choose the amount of OVN you want to stake**

<div align="left"><figure><img src="/files/NWGbxMaU7d58Me8jUjoW" alt="" width="375"><figcaption></figcaption></figure></div>
{% endstep %}

{% step %}
**Confirm the transaction to receive your OVN+**
{% endstep %}

{% step %}
**Hold OVN+ in your wallet to automatically receive daily rebases**
{% endstep %}
{% endstepper %}


# Wrapped Tokens+

### What is Wrapped Tokens+? <a href="#what-is-wrapped-tokens" id="what-is-wrapped-tokens"></a>

**Wrapped Tokens+** (like **wUSD+**) are wrapped versions of tokens like **USD+**, designed to maintain a constant balance for use in certain DeFi protocols. Unlike USD+, where the token balance changes daily with payouts, wrapped tokens provide stability by keeping the token amount fixed in your wallet.

Instead of increasing the number of tokens to distribute yields, **Wrapped Tokens+** accumulate rewards through a **price increase**. This allows for seamless integration with DeFi platforms that require a stable balance mechanism, ensuring that your balance remains constant while still earning payouts through the price appreciation of the wrapped token.

<figure><img src="/files/zeT8OVR3fImAiqbDZjwG" alt="" width="375"><figcaption></figcaption></figure>

### How to Wrap Tokens+ on Overnight <a href="#how-to-wrap-tokens-on-overnight" id="how-to-wrap-tokens-on-overnight"></a>

To **Wrap Tokens+**, follow these steps:

{% stepper %}
{% step %}
**Visit the Mint Page**:&#x20;

Go to the Mint page on the Overnight platform.
{% endstep %}

{% step %}
**Select Wrap or Unwrap Option**:&#x20;

<img src="/files/SeJ3OFgZz0jtLZ2Eyyzg" alt="" data-size="original">

Choose the "Wrap" option to convert your USD+ into a wrapped version, such as **wUSD+**. Alternatively, select "Unwrap" if you wish to convert wrapped tokens back into their original form.
{% endstep %}

{% step %}
**Asset Selection**:&#x20;

<img src="/files/tSHdGcZ7VxzmWWtuMPaR" alt="" data-size="original">

Choose the Token+ you want to use for wrapping from the available options.
{% endstep %}

{% step %}
**Asset Input:**&#x20;

Enter the amount you want to Wrap. The platform will show the amount of the wrapped asset based on the current rate.
{% endstep %}

{% step %}
**Transaction Execution**:&#x20;

Click the "Wrap" button to execute the transaction. Confirm the transaction in your connected wallet by following the prompts.
{% endstep %}

{% step %}
**Transaction Completion**:&#x20;

Once confirmed on the blockchain, the wrapped asset will be credited to your wallet.

<img src="/files/kwMkkBAuEbSesI1AEQLR" alt="" data-size="original">
{% endstep %}
{% endstepper %}


# Bridge

### What is bridge? <a href="#what-is-bridge" id="what-is-bridge"></a>

Bridging in crypto refers to the process of transferring assets between different blockchain networks. Bridge on Overnight is powered by [**Squid**](https://www.squidrouter.com/) **and** [**Axelar**](https://ilia-organization.gitbook.io/overnight/user-guides/www.axelar.network)**.**

### How do I transfer assets to a different network? <a href="#how-do-i-transfer-assets-to-a-different-network" id="how-do-i-transfer-assets-to-a-different-network"></a>

{% stepper %}
{% step %}
On the main page, click the **Bridge** tab and connect your web3 wallet.

<img src="/files/TAEz6fkI1vUJaVl9L75Y" alt="" data-size="original">

{% endstep %}

{% step %}
Select the network and asset in the "**From**" field, then choose the destination network and the asset you wish to receive in the "**To**" field.

<img src="/files/zUR7GJkWRq2SCK8yvIPX" alt="" data-size="original">
{% endstep %}

{% step %}
Click "Give permission to use tokens".

<img src="/files/XXEoQTtiaF82MuISLsrv" alt="" data-size="original">
{% endstep %}

{% step %}
Once the permission is given you will see the Submit button. Click and it is done, in a few minutes the transaction should be completed.

<img src="/files/GtBDThl1dMdIyIxL5bQw" alt="" data-size="original">
{% endstep %}
{% endstepper %}


# Pools

Pools on the Overnight platform offer users a way to participate in decentralized liquidity pools and earn yields by depositing their assets. This guide will help you explore the pools page, highlighting features that will enable you to select the most suitable pool for staking and ensure a seamless experience.

<figure><img src="/files/JECey4xVuXWDwnEzSiyD" alt=""><figcaption></figcaption></figure>

### **What are Pools?** <a href="#what-are-pools" id="what-are-pools"></a>

**Liquidity Pools**: These decentralized pools allow users to deposit assets like cryptocurrencies or stablecoins. Liquidity pools are crucial for facilitating various DeFi activities, such as trading, lending, borrowing, and yield farming. They are primarily used to support decentralized exchanges (DEXes) run by automated market makers (AMMs).

**Yield Generation**: When you deposit your assets into a pool, you become a liquidity provider. In return, you earn yields generated by trading fees, interest accrual, or rewards from other protocols.

**Filter**: By default, pools from all supported chains are displayed. You can refine your view by using the chain filter to see pools specific to certain networks.

**Interacting with Pools**

* **Deposit Button**: All Overnight pools support the **Zapin** feature, click the "Deposit" button to swap your assets and enter the selected pool with ease.

Use this guide to navigate the pools on the Overnight platform. By applying filters and exploring the interaction options, you can make informed decisions, participate in liquidity pools, and maximize the earning potential of your assets.


# Zapin

The **Zapin** feature on the Overnight platform is a user-friendly tool designed to simplify the process of investing in DeFi pools. Powered by smart contracts, it enables users to create liquidity pool tokens and deposit them directly into partner protocol in a single transaction. This eliminates the need for manually interacting with multiple protocols or performing multiple steps, which can often be time-consuming and complex.

### Key Benefits of the Zapin Feature: <a href="#key-benefits-of-the-zapin-feature" id="key-benefits-of-the-zapin-feature"></a>

1. **Streamlined Investment**: Instead of performing multiple transactions, users can invest in various pools through a single, simplified process.
2. **Time-Efficient**: By automating the interaction with DeFi protocols, Zapin save users time and effort.
3. **User-Friendly**: Whether you're a beginner or an experienced DeFi user, Zapin make pool investments more accessible.
4. **Single Transaction**: Zapin consolidate the process of creating liquidity pool tokens and staking them, reducing transaction complexity.

This feature is particularly valuable for those looking to participate in liquidity pools without needing deep technical knowledge or experience with DeFi protocols.

### How to Use the Zapin Feature on Overnight <a href="#how-to-use-the-zapin-feature-on-overnight" id="how-to-use-the-zapin-feature-on-overnight"></a>

{% hint style="warning" %}
Note that a native network token, such as ETH on a Base network, cannot be used for a zap.
{% endhint %}

{% stepper %}
{% step %}
**Access Zaps**

Navigate to the **Pools** page on the Overnight dapp.

<img src="/files/y7mOpJIPrWLtHzSUs1jw" alt="" data-size="original">
{% endstep %}

{% step %}
**Choose a Pool**

* Browse the available pools and select one that suits your investment goals.
* Use the **chain filter** to narrow down options based on specific blockchain networks.
* Click the **"Deposit"** button next to the desired pool to initiate the process.
  {% endstep %}

{% step %}
**Select Tokens**

* Choose up to 3 tokens from your connected wallet that you wish to deposit in the selected pool.
* Input the amount of each token you want to invest.

<img src="/files/DmJt7nmTGSjqMAXdv6WK" alt="" data-size="original">
{% endstep %}

{% step %}
**Set Slippage Tolerance**

Adjust the **slippage tolerance** to manage price deviations during the transaction.

* For stable pools, a lower slippage is often sufficient.
* For more volatile pools, a higher slippage tolerance may be needed to increase the likelihood of a successful transaction.

<img src="/files/4hHl0wLeg6qU86wxnwMx" alt="" data-size="original">
{% endstep %}

{% step %}
**Review and Confirm the Transaction**

* Carefully review the transaction details, including slippage tolerance and the resulting amount of the exchanged assets.
* If token approvals are required, approve them to authorize the transaction.
* Once satisfied, click **"Stake"** to proceed.
  {% endstep %}

{% step %}
**Complete the Transaction**

* Confirm the transaction through your connected wallet following the on-screen prompts.
* After the transaction is confirmed on the blockchain, your assets will be swapped and staked into the selected pool.
  {% endstep %}

{% step %}
**Review Your Position**

A popup window will display the transaction details, including links to:

* View your position in the pool.
* Check the transaction on the chain explorer for transparency.

When your wallet is connected, you can easily monitor your positions on the **My Positions** page. This page provides a comprehensive view of all your active liquidity positions, allowing you to manage and track your investments effortlessly.

<img src="/files/T8ocxyKnOf9pbZcmUAPN" alt="" data-size="original">
{% endstep %}
{% endstepper %}

Congratulations! You've successfully used the **Zapin** feature, allowing you to quickly and easily join pools with Overnight tokens, streamlining the process to gain access to attractive yield opportunities in just one click.


# My Positions

Managing your LP V3 positions on the Overnight platform

<figure><img src="/files/KaEg2nTrjJFIpMBKsG41" alt=""><figcaption></figcaption></figure>

### My Positions Page Overview <a href="#my-positions-page-overview" id="my-positions-page-overview"></a>

Once you add liquidity to a pool, your positions will appear on the **My Positions** page. This section serves as your dashboard for viewing and managing all your active V3 positions, providing essential details for each position:

* **Chain**: The blockchain network your position is on, such as Ethereum, Binance Smart Chain, or others, ensuring you are aware of the specific ecosystem in which you are operating.
* **Pool Name**: The name of the liquidity pool in which your assets are staked, allowing you to easily identify your investments.
* **Position Size (USD)**: The total value of your position, expressed in USD. This figure reflects your initial investment plus any accrued rewards.
* **Earned**: The amount of rewards or yield generated from your position, giving you insight into your investment's performance over time.
* **Stake Status**: Indicates whether your position is currently staked (actively earning rewards) or unstaked (not earning rewards), helping you manage your liquidity effectively.
* **Platforms**: The protocols or platforms where your position is active, offering transparency about where your assets are deployed.

From the **My Positions** page, you can perform the following actions:

* **Claim**: Collect the rewards or earnings generated by your position and send them to your wallet. This action allows you to realize profits and use them as needed.
* **Unstake**: Unstake your position from the current pool if you decide to exit the liquidity pool, enabling you to retrieve your assets.
* **Manage**: Access detailed management options for your position, allowing for adjustments based on your investment strategy and market conditions.

***

### Managing Positions <a href="#managing-positions" id="managing-positions"></a>

To manage a specific position, click on the **Manage** button next to it. This action will open the detailed position page, where you can interact with your liquidity through several options:

* **Rebalance**: Adjust the desired price range of your position by changing the **Min Price** and/or **Max Price**. This feature is crucial for optimizing your [Concentrated Liquidity Pool](https://docs.uniswap.org/concepts/protocol/concentrated-liquidity), as it allows you to align your assets with market trends. The **Transaction Route** section will display the actions required to complete the rebalancing, ensuring clarity on what adjustments will be made.
* **Withdraw**: Remove liquidity from the liquidity pool (LP) if you wish to exit your position. This action returns your staked assets to your wallet, allowing you to utilize them elsewhere.
* **Harvest**: Claim the earned rewards from the LP and transfer them to your wallet. This process enables you to realize the profits generated by your position without fully withdrawing from the pool.
* **Increase**: Add more liquidity to your existing position to increase your stake. This action can enhance your earning potential and solidify your position within the pool.
* **Compound**: Automatically reinvest the rewards or earnings generated by your position back into the LP to grow your stake. Compounding allows you to benefit from the power of interest on interest, accelerating your potential returns over time.

<img src="/files/Ci3KO20H3K3gzPiPTpiz" alt="" class="gitbook-drawing">

***

By utilizing the **My Positions** page and its management features, you can effectively oversee your LP V3 positions on the Overnight platform, making informed decisions to maximize your yield and investment potential.


# Stats Page

### Stats Page Overview <a href="#stats-page-overview" id="stats-page-overview"></a>

The [**Stats Page**](https://app.overnight.fi/market/usd) serves as a comprehensive resource for tracking the performance of each token+ on the Overnight platform. This page provides valuable insights into various metrics, allowing users to make informed decisions regarding their investments. Key features of the Stats Page include:

* **Average APY Chart**: View a detailed chart illustrating the average Annual Percentage Yield (APY) for each token+ across different blockchain networks.
* **Last Payout**: Information on the date of the last payout for each token+, giving you an understanding of the payout frequency and timing.
* **Total Value Locked (TVL)**: Display the Total Value Locked (TVL) for each token+, which reflects the total assets staked in the token’s liquidity pools.

<figure><img src="/files/NhbCEPwvZAkvdazPDuZV" alt=""><figcaption></figcaption></figure>

### Portfolio Section <a href="#portfolio-section" id="portfolio-section"></a>

Beneath the main metrics, the **Portfolio Section** provides an overview of the strategies utilized within portfolio. Here you can find:

* **List of Strategies**: A list of the different strategies being utilized for each token.
* **Strategy Balances**: View the current balance associated with each strategy in the portfolio.

<figure><img src="/files/czSxhdWecyWXgosbOvT5" alt=""><figcaption></figcaption></figure>

### Payouts Information <a href="#payouts-information" id="payouts-information"></a>

Additionally, the Stats Page offers a dedicated section for tracking payouts for each token+. Here you can see:

* **Payout History**: Access historical payout information.

By utilizing the Stats Page, you can effectively monitor the performance of token+ , assess strategies, and stay informed about payout distributions, all contributing to better decision-making within the Overnight ecosystem.


# Main Components

The scheme and description of main components of Overnight DAO

### Overnight DAO scheme

<figure><img src="/files/a0awyRSeiFQDk0NVxZqh" alt=""><figcaption><p>Scheme DAO of Overnight</p></figcaption></figure>

## OVN token

The [OVN token](broken://pages/l4nK3u2do2s2vOds6BIZ) serves as the governance token within the Overnight ecosystem, granting voting rights for decentralized risk management. It encourages the alignment of community incentives by rewarding support for conservative risk decisions and vetoing aggressive ones. OVN token holders can influence the protocol by creating and accepting proposals.

## OVN Governance

OVN Governance is the smart contract enabling [OVN token](broken://pages/l4nK3u2do2s2vOds6BIZ) holders to participate in the voting process. This smart contract is the governing entity on the [Mother Chain (Optimism)](/governance/proposals/proposal-process-on-ovn-governance). Users can cast their votes through OVN Governance by holding their OVN tokens in a wallet on the Optimism chain.

## OVN Holder

OVN Holders are individuals who possess [OVN ](broken://pages/l4nK3u2do2s2vOds6BIZ)tokens in their wallets on the Optimism chain. OVN Holders have the authority to vote through OVN Governance and can initiate proposals. Each OVN Holder's voting power is equivalent to the number of OVN tokens held.

## OVN\_LP Holders

OVN LP tokens are rewarded to users for providing liquidity in pools with OVN tokens. OVN LP and OVN holders can participate in voting and create proposals for protocol changes. To become an OVN LP holder, one must stake OVN tokens in pools with OVN tokens, such as those on Aerodrom or Velodrome.

## Timelock

There are 2 types of timelocks:

* Agent Timelock - This smart contract imposes a 6-hour delay between the end of a vote and its acceptance at OVN Agent. It also requires a consensus from 3 out of 5 signers to reach a quorum.
* OVN Governance Timelock - This smart contract introduces a delay between the end of a vote and its acceptance at [OVN Governance](#ovn-governance), allowing users time to take desired actions with their tokens.&#x20;

Different types of timelocks take different times from a couple of hours to several days

## OVN Agent

The OVN Agent serves as a protocol proxy, operating as a multisignature (Gnosis Safe) wallet that enforces governance and community-driven solutions. It plays a crucial role in expediting protocol management, providing a swift alternative to the potentially lengthy process associated with [Mother Governance](/governance/proposals/proposal-process-on-ovn-governance).

The OVN Agent wallet is dedicated to managing the protocol on behalf of the community, facilitating necessary modifications in a remarkably short timeframe. This agility stands in stark contrast to[ Mother Governance](/governance/proposals/proposal-process-on-ovn-governance). The time required for protocol adjustments corresponds to the specified time lock variable within the smart contract.

OVN Agents are strategically positioned across all networks that implement the [USD+](broken://pages/5Fre8hINSEWpubCfi9Qs) protocol. These agents serve as the implementers of solutions proposed by [OVN](broken://pages/l4nK3u2do2s2vOds6BIZ) token holders. If an OVN Agent operates on the Optimism network, it receives a direct assignment from OVN Governance. In cases where the OVN Agent is on a different network, the assignment process involves the[ Axelar Gateway](https://docs.axelar.dev/dev/general-message-passing/overview). The Axelar Gateway is a bridge facilitating transactions between different blockchain networks. It enables cross-chain communication between contracts. OVN Agents play a pivotal role in executing decisions ratified by the community through snapshot mechanisms.

<figure><img src="/files/QpxLm7W62XLakkLMJVcv" alt=""><figcaption><p>Process of setting new OVN Agent</p></figcaption></figure>

<figure><img src="/files/50cFnaT2jGzFP9nBpBeQ" alt=""><figcaption><p>Process of Agent OVN upgrading protocol</p></figcaption></figure>

## Snapshot

Snapshot is a voting platform that enables easy and gas-free voting for DAOs, DeFi protocols, and NFT communities.

It allows [OVN](broken://pages/l4nK3u2do2s2vOds6BIZ) and [OVN\_LP](#ovn_lp-holders) holders to make decisions regarding the protocol, including [voting](/governance/proposals/proposal-process-on-snapshot) for or against the inclusion of investment strategies or vetoing votes.

Snapshot aggregates balances from all pools across various networks and conducts snapshots for users eligible to vote.

Snapshot will be integrated into the voting system [later](/governance/proposals).

## Portfolio Manager Agent

This wallet manages portfolio weights, decides on investment strategies, and allocates funds.It determines how much to invest.The selection of the Portfolio Manager Agent occurs through a [Snapshot](/governance/proposals/proposal-process-on-snapshot) by OVN and OVN\_LP holders

## Multisig Gnosis Safe

A multisignature wallet that requires a quorum of signatories to approve any solution applied by the [OVN Agent](#ovn-agent).


# Governance Addresses

List of governance,multisigs and timelock addresses

## OVN  addresses

| Chain    | Address                                    |
| -------- | ------------------------------------------ |
| Arbitrum | 0xA3d1a8DEB97B111454B294E2324EfAD13a9d8396 |
| Base     | 0xA3d1a8DEB97B111454B294E2324EfAD13a9d8396 |
| Optimism | 0x3b08fcd15280e7B5A6e404c4abb87F7C774D1B2e |
| BSC      | 0x259b30c916e440fb79747cd559207ffdabbae057 |
| Linea    | 0xa3d1a8deb97b111454b294e2324efad13a9d8396 |

## Mother Governance addresses

| Contract Name | Contract Address                           |
| ------------- | ------------------------------------------ |
| OvnTimelock   | 0xA4fc2F25CA4dFEc08F07eE92d3173BA21A01E9f8 |
| OvnGovernor   | 0x279a30ed284D49D32De901acfC0004B2dB1c091E |

## TimeLock addresses

| Сhain    | AgentTimelock                              | OvnAgent                                   |
| -------- | ------------------------------------------ | ------------------------------------------ |
| Arbitrum | 0xa44dF8A8581C2cb536234E6640112fFf932ED2c4 | 0x5cBb2167677c2259F421457542f6E5A805B1FF2F |
| Base     | 0x8ab9012D1BfF1b62c2ad82AE0106593371e6b247 | 0xAba227eAd919E060B95B02bab2270646840bF9bC |
| Linea    | 0xB5f161eD93669eF8e566C435Fc591038c234C5EB | 0x05A69d7Ac6aA5d1D8119c56c544f47A0984f2216 |
| BSC      | 0x7f947D141FED32595916E150740a5e60d479E95F | 0xdFdB46Af574Fa0EE183841f78554F7F07940065B |
| ZkSync   | 0xD09ea5E276a84Fa73AE14Ae794524558d43F7fdC | 0x547cBF9f8A07a9E7e09f3baa2f462458a5A8268C |
| Polygon  | 0xc5eF2130cE43aBC8DA745B285832D902CCF1637C | 0xe5d15506088f96252e0c8c80bF5Cf7E3b4121B33 |
| Optimism | 0xBf3FCee0E856c2aa89dc022f00D6D8159A80F011 | 0xD439BD5Fb6fAbB2244C46f03559485c3C33e0521 |
| Blast    | 0xE12E06D810F08b7703D5266081f8023ACD21ce9d | 0xf9e4a8bbF4BD7700077a36F6bdDB615c221E6E04 |


# Proposals

The description of proposal types

Users have the opportunity to vote on proposals through the voting-forum in [special Discord channel](https://discord.com/channels/933003627444969552/1156175596565565450) . This channel acts as a platform for users to engage in discussions about the proposals they intend to vote on.&#x20;

There are 2 ways how proposal could be initiated:

1.OVN Agent send automatic notification in the special discord channel. OVN holders have the right to veto if they disagree with any proposal. They can exercise their right by voting on this Discord channel

2.OVN holders have the autonomy to independently initiate discussions and engage in them in the same Discord channel.

The OVN community actively engages in the formulation and discussion of proposals.

After a while, we will implement a snapshot and after voting in the discord , OVN and OVN LP holders will vote on the Snapshot service


# Proposal process on OVN Governance

The description of proposal process on OVN Governance on Mother Chain(Optimism)

1. Creating a Proposal: An [OVN](broken://pages/l4nK3u2do2s2vOds6BIZ) Holder initiates a proposal,such as change [Agent OVN](/governance/main-components#ovn-agent) and upgrade [protocol timelock](/governance/main-components#timelock).
2. Proposal in Pending State: The proposal is initially in a pending state, awaiting further actions.
3. Active Proposal: Afterward, the proposal becomes active and is open for voting, during which a quorum requirement must be met.
4. Successful Proposal: If the proposal garners the necessary support and meets the quorum requirement, it succeeds. Proposal Unsuccessful: Proposal canceled
5. Queue Period: The successful proposal is then placed in a queue for execution, where it awaits its turn for another one-week period.
6. Execution of Proposal: Finally, the proposal is executed, and its intended actions are carried out.

<figure><img src="/files/CIrDWoXzYjs5cSh2zrjZ" alt=""><figcaption><p>Proposal process on Mother Chain</p></figcaption></figure>

#### Types of proposals on mother chain:

* Mint a new [OVN](broken://pages/l4nK3u2do2s2vOds6BIZ) tokens
* Set a new [OvnAgent](/governance/main-components#ovn-agent)
* Upgrade [AgentTimelock](/governance/main-components#timelock) contract


# Proposal process on Snapshot

The description of proposal process on Snapshot

1. Creating a Proposal: An [OVN](broken://pages/l4nK3u2do2s2vOds6BIZ) or [OVN\_LP ](/governance/main-components#ovn_lp-holders)holder initiates a proposal on [Snapshot](/governance/main-components#snapshot).&#x20;
2. Proposal Goes Live: The proposal becomes active on Snapshot, making it available for the  OVN or OVN\_LP holder community to review and vote.&#x20;
3. Community Voting: Other OVN and OVN\_LP holders have the opportunity to vote in favor of or against the proposal.&#x20;
4. Success Criteria: For a proposal to succeed, it must meet the quorum requirement, meaning it garners sufficient support. Unsuccessful Proposal: If the quorum is not reached, the proposal is considered unsuccessful and is canceled.&#x20;
5. Queue Period : In the event of a successful proposal, it enters a queue, awaiting execution.&#x20;
6. Proposal Execution: After the queue period, the [OVN Agent](/governance/main-components#ovn-agent) executes the proposal, bringing the proposed changes to life.&#x20;

<figure><img src="/files/2gQ5Lfg9Cv0rwX1kaCAd" alt=""><figcaption><p>Proposal process on Snapshot</p></figcaption></figure>

#### Types of proposals on snapshot:

* Upgrade protocol [USD+](broken://pages/5Fre8hINSEWpubCfi9Qs)


# Overnight smart contracts

Overnight smart contracts overview

## Portfolio manager

Portfolio manager is a smart contract that runs the algorithm that rebalances the portfolio to meet the investment strategy.&#x20;

> Hold information about the target weights `strategyWeights` for the strategies. If necessary, performs the asset reallocation process using the `balance` method.

Portfolio manager receives M2M data and compares the portfolio structure to the Investment strategy. In case the asset weight is below the minimum or above the maximum specified, It will initiate trades required to meet the target asset weights. For example, in the case of a large deposit, the portfolio manager will see the weight of cash exceed the maximum percentage and thus deploy the excess cash into the relevant lending and liquidity strategies. It will do the opposite in case of a large withdrawal.&#x20;

Portfolio manager contains three methods available only for the `EXCHANGER` role:

* `deposit` - receives assets and places them in `cashStrategy` until the limit is reached. If the limit is exceeded, then it starts balancing for distributing assets to all strategies according to target weights
* `withdraw` - withdraws assets from strategies to return to the client. If there are enough assets in `cashStrategy`, then use them, otherwise starts balancing with the withdrawal of the required amount of assets from the strategies
* `claimAndBalance` - starts collecting (claiming) rewards for strategies with the subsequent balancing of the portfolio to target values

There are also management methods available for the `ADMIN` role:

* `balance` - start balancing assets between strategies to match the given target values
* `setStrategyWeights` - setting target values for strategies
* `setCashStrategy` - assigns which strategy to use as `cashStrategy` - which is a buffer for assets, preventing permanent balancing

## Mark2Market

Mark2Market provides functionality for obtaining information about current assets managed by strategies and their value in USDC. Information about the value of each asset in USDC is provided by the strategies themselves.

> Has the following public methods:
>
> * `strategyAssets` - getting a pivot table for the value of current assets managed by strategies
> * `totalNetAssets` - total value of assets managed by all strategies at USDC equivalent
> * `totalLiquidationAssets` - the potential amount of USDC, which can be obtained with a full withdrawal of assets from all strategies

\ <br>


# Strategies

The overarching principles of the investment strategy are

* *Risk over return*: selecting assets and their target weights that should allow to avoid losses on a daily investment horizon rather than generate extraordinary yield (meaning: Less risk for a sensible and sustainable yield)
* *Investment charter*: Asset classes, specific instruments, and their weights in the portfolio are pre-determined and public, Overnight protocol is designed to follow the investment charter at the code level
* *Holders in control*: Some modifications to the investment charter can take place as market conditions evolve and new opportunities, including new protocols, emerge. In such situations USD+ holders are informed in advance, leaving ample time to redeem their holdings in case they are not comfortable with modifications

Overnight deploys multiple investment strategies that can be broadly be classified as

* Stablecoin deposits into lending protocols
* Stable-to-stable liquidity pools
* ETSes, delta-neutral strategies developped by Overnight

> Extend `Strategy` - the parent contract with the basic logic and interface for management through `PortfolioManager`. They have several public methods available for the `PORTFOLIO_MANAGER` role:
>
> * `stake` - method for depositing assets into the strategy to manage them
> * `unstake` - method for withdrawing assets from the strategy. Allows to make a partial or full withdrawal of assets
> * `netAssetValue` - current amount of assets under management in USDC equivalent
> * `liquidationValue` - the current potential amount of assets in USDC equivalent, which can be obtained on a full withdrawal
> * `claimRewards` - start collecting (claiming) rewards, if it is provided by the strategy


# SMM Strategy

Stable Coin Market Maker (SMM) strategy description

### How it works

In our Stable Coin Market Maker (SMM) strategy, we provide liquidity in a pool with precision and a minimal commission of 0.01%, specifically tailored for stablecoin pools. Our approach centers around achieving highly accurate positions, with a minimum tick width (tick spacing) of 1. This level of precision allows us to position liquidity very close to the current price without becoming part of it, enabling us to capitalize on even the smallest price fluctuations.

Here's how our SMM strategy functions:

1. **Precision Positioning**: We place liquidity very close to the current price, both to the left and right, depending on the assets available.&#x20;
2. **Waiting for Price Shifts**: We patiently wait for price movements in one direction. As soon as the price shifts and intersects with our positioned liquidity, we obtain additional assets, which may be different stablecoins like USDC or USDT, depending on the pool.
3. **Following the Price**: After the price moves beyond our initial position, we adjust our liquidity to follow the price. For example, if the price starts at 1.0008, we initially place our position at 1.0007 and 1.0009. If price moves to the center (1.0000), it consumes our position at 1.0007 and we keep another position close (to 1.0008). When price at 1.0006, we have only 1 asset and our position at 1.0007 (combined of two)
4. **Managing Two Assets**: If we initially have two different assets, we position them on both sides of the price. When the price shifts in one direction and consumes one of our positions, we are left with one asset. In response, we change our entire position to follow the price. One of the positions remains in place, while the other is shifted.
5. **Gaining Two Assets**: We regain two assets only when part of our position is consumed, and the price reverses direction. For instance, if the price starts at 1.000 and we initially position everything at 0.999, and the price moves towards it, we undergo exchanges. When the price returns to 1, we regain both the first and second asset due to the exchanges. We then proceed to place a new position at 1.001.

## Important Restrictions and Considerations

**Price Depegging**: In cases where a stablecoin's price volatile significantly, we adjust our position to follow the price. For instance, if a stablecoin like USDC depegs to 0.82, we would continue following the price, using only USDT. When the price reaches 0.82, we conduct an exchange and that will lead to losses.

To manage risk and potential losses, we have implemented a Price Movement Limit: This restriction prevents us from moving too far from the current price, specifically stopping our movement when the price exceeds 0.06% from the current price. If the price rebounds, we move back to 1. This dual strategy helps safeguard against substantial losses while navigating price-depeging scenarios.


# ETS

Delta-neutral Exchange Traded Strategies

Exchange-traded strategies are structured ERC-20 products that involve leveraging a collateralized debt position (such as DAI lent on Aave) to borrow a volatile asset (like WETH). This volatile asset is then paired with a stablecoin to provide stable-to-crypto liquidity (e.g. WETH/DAI) on an Automated Market Maker (AMM) like Uni V3. This approach allows for earning a high Annual Percentage Yield (APY) and hedging against the volatility of cryptocurrencies.

It's worth noting that the current usage of exchange-traded strategies (ETSs) has shifted more towards internal functions, particularly as collateral for USD+.

As the crypto asset moves up in price, the value of the debt goes up accordingly. As the crypto asset falls in price, the amount of debt reduces. Thus the yield received is 'delta-neutral', i.e. stablecoin based.

ETSes are exposed to impermanent loss, thus, ETS is 'delta-neutral but gamma-exposed yield'. In order to mitigate the gamma exposure, the position is regularly rebalanced by automated bots that react to a delta b/w amount of crypto borrowed and LPed.

<figure><img src="/files/WgWdEnomDilcw90XtIOI" alt=""><figcaption></figcaption></figure>

There are wide range ETSes (corresponding to classic Uni V2 positions) and narrow range ETSes (corresponding to various concentrated liquidity positions). Wide range ETSes are relatively low risk; in contrast wide range ETSes are high risk-high return.

A fee retained by Overnight for ETSes can vary b/w 20 and 50% of the yield charged daily. The higher the risk, the costlier it is to run regular rebalances - some narrow range ETSes during periods of high volatility can require up to 100-150 rebalances per day with corresponding gas costs.

Each ETS is an ERC-20 rebase token that runs on absolutely same mechanics as USD+, using similar exchange and mark-to-market logic.


# Sper

**What is Sper?**\
Sper is an investment strategy based on a combination of two markets: the spot market (Spot) and the perpetual futures market (Perpetual). The name comes from their abbreviations: **S** — Spot, **per** — Perpetual. The essence of the strategy lies in simultaneously purchasing an asset on the spot market and opening a short position on the perpetual futures market. This approach allows for hedging the position and reducing the impact of price fluctuations.

**How does Sper work?**\
Regardless of price movements (up or down), the open position remains approximately at the same level because losses from one market are offset by opposite movements in the other. This makes the position **delta-neutral**, meaning it is protected from volatility and maintains balance stability.

**Main Sources of Profit**\
The Sper strategy has several income channels:

* **Funding Rate** — a mechanism regulated by the market: when long positions dominate the system, long holders pay shorts, and vice versa. Thus, by holding a short position, one can earn from the funding rate.
* **Additional income sources** — the spot position can generate profit through lending, participation in liquidity pools, and liquid staking.

**Automated Strategy Control**\
The execution of the Sper strategy occurs automatically using bots. They monitor key indicators:

* Asset prices
* Funding rates
* Position balances
* Margin usage and leverage

Thanks to automated management, the strategy minimizes risks and ensures stable income even in highly volatile markets. Sper is a strategy with minimal risks and high efficiency.


# Contract Addresses

A record of the contracts that make up the Overnight protocol.

## Core

{% tabs %}
{% tab title="Optimism" %}

## USD+

<table><thead><tr><th width="208">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USD+</td><td>0x73cb180bf0521828d8849bc8CF2B920918e23032</td></tr><tr><td>Exchange</td><td>0xe80772Eaf6e2E18B651F160Bc9158b2A5caFCA65</td></tr><tr><td>Mark2Market</td><td>0x9Af655c4DBe940962F776b685d6700F538B90fcf</td></tr><tr><td>PortfolioManager</td><td>0xe1E36e93D31702019D38d2B0F6aB926f15008409</td></tr><tr><td>wUSD+</td><td>0xA348700745D249c3b49D2c2AcAC9A5AE8155F826</td></tr></tbody></table>

## DAI+

<table><thead><tr><th width="221">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>DAI+</td><td>0x970D50d09F3a656b43E11B0D45241a84e3a6e011</td></tr><tr><td>Exchange</td><td>0x7C7938B6a1eF49470aa53Da53bE9A0baa8CE0b10</td></tr><tr><td>Mark2Market</td><td>0x8416d215b71a5C91b04E326140bbbDcDa82C01da</td></tr><tr><td>PortfolioManager</td><td>0x542BdE36670D066d9386bD7b174Cc81199B2e6A7</td></tr></tbody></table>
{% endtab %}

{% tab title="Arbitrum" %}

## xUSD

<table><thead><tr><th width="220">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>xUSD</td><td>0xe80772Eaf6e2E18B651F160Bc9158b2A5caFCA65</td></tr><tr><td>Exchange</td><td>0x73cb180bf0521828d8849bc8CF2B920918e23032</td></tr><tr><td>Mark2Market</td><td>0x9Af655c4DBe940962F776b685d6700F538B90fcf</td></tr><tr><td>PortfolioManager</td><td>0x5Fb8ab30E3cC24b976c005e0C4B5eAf88A537276</td></tr><tr><td>wUSD+</td><td>0xB86fb1047A955C0186c77ff6263819b37B32440D</td></tr></tbody></table>

## wxUSD

<table><thead><tr><th width="215">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>wxUSD</td><td>0xb86fb1047a955c0186c77ff6263819b37b32440d</td></tr><tr><td>Mark2Market</td><td>0x149eb6e777ada78d383bd93c57d45a9a71b171b1</td></tr></tbody></table>

## DAI+

<table><thead><tr><th width="207">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>DAI+</td><td>0xeb8E93A0c7504Bffd8A8fFa56CD754c63aAeBFe8</td></tr><tr><td>Exchange</td><td>0xc8261DC93428F0D2dC04D675b7852CdCdC19d4fd</td></tr><tr><td>Mark2Market</td><td>0xF04124F4226389d1Bf3ad7AcB54da05fF4078c8b</td></tr><tr><td>PortfolioManager</td><td>0xB551BE6de9c9fae3B83310BA4e1768327Dc0e2FC</td></tr></tbody></table>

## USDT+

<table><thead><tr><th width="211">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USDT+</td><td>0xb1084db8D3C05CEbd5FA9335dF95EE4b8a0edc30</td></tr><tr><td>Exchange</td><td>0x8b80Da76AAb8798Fd537A9A83f462CDA69eC1EE4</td></tr><tr><td>Mark2Market</td><td>0xf3607bB88738c3388b543d390a90B6ABF4046E3b</td></tr><tr><td>PortfolioManager</td><td>0x9aa95b5e2E3ecFAb56fB6b955Ad7Fc59bDB94264</td></tr></tbody></table>

## ETH+

<table><thead><tr><th width="215">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>ETH+</td><td>0xD4939D69B31fbE981ed6904A3aF43Ee1dc777Aab</td></tr><tr><td>Exchange</td><td>0xbb5ea28ec8044E3ce55c459C47EEDed8c6CB685f</td></tr><tr><td>Mark2Market</td><td>0x672F0f9ECF78406E4E31cd531b0CefE32f0A84B5</td></tr><tr><td>PortfolioManager</td><td>0x769B4EFA1560AF66D4FE338A5041cB5710352583</td></tr></tbody></table>

## wETH+

<table><thead><tr><th width="215">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>wETH+</td><td>0x72f99511615Cd8fA4D776d76bb8B8f7A5162F60F</td></tr><tr><td>Mark2Market</td><td>0x1C47D35DF5A18f592A8ee128A372780C746003D1</td></tr></tbody></table>
{% endtab %}

{% tab title="ZkSync" %}

## USD+

<table><thead><tr><th width="202">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USD+</td><td>0x8E86e46278518EFc1C5CEd245cBA2C7e3ef11557</td></tr><tr><td>Exchange</td><td>0x84d05333f1F5Bf1358c3f63A113B1953C427925D</td></tr><tr><td>Mark2Market</td><td>0x240aad990FFc5F04F11593fF4dCF1fF714d6fc80</td></tr><tr><td>PortfolioManager</td><td>0xA970de9a2ADB8653708E06F76666CF00d63fe67B</td></tr></tbody></table>

## USDT+

<table><thead><tr><th width="202">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USDT+</td><td>0xBb8D60008A08b1828E02120F1a952D295036eF3d</td></tr><tr><td>Exchange</td><td>0xA37D8f9581253F9c6C85a563F0b100D11C0E5B36</td></tr><tr><td>Mark2Market</td><td>0x560f43D548694517101c0EbE37cf022BB6c1ffc9</td></tr><tr><td>PortfolioManager</td><td>0xc431c7f426A6EBE5620E26847B570CC8e2Be2169</td></tr></tbody></table>
{% endtab %}

{% tab title="Linea" %}

## USD+

<table><thead><tr><th width="201">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USD+</td><td>0xB79DD08EA68A908A97220C76d19A6aA9cBDE4376</td></tr><tr><td>Exchange</td><td>0x7cb1B38591021309C64f451859d79312d8Ca2789</td></tr><tr><td>Mark2Market</td><td>0x1F4947Cd5A5c058DD5EA6Fd1CCd5c311aDa9E6Fb</td></tr><tr><td>PortfolioManager</td><td>0x27B12F3282F1d02682D7D1AD30E45e818B78f7B8</td></tr><tr><td>wUSD+</td><td>0x65D97BdFD4c1076cD1F95Cbe3B56954277d0956F</td></tr></tbody></table>

## wUSD+

<table><thead><tr><th width="201">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>Market</td><td>0x8De5410692C0bc722695F17CA4DD55C9506052c6</td></tr><tr><td>wUSD+</td><td>0x65D97BdFD4c1076cD1F95Cbe3B56954277d0956F</td></tr></tbody></table>

## USDT+

<table><thead><tr><th width="211">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USDT+</td><td>0x1E1F509963A6D33e169D9497b11c7DbFe73B7F13</td></tr><tr><td>Exchange</td><td>0x2602848d8eB53aa9bff5b41B38656439C15Dc72A</td></tr><tr><td>Mark2Market</td><td>0x3d67655A49Adb0F44530233Cbf8375D33FfAde41</td></tr><tr><td>PortfolioManager</td><td>0x0932BB4c7e4bdD9cd717331b86d999046f8420E0</td></tr></tbody></table>
{% endtab %}

{% tab title="Base" %}

## USD+

<table><thead><tr><th width="203">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USD+</td><td>0xB79DD08EA68A908A97220C76d19A6aA9cBDE4376</td></tr><tr><td>Exchange</td><td>0x7cb1B38591021309C64f451859d79312d8Ca2789</td></tr><tr><td>Mark2Market</td><td>0x1F4947Cd5A5c058DD5EA6Fd1CCd5c311aDa9E6Fb</td></tr><tr><td>PortfolioManager</td><td>0x27B12F3282F1d02682D7D1AD30E45e818B78f7B8</td></tr><tr><td>wUSD+</td><td>0xd95ca61CE9aAF2143E81Ef5462C0c2325172E028</td></tr><tr><td>Oracle by RedStone</td><td>0xd9a66Ff1D660aD943F48e9c606D09eA672f312E8</td></tr></tbody></table>

## OVN+

<table><thead><tr><th width="224">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>OVN+</td><td>0x8cd408bBb63B804AFDcf2110A34E123B0F9BA132</td></tr><tr><td>Exchange</td><td>0xFa3743e120E7f6f620f930B4B15316dd90928Bfe</td></tr><tr><td>Mark2Market</td><td>0xcb02f14dEB4d8CD01AdDaC50937E045fe0123d78</td></tr><tr><td>PortfolioManager</td><td>0x6CDfD459938F6fb85347D2d0e0c4105247163E07</td></tr></tbody></table>

## DAI+

<table><thead><tr><th width="215">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>DAI+</td><td>0x65a2508C429a6078a7BC2f7dF81aB575BD9D9275</td></tr><tr><td>Exchange</td><td>0xF7d693CE960e70721F0353F967360046Ba7d4eFA</td></tr><tr><td>Mark2Market</td><td>0x7a62315519A39d562c1E49EB35b300d2E6742f86</td></tr><tr><td>PortfolioManager</td><td>0xb9619DB586972CC0754a22e1697a72Bacf30aca9</td></tr></tbody></table>

## USDC+

<table><thead><tr><th width="215">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USDC+</td><td>0x85483696Cc9970Ad9EdD786b2C5ef735F38D156f</td></tr><tr><td>Exchange</td><td>0x868D69875BF274E7Bd3d8b97b1Acd89dbdeb67af</td></tr><tr><td>Mark2Market</td><td>0x96aa0bBe4D0dea7C4AF4739c53dBFA0300262253</td></tr><tr><td>PortfolioManager</td><td>0x619A500F1Ae543823B1c33dB63De99F83aC057e4</td></tr></tbody></table>
{% endtab %}

{% tab title="Binance" %}

## USD+

<table><thead><tr><th width="197">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USD+</td><td>0xe80772Eaf6e2E18B651F160Bc9158b2A5caFCA65</td></tr><tr><td>Exchange</td><td>0x5A8EEe279096052588DfCc4e8b466180490DB821</td></tr><tr><td>Mark2Market</td><td>0x9Af655c4DBe940962F776b685d6700F538B90fcf</td></tr><tr><td>PortfolioManager</td><td>0xff34aad62aeA14E1dA04E90967b36c188Ac9A770</td></tr></tbody></table>

## USDT+

<table><thead><tr><th width="211">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USDT+</td><td>0x5335E87930b410b8C5BB4D43c3360ACa15ec0C8C</td></tr><tr><td>Exchange</td><td>0xd3F827C0b1D224aeBCD69c449602bBCb427Cb708</td></tr><tr><td>Mark2Market</td><td>0xF3434f6a11AA950150AF3e4962E39E6281496EF9</td></tr><tr><td>PortfolioManager</td><td>0x4788b55aBcA88610F1586A90017337399A62f8ae</td></tr></tbody></table>
{% endtab %}

{% tab title="Blast" %}

## USD+

<table><thead><tr><th width="208">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USD+</td><td>0x4fEE793d435c6D2c10C135983BB9d6D4fC7B9BBd</td></tr><tr><td>Exchange</td><td>0x46B0Bc31238195fBdc7258f91fE848FFFDe5d123</td></tr><tr><td>Mark2Market</td><td>0x93dD104528B35E82c061BB0D521096dCF11628FA</td></tr><tr><td>PortfolioManager</td><td>0x9ce3F338e06684FCE58bC35081C1da362D13FE9A</td></tr></tbody></table>

## USDC+

<table><thead><tr><th width="221">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USDC+</td><td>0x870a8F46b62B8BDeda4c02530C1750CddF2ED32e</td></tr><tr><td>Exchange</td><td>0x756D97C96aE80796C4c7A0ba4BfE607119366789</td></tr><tr><td>Mark2Market</td><td>0x1d48DD3094EbB4B9a2c5Ab96dF4ef05bFF562F26</td></tr><tr><td>PortfolioManager</td><td>0x30E50923479D8bE4b468c0254329931bb1BE8323</td></tr></tbody></table>
{% endtab %}

{% tab title="Polygon" %}

## USD+

<table><thead><tr><th width="215">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USD+</td><td>0x236eeC6359fb44CCe8f97E99387aa7F8cd5cdE1f</td></tr><tr><td>Exchange</td><td>0x6B3712943A913EB9A22B71D4210DE6158c519970</td></tr><tr><td>Mark2Market</td><td>0x33efB0868A6f12aEce19B451e0fcf62302Ec4A72</td></tr><tr><td>PortfolioManager</td><td>0x6911F2e474D34a4cbBE9Fe56F909EA37DF15E649</td></tr><tr><td>Market</td><td>0x4f1499185aBf3BcAb91a9B77DDC113f97bF0342C</td></tr><tr><td>wUSD+</td><td>0x4e36D8006416EA1d939A0EeaE73AFDAcA86BD376</td></tr></tbody></table>
{% endtab %}

{% tab title="Sonic" %}

## USD+

<table><thead><tr><th width="220">Contract Name</th><th>Contract Address</th></tr></thead><tbody><tr><td>USD+</td><td>0x53e24706D6642CA495498557415b1af7A025D8Da</td></tr><tr><td>Exchange</td><td>0x60101Eae0b7252fEd957cE700f5343ebB614aDfa</td></tr><tr><td>Mark2Market</td><td>0x1b5949147D2BB411b1f99a61cC25068A86C42519</td></tr><tr><td>PortfolioManager</td><td>0x38Db75692Ec0e5C14f87e84141F0D494e58B2991</td></tr><tr><td>wUSD+</td><td>0x281A4b9FBa11971F28901c320f34908A779fE3ad</td></tr><tr><td>Market</td><td>0x17063128e986d47C855dc54845B318bEE7d5bF4a</td></tr></tbody></table>

{% endtab %}
{% endtabs %}

## Strategies

The current list of strategies in which the xUSD invests can be found on the page [here](https://app.overnight.fi/market/xusd)

## xUSD Pools

The current list of pools with the xUSD can be found on the page [here](https://app.overnight.fi/pools?tabName=usdPlusPools)

## Sper

The current list of Sper can be found on the page [here](https://app.overnight.fi/market/xusd)


# Oracles

Overnight uses the [industry standard decentralized oracles Chainlink](https://docs.chain.link/data-feeds) as its primary oracle which provides highly secure and reliable, tamper-resistant data feeds.&#x20;

Chainlink oracles are used across our Base and Arbitrum instances:

| Asset               |
| ------------------- |
| WETH-USD (Base)     |
| USDC-USD (Base)     |
| AERO-USD (Base)     |
| USDC-USD (Arbitrum) |
| USDT-USD (Arbitrum) |
| WETH-USD (Arbitrum) |
| WBTC-USD (Arbitrum) |


# Deprecation

Deprecation of Chains in the Overnight Ecosystem

**What Does "Deprecated" Mean?**

When a chain is marked as "Deprecated," it signifies that the Overnight ecosystem is in the process of discontinuing support for that particular chain. The reasons for deprecating a chain can vary and may include factors such as changes in technology, network performance, security concerns, or strategic decisions to focus on more promising chains.

**Current and Upcoming Deprecations**

The Overnight ecosystem has already deprecated the Polygon chain. These changes ensure that the ecosystem remains agile, secure, and aligned with the evolving DeFi landscape.

To display deprecated chains, toggle the chain switcher located in the menu. When you enable this switch, information regarding all chains, including deprecated ones, will become accessible across all pages of the website.

![](/files/kPFcDMXC5fIMb5fBH8k7)

**What to Expect with Deprecated Chains?**

Once a chain is deprecated, several significant changes follow:

1. **Support Discontinuation:** The Overnight ecosystem will cease to actively support or maintain operations on the deprecated chain. This includes discontinuing balance adjustments, liquidity provisioning, and other platform activities related to that chain.
2. **No Rebase and Payouts:** There will be no further balancing activities on the deprecated chain. Consequently, payouts of our rebase tokens, rewards, and other token-related distributions will not occur on this chain.
3. **Retention of token ownership:** Users holding Overnight tokens on the deprecated chain will still retain ownership of these tokens. However, to access them, users will need to take action.

**User Actions on Deprecated Chains**

For users who possess Overnight tokens on a deprecated chain, the following steps are recommended:

1. **Redeem:** Users can opt for the Redeem function to convert their tokens from a deprecated chain to stablecoins or other assets supported by the ecosystem.
2. **Bridge**: Alternatively, users can bridge their tokens by redeeming USD+ on the deprecated chain and then utilizing the conventional routes to bridge their tokens back to USD+ on a supported and active chain. This bridging process involves minting the tokens on the target chain. However, we are diligently working on developing a native bridge functionality to enhance this process in the near future.

**Monitoring and Communication**

The Overnight team is committed to transparently communicating the deprecation process to users. Whenever a chain is marked as deprecated or is undergoing deprecation, users will be notified through official channels. It's essential for users to stay informed about such changes to make informed decisions about their token holdings.

Remember, your assets are yours, and the Overnight ecosystem is here to assist you in navigating these transitions with clarity and ease.


# Terms of Service

These Terms of Service and any terms and conditions incorporated herein by reference (collectively, the “Terms”) govern your access to and use of the Interface. You must read the Terms carefully.

Welcome to[ https://overnight.fi](https://overnight.fi/), a website-hosted user interface (the “**Interface**”) provided by Overnight (“**we**”, “**us**” or “**our**”). The Interface offers access to a decentralized protocol, known as “Overnight,” which enables users to mint ether and redeem USD+, DAI+, USDT+, ETS, and USD+ Insurance tokens, pegged 1:1 to USDC and DAI (the “**Protocol**”).

The terms "**you**", "**your**", and "**user(s)**" refer to anyone who accesses or uses the interface in any manner. If you are accessing or using the interface on behalf of a company or legal entity (e.g. your employer), you warrant that you have the authority to bind that entity to these terms. In that case, "**you**", "**your**", or "**user(s)**" will refer to that entity.

By accessing, browsing or otherwise using the Interface, or by acknowledging agreement to the Terms on the Interface, you agree that you have read, understood and accepted all of the Terms and our [Privacy Policy](/other/privacy-policy) (the “**Privacy Policy**”), which is incorporated by reference into the Terms.&#x20;

IMPORTANT: PLEASE NOTE THAT YOU ASSUME THE RISK OF ALL PROTOCOLS IN THE [COLLATERAL](https://app.overnight.fi/collateral/) OF OUR PRODUCTS

IMPORTANT: BY USING OR ACCESSING THE INTERFACE, YOU AGREE TO RESOLVE ANY DISPUTES WITH OVERNIGHT THROUGH BINDING INDIVIDUAL ARBITRATION INSTEAD OF IN COURT, AND TO WAIVE THE RIGHT TO A CLASS ACTION, BOTH OF WHICH AFFECT YOUR RIGHTS IN RESOLVING DISPUTES.

We reserve the right to modify or revise these terms at any time, in our sole discretion. The updated terms will be available on the interface and the "Last Updated" date will be updated accordingly. Please periodically check for changes. Your continued use of the interface after the updates are made constitutes your acceptance of the new terms. If you do not agree to the revised terms, you should stop accessing or using the interface.

1. **Eligibility**

To use the interface, you must meet the eligibility requirements. You represent and warrant, for the benefit of Overnight and its affiliates, that you meet these requirements on each date you use or benefit from the interface:

* you are not a citizen of, located in, incorporated in, or otherwise have a registered office in (I) the United States of America (an “American”) or (II) Cuba, Iran, Myanmar (Burma), North Korea, China, Syria, the regions of Crimea, Donetsk or Luhansk, or any other country or region that is the subject of comprehensive country-wide or region-wide economic sanctions by the United States of America, Canada, the United Kingdom, or the European Union (collectively, “Sanctioned Territories”).<br>
* you are not a person having its habitual residence, location, or seat of incorporation in the country or territory where transactions with digital tokens are prohibited or in any manner restricted by applicable laws or regulations or will become so prohibited or restricted at any time after these Terms become effective;<br>
* you are not a person listed on any of the following lists (each a Sanctions List): the Consolidated United Nations Security Council Sanctions List; the Specially Designated Nationals and Blocked Persons List, or the Sectoral Sanctions Identification List maintained by the US Office of Foreign Assets Control (OFAC); or on the European Commission’s consolidated list of Restrictive measures in force or any similar list maintained by, or public announcement of sanctions made by any Sanctions Authority (defined below);<br>
* you are not a person owned or controlled by, or acting on behalf of or for the benefit of, any person on a Sanctions List; <br>
* you are not any person otherwise the target of any sanctions laws, regulations, embargoes, or restrictive measures (Sanctions), as amended from time to time, administered, enacted, or enforced by: the United Nations, the United States, the European Union, or any Member State thereof, or the respective governmental institutions and agencies of any of the foregoing responsible for administering, enacting or enforcing Sanctions, including without limitation, OFAC and the European Commission (each a Sanctions Authority); or any person whose participation would cause a breach of the law or requirements of any country or governmental authority, including anti-money laundering regulations or conventions.<br>
* you are not a person under the age of eighteen (18).

The utilization of a virtual private network (VPN) or any other methods by restricted individuals to access or use the interface is strictly prohibited and may result in legal consequences for fraudulent usage of the interface.<br>

2. **Assumption of Risk**

By accessing and using the Interface, you represent that you are financially and technically sophisticated enough to understand the inherent risks associated with using cryptographic and blockchain-based systems, and that you have a working knowledge of the usage and intricacies of digital assets such as so-called stablecoins, and other digital tokens such as those following the Ethereum Token Standard (ERC-20).&#x20;

In particular, you understand that the markets for these digital assets are nascent and highly volatile due to risk factors including (but not limited to) adoption, speculation, technology, security, and regulation. You understand that anyone can create a token, including fake versions of existing tokens and tokens that falsely claim to represent projects, and acknowledge and accept the risk that you may mistakenly trade those or other tokens.&#x20;

So-called stablecoins may not be as stable as they purport to be, may not be fully or adequately collateralized, and may be subject to panics and runs. Further, you understand that smart contract transactions automatically execute and settle, and that blockchain-based transactions are irreversible when confirmed. You acknowledge and accept that the cost and speed of transacting with cryptographic and blockchain-based systems are variable and may increase dramatically at any time.

Finally, you understand that we do not create, own, or operate cross-chain bridges and we do not make any representation or warranty about the safety or soundness of any cross-chain bridge, including its use for Overnight.&#x20;

In summary, you acknowledge that we are not responsible for any of these variables or risks, and cannot be held liable for any resulting losses that you experience while accessing or using the Interface. Accordingly, you understand and agree to assume full responsibility for all of the risks of accessing and using the Interface to interact with the Protocol.

PLEASE NOTE THAT YOU ASSUME THE RISK OF ALL PROTOCOLS IN THE [COLLATERAL ](https://app.overnight.fi/collateral)OF OUR PRODUCTS<br>

3\. **No warranties**

The Services are provided on an "AS IS" and "AS AVAILABLE" basis without any warranties or guarantees, and it is Your sole responsibility to operate them.&#x20;

To the fullest extent permitted by law, Company disclaims any representations and warranties of any kind, whether express, implied, or statutory.

You acknowledge and agree that Your use of the Services is at your own risk.

We do not provide any warranty or guarantee that the Interface will be continuously available, secure, or free from errors or harmful elements, or that the information provided on the Interface will be accurate, complete, or up-to-date. Any advice, information, or statements provided by us should not be considered a warranty, and we do not endorse or take responsibility for any third-party advertisements, offers, or statements regarding the Interface. Access to and use of the Interface is at your own risk.<br>

4. **Prohibited Activity**

You agree not to engage in, or attempt to engage in, any of the following categories of prohibited activity in relation to your access or use of the Interface:

4.1 Activity that breaches the Terms;

4.2 Actions that infringe on or violate any copyright, trademark, service mark, patent, right of publicity, right of privacy, or other proprietary or intellectual property rights under the law;

4.3 Attempts to interfere with or compromise the integrity, security, or proper functioning of any computer, server, network, personal device, or other information technology system, including but not limited to deploying viruses and denial-of-service attacks;

4.4 Attempts to defraud us or any other person or entity by providing false, inaccurate, or misleading information;

4.5 Violations of any applicable law, rule, or regulation concerning the integrity of trading markets, including but not limited to manipulative tactics such as spoofing and wash trading;

4.6 Violations of any applicable law, rule, or regulation of any major jurisdiction;

4.7 Actions that disguise or interfere in any way with the IP address of the computer used to access or use the Interface, or otherwise prevent us from correctly identifying the IP address;

4.8 Transactions that transmit, exchange, or are otherwise supported by the proceeds of criminal or fraudulent activities;

4.9 Actions that contribute to or facilitate any of the above prohibited activities.

\
5\. **Intellectual Proprietary Rights**

The Interface and its contents, including software, text, images, trademarks, service marks, copyrights, patents, and designs, are owned by us and protected by intellectual property rights. Without our express authorization, you may not copy, modify, adapt, rent, license, sell, publish, or allow any third party to access or use the Interface or its contents. Access to the Interface does not grant you any proprietary intellectual property rights. However, you retain ownership of all intellectual property rights in any information and materials you submit through the Interface. By submitting such materials, you grant us a worldwide, royalty-free, irrevocable license to use, copy, distribute, publish, and send the data in accordance with applicable laws.&#x20;

If you choose to submit feedback about the Interface, you agree that we are free to use it without compensation and may disclose it to third parties. If necessary, you grant us a perpetual, irrevocable, non-exclusive, transferable, worldwide license under all rights necessary to use your feedback for any purpose.&#x20;

If you meet the eligibility requirements set forth in the Terms and comply with the Terms, you are granted a single, personal, limited license to access and use the Interface. This license is non-exclusive, non-transferable, and revocable by us at any time without notice. The use of the Interface for any purpose not allowed by the Terms is strictly prohibited.<br>

6. **Third-Party Resources and Promotions**

The Service may include links or content from Third-Party Services, which are subject to different terms, conditions, and privacy policies.

6.1. The Company is not responsible for the availability or accuracy of these Third-Party Services or their products, services, or content.

6.2. The Service's inclusion of links to these Third-Party Services does not constitute an endorsement.

6.3. The Company has no control over or monitoring of the content published by these Third-Parties and therefore cannot be held responsible for it.

6.4. Redirecting links to the Service are only allowed with the Company's written consent.<br>

7. **Indemnification**

You agree to hold harmless and indemnify Overnight, its affiliates, and their officers, directors, managers, employees, agents, representatives, suppliers, and contractors from any losses, damages, judgments, fines, and costs, including legal fees and expenses, that may arise from:

(a) Your use of the Services,

(b) Your violation of any laws, rules, regulations, directives, or guidelines,

(c) Any misrepresentations made by you, and

(d) Your breach of these Terms of Use.

You acknowledge that it is your sole responsibility to evaluate and select the Third-Party Service to use in connection with the Services, and that Overnight is merely an intermediary that aggregates and transmits orders to these services. As such, Overnight cannot be held liable for any losses incurred as a result of using a Third-Party Service.<br>

8. **Limitation of liability**&#x20;

Under no circumstances shall we or any of our officers, directors, employees, contractors, agents, affiliates, or subsidiaries be liable to you for any indirect, punitive, incidental, special, consequential, or exemplary damages, including (but not limited to) damages for loss of profits, goodwill, use, data, or other intangible property, arising out of or relating to any access to or use of the Interface, nor will we be responsible for any damage, loss, or injury resulting from hacking, tampering, or other unauthorized access to or use of the Interface, or from any access to or use of any information obtained by any unauthorized access to or use of the Interface.&#x20;

We assume no liability or responsibility for any:&#x20;

(a) errors, mistakes, or inaccuracies of content;&#x20;

(b) personal injury or property damage, of any nature whatsoever, resulting from any access to or use of the Interface;&#x20;

(c) unauthorized access to or use of any secure server or database in our control, or the use of any information or data stored therein;&#x20;

(d) interruption or cessation of function related to the Interface;&#x20;

(e) bugs, viruses, trojan horses, or the like that may be transmitted to or through the Interface;&#x20;

(f) errors or omissions in, or loss or damage incurred as a result of, the use of any content made available through the Interface; and&#x20;

(g) the defamatory, offensive, or illegal conduct of any third party.&#x20;

Under no circumstances shall we or any of our officers, directors, employees, contractors, agents, affiliates, or subsidiaries be liable to you for any claims, proceedings, liabilities, obligations, damages, losses, or costs in an amount exceeding the greater of (i) the amount you paid to us in exchange for access to and use of the Interface, or (ii) $100.00. This limitation of liability applies regardless of whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, and even if we have been advised of the possibility of such liability. Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of certain liabilities and damages. Accordingly, some of the disclaimers and limitations set forth in the Terms may not apply to you. This limitation of liability shall apply to the fullest extent permitted by law.<br>

9. **Access to the Interface**

We reserve the right to revoke access to the interface if there is a breach of the terms, including failure to meet the eligibility requirements. We also have the right to limit or restrict access to the interface for any person or entity, at any time, in any geographic area, or legal jurisdiction at our sole discretion. We will not be responsible for any losses or damages you may incur due to the inaccessibility of the interface at any time or for any reason.<br>

10. **Dispute Resolution**

You and Overnight agree to attempt resolving any potential disputes through good faith negotiations before resorting to formal dispute resolution. If a potential dispute arises, you must contact us by sending an email to <info@overnight.finance> so that we can attempt to resolve it without resorting to formal dispute resolution. If a resolution cannot be reached within 60 days of a dispute being reported, it must be resolved through arbitration administered by the London Court of International Arbitration under the LCIA Arbitration Rules. The arbitration must be held confidentially and in English before a single arbitrator and cannot consolidate claims from multiple parties. Any ruling from the arbitrator can be entered in any court of the Cayman Islands or another court with jurisdiction agreed to in writing by Overnight. The Interface is considered to be based in the Cayman Islands and its availability in other jurisdictions does not establish general or specific jurisdiction outside of the Cayman Islands.

&#x20;

11. **Entire Agreement**

These Terms, along with any additional terms, rules and conditions posted on the Overnight website, including the Privacy Policy, make up the complete agreement regarding the use of the Interface and override any previous agreements, whether written or verbal.<br>

12. **Privacy policy**

The [Privacy Policy](/other/privacy-policy) outlines how we gather, utilize, store, and share your personal information. By using our services, you consent to the handling of your data as described in the Privacy Policy.


# Privacy Policy

This policy (together with our Terms of Service) sets out the basis on which any personal data we collect from you, or that you provide to us, will be processed by us.

Please read the following carefully to understand our practices in processing your data, as well as your rights regarding your personal data and how we will treat it.

By visiting our “**Service**” (web app <https://app.overnight.fi/>, website <https://overnight.fi/>) and submitting data to us, you are accepting and consenting to use of your personal data as described in this policy. Please refrain from accessing the Services if you disagree with the terms of this Privacy Policy.&#x20;

We may change our privacy policy from time to time. Any changes we may make to our Privacy Policy in the future will be posted on this page and any such changes will become effective upon posting of the revised Privacy Policy. Please check back frequently to see any updates or changes to our privacy policy.&#x20;

For the avoidance of doubt, this Privacy Policy forms a part of the terms and conditions governing your relationship with us and should be read in conjunction with the Overnight’s relevant [Terms of Service](/other/terms-of-service).

#### 1. Types of Data Collected

To the maximum extent possible, Interface tries to collect as minimum Personal Data from you as possible.&#x20;

Personal Data we collect:&#x20;

* Wallet addresses (public blockchain addresses), transaction, and balance information (blockchain data) that is accessible when interacting with the Interface; We use public Blockchain addresses to identify a user’s journey through our product. We group and analyse these user journeys collectively in order to improve our product user experience. We do not use this data for any purpose at an individual user level. The legal basis for this processing is our legitimate interests, such as monitoring and improving the Interface, the proper protection of the Interface against risks and partly the contract performance basis to provide you the Interface. Note that we are not responsible for your use of any of the blockchain and your data processed in these decentralized and permissionless networks;
* Log Files. Interface follows a standard procedure of using log files. These files log visitors when they visit websites. All hosting companies do this and this kind of Personal Data may also be collected as a part of hosting services' analytics. The data collected by log files may include internet protocol (IP) addresses, browser type, Internet Service Provider (ISP), date and time stamp, referring/exit pages, and possibly the number of clicks. These kinds of data may be linked to data that is personally identifiable. The purpose of the data collection and processing is for analyzing trends, administering the website, tracking users' movement on the website, and gathering demographic information;&#x20;

The Services does NOT request, store, or process information that can identify users individually, or information such as private key, mnemonic key, and seed phrase required to access the user's wallet, or information equivalent thereto.&#x20;

Therefore, users must manage the above information safely by themselves, and the Service is not responsible for any damage caused by the user's failure to fulfill this duty of care.<br>

#### **2. The purpose of using your Personal Data**

We may use your Personal Data listed above only for:&#x20;

* Our internal and operational purposes, when: ensuring security, identifying irregular website behavior, preventing fraudulent activity and improving security at all possible levels;&#x20;
* Assessing and improving the performance of the Interface;&#x20;
* Analyzing our website visitors’ actions to improve our Interface (section “Cookies and Automatically Collected Data”);&#x20;
* Analyzing the Interface behavior, including via: Google Analytics (please refer to [Google's Analytics Policy](https://policies.google.com/technologies/partner-sites) for more information);&#x20;
* Find and prevent fraud.<br>

#### **3. Cookies and Automatically Collected Data**

As you navigate through and interact with our Interface, we may ask your consent to use cookies, which are small files placed on the hard drive/browser of your computer or mobile device, and web beacons, which are small electronic files located on pages of the Interface, to collect certain information about devices you use, browsing actions, and patterns.&#x20;

The data automatically collected from cookies and web beacons may include information about your web browser (such as browser type and browser language) and details of your visits to the Interface, including traffic data, location data and logs, page views, length of visit, and website navigation paths as well as information about your device and internet connection, including your IP address and how you interact with the Interface. We collect this data in order to help us improve the Interface and interaction with it.&#x20;

The information we collect automatically may also include statistical and performance information arising from your use of the Interface. This type of data will only be used by us in an aggregated and pseudonymized manner.&#x20;

You can choose to disable cookies through your individual browser options. To get more detailed information about cookie management with specific web browsers, please find it on the browsers' respective websites:&#x20;

• For Google Chrome browser please refer to these [instructions](https://support.google.com/accounts/answer/32050?co=GENIE.Platform%3DDesktop\&hl=en);&#x20;

• For Firefox browser please look up [here](https://support.mozilla.org/en-US/kb/clear-cookies-and-site-data-firefox);&#x20;

• For Safari browser please [visit](https://support.apple.com/ru-ru/guide/safari/sfri11471/mac);&#x20;

• For Internet Explorer browser please [refer to](https://support.microsoft.com/en-us/windows/delete-and-manage-cookies-168dab11-0753-043d-7c16-ede5947fc64d).<br>

#### 4. Your Rights

In relation to your personal data, you have the right to:

* access to your personal data;
* the rectification of your personal data;
* restrict processing;
* object to processing;
* data portability;
* request erasure of your personal data.&#x20;

You shall also have the right to ask us not to process your personal data for marketing purposes. We will seek your explicit consent (before collecting your data) if we intend to use your data for such purposes or if we intend to disclose your information to any third party for such purposes. You can exercise your right to prevent such processing by checking certain boxes on the forms we use to collect your data. You can also withdraw your consent by contacting us.<br>

#### 5. Third-Party Links and Sites

We may integrate technologies operated or controlled by other parties into parts of the Services. For example, the Services may include links that hyperlink to websites, platforms, and other services not operated or controlled by us. Please note that when you interact with these other parties, including when you leave the Site, those parties may independently collect information about you and solicit information from you. You can learn more about how those parties collect and use your data by consulting their privacy policies and other terms.<br>

#### 6. Personal Data Storage Period or Criteria for Such Storage

Your Personal data will be stored till:

* they are necessary to render you the Services;
* your consent is no longer valid;
* your personal data have been deleted following your data deletion request;
* we have received the court order or a lawful authority’s request mandating to permanently delete all the personal data we have obtained about you; or
* In other circumstances prescribed by applicable laws.

In any event, we will not store your personal data for periods longer than it is necessary for the purposes of the processing.<br>

#### 7. Transfer of Personal Data&#x20;

Transfers to third countries, shall be made subject to appropriate safeguards, namely standard contractual clauses adopted by a supervisory authority and approved by the Commission. Copy of the foregoing appropriate safeguards may be obtained by you upon a prior written request sent. We may instruct you on further steps to be taken with a purpose of obtaining such a copy, including your obligation to assume confidentiality commitments in connection with being disclosed the Company’s proprietary and personal information of third parties as well as terms of their relationships with the Company.

Keep in mind that the use of services based on public blockchains intended to immutably record transactions across wide networks of computer systems. Many blockchains are open to forensic analysis which can lead to deanonymization and the unintentional revelation of personal data, in particular when blockchain data is combined with other data. Because blockchains are decentralized or third-party networks which are not controlled or operated by us, we are not able to erase, modify, or alter personal data from such networks.<br>

#### 8. Security of Processing

We take information security very seriously. We work hard to protect the personal data you give us from loss, misuse, or unauthorized access. We utilize a variety of safeguards to protect the personal data submitted to us, both during transmission and once it is received.<br>

#### 9. Point of contact

If you have any questions about this Privacy Policy, please contact <ovnstable@gmail.com>


# Brand Assets

Logos, badges, and font

## Overnight logos

**Sign:**

<div align="center"><figure><img src="/files/4QHdfoasNE5YWxdXZ2wi" alt="" width="113"><figcaption><p>Blue, SVG</p></figcaption></figure> <figure><img src="/files/ZM51an7l2vkLSwHHXEAG" alt="" width="113"><figcaption><p>Derk, SVG</p></figcaption></figure> <figure><img src="/files/3nm1w6gDO5p9BVxE8ocm" alt="" width="113"><figcaption><p>White, SVG</p></figcaption></figure></div>

<div align="center" data-full-width="true"><figure><img src="/files/hlCQXFmiiqAgFvKjSCWO" alt="" width="113"><figcaption><p>Blue, PNG</p></figcaption></figure> <figure><img src="/files/KMIRVJOtnBEEYF9VvNg8" alt="" width="113"><figcaption><p>Dark, PNG</p></figcaption></figure> <figure><img src="/files/1u0PxCzkpHW6lR9ZA1Lf" alt="" width="113"><figcaption><p>White, PNG</p></figcaption></figure></div>

**Logotypes:**

<div><figure><img src="/files/PV9KRJsSqPIzneHL08IT" alt="" width="295"><figcaption><p>Combination, SVG</p></figcaption></figure> <figure><img src="/files/hRwFpqCp5l7ujXkHpCml" alt="" width="295"><figcaption><p>Dark, SVG</p></figcaption></figure></div>

<div><figure><img src="/files/J8MFLVIKkZauz4sahfwC" alt="" width="295"><figcaption><p>Blue, SVG</p></figcaption></figure> <figure><img src="/files/aHBgRRQHylbjenKu4XYe" alt="" width="295"><figcaption><p>White, SVG</p></figcaption></figure></div>

<div><figure><img src="/files/1xVSzFZj8ZIOvVMqCGKT" alt="" width="295"><figcaption><p>Combination, PNG</p></figcaption></figure> <figure><img src="/files/OPQTWzgskS1WYPIVlaUV" alt="" width="295"><figcaption><p>Dark, PNG</p></figcaption></figure></div>

<div><figure><img src="/files/1zeuIoNvAZC21sQ429kj" alt="" width="295"><figcaption><p>Blue, PNG</p></figcaption></figure> <figure><img src="/files/wa8PmK0O9o98VffCQJd0" alt="" width="295"><figcaption><p>White, PNG</p></figcaption></figure></div>

<div align="left"><figure><img src="/files/0Kk81YqWadJ2FVUwTvaC" alt=""><figcaption></figcaption></figure></div>

**Overnight logo** - to be used when referencing Overnight the platform and protocol

## Overnight **mascot**

<figure><img src="/files/YkdgmMt8iRjrutlNoGT7" alt=""><figcaption><p><strong>Nightly</strong></p></figcaption></figure>

**OVN mascot ref sheet** - Nightly

## OVN token **logo**&#x20;

<div align="center"><figure><img src="/files/efDImwJSjFuKSLWkjMzr" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/vaUjdvq61cOZ4uMCIQDO" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**OVN logo** - to be used when referencing the OVN token on websites and UIs

## OVN+ token **logo**&#x20;

<div><figure><img src="/files/UWTh1XTuBa3qyY6h6zUE" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/JXVL7pP9f079bIFl0oCW" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**OVN+ logo** - to be used when referencing the OVN+ token on websites and UIs

## OVN INS token **logo**&#x20;

<div align="center"><figure><img src="/files/ztf3pmbLPLyJUFfkjRuB" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/6ocU6YOAfWxl7vFyWoYc" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**OVN INS logo** - to be used when referencing the OVN INS token on websites and UIs

## USD+ token **logo**&#x20;

<div align="center"><figure><img src="/files/Az6l0p5wjK9Tz2vUWhat" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/8LUNYeEweRonIIKNOdqm" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**USD+ logo** - to be used when referencing the USD+ stable coin on websites and UIs

## wUSD+ token **logo**&#x20;

<div align="center"><figure><img src="/files/2b4R8tJBF8hVugG0iCeR" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/JDbPYpuLsgIb8DK4NXSj" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**wUSD+ logo** - to be used when referencing the USD+ stable coin on websites and UIs

## USDT+ token **logo**&#x20;

<div align="center"><figure><img src="/files/VcMxh5hDnDVyhC1w5MGV" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/gaSKvKdXyoChlYTBP8rn" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**USDT+ logo** - to be used when referencing the USDT+ stable coin on websites and UIs

## USDC+ token **logo**&#x20;

<div align="center"><figure><img src="/files/rbjDn71FYNm4wlmyNO64" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/F8u5WHeiL99bZsMfcqq6" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**USDC+ logo** - to be used when referencing the USDC+  on websites and UIs

## **DAI+** token **logo**&#x20;

<div align="center"><figure><img src="/files/VsnSl8Vh8oEh4Gw7vA0i" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/URgLOdyFCgNKfwOaA3fi" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**DAI+ logo** - to be used when referencing the DAI+ stable coin on websites and UIs

## ETH+ token **logo**&#x20;

<div align="center"><figure><img src="/files/ji9dXLuWfhYXHLDNzWVw" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/1o6uhCkrIQx0gUOu5IJq" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**ETH+ logo** - to be used when referencing the ETH+  on websites and UIs

## wETH+ token **logo**&#x20;

<div align="center"><figure><img src="/files/eO5ciBdfmr3w7J1gF4U0" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/Cu1yZLm9HZUINihjnlvy" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**wETH+ logo** - to be used when referencing the wETH+  on websites and UIs

## xUSD **logo**

<div><figure><img src="/files/QSJeRkXDfq0gio6elEzC" alt="" width="359"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/dPWmEvkDNNVdqOX5VaFh" alt="" width="359"><figcaption><p>SVG</p></figcaption></figure></div>

<div><figure><img src="/files/ktH0Zk3wyrHFJFZc3ja2" alt="" width="359"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/FPSXU7m5ky3UwPplHf4y" alt="" width="359"><figcaption><p>SVG</p></figcaption></figure></div>

<div><figure><img src="/files/bDY7faXGzgfRbHBTbiRE" alt="" width="359"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/DANzj23zdgsPzSYGZzjP" alt="" width="359"><figcaption><p>SVG</p></figcaption></figure></div>

## xUSD sign

<div><figure><img src="/files/moOJipSyAPO1FhGdOAhH" alt="" width="100"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/Gyitze9NlvpiP3tMKqwF" alt="" width="100"><figcaption><p>SVG</p></figcaption></figure> <figure><img src="/files/tkkLScm01CkxaTtJOWfG" alt="" width="100"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/dWgoxYAPbVmqaFPjqUq3" alt="" width="100"><figcaption><p>SVG</p></figcaption></figure> <figure><img src="/files/VHapNTdJV9yKvtALYjia" alt="" width="100"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/zI5XGkfPr96fkf9buab0" alt="" width="100"><figcaption><p>SVG</p></figcaption></figure></div>

## xUSD token **logo**&#x20;

<div align="center"><figure><img src="/files/UfhlscSSb1DFHhjYtGZb" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/3fLr9GVpZ719DkQPY7bW" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**xUSD logo** - to be used when referencing the xUSD  on websites and UIs

## wxUSD token **logo**&#x20;

<div align="center"><figure><img src="/files/vQlXUAFZG0HXFAbUK0Q2" alt="" width="128"><figcaption><p>PNG</p></figcaption></figure> <figure><img src="/files/buvPgZaD5COkVmdGOral" alt="" width="128"><figcaption><p>SVG</p></figcaption></figure></div>

**wxUSD logo** - to be used when referencing the wxUSD  on websites and UIs

## **Colors**

Primary brand colours: #0F172A, #0497EC, #FFFFFF

Secondary brand colours: #8CCCF9, #E3F2FD, #687386, #A9D355, #FFDF77, #FF6B6C

<div align="center"><figure><img src="/files/JaX6YljG549SkwwRvzHe" alt="" width="563"><figcaption></figcaption></figure></div>

<figure><img src="/files/uAwO8dq04cBBLPR2ENcb" alt=""><figcaption></figcaption></figure>

## **Font**

Red Hat Display


# Audits

The Overnight contracts have undergone audits and will continue to be audited on a regular basis. Below is a list of all contract audits completed to date.

## Ackee audit 2024

[Ackee](https://ackee.xyz) is a top-tier auditing firm with over 158 audits completed, trusted by industry leaders such as Safe, Lido, and Axelar.&#x20;

In November 2024, Overnight conducted an audit of xUSD Cross-chain contracts.

{% file src="/files/gF4oYJZRgij3VwIgzPir" %}

## Ackee audit 2023

In March 2023, Overnight conducted an audit of USD+ and ETS with Ackee, reinforcing the security and reliability of these smart contracts.

{% file src="/files/AdS60dtLgBVUqjF4HXTm" %}

{% file src="/files/pXaWmVTtlzRIkw84s207" %}

<div align="left"><figure><img src="/files/imQgoVWPr413RqvFWZnI" alt="" width="163"><figcaption></figcaption></figure></div>

## Hacken audit 2022

[Hacken](https://hacken.io/about/) is a renowned blockchain security auditor with seven years of expertise and over 2,000 completed audits.&#x20;

In 2022, Overnight completed an audit of the USD+ smart contracts with Hacken.io. You can review the Hacken report [here](https://hacken.io/audits/#overnight).

{% file src="/files/vuyuVJPMLUajJl3fQSUE" %}
Full report
{% endfile %}

<div align="left"><figure><img src="/files/wl75F5ULtxUElR5JSGQA" alt="" width="50"><figcaption></figcaption></figure></div>


# Team

## Founder & CEO

<div align="left"><figure><img src="/files/F0eRTNkYuAKnr8UkuynN" alt="" width="85"><figcaption><p>Max E. </p></figcaption></figure></div>

LinkedIn: [https://www.linkedin.com/in/maxim-ermilov/](<https://www.linkedin.com/in/maxim-ermilov/&#xA;>)\
Twitter: [https://x.com/maxim\_ermilov](https://x.com/maxim_ermilov?)\
Telegram: <https://t.me/wmermus>

## CTO

<div align="left"><figure><img src="/files/FOfdwcwin0vFYNpYvOD1" alt="" width="85"><figcaption><p>Nikita S.</p></figcaption></figure></div>

LinkedIn: <https://www.linkedin.com/in/nikita-slezkin-859123215/>\
Github: <https://github.com/venikpapa>

## Head of Operations

<div align="left"><figure><img src="/files/0GBPflyE5LPNnjRUhboX" alt="" width="85"><figcaption><p>Tatiana K.</p></figcaption></figure></div>

LinkedIn: <https://www.linkedin.com/in/tatiana-kitaeva/>\
Telegram: <https://t.me/takitay>

## Head of Quantitative Research

<div align="left" data-full-width="true"><figure><img src="/files/Q0EAGoCdOamkMTJLxsI1" alt="" width="85"><figcaption><p>Viacheslav S.</p></figcaption></figure></div>

LinkedIn: <https://www.linkedin.com/in/sviridoff/>

## Quantitative Researcher

<div align="left" data-full-width="true"><figure><img src="/files/K1JGz97jE3CoNefhbQqL" alt="" width="85"><figcaption><p>Pavel S.</p></figcaption></figure></div>

LinkedIn: <https://www.linkedin.com/in/pavelsmir/>

## Quantitative Researcher

<div align="left" data-full-width="true"><figure><img src="/files/hQpyC33pQ4NswhfQyztm" alt="" width="85"><figcaption><p>Evgeny S.</p></figcaption></figure></div>

Github: [https://gitlab.com/Supyness/](<https://gitlab.com/Supyness/about_me&#xA;>)

## Quantitative Researcher

<div align="left" data-full-width="true"><figure><img src="/files/6VPwy0jKat1l8V8TpWBS" alt="" width="85"><figcaption><p>Ivan P.</p></figcaption></figure></div>

LinkedIn: <https://www.linkedin.com/in/ivan-plotnikov-175146310/>

## Blockchain Developer

<div align="left"><figure><img src="/files/wL9hoU6VXQ1I5ItAGl56" alt="" width="85"><figcaption><p>Pavel G.</p></figcaption></figure></div>

Github: <https://github.com/grigorevPavel>

## Blockchain Developer

<div align="left"><figure><img src="/files/JFTw3XjiuwmGfN84I4za" alt="" width="85"><figcaption><p>Mikhail D.</p></figcaption></figure></div>

Github: <https://github.com/mikhailMLL>

## Blockchain Engineer

<div align="left"><figure><img src="/files/rXdCZ57kVndYAo0gvOI8" alt="" width="85"><figcaption><p>Gregory G.</p></figcaption></figure></div>

Github: <https://github.com/GregoryGromov>

## Blockchain Engineer

<div align="left"><figure><img src="/files/HwohHid4ffocIRxpSA1I" alt="" width="85"><figcaption><p>Emil K.</p></figcaption></figure></div>

Github: <https://github.com/hodzhakhov>

## Intern

<div align="left"><figure><img src="/files/lrhwfRiV6ekCgeUbq13d" alt="" width="85"><figcaption><p>Gleb M.</p></figcaption></figure></div>

Github: <https://github.com/Gleb-Matveev>

## Head of Design

<div align="left"><figure><img src="/files/BIs2sdYskC4FYyWNrw4k" alt="" width="85"><figcaption><p>Polina T.</p></figcaption></figure></div>

Behance: <https://www.behance.net/makochan2>

## SMM-Manager

<div align="left"><figure><img src="/files/OJ7DPcuUMk7rPvnhQFld" alt="" width="85"><figcaption><p>Georgii P.</p></figcaption></figure></div>

LinkedIn: <https://www.linkedin.com/in/georgii-ponkratov-90b95a281>[/](https://www.linkedin.com/in/helen-moskalkova-465599234/)


# Join Our Team

**These are the roles we’re currently hiring for:**

*No open roles.*

If this sounds like you, we’d love to hear from you. Please send your CV to <admin@overnight.finance>, along with a short note about your relevant experience.


# Backend Engineer (Trading Bots)

We are looking for a talented backend engineer with experience building trading bots to develop and maintain algorithmic strategies across DeFi and CeFi platforms, including market making, arbitrage, and delta-neutral systems.

This role is perfect for someone who understands how financial markets work under the hood and is excited to build bots that operate in complex, high-performance environments.

🔍 **Key Responsibilities**

* Design and implement new algorithmic trading strategies on decentralized and centralized exchanges
* Work with market-making, arbitrage, and delta-neutral systems
* Collaborate with quant researchers to convert models into production-grade bots
* Integrate with DEX and CEX APIs and blockchain infrastructure
* Ensure robust execution, monitoring, and risk controls for deployed strategies

🎓 **Qualifications & Experience**

* Strong interest in and understanding of how CeFi and DeFi markets operate
* Hands-on experience building and maintaining trading bots
* Degree in Computer Science, Engineering, Math, or related technical field
* Solid understanding of financial mathematics
* Comfort working with mathematical formulas and models
* Native Russian speaker; able to read and understand technical documentation in English

💡 **Preferred Skills**

* Experience with blockchain development
* Familiarity with smart contracts (Solidity)
* Understanding of Uniswap V3 math and development experience with it
* Knowledge of perpetual DEX mechanics and hands-on experience working with them

💸 C**ompensation & Work Setup**

* Fully remote or hybrid with offices in Moscow and Abu Dhabi
* Full-time position
* Compensation in USDC


# Quantitative Researcher (Junior / Middle / Senior)

We are seeking an exceptional **quantitative researcher** with expertise in **reinforcement learning (RL)** and **quantitative modeling** to develop **on-chain trading strategies**, focusing on **ETH/USD+** and **cbBTC/USD+** pairs.

Experience in trading is preferred but not required — we welcome candidates with strong machine learning, optimization, or mathematical modeling backgrounds who are eager to apply their expertise to algorithmic strategy development.

🔍 **Key Responsibilities**

* Drive and execute quantitative research initiatives, designing and optimizing trading strategies for DeFi markets.
* Develop and implement RL-based models, including **Deep Q-Networks (DQN)** and **Avellaneda-Stoikov (AS)** models for on-chain market making.
* Define and refine state and action spaces for RL agents to optimize execution and risk management.
* Design reward functions aligned with Overnight.fi’s profitability and risk control objectives, leveraging asymmetric dampened P\&L frameworks.
* Build and run rigorous backtesting and simulation frameworks to evaluate strategy performance.
* Optimize model parameters using advanced techniques (e.g., genetic algorithms, Bayesian optimization).
* Adapt strategies to high-latency, on-chain trading environments for robust execution and market efficiency.
* Monitor, analyze, and continuously refine deployed models based on real-time data insights.
* Stay current with trends in quantitative finance, RL, and DeFi to identify new opportunities.

**🎓 Qualifications & Experience**

* PhD or Master’s degree in Quantitative Finance, Computer Science, Mathematics, Statistics, or related field (for middle/senior level).
* Proven experience in quantitative research and reinforcement learning.
* Deep knowledge of mathematical modeling, statistical analysis, and optimization.
* Proficiency in Python and experience with frameworks such as **TensorFlow**, **PyTorch**, or **JAX**.
* Experience in trading, market-making, or HFT is preferred but not required.
* Familiarity with developing backtesting and simulation environments is a plus.

**💡 Preferred Skills**

* Experience in state representation techniques for RL.
* Familiarity with algorithm optimization methods (e.g., evolutionary algorithms, Bayesian approaches).
* Knowledge of blockchain, smart contracts, and DeFi trading environments.
* Experience working in high-performance computing (HPC) environments.

**📁 Portfolio Submission (Preferred but Optional)**

To strengthen your application, feel free to provide:

1. Code samples or GitHub projects showing quantitative models, RL applications, or backtesting frameworks.
2. Research papers, whitepapers, or technical articles in quantitative finance or algorithmic trading.
3. Trading strategy performance reports (e.g., backtesting results, live trading performance, market simulations).

**💸 Compensation & Benefits**

* Competitive salary, negotiable based on experience
* Performance-based incentives tied to strategy success
* Flexible hybrid work model, tailored to you and your team