USD+

Built on the principles of stability and yield, USD+ is a rebase token that offers users a unique opportunity to generate passive income through its proprietary delta-neutral strategies. Operating as a fully collateralized asset, USD+ is backed by assets that can be instantly converted into USDC, providing a 1:1 peg for price stability. This innovative approach enables users to profit from the growth of their collateral value, while also minimizing the risk of loss.

The key technical features of USD+ include its rebase mechanism, which is triggered manually by the protocol and occurs seamlessly in six steps. These steps involve minting new USD+ tokens using USDC or BUSD, implementing an automated investment strategy for yield-generating purposes, swapping fees and rewards for USDC, minting new USD+, and sending it back to the user's wallet through the rebase mechanism. This approach is similar to Interest Bearing Tokens, like aUSDC from AAVE, where underlying token quantities grow passively based on lending fees earned.

USD+ offers users a range of use cases and utility, including generating passive yield effortlessly by simply holding their tokens in their wallet. The protocol's proprietary delta-neutral strategies enable Overnight to generate real yield (sustainable yield without rewards) like Aave and Uni V3, prioritized. Users can also utilize the Zap In feature to invest in various pools simultaneously, saving time and effort. Additionally, the insurance product serves to protect rebase tokens (USD+, DAI+, USDT+, not the ETSes) by absorbing the first loss in case of negative rebase with the project's native OVN token.

The Overnight team consists of 20+ members, including 12 members of the technical team. The protocol has undergone audits before making new products and features available to the public, prioritizing security. Total value locked is $18,468,176.27, with notable partnerships including Optimism ($0.16M), Arbitrum ($0.25M), Base ($7.17M), Linea ($0.00M), and Blast ($9.38M). The protocol's insurance product has absorbed losses in the past, protecting users' rebase tokens.

USD+ is positioned as a stablecoin that offers users a unique opportunity to generate passive income through its proprietary delta-neutral strategies. With a total value locked of $18,468,176.27 and notable partnerships, Overnight is emerging as a major player in the DeFi space. The protocol's focus on security, stability, and yield makes it an attractive option for users looking to maximize their returns while minimizing their risks.