Overnight Finance ($OVN) is an asset management protocol that provides passive yield products using delta-neutral strategies, ideal for conservative stablecoin investors. They recently launched an incentive program where USD+ holders on Arbitrum can earn points towards a potential $OVN token airdrop. Here is our Overnight Finance ($OVN) token airdrop guide.
Check out our step-by-step guide!
What is Overnight Finance ($OVN)?
Overnight Finance ($OVN) is a cutting-edge decentralized finance (DeFi) platform that offers users innovative solutions to maximize their earning potential. Here are some of the main features of Overnight Finance:
Stablecoin-Based DeFi: Overnight uses stablecoins like USD+, DAI+, USDC+, and USDT+ to provide stability and predictability in the DeFi market.
Yield Generation: The platform offers enhanced yield generation through strategies like lending to platforms such as Aave.
Efficient Asset Management: Advanced smart contracts and the Portfolio Manager help users optimize their investments with a balanced approach.
Security and Transparency: Overnight prioritizes security with robust safety measures, regular audits, and transparent operations.
What is the Overnight Finance ($OVN) token?
The Overnight Finance ($OVN) token is the utility token for the Overnight Finance protocol. It serves several purposes:
Incentives: Used to promote USD+ and encourage conservative risk decisions.
Governance: Grants voting rights for decentralized risk monitoring and management.
Insurance: Helps protect rebase tokens like USD+, DAI+, and USDT+ by absorbing initial losses in case of negative rebase.
What is the USD+ token?
USD+ is the main token of the Overnight protocol. It’s backed by assets that can quickly be turned into USDC. As a rebase token, it can gain value (positive rebase) when its backing assets are worth more than 100%, or lose value (negative rebase) when they are worth less. Profits are given to USD+ holders daily by increasing their wallet balance.
How to get the Overnight Finance ($OVN) token airdrop?
Here’s a guide on how to get the potential Overnight Finance ($OVN) token airdrop
Connect to Overnight Finance
Connect your wallet to Overnight Finance HERE.
Check stats
Go to the “Stats” tab. As USD+ is fully collateralized by USDC, so long as their collateral value is over 100% you will be earning rewards in USD+ through a rebase mechanism. Therefore, under the USD+ Portfolio section, check the figures under “Total” and “Total USD+ in circulation”. If the figure under “Total” is higher than the one under “Total USD+ in circulation”, you would be earning rewards through the rebase mechanism for your USD+. Also, check the daily APY figure to see what your rewards would be. Compare these figures under each of the supported chains to see which chain offers the best yields.
Mint USD+ token
To mint USD+, go to the Mint/Redeem tab and make sure the slider is on “Mint”. Select the network on the top right-hand corner. Choose between USDC and USDT tokens and the amount you wish to mint. Approve the transaction.
Mint USD+ on Arbitrum
Note that you would only qualify for the potential Overnight Finance ($OVN) token airdrop if you hold mint and hold USD+ on the Arbitrum network.
Earn Points
You will earn points for holding USD+ on the Arbitrum network, even if you USD+ is deposited into liquidity pools.
Deposit USD+ into liquidity pools
Go to the “Pools” tab and choose a liquidity pool. Click “Deposit” and switch to the chain the pool is on. Select the input tokens and approve the transaction. Please remember to do your own research before choosing a liquidity pool because there’s not just impermanent loss risk, but there’s also smart contract risk.
Learn more about impermanent loss
Get extra Points and bonuses
You can get extra Points and bonuses for finishing in the top 5 leaderboard for converting to USD+ or referring your friends to use Overnight Finance.
