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.
