Overnight Launches USD+ On Avalanche

DeFi Protocol Overnight has launched USD+, a yield-bearing stablecoin on the Avalanche blockchain to aid its mission in upgrading Liquidity Pools across the ecosphere.

Overnight Finance Expands To Avalanche

USD+, DeFi’s esteemed Yield-Bearing-Stablecoin has expanded to Avalanche after taking over one of Polygon’s leading Decentralized Exchange (DEX), Dystopia by storm. Its unique proposition is that it enables Yield-Farmers to earn ever more on their Liquidity Provisions.

With it initially deploying on TraderJoe by commencing its journey on Avalanche, it sets out to revolutionize the way we think about Liquidity Provisions in itself. In a given Liquidity Pool with USD+, users earn yields from USD+ on top of Swap Fees and Gauge Pool rewards.

The innovation here is that users earn Yields from USD+ on top of other Liquidity Pool incentives, making Liquidity Provisions more lucrative than what we’ve seen before.

Getting Into The Midst Of It

The process starts with minting USD+ via USDC and the corresponding collateral is deployed across an array of Stable-to-Stable pools with an aim of generating yields for its users. Strategies are determined on a risk-averse basis, the goal is to minimize risks over maximizing yields; the profits are paid out daily among holders via a rebase mechanism — it’s that simple.

Users seeking to benefit from the yields can simply hold USD+ to receive its yields or use it in Liquidity Pools whereby the corresponding yields equate to their USD+ holdings directly incrementing within the said LP owing to its rebases.

Performance On Polygon Thus Far

Since its inception on Polygon, USD+’s TVL has surged amid a wide-ranging market turmoil including notorious stablecoin, UST debugging and sending shock waves throughout the space. Users have since then, flocked to USD+ owing to its secure & safe collateralization narrative whereby 1 USD+ always equals 1 USDC and can be claimed for the corresponding amount via an on-chain, decentralized process.

Moreover, owing to it being lucrative in Yield-Farming, the stablecoin has managed to amass over $3M in liquidity on Dystopia alone — this feat represents the value proposition that the stablecoin holds.

Why Avalanche?

Avalanche is infamously seen as Crypto’s most esteemed blockchain with a vast DeFi ecosystem, the chain has become a must-use for any DeFi enthusiast. Currently boasting of $5 Billion in TVL, the chain offers an array of Stable-to-Stable Liquidity Pools — these pools are ideal for Overnight to integrate and diversify its portfolio.

Moreover, Avalanche poses itself as a disruptive and highly scalable network with low gas fees, a near-instant finality, and an active developer base (projects, dApps & protocols) all of which have contributed to sky-rocketing adoption. This has led to the chain possessing over a whopping 400,000 monthly active users as of June 2022.

About Overnight

Overnight stands for overnight interest rate, the interest rate one receives by lending money for the shortest duration possible – 1 night.

Overnight is a DeFi protocol behind USD+, a yield-generating stablecoin with a daily profit payout.


All information on the article is for reference only, this is not investment advice. Hopefully, the information that Avaxholic has gathered in the article will be useful to you.

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