Overnight
Overnight Finance is a multi-chain DeFi protocol that issues yield-generating stablecoin tokens (USD+, USDT+, DAI+, USDC+) and ETH+ via proprietary delta-neutral strategies on Aave and Uniswap V3, serving DeFi users seeking passive stablecoin yield with OVN-backed insurance protection.
- Company typePrivate
- Founded2021
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Overnight does
Overnight Finance is a DeFi protocol founded in 2021 by Maksim Ermilov that issues yield-generating stablecoin and crypto tokens backed by proprietary delta-neutral strategies. The protocol's product suite includes USD+ (USDC-pegged on Optimism), ETH+ (Ethereum-pegged on Arbitrum), USDT+ (Tether-pegged on BSC), DAI+ (DAI-pegged on Optimism), and USDC+ (USDC-pegged on Base), each designed to maintain peg stability while delivering 5–12% APY through daily rebasing. The OVN token serves a dual role as governance and insurance capital, absorbing first loss in negative-rebase scenarios to protect USD+, DAI+, and USDT+ holders and enabling higher-yield (up to 25%+) Insurance products.
The protocol's underlying technology combines a rebase token mechanism with full collateralization in USDC-convertible assets and delta-neutral yield generation sourced from Aave lending and Uniswap V3 liquidity provision. Smart contracts are audited by Hacken and Ackee, and liquidity is distributed natively across major DEXs (Uniswap, Sushiswap, Curve, Balancer, Velodrome) with aggregator routing through 1inch and Odos. Distribution is fully self-serve via the DApp at app.overnight.fi, with no sales motion, no KYC, and marketing conducted through DeFi-native channels (Twitter, Telegram, Zealy, Medium, YouTube, GitHub).
The revenue model is usage-based, capturing spreads and fees on underlying DeFi positions plus insurance product fees, with no direct user-facing fees disclosed. Customer concentration is diffuse across a horizontal long tail of DeFi users seeking passive stablecoin yield. The company raised $850,000 in a December 2021 pre-seed round led by Hack VC, with FJ Labs and individual investors including Sandeep Nailwal (Polygon co-founder) and Ryan Selkis (Messari founder) participating, and operates development and marketing teams out of Switzerland alongside a San Francisco headquarters. In May 2026, $12.6 million in USDC was frozen by Circle pursuant to a U.S. federal court order connected to a class-action lawsuit alleging founder misappropriation of over $15 million from Overnight Finance's treasury.
Overnight firmographics
Firmographics- Name
- Overnight
- Legal name
- Overnight Finance
- Website
- https://overnight.fi
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Overnight Finance is a multi-chain DeFi protocol that issues yield-generating stablecoin tokens (USD+, USDT+, DAI+, USDC+) and ETH+ via proprietary delta-neutral strategies on Aave and Uniswap V3, serving DeFi users seeking passive stablecoin yield with OVN-backed insurance protection.
- Ownership category
- akta.pro rank
Overnight industry classification
Industry- Product category
- Decentralized Finance (DeFi) Yield Protocol
- NAICS
- Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Liquidity Management & Market-Making Protocols (FSADAMAH)
- akta.pro secondary industry
- Liquidity Provision & Market Making Protocols (AMMs, concentrated liquidity, LP tooling) (FSAPAEAF)
Keywords
Where Overnight is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Overnight business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Yield from Delta-Neutral Strategies: The protocol generates yield through proprietary delta-neutral DeFi strategies (e.g., lending via Aave, liquidity provision via Uniswap V3). Yield accrues to collateral backing the stablecoins, resulting in positive rebase for token holders. Revenue comes from the spread and fees generated from DeFi positions.
- Insurance Product (OVN Token): Insurance product backed by the OVN token absorbs first loss, enabling higher-yield strategies. Insurance generates additional fee revenue for the protocol and higher APY (up to 25%+) for insurance product users.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels8 records
Overnight product offering
Product offeringCore offering
Overnight is a DeFi protocol that issues fully collateralized rebase tokens (USD+, ETH+, USDT+, DAI+, USDC+) which pay holders 5-12% APY through proprietary delta-neutral yield strategies deployed on Aave and Uniswap V3. The protocol also offers an OVN-backed insurance product that can yield up to 25%+ APY by absorbing first loss to enable riskier strategies. All products are accessed self-serve via the Overnight DApp at app.overnight.fi across Optimism, Arbitrum, BSC, and Base.
Product overview
Overnight is a DeFi protocol offering a suite of yield-generating stablecoin and crypto tokens built on delta-neutral strategies. The core portfolio includes USD+, ETH+, USDT+, DAI+, and USDC+ tokens - each pegged to their respective asset while generating 5-12% APY through proprietary delta-neutral strategies. The ecosystem is unified by the OVN token for governance and insurance protection, with an optional Insurance product that absorbs first losses to enable riskier, higher-yield strategies for users.
Differentiator
Problem solved
Functional benefit
Brands
- USD+: Stablecoin token pegged 1:1 to USDC, generating yield through delta-neutral strategies
- USDT+
- DAI+
- ETH+
- USDC+
- Insurance
Products and services
- USD+ USDC-pegged stablecoin token on Optimism that is 100% collateralized with assets immediately convertible into USDC and generates 5-12% APY via daily rebasing using proprietary delta-neutral strategies. Targeted at DeFi users seeking passive, peg-stable yield.
- ETH+ Ethereum-pegged rebase token on Arbitrum that provides ETH exposure while generating passive yield through delta-neutral strategies. Designed for DeFi users wanting ETH-correlated returns without impermanent loss.
- USDT+ Tether-pegged stablecoin token on BSC that is fully collateralized and generates 5-12% APY via daily rebase through proprietary delta-neutral strategies. Targets USDT holders seeking sustainable on-chain yield.
- DAI+ DAI-pegged stablecoin token on Optimism that is 100% collateralized and earns 5-12% APY via daily rebase using delta-neutral strategies. Built for DAI holders who want passive yield while preserving peg stability.
- USDC+ USDC-pegged stablecoin token on Base that is fully collateralized with USDC-convertible assets and pays 5-12% APY via daily rebase through proprietary delta-neutral yield strategies.
- Insurance Product OVN-backed insurance product that protects Overnight's rebase tokens (USD+, DAI+, USDT+) by absorbing first loss in case of negative rebase. Users can earn up to 25%+ APY by providing OVN to back the insurance layer, allowing the protocol to deploy riskier but higher-yielding strategies.
- OVN Token Native governance and insurance token of the Overnight protocol. OVN holders provide the capital that absorbs first loss in negative rebase events, protecting rebase tokens and earning a share of the insurance product's yield.
Quantifiable outcome
- 5-12% APY on Token+ products
- +3 more outcomes
Companies that use Overnight
Customer profileSegments1 record
Ideal customer profiles1 record
Overnight technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
Feature5 records
Overnight partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core and supporting.
- UniswapcoreMajor DEX integration across multiple chains. Overnight tokens are traded on Uniswap pools. The protocol generates yield using Uniswap V3 as one of the core DeFi infrastructure pieces. Listed as a partner on the website.
- SushiswapcoreDEX partner where Overnight tokens are listed and traded. Listed as a partner on the website with logo displayed in the partner section.
- Curve FinancecoreMajor stablecoin-focused AMM. Overnight tokens are integrated across Curve pools for liquidity and yield generation. Listed as a partner on the website.
- BalancersupportingDEX partner providing liquidity pool infrastructure for Overnight tokens. Listed as a partner on the website.
- Velodrome FinancesupportingOptimism-native DEX partner for token liquidity. Listed as a partner on the website.
- OptimismcorePrimary blockchain where USD+, DAI+ products are deployed. Optimism is an Ethereum L2 scaling solution. Listed as a partner on the website with logo displayed.
- AavecoreCore DeFi lending protocol used by Overnight for yield generation. The protocol prioritizes generating real yield from high-quality protocols like Aave. Referenced in the yield generation description.
- 1inchsupportingDEX aggregator integrated for Swap feature, providing optimal routing for converting various assets into Overnight tokens. Listed as a partner on the website.
- Odos.xyzsupportingDEX aggregator and routing service integrated with Overnight's Swap feature. Listed as a partner on the website.
- AxelarsupportingCross-chain messaging infrastructure partner. Listed as a partner on the website with logo displayed.
- LineasupportingEthereum L2 blockchain where Overnight has partnership presence. Listed as a partner on the website with logo displayed.
- HackencoreLeading blockchain security firm that audits Overnight's smart contracts and protocols. Security audits conducted by Hacken are referenced as a key trust and safety measure. Listed as a security partner with audit report available.
- AckeecoreBlockchain security firm that conducts smart contract audits for Overnight. Referenced alongside Hacken as a trusted security partner with published audit reports. Listed as a security partner.
- Hub71supportingAbu Dhabi-based Web3 hub and accelerator program. Listed as a partner on the website with logo displayed, suggesting participation in their ecosystem.
- Blockchain XceleratorsupportingBlockchain accelerator program. Listed as a partner on the website with logo displayed in the partners section.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Overnight competitors and assessment
Company assessmentDirect peers
- Ethena Labs: Ethena issues USDe, a synthetic dollar using delta-neutral hedging (long ETH + short perp) to generate yield — the most direct comparable to Overnight's USD+ approach. Both rely on derivatives-based strategies and target the same crypto-native yield-seeking stablecoin holder segment.
- Ondo Finance: Ondo offers USDY, a yield-bearing tokenized note backed by short-duration Treasuries, targeting similar stablecoin holders seeking passive yield. While RWA-backed rather than delta-neutral, it competes for the same user base of risk-averse stablecoin yield seekers.
- Frax Finance: Frax issues frxUSD and sfrxUSD, a yield-bearing stablecoin pair using a similar two-token architecture to Overnight's USD+/OVN. Both compete in the algorithmic/collateralized stablecoin yield category with cross-chain deployment.
- Angle Labs: Angle issues agEUR and USDA, with USDA specifically a delta-neutral yield-bearing stablecoin using similar primitives to Overnight (Aave, hedging). Both target DeFi users seeking euro/dollar yield with algorithmic stability mechanisms.
- Maple Finance: Maple issues syrupUSDC, a yield-bearing stablecoin targeting institutional and DeFi treasury users. While credit-based rather than delta-neutral, it competes for the same passive stablecoin yield demand on similar chains.
- Beefy Finance: Beefy automates yield compounding across multiple chains and protocols. Similar multi-chain yield strategy focus to Overnight, with comparable vault-style architecture and audience.
Emerging players
- Resolv Labs: Resolv issues USR, a delta-neutral stablecoin backed by ETH LSTs and short perp positions, providing a near-identical architectural template to Overnight's USD+. Resolv is a newer entrant in the same niche.
- Pendle Finance: Pendle enables trading of yield via PT/YT tokenization. While architectural different, it directly competes for users seeking yield exposure on stablecoins and LSTs across many of the same chains as Overnight.
- Convex Finance: Convex optimizes Curve yield for cvxCRV holders. Operates in the same yield-optimization category as Overnight though with a different underlying mechanism and user base (Curve LPs).
Broad incumbents
- Yearn Finance: Yearn is the original DeFi yield aggregator, automating yield strategies across Aave, Compound, Curve, and others — overlapping Overnight's strategy execution layer. Broader and more established but serves a similar yield-seeking audience.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
Overnight social profiles
Digital presenceOvernight compliance and trust
Trust signalCompliance1 record
Overnight financial estimates
Financial estimateRevenue estimate
Valuation estimate
Overnight leadership team
Management profileNumber of profiles
Profiles1 record
Overnight funding detail
Funding detailFunding overview
Funding rounds1 record
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Overnight M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Overnight
What does Overnight do?
Overnight is a DeFi protocol that issues fully collateralized rebase tokens (USD+, ETH+, USDT+, DAI+, USDC+) which pay holders 5-12% APY through proprietary delta-neutral yield strategies deployed on Aave and Uniswap V3. The protocol also offers an OVN-backed insurance product that can yield up to 25%+ APY by absorbing first loss to enable riskier strategies. All products are accessed self-serve via the Overnight DApp at app.overnight.fi across Optimism, Arbitrum, BSC, and Base.
Is Overnight a public or private company?
Overnight is a private company. It is classified as venture growth investor backed and is currently operating.
When was Overnight founded?
Overnight was founded in 2021. It employs 11 to 50 people.
Where is Overnight based?
Overnight is headquartered in San Francisco, United States, in the North America region.
How does Overnight make money?
Two revenue lines are on record. Yield from Delta-Neutral Strategies are the primary driver. The others are insurance Product (OVN Token).
Who are Overnight's main competitors?
Direct peers on record are Ethena Labs, Ondo Finance, Frax Finance, Angle Labs, Maple Finance and Beefy Finance. Emerging players are Resolv Labs, Pendle Finance and Convex Finance. Yearn Finance is listed as a broad incumbent.
Does Overnight have an API?
No public API is recorded for Overnight.
What industry is Overnight in?
Overnight's product category is Decentralized Finance (DeFi) Yield Protocol. Its primary akta.pro industry code is FSADAMAH, Liquidity Management & Market-Making Protocols, with a secondary code of FSAPAEAF, Liquidity Provision & Market Making Protocols (AMMs, concentrated liquidity, LP tooling). Its NAICS code is 52321 and its SIC code is 6200.