Link to vote https://dao.curve.fi/vote/ownership/383
Summary:
Overnight is an asset management protocol specializing in delta-neutral strategies. Overnight’s core product is USD+, a 100% collaterized yield-bearing stablecoin. The collateral of USD+ consists of yield-generating DeFi strategies, including lending to Aave, stable-to-stable and delta-neutral strategies.
Overnight has consistently been the top briber on various Solidly forks on Arbitrum, OP, BNB and zkSync. Bribing on Chronos Arbitrum peaked at 30K per week, on Velodrome on OP - - at 16K per week etc. On both Chronos and Velodrome, Overnight cooperated with Frax to establish more capital efficient Frax/USD+ pools.
Overnight now looks to establish the pools on sustainable platforms, aka Curve/Convex in order to bootstrap USD+ liquidity in a sustainable manner.
Describe what this proposal is about
This is the proposal to add FraxBP/USD+ pool to the gauge controller on Arbitrum.
A similar proposal to add FraxBP/USD+ pool on Optimism will follow.
References/Useful links:
Link to (a new user cant put more than 2 links here) :
• Overnight. fi
• [Documentation] (https:// docs. overnight. fi/)
• [Github Page](https:// github. com/ovnstable)
• [Communities](https:// discord. com/invite/7dEceNJqPq)
Protocol Description:
Overnight is an asset management protocol specializing in delta-neutral strategies. Overnight’s core product is USD+, a 100% collaterized yield-bearing stablecoin. The collateral of USD+ consists of yield-generating DeFi strategies, including lending to Aave, stable-to-stable and delta-neutral strategies.
Motivation:
Overnight has attracted both strong TVL and stablecoin trading volumes on Arbitrum and Optimism, in particular, via Solidly platforms, including Chronos, Ramses, Velodrome etc. On most of these platforms Overnight has been the leading briber, top 3 pool by TVL. Overnight looks to continue on the same path and establish liquidity hubs on more sustainable platforms, i.e. Curve/Convex. This is net positive for the protocol.
Explain why this pool needs incentivization
The boost generated by USD+ is attractive enough for the pool’s TVL to be sustainable. We also discussed potential TVL-based co-bribing with Frax. Incentives are required for the pool to grow to a level where TVL is meaningful to be attractive for liquidity providers.
Specifications:
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Governance: Information on governance [Overview - Overnight Finance Docs (Beta)](https:// docs . overnight. fi/tokenomics-and-governance/overview)
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Oracles: Does the protocol rely on external oracles? No
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Audits: [Provide links to audit reports and any relevant details about security practices.](https:// docs. overnight. fi/advanced/audits)
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Centralization vectors: The governance is designed through OVN voting, using an OpenZeppelin standard. However, Overnight has not yet issued its governance token, so 100% of OVN tokens is with the team. The governance contracts are under timelock though.
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Market History: All of our pools can be tracked here https:// app. overnight. fi/pools. Relevant metrics here https:// tokenterminal . com/terminal/projects/overnight