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Overnight (“OVN”) is launching on Polygon, dramatically simplifying stablecoin cash management

Overnight (“OVN”) is launching on Polygon, dramatically simplifying stablecoin cash management


Overnight’s interest-bearing stablecoin OVN  will launch on Polygon commitchain and offer users the simplest way to receive interest on its temporarily available [stablecoin] cash (also known as ‘parking’).

Overnight (“OVN”) is the first interest bearing stablecoin, native of Polygon PoS commitchain. Its purpose is to simplify and facilitate stablecoin cash management. One buys and holds OVN in order to receive interest on its temporarily available [stablecoin] cash (also known as ‘parking’) all while keeping all the benefits of a stablecoin like USDC or DAI — ability to store and transfer value.

Therefore OVN token is just like USDC, but much better:

  • OVN is pegged to USDC 1:1 and can be instantly exchanged against USDC at this rate
  • At any point in time OVN is no less than 100% collateralised with a highly conservative portfolio of yield-generating DeFI assets
  • OVN receives profit from the underlying portfolio and distributes it daily among OVN holders as airdrops, no staking required
  • OVN’s portfolio management is fully decentralized, i.e. performed by the auditable onchain protocol, with unparalleled level of disclosure and transparency

Daily profit airdrop is enabled by Polygon PoS commitchain. It is  really central to the entire concept of OVN – it enables the peg (avoids appreciation above par) and represents key improvement for users who look to reduce the hassle associated with cash management in DeFi to something as simple as buying and keeping OVN token.

There are many ways one could manage its stablecoin cash, but with OVN one avoids (1) in-depth market research and active trading, (2) across numerous DeFi protocols, (3) daily and manually. In other words, currently managing stablecoin cash is risky, cumbersome and costly and OVN solves these problems for yield farmers, cryptocurrency investors and well funded blockchain projects.

About Polygon

Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 700+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and $5B+ in assets secured.

If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.

About Overnight

Overnight

Overnight (‘OVN’) is the cash management solution, packaged as an interest bearing stablecoin – “OVN”. OVN is like USDC but better: OVN can be redeemed for 1 USDC instantly at any point in time, but (c) OVN aidrops  interest to your wallet daily, no staking required.

If you want to know more, join the community here or start using OVN here

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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