Over 99% of OP token voters are in favor of the allocation.
Overnight Finance, the asset management protocol offering low-risk passive yield products primarily for conservative stablecoin investors, has announced it has been awarded a 300,000 Optimism token (OP) grant. The allocation of coins is the approximate equivalent value of 300,000 USD and was decided by Optimism token holders by voting between November 4-11. Over 15 million (99.08%) of OP tokens voted “for” the grant allocation.
Overnight Finance’s flagship product is the USD+ token, a DEX-traded DeFi money market product, which can be exchanged for USDC 1:1 and pays yield via daily rebase. The grant allocation will be utilized by the Overnight Finance team to further develop a financial primitive that consistently covers broad applications, from treasury management to liquidity mining. Overnight Finance is dedicated to its conservative approach to risk, and its design which is built to be decentralized and compliant with future regulation, and will use the grant to support its efforts.
The Optimism Foundation is a nonprofit organization dedicated to growing the Optimism Collective, which scales Ethereum technology and Ethereum values. Until the project is fully decentralized, it plans to donate all profits from running a centralized sequencer towards scaling and sustaining public goods.
“I was very happy to support both of the Overnight Finance proposals which came through the Optimism Governance Fund program. Optimism’s TVL and the number of users have grown exponentially in the short time since its launch. Overnight Finance is targeting risk-averse users, an underserved market, which will ultimately attract more mainstream clients to bridge the gap between TradFi and DeFi. I look forward to seeing even more growth generated from Overnight in the coming months,” DeFi committee lead Katie Garcia.
“Our vision is that Ethereum scaling solutions, like Optimism, are not about doing the same thing as on the mainnet, just cheaper. Instead, they will give a boost to more advanced products, like Dex-traded funds, new business models, like Overnight, and ultimately make DeFi more attractive to mainstream risk-averse stablecoin investors, more competitive against CeFi and TradiFi. In the post-FTX world, where we are once again reminded of the benefits of self-custody and decentralization, this should bring the next 100M users into DeFI “, Max Ermilov, Overnight Finance Founder & CEO.
About Overnight Finance:
Overnight Finance is an asset management protocol offering low to medium-risk passive yield products and catering to DeFi’s conservative investors. The protocol aspires to be the “Vanguard of DeFi” and is an ideal fit for those seeking to optimize yield on their stablecoins
– including both individuals and protocol treasuries.
Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism’s EVM-equivalent architecture scales your Ethereum apps without surprises. If it works on Ethereum, it works on Optimism at a fraction of the cost.