Most people know stablecoins like USDC or USDT as digital money that stays worth $1. But what if your stablecoin could pay you interest - automatically - just by holding it? That’s the idea behind Overnight (OVN), a crypto token built not to speculate, but to earn. Unlike other DeFi projects that chase wild returns with risky bets, Overnight focuses on one thing: steady, safe yield. And OVN is the engine that makes it all work.
What Exactly Is OVN?
OVN isn’t a currency you spend. It’s a governance token - think of it like a voting share in a small, quiet bank that only lends to trusted places. The protocol behind it, called Overnight, launched in 2021 and runs on chains like Base, Arbitrum, and Optimism. Its main product isn’t OVN itself, but USD+, a stablecoin that pays yield by increasing your balance every day - while still staying pegged to $1.
Here’s how it works: if you deposit $1,000 in USD+, you don’t get paid in extra dollars. Instead, your balance grows. After a year at 16% yield, you’d have 1,170 USD+ coins - each still worth exactly $1. No need to claim rewards. No complicated staking. The system just adds coins to your wallet automatically.
OVN’s job is to keep this system safe. It’s not used for trading or speculation. It’s used to vote on risk rules. If someone proposes a risky investment, OVN holders can vote it down. If the system needs more protection, OVN tokens are bought from the market and locked into an insurance fund. It’s a self-correcting system built on consensus, not hype.
How Does Overnight Make Yield?
Overnight doesn’t gamble on DeFi wild west bets. It doesn’t lend to unknown protocols or use leveraged positions. Instead, it does something boring - and that’s the point. It lends your collateral to established platforms like Aave and Compound. These are the same places where big players park their money. The interest earned from those loans is what feeds the yield for USD+, USDT+, and DAI+.
That’s why the yield is sustainable. It’s not based on printing new tokens to pay users (which crashes when the new tokens run out). It’s based on real interest from real loans. The protocol keeps a buffer - a safety net - and OVN holders decide how big that buffer should be. If a loan goes bad, the insurance fund kicks in. And that fund? It’s filled by buying OVN tokens from the open market using a portion of the daily yield.
This creates a loop: yield → buy OVN → lock OVN as insurance → protect users → keep yield flowing. It’s a rare design in DeFi: a system that rewards safety, not risk.
OVN Token Supply and Value
There are only 1 million OVN tokens in existence. That’s it. No more will ever be created. As of January 2026, OVN trades around $0.73 per token, giving it a market cap of roughly $730,000. That’s tiny compared to Bitcoin or even Ethereum, but for a niche DeFi protocol, it’s a solid start.
Trading happens mostly on Aerodrome (Base) and Aerodrome SlipStream, with a 24-hour volume of just over $2,000. Low volume means low liquidity - so don’t expect to buy or sell large amounts without moving the price. This isn’t a coin for day traders. It’s for long-term believers in stable, conservative DeFi.
What makes OVN valuable isn’t speculation. It’s utility. The more people use USD+, the more OVN is needed to govern and protect the system. The more OVN is locked into insurance, the safer the protocol becomes. And the safer it becomes, the more users are willing to trust it with their money.
OVN vs. OVN+: The Staking Mechanism
OVN doesn’t just sit in your wallet. You can lock it up and get OVN+ in return - one for one. But OVN+ isn’t just a receipt. It’s a claim on future rewards.
Here’s the twist: 20% of the daily yield collected from USD+ pools on Base is used to buy OVN on the open market. Those bought tokens are then converted into OVN+ and distributed to people who locked their OVN. So if you hold OVN+, you’re getting a share of the protocol’s buybacks - paid out in more OVN+.
This is a clever incentive. It rewards people who believe in the protocol enough to lock up their tokens. It also reduces circulating supply, which can support price stability. It’s not a traditional staking reward. It’s a reward for helping the system stay secure.
How to Get Started with Overnight
You don’t need to be a crypto expert to use Overnight, but you do need a Web3 wallet - like MetaMask or Rabby - and some crypto on one of its supported chains: Base, Arbitrum, Optimism, Linea, or Blast.
First, go to overnight.fi. Connect your wallet. Then you can:
- Swap your USDC, USDT, or DAI into USD+, USDT+, or DAI+ using Odos - a decentralized router that finds the best price.
- Deposit into liquidity pools to earn yield. The Zapin feature lets you swap and deposit in one click.
- Stake your OVN to get OVN+ and earn a share of buyback rewards.
There’s also a Zapin NFT campaign. Do your first deposit? Get a Level 1 NFT. Do more? Get a Level 2 NFT that unlocks a private Discord with early access to features and direct chats with the team. It’s a small gamification touch - but it helps build community.
Why It’s Not for Everyone
Overnight isn’t the next Bitcoin. It won’t make you rich overnight. Its total value locked (TVL) is only $9.9 million. That’s less than 0.01% of the entire DeFi market. It’s not on Coinbase or Binance. You can’t buy OVN with a credit card. It’s not easy to find.
And yes, there’s risk. If the protocol gets hacked or a major collateral asset crashes, the insurance fund might not cover everything. It’s small. It’s unproven at scale. Experts warn that $9.9 million in TVL might not survive a major market panic.
But here’s the flip side: if you’re tired of DeFi projects that collapse after their token emissions stop, Overnight offers something rare: a system designed to last. It doesn’t need to pump. It doesn’t need hype. It just needs to be safe, steady, and smart.
Who Should Use Overnight?
Overnight is for people who want:
- Stable value (your USD+ stays $1)
- Passive yield (no claiming, no gas fees for rewards)
- Low risk (lending to Aave, not random tokens)
- Ownership (you vote on how the system runs)
It’s not for:
- Traders looking for 10x returns
- People who want to buy crypto with a credit card
- Those who need high liquidity or big exchange support
If you’re the type of person who puts money in a high-yield savings account instead of betting on crypto memes - Overnight is your DeFi version of that.
The Bigger Picture
The DeFi world is changing. After the crashes of 2022 and 2023, users are asking: "Can this last?" Overnight answers with a quiet "yes." It doesn’t need to grow fast. It doesn’t need to be everywhere. It just needs to be trustworthy.
Its multi-chain support shows it’s thinking long-term. Its fixed supply shows it’s not chasing short-term hype. Its governance model shows it’s building for the community, not just investors.
Right now, Overnight is a small experiment. But in a market full of noise, sometimes the quietest projects are the ones that survive.
Is OVN a good investment?
OVN isn’t an investment in the traditional sense. It doesn’t promise price growth. Its value comes from its role in keeping the Overnight protocol safe and running. If you believe in sustainable DeFi and want to help govern a low-risk yield system, holding OVN makes sense. If you’re looking for quick profits, look elsewhere.
Can I lose money with USD+?
Yes, but it’s unlikely under normal conditions. USD+ is fully backed by collateral. If the underlying assets (like USDC or Aave deposits) lose value, the protocol’s insurance fund - funded by OVN buybacks - steps in. However, if a massive, unexpected exploit occurs and the insurance fund is too small, losses could happen. The protocol’s small size is its biggest vulnerability.
How do I get OVN tokens?
You can buy OVN on decentralized exchanges like Aerodrome (Base) or Aerodrome SlipStream. You’ll need ETH or another supported token on Base, Arbitrum, Optimism, Linea, or Blast. Use a wallet like MetaMask, connect to the exchange, and swap for OVN. There’s no centralized way to buy it yet.
What’s the difference between USD+ and USDC?
USDC is a standard stablecoin that doesn’t pay yield. USD+ is a yield-generating version that increases your balance daily through rebasing, while keeping its $1 peg. USD+ earns yield by lending to platforms like Aave. USDC doesn’t. But USD+ is newer, less liquid, and only available on certain chains.
Is Overnight safe?
It’s one of the safer DeFi protocols because it avoids risky strategies. It uses proven platforms like Aave, has an insurance fund, and relies on community governance. But safety isn’t guaranteed. Its small TVL means it has less cushion than giants like Aave or Compound. Use only what you can afford to lose.
Aaron Poole
January 31, 2026 AT 23:12OVN is one of the few DeFi projects that actually makes sense. No crazy leverage, no rug pulls - just lending to Aave and Compound like a sensible bank. I’ve been holding USD+ for over a year and the yield compounds so smoothly you barely notice it. No need to claim, no gas fees for rewards. It’s like a high-yield savings account that doesn’t require a physical branch.
And the fact that OVN is used for governance, not speculation, is huge. Most tokens are just lottery tickets. This one’s a voting card for safety.
Low liquidity? Yeah, but that’s because it’s not meant for traders. It’s for people who want to sleep at night.
Ramona Langthaler
February 2, 2026 AT 14:46Sunil Srivastva
February 3, 2026 AT 07:55Really appreciate this breakdown. I’m from India and honestly didn’t think something like this existed outside the US. The fact that OVN is fixed supply and used for insurance instead of speculation is genius. Most DeFi projects here are just pump-and-dumps with whitepapers.
I started with $200 in USD+ last month. My balance went up by 0.8% this week - no action needed. Just leaves it there and forgets. Feels like magic but it’s just smart design.
Also, the Zapin NFT thing is cute. Not for the hype, but for the community access. Small touches like that matter.