Overnight.fi USD+ (Blast)Price

(USD+)

Overnight.fi USD+ (Blast) is a stablecoin designed to generate yield while maintaining its peg to the US dollar. It is fully backed by other stable digital assets such as USDC, DAI, and USDT. The protocol employs neutral-risk decentralized finance (DeFi) investment strategies across multiple blockchain networks, including Blast, to generate an attractive annual percentage yield, distributed daily.

The yield for USD+ is generated through proprietary delta-neutral and other low-risk decentralized finance (DeFi) strategies. This involves deploying the underlying stablecoin collateral into various DeFi protocols to earn interest, trading fees, and other protocol rewards. The aggregated yields are then converted back to stablecoins. These profits are distributed to USD+ holders daily through a unique "rebasing" mechanism, which adjusts the token balance in their wallets.

Rebasing is the core method USD+ uses to distribute its generated profits. As an ERC20 token, it undergoes a daily adjustment where wallet balances of USD+ holders are increased. This "positive rebase" occurs when the underlying collateral value surpasses 100%, effectively growing the quantity of USD+ tokens users hold. This mechanism allows for passive earning, as the token's value remains consistently pegged, while the amount of tokens in circulation in a user's wallet increases with the daily yield.

USD+ is fully collateralized by established stable digital assets including USDC, DAI, and USDT. To ensure transparency, users can independently verify the collateral by accessing the Overnight.fi decentralized application (dApp). Within the dApp, selecting USD+ on a specific blockchain, such as Blast, allows users to view a detailed breakdown of each underlying investment strategy and its performance. This commitment to transparent collateralization is a fundamental aspect of the protocol's design.

Despite undergoing security audits, holding or utilizing USD+ involves inherent decentralized finance (DeFi) risks. These include potential smart contract vulnerabilities and economic exploits. There is also a possibility of a "negative rebase," which would reduce the amount of USD+ tokens held, if the underlying collateral value falls below 100%. Furthermore, users are exposed to the risks associated with all the individual DeFi protocols where USD+ collateral is deployed. A past incident involving an oracle manipulation hack on a third-party lending protocol highlighted these potential risks.

Users have several methods to acquire USD+. They can directly mint USD+ using stablecoins like USDC or BUSD (on BSC) via the Overnight.fi decentralized application (dApp). Alternatively, USD+ is available for trading on various decentralized exchanges. For users preferring centralized platforms, USD+ can also be acquired through spot trading on exchanges like LBank.