Overnight Finance, an asset management protocol offering passive yield instruments, saw its total value locked (TVL) break above the $100 million mark on November 13, according to DefiLlama data. The protocol’s deposits are currently valued at $120 million.
Overnight has gained 90% on Wednesday alone, breaking strong resistance near $90 million. It is one of the best-performing DeFi apps this week.
The decentralized asset manager enables users to put their tokens to work by selecting from multiple investment strategies, such as stablecoin deposits into lending protocols, stable-to-stable liquidity pools, and delta-neutral strategies developed by Overnight itself.
For example, users can deposit stablecoins like DAI or USDC to mint USDT+, a yield-bearing stablecoin that generates up to 13% annual return. USD+ can be further used in DeFi to explore more yield opportunities individually.
USD+ is Overnight’s flagship product, accounting for over 95% of its total TVL. It currently has over $117 million worth of stablecoins locked with it, up from $45 million at the end of October.
Overnight supports multiple Ethereum layer 2 chains, including Base, Arbitrum, Blast, Optimism, Polygon, and Linea, as well as the EVM-compatible BNB Smart Chain (BSC). However, recent growth has been driven by Base stablecoins. USD+’s TVL on Base is over $112 million as of this writing.
The most deposited token is USDbC, which represents bridged USDC on the Base chain. On Wednesday, Overnight experienced record inflows, with $55 million worth of USDbC being locked on the platform.
Thanks to its rapid growth, Overnight has become the 7th largest DeFi app on Base, following Extra Finance, a lending and yield farming app whose TVL reached a record $169 million on November 10. Extra supports USD+ and OVN, Overnight’s native token, although their aggregate share on the platform is less than 2%. Â
Meanwhile, Base has been one of the best-performing chains in DeFi, with its TVL currently at a record $3.8 billion.
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