Enable USDV/USD+ (0.01% fee tier) V3 gauge on Arbitrum Chain

Gauges
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Overview

The protocol requests a gauge whitelist for pool, the USDV/USD+ 0.01% tier on Arbitrum, which will help kickstart this integration of PancakeSwap liquidity in the overall liquidity of the project.

Background

Overnight is a cutting-edge decentralized finance (DeFi) platform that offers users innovative solutions to maximize their earning potential. By combining the stability of traditional financial instruments with the advantages of blockchain technology, Overnight revolutionizes the way individuals interact with the financial ecosystem.

At the core of Overnight is the concept of stablecoin-based DeFi. The platform introduces stablecoins like USD+, DAI+,ETH+, and USDT+ that are designed to maintain a stable value relative to their underlying assets. These stablecoins serve as foundational building blocks for users to access various opportunities within the DeFi landscape.

http://overnight.fi/ is a protocol focusing on asset management, with a specialization in neutral-risk strategies. At the heart of its product line is USD+, which is a yield-driven stablecoin, fully backed by collateral. This collateral for USD+ is rooted in DeFi strategies that generate returns. These strategies encompass lending to platforms like Aave, and include both stablecoin-to-stablecoin and neutral-risk strategies.

Verified USD (USDV) is the first stablecoin that rewards Verified Minters based on their contribution to the token’s active circulation.

USDV is an omnichain fungible token currently available on Ethereum, BSC, Avalanche, Arbitrum, and Optimism.

USDV utilizes the ColorTrace algorithm to mark USDV tokens with a unique ‘color’ to identify who originally minted them and maintain that attribution as tokens circulate within the ecosystem.

Verified Minters earn yield by increasing the circulation of USDV in their color. As users interact with your contracts, more tokens of your color go into circulation. This increased circulation can increase the yield you receive.

Minters are incentivized to mint and circulate USDV, enhancing the liquidity and utility of the token in the broader blockchain landscape.

Overnight would like to start its PancakeSwap integration by asking for a gauge whitelist for the USDV/USD+ pool (0.01%) on Arbitrum.

Should the gauge be added, veCAKE holders will benefit from it, and the protocol will use veCAKE vote incentives to deepen the pool’s liquidity.

Details

  1. Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 5% emission cap
  2. Token Utility: USD+ is the main protocol rebase token; Verified USD (USDV) is the first stablecoin that rewards Verified Minters based on their contribution to the token’s active circulation.
  3. Volatility: No volatility
  4. Oracles: Plus tokens don’t use oracles,but we are using oracles in strategies that we are investing in. We are using Chainlink on Arbitrum and Pyth on ZkSync. We are using oracles for calculating P&L and also to assess the cost of collateral
  5. Control: Only members of the OvnAgent group can execute proposals.
    On Arbitrum chain:
    AgentTimelock - 0xa44dF8A8581C2cb536234E6640112fFf932ED2c4
    OvnAgent - 0x5cBb2167677c2259F421457542f6E5A805B1FF2F.
    Owners of OvnAgent:
  • 0x66B439c0a695cc3Ed3d9f50aA4E6D2D917659FfD
  • 0x3f914C1D6afEeD65570A54177EFcC0bd0a65b81f
  • 0xC33d762fC981c0c1012Ed1668f1A993fC62f9C66
  • 0xe497285e466227F4E8648209E34B465dAA1F90a0
  • 0x0bE3f37201699F00C21dCba18861ed4F60288E1D

For USDV - https://docs.usdv.money/docs/technical-reference/contract-governance

  1. Merit: Should the gauge be added, veCAKE holders will benefit from it, and the protocol will use veCAKE vote incentives to deepen the pool’s liquidity.

Links

  1. Token addresses:
  • USD+ 0xe80772Eaf6e2E18B651F160Bc9158b2A5caFCA65
  • USDV 0x323665443cef804a3b5206103304bd4872ea4253
  1. Liquidity pool address: 0x35D85D531BE7159cB6f92E8B9CeaF04eC28c6ad9
  2. Website:
  1. Socials:
  1. Documentation:
  1. Github:
    Overnight overnight.fi · GitHub
  2. Any other relevant links:
2

Thank you for your application! The Kitchen has enabled the USDV/USD+ (0.01% fee tier) V3 gauge on Arbitrum with 1x boost multiplier and 1% emissions cap.

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