Yield Aggregator · Review
ActiveOvernight Review 2026: Rebase Yield Tokens
Overnight offers rebasing tokens designed to earn yield from delta-neutral and other strategies, plus a separate OVN-based insurance product. Yield is not guaranteed, and details on fees, audits, and insurance coverage are limited.
By the DappsAtlas editorial team · Updated
DappsAtlas score
5.5/10
Mixed
Our verdict on Overnight
5.5/10Overnight may suit DeFi users who understand rebasing tokens and want exposure to yield strategies without manually managing positions. Its main appeal is the daily balance adjustment and the ability to use Token+ assets elsewhere in DeFi. The central caveat is that yield is not guaranteed and can be negative, while the public product description leaves important questions about fees, audit findings, strategy details, and insurance coverage unanswered. Treat backing and protection claims as risks to investigate, not assurances.
Score breakdown
How Overnight scores
- Security
- 4.0/10
- Ease of use
- 6.0/10
- Fees
- n/a
- Features
- 7.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Overnight?
Overnight is a DeFi yield protocol offering ETH+, USD+, USDT+, DAI+, USDC+ and an insurance product. It says Token+ holders receive daily rebases and can use the tokens in other DeFi applications. The project describes USD+ as pegged 1:1 to USDC.
Overnight says it generates yield through proprietary delta-neutral and other strategies, prioritizing protocols including Aave and Uniswap v3. It presents the tokens as fully collateralized, but also warns that yield can vary or turn negative. Fees, detailed strategy information, and insurance coverage terms are not published in the product description.
How Overnight works
Overnight says users can mint Token+ products and hold them in a wallet to receive daily rebases. The balance can rise when collateral performance supports a positive rebase or fall when it does not. The project describes USD+ as pegged 1:1 to USDC and says its tokens are backed by assets immediately convertible into USDC; these are project claims, not guarantees of stable value or instant redemption in every market condition.
The yield strategy is described as proprietary delta-neutral and other approaches, with high-quality protocols such as Aave and Uniswap v3 prioritized. Overnight lists 5–12% APY for Token+ products and up to 25%+ for insurance products, while also warning that yield varies and may be negative. Its separate insurance product uses OVN, according to the project, to absorb first losses for specified rebase tokens; it does not cover ETSes, and detailed coverage terms are not published in the product description.
5 features
Key features
01
Daily rebasing
The project says Token+ holders receive daily positive or negative balance adjustments tied to collateral performance.
02
Strategy-based yield
Overnight describes its yield approach as proprietary delta-neutral and other strategies, with activity involving protocols such as Aave and Uniswap v3.
03
Minting and redemption
The project says tokens can be minted and redeemed and describes its products as highly liquid; actual access depends on the applicable product conditions.
04
Swap and Zap In
Swap and Zap In are described as tools for converting assets into Overnight tokens and entering DeFi pools.
05
OVN-based insurance
Overnight says its OVN-based insurance product is intended to absorb first losses for specified rebase tokens, excluding ETSes.
Pros and cons
What we like
- Daily rebases make changes to a holder's token balance visible without requiring a separate claim, according to the project.
- The project describes minting and redemption as readily available product functions.
- Overnight lists several Token+ products and says they can be used in DeFi.
- The project explicitly warns that yield is variable and may be negative.
Watch out for
- Yield is variable and can be negative if collateral performance falls below the stated backing threshold.
- The project does not publish fee details in the product information described here.
- Audit firms, report dates, and audit findings are not identified.
- The strategies and custody arrangements are not described in enough detail to assess their full operational and counterparty risks.
- The insurance product's coverage terms and limits are not specified.
Overnight fees
Overnight does not publish fee details in the product information described here. Check the relevant product documentation and mint or redemption interface for any fees and transaction costs before using the service.
Is Overnight safe?
Overnight says new products and features undergo audits and that it works with blockchain security firms, but it does not identify firms, report dates, or findings in the product information described here. Smart-contract risk remains, and the project does not provide enough detail here to assess custody, strategy counterparties, or redemption operations.
The stated full-collateralization and insurance protections should not be treated as guarantees. The project says its insurance uses OVN to absorb the first loss for certain rebase tokens, but does not publish coverage limits or claim terms in the product description. Regulatory status is not stated.
6 steps
How to get started with Overnight
- 1
Review the product documentation, risk disclosures, and available Token+ products.
- 2
Choose a listed token and check its current strategy, yield information, and redemption conditions.
- 3
Use the product interface to mint the selected token with an accepted asset.
- 4
Hold the token to receive any applicable daily positive or negative rebases.
- 5
If you choose, use Swap, Zap In, or the token in other DeFi applications, after checking their separate risks and costs.
- 6
Redeem through the product interface when you want to exit, subject to the applicable conditions.
Who Overnight is for
Overnight is aimed at DeFi users comfortable holding rebasing tokens, accepting variable returns, and assessing smart-contract and strategy risks. It is less suited to people who need a guaranteed yield, a fixed token balance, or clearly published fee and insurance terms before depositing.
Overnight FAQs
How does Overnight generate yield?
Overnight says its Token+ products earn yield from proprietary delta-neutral and other strategies, including activity involving protocols such as Aave and Uniswap v3. Yield is variable and can be negative; the project does not guarantee a return.
How do Overnight rebases work?
Overnight says holders receive daily positive or negative rebases based on collateral performance. A positive rebase increases the token balance, while a negative one reduces it.
Is USD+ backed by USDC?
The homepage states that USD+ is pegged 1:1 to USDC and that the tokens are backed by assets immediately convertible into USDC. Those are project claims, not a guarantee that every redemption will be available at par under all conditions.
What yield does Overnight offer?
Overnight lists 5–12% APY for Token+ products and up to 25%+ APY for insurance products, but also says yield varies and is not guaranteed. These figures should not be treated as promised returns.
What does Overnight insurance cover?
Overnight describes insurance as a product that uses its native OVN token to absorb the first loss in a negative rebase for listed rebase tokens. Coverage terms, limits, and claim mechanics are not specified in the product description.
Has Overnight been audited?
Overnight says new products and features undergo audits, but does not identify audit firms or provide audit findings in the product information described here. Review the project's documentation and reports before depositing funds.
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How we checked
Sources
No public sources were recorded for this review.
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