The defi shadow committee – which is not an official committee – supports this proposal.
Overnight have achieved strong organic growth by any measure on Optimism ($4.5M in a single month, several thousands of wallets, trading volume way above their weight), which is likely to continue as they launch their next wave of products across multiple partner protocols.
Their proposal is among the only ones to identify a target user segment, one that does indeed happen to remain active: the risk-averse stablecoin yield maximizer. We think there is plenty of meat on the bone here and see an opportunity to siphon a lot of interest from Mainnet.
More broadly, this is a killer team that’s hit the ground running on Optimism with little help, and they’re going after a user segment that remains active in crypto while promising to make more use of a range of DeFi protocols. Their core ask is one that we know lends enduring value-add to Optimism’s DeFi eco, and supporting ETS (i.e., increasing the headroom available) seems like a likely winner as well considering the consistent uptake.
They say they want to make Optimism an “innovation hub” — we take them at their word. We’ve seen an extraordinary amount of energy and engagement from them in the past month, seemingly everyone’s been hit up for a partnership, and they have a lot of ideas.
Sometimes it’s up to Optimism to show these standout teams that we’re open for business.