Solana News Today: ONyc Launches on Kamino Bringing 14%+ Yield as On-Chain Collateral

ONyc, a stablecoin-backed, yield-bearing asset issued by OnRe, has launched on Kamino, the largest decentralized finance (DeFi) money market on the Solana blockchain. This marks the first time reinsurance-backed yield has been integrated as on-chain collateral within the Solana DeFi ecosystem [1]. The integration allows users to access real-world yield sources through a liquid, composable, and resilient asset, enabling the use of ONyc in lending, borrowing, and looping strategies [2].

With ONyc now live on Kamino, users can leverage the token as collateral for borrowing, lending, or looping strategies. The base yield of ONyc is approximately 14% or more, and it is uncorrelated to crypto volatility, providing a new form of yield accessible 24/7 through on-chain liquidity [3]. This development introduces a novel class of collateral designed to perform consistently across market cycles and support ongoing DeFi activity [1].

The integration is supported by Chainlink’s Onchain NAV solution, which delivers real-time net asset value data for ONyc via Chainlink Data Streams. This ensures tamper-resistant pricing and secure collateralization, enabling transparent and verifiable fund valuations for reinsurance-backed strategies [1]. The use of Chainlink’s infrastructure aligns with DeFi’s core principles of composability and trustless execution, further enhancing the utility of ONyc within Solana’s ecosystem [2].

To encourage early participation, OnRe has introduced incentive programs in collaboration with Kamino, Global Dollar Network, and Ethena. A $200,000 rewards pool is available to reduce borrowing costs for users who deposit ONyc as collateral to borrow USDG on Kamino. Looping strategies allow participants to redeploy borrowed USDG to acquire additional ONyc or other assets, increasing exposure and unlocking higher returns [1]. Additionally, OnRe is offering a 5x Ethena Points multiplier to ONyc holders on qualifying sUSDe deposits, further amplifying the incentives for users to engage with the asset [2].

The launch of ONyc on Kamino represents a significant step in bridging real-world assets with decentralized finance. By enabling users to leverage ONyc as collateral and participate in yield strategies, Kamino enhances the capital efficiency and scalability of Solana’s DeFi market [1]. This is particularly notable given Kamino’s position as a leading DeFi platform, managing over $4 billion in assets and offering advanced liquidity and credit tools [2].

OnRe has positioned itself as a bridge between the reinsurance market and blockchain technology, aiming to democratize access to consistent real-world yield. The company’s structured products are designed to provide reliable returns across market cycles, leveraging transparency, scalability, and capital efficiency [2]. With ONyc now available for minting on the OnRe app and swapping via Kamino Swap, users gain direct access to a high-performing alternative to traditional DeFi strategies [1].

The integration of ONyc into Solana’s DeFi ecosystem underscores the growing trend of incorporating real-world assets into decentralized finance. Supported by robust infrastructure and transparent pricing mechanisms, this development highlights the potential for DeFi to expand beyond traditional crypto-native strategies and incorporate assets with real-world value [2].

Source:

[1] unchainedcrypto.com [https://unchainedcrypto.com/press-release/onyc-launches-on-kamino-unlocking-real-world-yield-and-collateral-utility-in-solana-defi/](https://unchainedcrypto.com/press-release/onyc-launches-on-kamino-unlocking-real-world-yield-and-collateral-utility-in-solana-defi/)

[2] GlobeNewswire [https://www.globenewswire.com/en/search/tag/onyc](https://www.globenewswire.com/en/search/tag/onyc)