Solana's Decentralized Finance (DeFi) sector expands with ONyc's launch on Kamino, providing users with genuine yield and collateral functionality in the real world.
In a groundbreaking development, OnRe's yield-bearing asset, ONyc, has been integrated into Solana's decentralised finance (DeFi) ecosystem. This move significantly expands the use of real-world collateral in DeFi applications, providing a stablecoin-backed, reinsurance-backed, yield-generating asset that can be used as onchain collateral.
Powered by Chainlink's Onchain NAV solution, ONyc ensures tamper-resistant pricing and secure collateralization. Chainlink, known for connecting blockchains to real-world data, governments, and enterprise systems, plays a crucial role in delivering ONyc's real-time net asset value with tamper-resistant data feeds.
ONyc's integration into Solana's DeFi ecosystem broadens the types of collateral beyond crypto-native tokens, bridging real-world assets and DeFi. This introduces exposure to real-world insurance and reinsurance risk into DeFi, enhancing capital efficiency and yield opportunities.
Users can now earn a 14-16%+ base yield, which is resilient and uncorrelated to crypto market fluctuations, improving yield diversification in DeFi strategies. ONyc is fully integrated into Kamino, Solana’s largest DeFi money market with $700M+ in stablecoin TVL, allowing 24/7 onchain liquidity to enter or exit positions anytime and supporting capital-efficient strategies across the ecosystem.
Incentive programs have been launched to support the use of real-world yield collateral. The Ethena Points Multiplier, for instance, offers a 5x multiplier to ONyc holders on qualifying sUSDe deposits. Furthermore, a $200K rewards pool is available to lower borrowing costs for users who deposit ONyc as collateral to borrow USDG on Kamino.
OnRe's integration advances Solana DeFi's capital innovation by expanding collateral options with real-world yield assets, increasing scalability, and promoting safer, transparent, and diversified DeFi lending and borrowing practices beyond purely cryptocurrency-based collateral. This development exemplifies a critical step toward the mainstream adoption of real-world collateral in decentralised finance.
Mint ONyc directly on the OnRe app or swap instantly using Kamino Swap in the OnRe Market. ONyc offers a base yield of ~14%+ uncorrelated to crypto volatility, and its utility is expanding across Solana. OnRe is transforming how capital is deployed, bringing opportunity to a system that has historically been out of reach. The integration marks the first time reinsurance-backed yield is being used as onchain collateral in Solana DeFi, offering a new class of investors direct access to consistent real-world yield through structured products. ONyc integrates premium-backed yield from real-world assets with DeFi infrastructure, providing a stable and reliable source of yield in the ever-evolving DeFi landscape.
- Chainlink's role in delivering ONyc's real-time net asset value with tamper-resistant data feeds, powered by their Onchain NAV solution, exemplifies the integration of advanced technology, such as blockchain and crypto, in modern finance.
- With the introduction of ONyc, a stablecoin-backed, reinsurance-backed, yield-generating asset, users can now diversify their yield in DeFi strategies, bridging real-world assets and DeFi, and offering a new class of investors direct access to consistent real-world yield through structured products.
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