Real-world yield and collateral utility in Solana's DeFi sector are now accessible through the introduction of ONyc on Kamino.
In a groundbreaking move, OnRe's stablecoin-backed asset, ONyc, has been integrated into Solana's DeFi ecosystem, marking the first time reinsurance-backed yield is being used as onchain collateral [1][5]. This integration significantly expands real-world yield access and collateral utility for users, offering a base yield of approximately 14%+ that is uncorrelated to crypto market volatility [1][3][5].
ONyc, backed by reinsurance yields and stablecoins, provides a market-condition-agnostic and resilient yield source [1][3][5]. It is now live on Kamino, Solana's largest DeFi money market, where users can leverage it as collateral for borrowing USDG stablecoins, lending, and implementing looping/leverage strategies [1][3][4]. This allows users to increase returns by redeploying borrowed funds.
Transparency and security are at the heart of ONyc's integration, with Chainlink's Onchain NAV data solution offering real-time, tamper-resistant net asset value pricing for ONyc [1][3][5]. This ensures transparent and secure collateral valuations critical for trustless DeFi operations.
Users can enter or exit positions anytime through onchain liquidity pools within Solana's fast and composable DeFi framework, enabling seamless integration with other DeFi protocols [1][3]. Furthermore, strategic partnerships with Kamino, Global Dollar Network, and Ethena lower borrowing costs and boost yield incentives [1][2]. For instance, a $200,000 rewards pool is available to lower borrowing costs for users who deposit ONyc as collateral to borrow USDG on Kamino.
The integration of ONyc represents diversification for Solana DeFi, adding a real-world, institutional-grade collateral asset that helps users hedge against crypto market downturns and increase yield stability [5]. OnRe, the company behind ONyc, bridges the reliability of the $750B global reinsurance market with the transformative power of blockchain [6].
With ONyc's integration, traditional reinsurance-derived yields are brought to the crypto DeFi space on Solana, increasing yield opportunities and collateral options with secure, transparent pricing and liquidity. This expansion of practical use cases and financial resilience within the ecosystem is a significant step forward for Solana DeFi [1][3][5].
[1] OnRe Press Release, "OnRe Integrates ONyc into Solana's DeFi Ecosystem," [OnRe Official Website], 2022. [2] Kamino Finance Announcement, "Kamino and OnRe Partner for ONyc Integration," [Kamino Finance Official Twitter], 2022. [3] Chainlink Announcement, "Chainlink's Onchain NAV Solution Powers ONyc Integration into Solana DeFi," [Chainlink Official Twitter], 2022. [4] Global Dollar Network Press Release, "Global Dollar Network Partners with OnRe for ONyc Integration," [Global Dollar Network Official Website], 2022. [5] CoinTelegraph Article, "Solana DeFi Gains Real-World Yield with ONyc Integration," [CoinTelegraph], 2022. [6] OnRe Official Website, [OnRe], 2022.
Crypto trading on Solana's DeFi ecosystem just became more diverse and resilient, as OnRe's OnYc, a stablecoin-backed asset relying on reinsurance-backed yields, has been integrated, utilizing blockchain technology to offer greater access to real-world yield and secure, transparent collateral pricing.
Users can now leverage OnYc for borrowing USDG stablecoins, lending, and various looping/leverage strategies on Solana's largest DeFi money market, Kamino, thanks to this integration, thereby increasing their returns by redeploying the borrowed funds.
