OnRe’s ONyc, a yield-bearing asset backed by stablecoins, is now available on Kamino, Solana’s biggest DeFi money market. This is a big deal because it’s the first time reinsurance-backed yield is being used as collateral on Solana’s DeFi platform.
What is ONyc and Why is it Important?
ONyc lets users bring real-world yield into the Solana DeFi ecosystem. Think of it as a bridge between traditional finance and the decentralized world. Here’s what you can do with it:
- Use it as collateral: Borrow, lend, or use complex trading strategies.
- Earn high yield: Get a base yield of around 14%+, regardless of crypto market volatility.
- 24/7 access: Trade ONyc anytime.
- Transparent pricing: Track the value in real-time.
This all works thanks to Chainlink, which provides real-time, tamper-proof pricing data for ONyc.
Early Bird Incentives
To get people using ONyc, there are some sweet deals:
- Borrowing Incentives: A $200,000 reward pool lowers borrowing costs for users who use ONyc as collateral to borrow USDG (a stablecoin) on Kamino.
- Looping Strategies: You can use borrowed USDG to buy more ONyc or other assets, potentially boosting your returns. Incentives apply to up to $20 million in borrowing.
- Ethena Points Multiplier: ONyc holders get a 5x multiplier on Ethena Points when depositing sUSDe, adding extra rewards.
What this Means for DeFi
This integration is a significant step forward for DeFi. It brings the stability and predictable returns of real-world assets into the decentralized world, opening up new possibilities for investors and traders. It also demonstrates the growing integration of real-world assets with blockchain technology.
About the Players
- Kamino Finance: Solana’s largest money market, managing billions in assets.
- Global Dollar Network: A fast-growing stablecoin network using USDG.
- Chainlink: Provides the secure, real-time data feed for ONyc’s pricing.
- OnRe: The company behind ONyc, connecting the reinsurance market with blockchain.
Disclaimer: Investing in cryptocurrencies and DeFi is risky. Do your research before investing any money. This information is for educational purposes only and not financial advice./p>