Real-world returns and collateral utility in Solana's Decentralized Finance (DeFi) sector have been made accessible through the launch of ONyc on Kamino.
In a groundbreaking move, OnRe's yield-bearing asset, ONyc, has been accepted as collateral on Solana's leading DeFi money market, Kamino. This integration marks the first time reinsurance-backed yield is being used as on-chain collateral in Solana DeFi.
ONyc, a stablecoin-backed asset issued by OnRe, can be minted directly on the OnRe app or swapped instantly using Kamino Swap in the OnRe Market. This new collateral option enables users to leverage ONyc for lending, borrowing, and looping strategies with a stable base yield of around 14%.
The integration bridges the reliability of the $750B global reinsurance market with the transformative power of blockchain, providing a new source of market-uncorrelated, real-world yield to Solana’s $4B+ DeFi platform. This boosts capital efficiency and asset scalability within the ecosystem.
Users can amplify returns by redeploying borrowed USDG stablecoins back into ONyc or other assets (looping), supported by $200K incentives and Ethena Points multipliers that enhance participation and utility as collateral.
The integration enhances the overall liquidity and resilience of Solana’s DeFi markets by offering a transparent, on-chain yield asset with verifiable pricing. This improves risk management and collateralization security.
ONRe, licensed to deploy digital assets as insurance collateral, focuses on transparency, scalability, and capital efficiency. The integration is powered by Chainlink's Onchain NAV solution, ensuring tamper-resistant pricing and secure collateralization. Chainlink, the global standard for connecting blockchains to real-world data, has enabled tens of trillions in transaction value across the blockchain economy.
OnRe, Kamino, Global Dollar Network, and Ethena have launched incentive programs to reduce borrowing costs, enhance yield opportunities, and support the use of real-world collateral on-chain. Participants can also redeploy borrowed USDG to acquire additional ONyc or other assets, increasing exposure and unlocking higher returns.
ONRe is offering a 5x Ethena Points multiplier to ONyc holders on qualifying sUSDe deposits, unlocking additional rewards for those providing real-world yield collateral. The Ethena Points Multiplier incentive is also available for ONyc users.
[1] OnRe's Press Release: https://onre.io/press-releases/onre-announces-partnership-with-kamino-to-bring-real-world-reinsurance-backed-yield-to-solana-defi [2] Kamino's Announcement: https://medium.com/kamino-finance/kamino-integrates-onre-to-bring-real-world-reinsurance-backed-yield-to-solana-defi-9113d692c1e6 [3] Chainlink's Blog Post: https://blog.chain.link/onre-partners-with-kamino-to-bring-real-world-reinsurance-backed-yield-to-solana-defi/ [4] Global Dollar Network's Whitepaper: https://globaldollarnetwork.com/whitepaper [5] Chainlink's Onchain NAV Solution: https://docs.chain.link/docs/onchain-nav-solution/introduction
- The stablecoin-backed asset ONyc, issued by OnRe, is now accepted as collateral on Solana's leading decentralized finance (DeFi) money market, Kamino.
- ONyc can be used for lending, borrowing, and looping strategies, with a stable base yield of around 14%.
- The integration of ONyc on Solana's DeFi platform bridges the reinsurance market with blockchain technology, providing a new source of market-uncorrelated yield.
- Users can redeploy borrowed USDG stablecoins back into ONyc or other assets, supported by incentives and Ethena Points multipliers that enhance participation.
- The integration enhances the overall liquidity and resilience of Solana’s DeFi markets by offering a transparent, on-chain yield asset with verifiable pricing.
- OnRe, a company focused on transparency, scalability, and capital efficiency, partnered with Kamino, and the collaboration is powered by Chainlink's Onchain NAV solution for tamper-resistant pricing and secure collateralization.
- OnRe, Kamino, Global Dollar Network, and Ethena have launched incentive programs to reduce borrowing costs, enhance yield opportunities, and encourage the use of real-world collateral on-chain.
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