OnRe has announced that its yield-bearing asset ONyc is accepted as collateral in the Solana DeFi ecosystem. This development opens access to real-world yield sources within decentralized applications.
A New Form of Yield in DeFi
ONyc, a yield-bearing stablecoin asset issued by OnRe, is now live on Kamino, Solana's largest DeFi money market. This integration marks the first time reinsurance-backed yield is being used as onchain collateral in Solana DeFi, allowing users to leverage ONyc for borrowing and lending strategies, resulting in income that is uncorrelated to crypto volatility.
Incentives Designed for Early Participation
To encourage early adoption, OnRe is launching incentive programs alongside Kamino and other market participants. A $200K rewards pool is introduced to lower borrowing costs for users who deposit ONyc as collateral to borrow USDG, optimizing their yield potential.
Integration of Real-World Yield Mechanisms in DeFi
ONyc integrates premium-backed yield from real-world assets with DeFi infrastructure, creating a structure designed for scalability and diversification. This confirms the growing interest in high-quality collateral assets and expands access to credit and leverage for ONyc holders.
The integration of ONyc into Solana's DeFi ecosystem represents a significant achievement in decentralized finance, presenting new opportunities for users by merging real-world yield with the flexibility of decentralized platforms.
