On Kamino, the largest DeFi market on Solana, ONyc—a yield-bearing asset—has launched. This significant event opens new opportunities for the use of real-world protected assets in the decentralized financial ecosystem.
Integration of ONyc into Kamino
ONyc, issued by OnRe, can now be used as collateral in decentralized finance on Kamino. This makes it the first insurance-backed asset actively utilized as collateral in Solana DeFi. Kamino supports liquidity and capital strategies, holding over $700 million in stablecoin assets.
Incentives for User Participation
To encourage early participation, OnRe is launching a rewards program in collaboration with Kamino, Global Dollar Network, and Ethena, including a:
* $200K rewards pool to lower borrowing costs using ONyc as collateral. * 5x Ethena Points multiplier for ONyc holders on qualifying sUSDe deposits.
Advantages of Real-World Yield in DeFi
ONyc allows users to benefit from yields over 14% that are uncorrelated with crypto volatility. This unlocks new potentials for active usage in the DeFi ecosystem, enabling users to track net asset value in real-time and manage their investments effectively.
The launch of ONyc on the Kamino platform represents a significant step towards integrating real assets and yields into decentralized finance, expanding opportunities for users and solidifying Solana's position in capital innovation.
