DeFi Planet

Hamilton, Bermuda, August 5th, 2025, Chainwire

OnRe’s yield-bearing asset, ONyc, is now accepted as collateral within Solana’s decentralized finance (DeFi) ecosystem. This development enables the integration of real-world yield sources into DeFi applications. Incentive programs from USDG and Ethena have launched to reduce borrowing costs, enhance yield opportunities, and support the use of real-world collateral onchain.

Onchain Yield Coin (ONyc), a yield-bearing, stablecoin-backed 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, opening access to real-world risk through a composable, liquid, and resilient asset.

A New Form of Yield in DeFi

Kamino secures over $700M in stablecoin TVL and underpins liquidity and capital strategies across the Solana ecosystem. With ONyc now live on Kamino, users can:

Leverage ONyc as collateral for borrowing, lending, or looping strategies
Earn ~14%+ base yield uncorrelated to crypto volatility
Enter or exit positions 24/7 with onchain liquidity
Track NAV in real time through verifiable pricing data

Together, these capabilities make ONyc a powerful tool for capital deployment across market conditions. By enabling lending, borrowing, and looping in a fully composable way, ONyc brings real-world yield into active use across Solana’s DeFi ecosystem.

The integration is powered by Chainlink’s Onchain NAV solution, which sources ONyc’s net asset value from OnRe and delivers it in real time via Chainlink Data Streams. This ensures tamper-resistant pricing and enables secure collateralization, supporting reinsurance-backed strategies with verifiable, onchain fund valuations.

“ONyc’s launch on Kamino marks a broader shift in DeFi, bringing real-world yield to Solana with the transparency, liquidity, and composability the ecosystem was built for,” said Dan Roberts, Co-Founder and CEO of OnRe. “It introduces a new class of collateral designed to perform through market cycles and support sustained DeFi activity. Solana has become a hub for capital innovation, and Kamino continues to set the standard for how real-world assets should operate onchain.”

Incentives Designed for Early Participation

To encourage early adoption, OnRe is launching incentive programs in collaboration with Kamino, Global Dollar Network, and Ethena:

Borrowing Incentives

A $200K rewards pool is available to lower borrowing costs for users who deposit ONyc as collateral to borrow USDG on Kamino. This reduces costs and creates room for more favorable yield spreads.

“This marks one of the first fully permissionless implementations of real-world yield distributed directly onchain through DeFi,” said Nick Robnett at Paxos, on behalf of Global Dollar Network. “We are proud to support ONyc’s launch on Solana and Kamino, leveraging USDG to advance OnRe’s vision of bringing real-world assets with intrinsic value onchain and making them accessible to a global user base.”

Looping Strategies

Participants can also redeploy borrowed USDG to acquire additional ONyc or other assets, increasing exposure and unlocking higher returns. Incentives apply on up to $20M in total borrowing volume.

Ethena Points Multiplier

In addition, 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.

Integration of Real-World Yield Mechanisms in DeFi

ONyc integrates premium-backed yield from real-world assets with decentralized finance (DeFi) infrastructure, enabling an onchain structure designed to support scalability and diversification beyond traditional financial instruments.

“One of the most exciting things for Kamino’s users is onboarding high quality collateral assets, and ONyc is a great example of that. Access to credit and leverage for ONyc holders, powered by Kamino, is a great example of bringing DeFi utility to tokenize real-world investments,” said Mark Hull, a Kamino contributor.

With base yields above 14% and expanding utility across Solana, ONyc gives users a high-performing alternative to traditional DeFi strategies. Mint directly on the OnRe app or swap instantly using Kamino Swap in the OnRe Market.

About Kamino

Kamino Finance is the largest money market on Solana, with over $4B in assets deployed across its suite of credit, leverage, and liquidity products. Through products like automated liquidity vaults, the K-Lend lending market, and tools for advanced trading strategies, Kamino helps users and institutions deploy capital efficiently. Kamino is the go-to platform for funds, market makers, and stablecoin issuers operating at scale on Solana.

About Global Dollar Network

Global Dollar Network is the world’s fastest growing stablecoin network with unmatched economic upside. Powered by Global Dollar (USDG), a US dollar-backed stablecoin issued by Paxos Digital Singapore and Paxos Issuance Europe, Global Dollar Network offers a transparent and equitable economic model that rewards partners for their contributions. Global Dollar Network partners include industry leaders such as Anchorage Digital, Bullish, Kraken, OKX, Paxos, Robinhood, Worldpay, and more. Note: USDG is available on Solana, Ink, and Ethereum.

About Chainlink

Chainlink is the backbone of the blockchain industry, the global standard for connecting blockchains to real-world data, other blockchains, governments, and enterprise systems. Chainlink has enabled tens of trillions in transaction value across the blockchain economy, powering critical use cases across DeFi, banking, tokenized real-world assets (RWAs), cross-chain, and more. Users can learn more by visiting chain.link.

About OnRe

OnRe bridges the reliability of the $750B global reinsurance market with the transformative power of blockchain. Licensed to deploy digital assets as insurance collateral, OnRe provides a new class of investors with direct access to consistent real-world yield through structured products designed to perform across market cycles. With a focus on transparency, scalability, and capital efficiency, OnRe is transforming how capital is deployed, bringing opportunity to a system that has historically been out of reach.

Disclaimer: This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any securities or digital assets. ONyc may be accessible via decentralised protocols such as Kamino, but OnRe does not operate or control any secondary market for the token. Secondary trading occurs independently of OnRe. Capital is at risk. Redemption with OnRe is only available to qualified investors. Access may be restricted in certain jurisdictions.