Dadivan.Sol

Hunting DeFi yields on Solana | Founder Playbook series | Solana protocols tester

[Dadivan.Sol @Dadivan_sol]

October on Solana: the financial stack started clicking together.

14B+ quarterly transactions.
$5B+ in RWA value.
14.2M stablecoin holders.
$45B in total xStocks volume.
Alpenglow live on mainnet-beta.

Tokenized assets grew. Institutional capital moved onchain. Trading got faster. Stablecoins got closer to everyday payments.

Here's the full recap 👇

⸻

NEW MILESTONES

→ 14B+ transactions in Q3 2026, Solana's biggest quarter ever.
→ RWA value crossed $5B, a new all-time high.
→ 1.75M unique RWA holders, with 100K+ added in a single week.
→ 14.2M stablecoin holders, including 4.85M net new in 2026.
→ #1 for stablecoin transfers in September: 557M, up 33% from August.
→ 80% of weekly memecoin DEX volume in one reported period, more than every other chain combined.
→ @Raydium posted its highest weekly revenue since August 2025, then flipped @Pumpfun in 24-hour spot DEX volume.

Solana is doing more, and a lot of it goes well beyond memecoins.

⸻

TOKENIZED EQUITIES

→ @xStocksFi hit $45B in total volume in year one. On Solana: $7.5B volume, 800K+ holders, 1,000+ tokenized assets. Tokens reported $1B+ in AUM.

→ @Sunrise passed $15B in lifetime tokenized-equities volume on Solana in under a year. With @Backpack, it crossed 500K unique holders, doubling in 30 days.

→ Backpack launched $RIOT, redeemable 1:1 for Riot Platforms shares, tradable on Raydium and Jupiter. It also added 16,300+ holders in 24 hours, ahead of xStocks and Binance bStocks.

→ @Securitize brought 1:1-backed tokenized U.S. stocks to Solana, with dividends and voting rights for eligible investors.

→ @Ondo passed $500M in tokenized RWAs on Solana and launched Intelligent Portfolios, the first three powered by BlackRock.

→ Sunrise added tokenized $META, $AMZN, $NVDA, $TSLA, $SKHY, $TSM and $CMG.

→ @Kamino unveiled the Backpack Market with about $50M supplied and isolated pools for MU, SKHY, SPCX and SNDK.

→ @LaunchOnSF introduced trading against baskets of tokenized assets, including a Frontier basket of OpenAI, Anthropic, Meta, SpaceX and Google.

→ @useDiversiFi launched $SAMA4: OpenAI, World, Reddit and Airbnb.

Tokenization is past issuance. Holders, volume, AUM, lending and portfolio products all grew.

⸻

INSTITUTIONAL CREDIT + STRUCTURED YIELD

→ Kamino's institutional commodity vault passed $50M in deposits, targeting 7%+ through fully collateralized commodity loans.

→ Kamino's autonomous lending vaults crossed $170M, up 8x in 30 days. Fixed-rate rollover refinanced $12M+ with no manual work.

→ @ExponentFinance cut minimum Junior coverage on AUTO to 12.5%, lifting jrAUTO base APY from about 18% to 20.5%.

→ Exponent launched nOPAL, backed by Brazilian credit-card receivables: Senior targets ~7%, Junior ~22%. It passed $1M, with the cap raised to $3M.

→ @Loopscale brought srnOPAL loops live at up to 25.2% APY.

→ Exponent integrated risk tranching with @Titan_Exchange, so users can mint and redeem Senior and Junior tranches directly.

→ @reflectmoney opened pre-deposits for $PRIME, its third risk market, backed by home-equity loans from @HastraFi and @Figure. It also launched its first tranching vault through the Steakhouse $USDG High Yield vault on Kamino.

→ @onrefinance launched nONYC, real-world yield from global reinsurance via @plumenetwork vaults.

→ @NysaFinance launched its first market: USDC lending against Ondo's USDY.

→ @hylo_so passed $700M in cumulative volume with nearly $70M TVL, then raised a $1M round led by SolanaVentures with colosseum.

→ Kamino opened a New York HQ and added senior leaders in private markets and AI.

→ @dawninternet debuted on Exponent with USD.infra and sUSD.infra rate markets.

Credit, lending and tokenized collateral are wiring together across Solana DeFi.

⸻

TRADING INFRASTRUCTURE

→ @anza_xyz activated Alpenglow, targeting ~150ms finality versus 12.8 seconds before.

→ JupiterExchange shipped Jupiter TX v1. YOLO passed $1B in volume in under 24 hours. A BitGo partnership brought an institutional validator and SOL staking. Bridge Beta went live.

→ Titan_Exchange introduced Slice, splitting large orders into rapid smaller fills to cut price impact.

→ @MeteoraAG launched DLMM Pro and upgraded DAMM v2 with unified liquidity panels, dynamic slippage and position splitting.

→ @Jito_Sol upgraded BAM: bundle delays down ~50ms, average rewards per successful bundle up 72%.

→ FOMO reported $1.3B+ in weekly perps volume. solflare Perps passed $200M cumulative. @leaps_finance reached $200K in options notional volume.

Upgrades are landing at every layer: consensus, block production, execution, liquidity and derivatives.

⸻

STABLECOINS + PAYMENTS

→ @Samsung announced cross-border stablecoin payments on Solana across 82M Galaxy devices.

→ @Circle's USDC Bridge added Solana, linking 19 ecosystems.

→ Solana went live on @0xPolygon's Open Money Stack: stablecoin deposits, cross-chain transfers and bank payouts through one API.

→ @CredibleFin reported $1B+ in payment volume on Solana.

→ @humafinance passed $20B in payment-clearing volume. Its $PST market grew 9x to $400M+.

→ @SP3NDdotshop users spent $150K in September across 300 orders, paid in stablecoins straight from wallets.

→ Jupiter Mobile added direct @RevolutApp fiat onramps.

Stablecoins are turning into payment rails, with trading liquidity as a bonus.

⸻

PRIVACY, SECURITY + AI

→ @arcium launched Blackthorn in private alpha, using MPC to keep AI prompts and responses private.

→ @project0 introduced p0, linking AI agents like Claude, Cursor, Codex and x402 to Solana DeFi and credit markets.

→ @NEARProtocol introduced private SOL yield vaults from Kamino, powered by Gauntlet.

→ @Akashnet picked Solana as the proposed next home, leaving its Cosmos chain.

→ @Phantom began rolling out prediction markets to eligible U.S. users and added BNB Chain support.

→ @solanamobile named @Ledger its first hardware partner. Seeker Connect shipped with one-tap wallet connections for developers.

⸻

CONSUMER APPS + ECOSYSTEM

→ pumpfun added EVM limit orders. It reported $26.75M in weekly ecosystem payouts, and BOOST has reinjected $106M since inception.

→ @Collector_Crypt had its biggest day: $24.3M in gross revenue and 123,425 packs opened in 24 hours.

→ JupiterExchange opened Q3 ASR claims for all wallets.

→ @sanctumso opened a major security update in beta.

→ Backpack redesigned its mobile app and added mystery-box rewards.

→ Solflare launched EARN, routing USDC into Kamino lending with zero-fee withdrawals.

→ @NolusProtocol improved risk visibility, liquidation UX and its Earn and Revenue Share products.

⸻

RISKS AND LESSONS

→ @Dominion_Market is shutting down after a September hack drained its liquidity. Remaining funds go to eligible holder refunds.

→ @KeystoneWallet disclosed a data breach exposing names, contact details and order data. Payment info, keys and recovery phrases stayed safe.

→ @DriftFdn opened DFX claims for verified losses from the April 1 incident: 1 DFX per 1 USDT lost.

→ @jupiter_earn saw temporary USDC withdrawal queues under liquidity pressure, confirmed solvency, replenished liquidity and restored withdrawals.

→ Kamino briefly paused SOL/BTC borrowing after the Binance incident, then resumed.

Tokenization and yield still carry issuer, custody, liquidity and operational risk. Fast is good. Resilient is better.

⸻

WHAT OCTOBER SHOWED

No single launch carried the month. The pieces connected.

Alpenglow pushed finality toward 150ms.
Jupiter, Jito, Titan and Meteora sharpened trading.
Ondo, xStocks, Sunrise and Backpack grew tokenized markets.
Kamino, Exponent, Loopscale, Reflect and Hylo deepened onchain credit.
Circle, Samsung and Huma pushed stablecoins into real payments.
Arcium, MagicBlock and project0 opened up privacy and AI.

The numbers:

→ 14B+ transactions in Q3
→ 14.2M stablecoin holders
→ $5B+ in RWA value
→ 1.75M unique RWA holders
→ $15B+ Sunrise tokenized-equities volume
→ $45B total xStocks volume

Solana is shifting from a place where assets trade to a system where assets get issued, held, financed, moved and used.

Better infrastructure. Products closer to users. A much bigger market on top.

[Dadivan.Sol @Dadivan_sol]

Breakpoint is 3 days away and @ExponentFinance is already shipping like it's the main event. 🫡

Look at what they've rolled out in just a few days 👇

1. Credit markets got sharper

Exponent positions on @Kamino now show up directly in Portfolio.
Net APY, LTV, liquidation risk and oracle data, all in one view.

2. ONyc yield in a single deposit

The OnRe Yield Plus Vault, curated by @AllezLabs, packs looped ONyc strategies into one vault.

→ Up to $10K in incentives
→ 2.5x OnRe Points
→ Pre-deposits open until Nov 15

3. Preferred equity keeps growing

New CHADx markets from @defidevcorp, plus a fresh STRCx maturity.

→ PT-CHADx and PT-STRCx at around 13% APY
→ 2x xPoints on leveraged yield positions
→ More room for liquidity providers

Credit infrastructure. RWA yield. Tokenized preferred equity.

Three directions, one fast-moving ecosystem.

Breakpoint hasn't even kicked off yet. Exponent is building loud 🫡

[Dadivan.Sol @Dadivan_sol]

Looped & Rated #012: Kamino Edition

10 Kamino loops. 2 scores each: platform and asset.

JLP is back near 46%.
The $2.20M ONyc/USDC opening is gone.
AUTO fixed tiers quote 37-40%.
eUSX is back.

——————————————

// SCORE UPDATE: ONYC HOLDS 19/20

🟢 ONyc/USDG - Kamino
APY 19.29% → · 2.9x · Platform: 10 · Asset: 9 (OnRe) · 19/20
LTV 66% · Chainlink + Pyth · $22.90M supplied · $142.65K open

OnRe Points boost is live.

🟢 ONyc/USDC - Kamino
APY 18.08% → · 2.9x · Platform: 10 · Asset: 9 (OnRe) · 19/20
LTV 66% · Chainlink + Pyth · $88.93M supplied · ⛔ $0 open

The $2.20M from #011 got filled.

Together, the two ONyc vaults hold $111.83M supplied with just $142.65K left to enter.

OnRe Points boost is live on both.

——————————————

🟢 JLP/USDC - Kamino
APY 45.98% ↑↑↑ · 6.2x · Platform: 9 · Asset: 9 (JLP) · 18/20
LTV 85% · Pyth + Chainlink · $1.71M open · $20.64M supplied

Last six editions:

99.5% → 30.7% → 32.7% → 22.7% → 11.7% → 46.0%

JLP yield follows Jupiter Perps fee revenue. More trading volume, bigger swings.

45.98% is back on the board.
85% LTV is the number to manage.

🟢 reUSD/USDG - Kamino
APY 11.56% → · 5x · Platform: 9 · Asset: 9 (Re Protocol) · 18/20
LTV ~80% · $90.86K open · $374.97K supplied · Re Points

Supply dropped from $929.99K to $374.97K in two weeks.

The USDC pair pays 13.70% with only $4.79K open.

🟢 eUSX/USX - Kamino
APY 15.94% ↑↑ · 4x · Platform: 9 · Asset: 8 (Solstice) · 17/20
LTV 75% · $2.88M open · $529.20K supplied · Solstice Flares

Back after sitting at 4.12%.

When USX borrowing costs ease, the carry returns.

At 75% LTV, this loop has the tightest liquidation buffer on the list.

——————————————

🟡 syrupUSDC/PYUSD - Kamino
APY 15.85% ↑ · 8.3x · Platform: 8 · Asset: 8 (Maple) · 16/20
LTV 88% · $4.34M open · $35.78M supplied

Up from 11.69%.

The USDC pair pays 15.84% with $92.79K open. Same rate, very different room to enter.

🟡 PRIME/CASH - Kamino
APY 16.35% → · 8.3x · Platform: 8 · Asset: 8 (Hastra) · 16/20
LTV 88% · $19.24M supplied · ⛔ $0 open

All four PRIME pairs have zero liquidity this edition.

🟡 PST/USDC - Kamino
APY 9.98% ↓↓ · 5.6x · Platform: 9 · Asset: 7 (Huma) · 16/20
LTV ~82% · $205.83K open · $9.90M supplied

Down from 15.99%.

A fixed 1M tier at 6.25% shows 15.98% APY, but only $1.24K is supplied so far.

——————————————

🟡 AUTO/wYLDS Fixed - Kamino
APY 36.76–40.14% ↑↑ · 4.5x · Platform: 9 · Asset: 6, provisional (Hastra) · 15/20
Four $1M fixed tiers: 5.30% · 5.75% · 6.00% · 6.25%
$77.89M supplied across tiers · ⛔ $0 liquidity open in every tier

Borrow cost is locked per tier. AUTO's own yield stays variable.

Lowest borrow tier, highest APY:

5.30% borrow → 40.14% APY
6.25% borrow → 36.76% APY

AUTO is Hastra's auto-loan token, live on Kamino since Aug 4.

Great quoted rates. No room to enter.

🟡 apyUSD/USDC - Kamino
APY 30.83% ↓ · 3.3x · Platform: 9 · Asset: 6 (Apyx) · 15/20
LTV ~70% · $223.67K open · $354.44K supplied

Asset score holds at 6/10, same as #011.

~74% STRC backing. 20-day redemption. apxUSD dipped to $0.90 before. APYX token launch is still postponed, no new date.

Supply grew from $197K to $354K.

——————————————

// EXITING

sUSDai/USDC: 4.84%, $0 open. Supply fell from $3.98M to $1.74M over three editions.

USDe/PYUSD: below 0%. Ethena market supply on Kamino dropped from $55.97M in #008 to $2.15M.

——————————————

// LOOPSCALE

Loopscale loops are off this edition while the team finishes its post-mortem on the Nov 5 attack.

The team says affected vaults were made whole and no deposits were lost. It is working to restore repayments and limit liquidations.

If you hold a Loopscale position, follow the team's updates.

I'll re-score the platform on the same five criteria once the post-mortem is out.

——————————————

Where this edition lands:

→ The 19/20 ONyc vaults pay 18-19%. $111.83M supplied, only $142.65K available.

→ JLP jumped from 11.73% to 45.98% in two weeks. Perps fees drive the rate. 85% LTV is the risk to manage.

→ The 15/20 entries quote the highest rates. apyUSD pays 30.83%. AUTO fixed tiers quote 36.76-40.14% with almost no liquidity.

→ eUSX recovered from 4.12% to 15.94% as USX borrowing costs eased.

Drop #013 in 2 weeks.

Hastra hits 12 months live on Nov 21. PRIME's Age criterion is up for review next 🫡

[Dadivan.Sol @Dadivan_sol]

@kamino 👀

[Dadivan.Sol @Dadivan_sol]

Breakpoint is 3 days away and @ExponentFinance is already shipping like it's the main event. 🫡

Look at what they've rolled out in just a few days 👇

1. Credit markets got sharper

Exponent positions on @Kamino now show up directly in Portfolio.
Net APY, LTV, liquidation risk and oracle data, all in one view.

2. ONyc yield in a single deposit

The OnRe Yield Plus Vault, curated by @AllezLabs, packs looped ONyc strategies into one vault.

→ Up to $10K in incentives
→ 2.5x OnRe Points
→ Pre-deposits open until Nov 15

3. Preferred equity keeps growing

New CHADx markets from @defidevcorp, plus a fresh STRCx maturity.

→ PT-CHADx and PT-STRCx at around 13% APY
→ 2x xPoints on leveraged yield positions
→ More room for liquidity providers

Credit infrastructure. RWA yield. Tokenized preferred equity.

Three directions, one fast-moving ecosystem.

Breakpoint hasn't even kicked off yet. Exponent is building loud 🫡

[Dadivan.Sol @Dadivan_sol]

@is_andrix @kamino @onrefinance @re @solsticefi @maplefinance @humafinance @HastraFi @apyx_fi a fair point to take in consideration too!

[Dadivan.Sol @Dadivan_sol]

Looped & Rated #012: Kamino Edition

10 Kamino loops. 2 scores each: platform and asset.

JLP is back near 46%.
The $2.20M ONyc/USDC opening is gone.
AUTO fixed tiers quote 37-40%.
eUSX is back.

——————————————

// SCORE UPDATE: ONYC HOLDS 19/20

🟢 ONyc/USDG - Kamino
APY 19.29% → · 2.9x · Platform: 10 · Asset: 9 (OnRe) · 19/20
LTV 66% · Chainlink + Pyth · $22.90M supplied · $142.65K open

OnRe Points boost is live.

🟢 ONyc/USDC - Kamino
APY 18.08% → · 2.9x · Platform: 10 · Asset: 9 (OnRe) · 19/20
LTV 66% · Chainlink + Pyth · $88.93M supplied · ⛔ $0 open

The $2.20M from #011 got filled.

Together, the two ONyc vaults hold $111.83M supplied with just $142.65K left to enter.

OnRe Points boost is live on both.

——————————————

🟢 JLP/USDC - Kamino
APY 45.98% ↑↑↑ · 6.2x · Platform: 9 · Asset: 9 (JLP) · 18/20
LTV 85% · Pyth + Chainlink · $1.71M open · $20.64M supplied

Last six editions:

99.5% → 30.7% → 32.7% → 22.7% → 11.7% → 46.0%

JLP yield follows Jupiter Perps fee revenue. More trading volume, bigger swings.

45.98% is back on the board.
85% LTV is the number to manage.

🟢 reUSD/USDG - Kamino
APY 11.56% → · 5x · Platform: 9 · Asset: 9 (Re Protocol) · 18/20
LTV ~80% · $90.86K open · $374.97K supplied · Re Points

Supply dropped from $929.99K to $374.97K in two weeks.

The USDC pair pays 13.70% with only $4.79K open.

🟢 eUSX/USX - Kamino
APY 15.94% ↑↑ · 4x · Platform: 9 · Asset: 8 (Solstice) · 17/20
LTV 75% · $2.88M open · $529.20K supplied · Solstice Flares

Back after sitting at 4.12%.

When USX borrowing costs ease, the carry returns.

At 75% LTV, this loop has the tightest liquidation buffer on the list.

——————————————

🟡 syrupUSDC/PYUSD - Kamino
APY 15.85% ↑ · 8.3x · Platform: 8 · Asset: 8 (Maple) · 16/20
LTV 88% · $4.34M open · $35.78M supplied

Up from 11.69%.

The USDC pair pays 15.84% with $92.79K open. Same rate, very different room to enter.

🟡 PRIME/CASH - Kamino
APY 16.35% → · 8.3x · Platform: 8 · Asset: 8 (Hastra) · 16/20
LTV 88% · $19.24M supplied · ⛔ $0 open

All four PRIME pairs have zero liquidity this edition.

🟡 PST/USDC - Kamino
APY 9.98% ↓↓ · 5.6x · Platform: 9 · Asset: 7 (Huma) · 16/20
LTV ~82% · $205.83K open · $9.90M supplied

Down from 15.99%.

A fixed 1M tier at 6.25% shows 15.98% APY, but only $1.24K is supplied so far.

——————————————

🟡 AUTO/wYLDS Fixed - Kamino
APY 36.76–40.14% ↑↑ · 4.5x · Platform: 9 · Asset: 6, provisional (Hastra) · 15/20
Four $1M fixed tiers: 5.30% · 5.75% · 6.00% · 6.25%
$77.89M supplied across tiers · ⛔ $0 liquidity open in every tier

Borrow cost is locked per tier. AUTO's own yield stays variable.

Lowest borrow tier, highest APY:

5.30% borrow → 40.14% APY
6.25% borrow → 36.76% APY

AUTO is Hastra's auto-loan token, live on Kamino since Aug 4.

Great quoted rates. No room to enter.

🟡 apyUSD/USDC - Kamino
APY 30.83% ↓ · 3.3x · Platform: 9 · Asset: 6 (Apyx) · 15/20
LTV ~70% · $223.67K open · $354.44K supplied

Asset score holds at 6/10, same as #011.

~74% STRC backing. 20-day redemption. apxUSD dipped to $0.90 before. APYX token launch is still postponed, no new date.

Supply grew from $197K to $354K.

——————————————

// EXITING

sUSDai/USDC: 4.84%, $0 open. Supply fell from $3.98M to $1.74M over three editions.

USDe/PYUSD: below 0%. Ethena market supply on Kamino dropped from $55.97M in #008 to $2.15M.

——————————————

// LOOPSCALE

Loopscale loops are off this edition while the team finishes its post-mortem on the Nov 5 attack.

The team says affected vaults were made whole and no deposits were lost. It is working to restore repayments and limit liquidations.

If you hold a Loopscale position, follow the team's updates.

I'll re-score the platform on the same five criteria once the post-mortem is out.

——————————————

Where this edition lands:

→ The 19/20 ONyc vaults pay 18-19%. $111.83M supplied, only $142.65K available.

→ JLP jumped from 11.73% to 45.98% in two weeks. Perps fees drive the rate. 85% LTV is the risk to manage.

→ The 15/20 entries quote the highest rates. apyUSD pays 30.83%. AUTO fixed tiers quote 36.76-40.14% with almost no liquidity.

→ eUSX recovered from 4.12% to 15.94% as USX borrowing costs eased.

Drop #013 in 2 weeks.

Hastra hits 12 months live on Nov 21. PRIME's Age criterion is up for review next 🫡

[Dadivan.Sol @Dadivan_sol]

Your stables earn variable reinsurance yield.

Here's how I'd lock the rate and keep the principal working 🫡

@onrefinance ONyc → @ExponentFinance PT-ONyc → @kamino collateral

The flow:

→ Buy PT-ONyc on Exponent. That locks ~13.7% fixed to Jan 10
→ Supply the PT as collateral on Kamino
→ Borrow USDG against it
→ Put the borrowed stables into more ONyc or an ONyc loop

The fixed claim stays intact. The borrowed capital keeps earning on top.

Kamino's temporary 10x OnRe Points boost is still live too.

Fixed rate on the core. Variable yield plus points on the recycled part.

Why this setup works:

The PT is a claim on ONyc at maturity. Borrowing against it lets you keep your exposure without selling the fixed position. The 10x points window is the extra reason Kamino is on my radar right now.

Risks to know:

→ Exiting the PT early can lose money if rates rise
→ Leverage carries liquidation risk
→ Reinsurance NAV can move

Size it like any other loop. Check live LTV and available liquidity before you enter.

[Dadivan.Sol @Dadivan_sol]

@st3phdoteth @kamino @onrefinance @re @solsticefi @maplefinance @humafinance @HastraFi @apyx_fi 🫡

[Dadivan.Sol @Dadivan_sol]

@stablecoinjesus Haha! Love it

[Dadivan.Sol @Dadivan_sol]

@Ricky_Breeze @NolusProtocol Smart one too

[Dadivan.Sol @Dadivan_sol]

You can push this even further. 👀

Imagine buying $1,000 of $SOL at $90 with only $500 upfront.

That's about 11.11 SOL.

Now imagine SOL reaches $150 next month.

Your bag is now worth approximately $1,667, starting with just $500 of your own money.

@NolusProtocol's Buy Now, Pay Later gives you exposure to the full purchase while putting up just half.

Imagine the possibilities...

[Dadivan.Sol @Dadivan_sol]

I just bought $100 of $SOL with $50. 🫡

No typo. @NolusProtocol launched Buy Now, Pay Later.

My steps:

→ Put down $50 (50%)
→ Nolus financed the other $50 at a fixed rate
→ Got the full $100 of SOL instantly
→ Repay whenever I want

The current borrowing rate with 50% down is just 0.56% per month.

Basically, I got the full bag without putting up the full amount upfront.

This is a pretty interesting new way to build a SOL position.

Find it under Pay Later on Nolus. Link in the comments👇

[Dadivan.Sol @Dadivan_sol]

@lochie_sol Amen!

[Dadivan.Sol @Dadivan_sol]

@SneakypeekSol @NolusProtocol 🫡

[Dadivan.Sol @Dadivan_sol]

@SneakypeekSol @onrefinance @ExponentFinance @kamino Legend!

[Dadivan.Sol @Dadivan_sol]

Your stables earn variable reinsurance yield.

Here's how I'd lock the rate and keep the principal working 🫡

@onrefinance ONyc → @ExponentFinance PT-ONyc → @kamino collateral

The flow:

→ Buy PT-ONyc on Exponent. That locks ~13.7% fixed to Jan 10
→ Supply the PT as collateral on Kamino
→ Borrow USDG against it
→ Put the borrowed stables into more ONyc or an ONyc loop

The fixed claim stays intact. The borrowed capital keeps earning on top.

Kamino's temporary 10x OnRe Points boost is still live too.

Fixed rate on the core. Variable yield plus points on the recycled part.

Why this setup works:

The PT is a claim on ONyc at maturity. Borrowing against it lets you keep your exposure without selling the fixed position. The 10x points window is the extra reason Kamino is on my radar right now.

Risks to know:

→ Exiting the PT early can lose money if rates rise
→ Leverage carries liquidation risk
→ Reinsurance NAV can move

Size it like any other loop. Check live LTV and available liquidity before you enter.

[Dadivan.Sol @Dadivan_sol]

@derparsel @solana @ImperialPerps @ExponentFinance @onrefinance Only in 24h… things move so fast on solana

[Dadivan.Sol @Dadivan_sol]

@SolanaEvents Hi!

[Dadivan.Sol @Dadivan_sol]

@FabianoSolana Cooked 😭

[Dadivan.Sol @Dadivan_sol]

@dahviemaxi @onrefinance So much opportunities

[Dadivan.Sol @Dadivan_sol]

@sh_rahyan @onrefinance @ExponentFinance @kamino What didn’t worked out?

[Dadivan.Sol @Dadivan_sol]

@stablecoinjesus @reflectmoney I can help with that 👀

[Dadivan.Sol @Dadivan_sol]

@inno_sol @moonpay Chad!