Today marks a structural shift in Solana DeFi.
We’re proud to see Kamino and OnRe, two RockawayX family members, come together with Kamino’s integration of ONyc—OnRe’s yield-bearing, stablecoin-backed asset—marking the first time a reinsurance-backed asset can be used as collateral in Solana DeFi.
Kamino users can now access market-condition-agnostic, real-world yield through a product that is transparent, composable, and liquid, enabling borrowing, lending, and looping (leverage). The integration enables users to leverage OnRe’s ONyc token on Kamino’s platform and access base yields exceeding 14% (8% from premiums, 6% from stablecoin yield), combining the token’s RWA yield with the upside provided by Kamino’s looping.
Built on top of Chainlink’s NAV data infrastructure and supported by incentives from Global Dollar Network and Ethena (via ONyc backing), the launch brings institutional-grade pricing and capital efficiency to Solana’s largest money market. For OnRe, it’s a strategic step toward bringing $480 billion worth of real-world reinsurance yield onchain for stablecoin holders. For Kamino, it’s an offering diversification play that enables its users to fortify their yield-earning potential against market downturns.
A Natural Fit: Delivering A Fresh Collateral Asset To Solana’s Money Market Leader
The intersection of traditional finance and blockchain is where the most impactful new markets are taking shape today—that’s where RockawayX’s investment focus lies.
We’ve been putting this thesis into motion for years, with the inaugural step being to build DeFi’s yield investing infrastructure. This is why we invested in Kamino in 2024; we saw an open space in Solana’s money market segment and a driven team with the expertise to create the leading one-stop-shop DeFi platform there. As Solana’s largest borrow-lend marketplace, Kamino builds to provide users with premium credit solutions.
In addition to its core lending markets, Kamino enables users to generate yield on SOL, LSTs, and other assets with LP provisioning. “Looping,” where users can circularly deposit into a vault and borrow against the position, is an innovative mechanism that enables low-cost leverage yield opportunities. Through its “Multiply” automated product suite, Kamino productizes looping into an offering with varied risk-return profiles.
To continue its ecosystem’s long-term expansion traction, Kamino identifies novel assets that are on the rise and provide the best exposure and yield for its users. Thanks to this strategy, Kamino’s growth in the last years has been staggering, increasing its TVL by nearly 35% since the start of 2025.
Underpinned by its quality user experience, risk-conscious culture, and upgrade delivery pace, this growth recently earned the team the well-deserved title of Solana’s number one DeFi protocol by TVL.
And there’s still work to do with DeFi and DeFi natives.
Diversifying Solana’s DeFi Risk Profile
While DeFi users are accustomed to using crypto with concentrated risk, Kamino’s opportunity is to continually expand investors’ opportunity set by adding new asset types that offer differentiated risk-return profiles. This is where OnRe comes into play.
Through ONyc, OnRe has transformed a previously inaccessible and consistently performant asset class (reinsurance) into a compelling yield product that anyone can now access. As part of Kamino’s growing collateral ecosystem, ONyc offers stablecoin users a credible alternative to traditional DeFi assets—one backed by real-world risk (reinsurance underwriting) and built for long-term stability.
ONyc fits Kamino’s high bar of asset integration excellence, bringing premium, risk-vetted collateral to users for them to borrow, lend, and loop with confidence. It unlocks a new category of returns that are uncorrelated to crypto markets and designed to perform across cycles, giving users a capital-efficient way to earn premium yields in any market environment, making DeFi winters less cold and more productive.
“One of the most exciting things for Kamino’s users is onboarding high-quality collateral assets, and ONyc is a great example of that,” said Mark Hull, a Kamino contributor.
“Kamino has a strong diligence process and a clear approach to risk management,” said Dan Roberts, Co-Founder and CEO of OnRe. “They’ve become a leader in Solana DeFi by focusing on high-quality, premium assets. That strongly aligns with how OnRe operates, as a quality asset backed by a robust regulatory framework and regular audits. It came together naturally as a well-aligned partnership on all levels.”
By integrating ONyc into Kamino’s risk-managed, verified marketplace, OnRe can drive more demand and scale to ONyc while ONyc holders are empowered by Kamino to level up their exposure. The move activates a key mechanism that enables the $480 billion of reinsurance capital (projected to grow to $1.2 trillion by 2030) to frictionlessly communicate with and scale through DeFi products.
Incentives Designed to Accelerate Adoption
To support early adoption, OnRe has launched an incentive program in collaboration with Kamino and Global Dollar Network. These incentives are designed to lower borrowing costs, increase yield potential, and reward users for backing real-world collateral onchain.
Borrowing Incentives
A $200,000 rewards pool is live to offset borrowing interest for users who supply ONyc as collateral and borrow USDG. This lowers the effective cost of capital and creates opportunities for positive yield spreads when re-deploying borrowed funds.
Looping Strategies
Up to $20M in borrowing volume qualifies for additional rewards, designed to fuel looping and redeployment into ONyc or other assets. The more actively you use ONyc, the more capital-efficient your position becomes.
Unlocking Reinsurance Yield for DeFi
As more real-world strategies move onchain, integrations like ONyc on Kamino point to a broader evolution from emissions-driven speculation to performance-backed infrastructure that scales.
At RockawayX, we believe accelerating this kind of partnership catalyzes maturity for the entire DeFi space:
- Smart Innovation - Both teams are building products that deliver on the foundational promises of blockchain: open data, instant settlement, and composability.
- Sustainable Yield - By unlocking real-world yield, we help move the space from yield farming toward performance derived from off-chain utility.
- Ecosystem Building - We believe that DeFi will accelerate through seamless interoperability between best-in-class protocols and new asset classes; this collaboration sets that template.
- Solana Capital Inflows - As seed investors and strong backers of Solana, we’re committed to activating high-quality, durable yield onchain. We believe that as more credible, performance-backed assets launch on Solana, capital will follow and markets will accelerate.
Integrations like ONyc on Kamino are critical to onboarding new capital and users beyond crypto-native audiences. For us, this is progress we can stand behind: infrastructure that connects the tech efficiency of digital finance to the tangible assets and income streams of the broader economy.
