Pinned Tweet
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 closer to everyday payments.
Here's the full recap π
βΈ»
NEW MILESTONES
β 14B+ transactions in Q3 2026, Solana's biggest quarter ever.
β RWA value crossed $5B, a new all-time high.
β 1.75M unique RWA holders, with 100K+ added in a single week.
β 14.2M stablecoin holders, including 4.85M net new in 2026.
β #1 for stablecoin transfers in September: 557M, up 33% from August.
β 80% of weekly memecoin DEX volume in one reported period, more than every other chain combined.
β @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.
βΈ»
TOKENIZED EQUITIES
β @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.
β @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.
β 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.
β @Securitize brought 1:1-backed tokenized U.S. stocks to Solana, with dividends and voting rights for eligible investors.
β @Ondo passed $500M in tokenized RWAs on Solana and launched Intelligent Portfolios, the first three powered by BlackRock.
β Sunrise added tokenized $META, $AMZN, $NVDA, $TSLA, $SKHY, $TSM and $CMG.
β @Kamino unveiled the Backpack Market with about $50M supplied and isolated pools for MU, SKHY, SPCX and SNDK.
β @LaunchOnSF introduced trading against baskets of tokenized assets, including a Frontier basket of OpenAI, Anthropic, Meta, SpaceX and Google.
β @useDiversiFi launched $SAMA4: OpenAI, World, Reddit and Airbnb.
Tokenization is past issuance. Holders, volume, AUM, lending and portfolio products all grew.
βΈ»
INSTITUTIONAL CREDIT + STRUCTURED YIELD
β Kamino's institutional commodity vault passed $50M in deposits, targeting 7%+ through fully collateralized commodity loans.
β Kamino's autonomous lending vaults crossed $170M, up 8x in 30 days. Fixed-rate rollover refinanced $12M+ with no manual work.
β @ExponentFinance cut minimum Junior coverage on AUTO to 12.5%, lifting jrAUTO base APY from about 18% to 20.5%.
β Exponent launched nOPAL, backed by Brazilian credit-card receivables: Senior targets ~7%, Junior ~22%. It passed $1M, with the cap raised to $3M.
β @Loopscale brought srnOPAL loops live at up to 25.2% APY.
β Exponent integrated risk tranching with @Titan_Exchange, so users can mint and redeem Senior and Junior tranches directly.
β @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.
β @onrefinance launched nONYC, real-world yield from global reinsurance via @plumenetwork vaults.
β @NysaFinance launched its first market: USDC lending against Ondo's USDY.
β @hylo_so passed $700M in cumulative volume with nearly $70M TVL, then raised a $1M round led by SolanaVentures with colosseum.
β Kamino opened a New York HQ and added senior leaders in private markets and AI.
β @dawninternet debuted on Exponent with USD.infra and sUSD.infra rate markets.
Credit, lending and tokenized collateral are wiring together across Solana DeFi.
βΈ»
TRADING INFRASTRUCTURE
β @anza_xyz activated Alpenglow, targeting ~150ms finality versus 12.8 seconds before.
β 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.
β Titan_Exchange introduced Slice, splitting large orders into rapid smaller fills to cut price impact.
β @MeteoraAG launched DLMM Pro and upgraded DAMM v2 with unified liquidity panels, dynamic slippage and position splitting.
β @Jito_Sol upgraded BAM: bundle delays down ~50ms, average rewards per successful bundle up 72%.
β 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.
βΈ»
STABLECOINS + PAYMENTS
β @Samsung announced cross-border stablecoin payments on Solana across 82M Galaxy devices.
β @Circle's USDC Bridge added Solana, linking 19 ecosystems.
β Solana went live on @0xPolygon's Open Money Stack: stablecoin deposits, cross-chain transfers and bank payouts through one API.
β @CredibleFin reported $1B+ in payment volume on Solana.
β @humafinance passed $20B in payment-clearing volume. Its $PST market grew 9x to $400M+.
β @SP3NDdotshop users spent $150K in September across 300 orders, paid in stablecoins straight from wallets.
β Jupiter Mobile added direct @RevolutApp fiat onramps.
Stablecoins are turning into payment rails, with trading liquidity as a bonus.
βΈ»
PRIVACY, SECURITY + AI
β @arcium launched Blackthorn in private alpha, using MPC to keep AI prompts and responses private.
β @project0 introduced p0, linking AI agents like Claude, Cursor, Codex and x402 to Solana DeFi and credit markets.
β @NEARProtocol introduced private SOL yield vaults from Kamino, powered by Gauntlet.
β @Akashnet picked Solana as the proposed next home, leaving its Cosmos chain.
β @Phantom began rolling out prediction markets to eligible U.S. users and added BNB Chain support.
β @solanamobile named @Ledger its first hardware partner. Seeker Connect shipped with one-tap wallet connections for developers.
βΈ»
CONSUMER APPS + ECOSYSTEM
β pumpfun added EVM limit orders. It reported $26.75M in weekly ecosystem payouts, and BOOST has reinjected $106M since inception.
β @Collector_Crypt had its biggest day: $24.3M in gross revenue and 123,425 packs opened in 24 hours.
β JupiterExchange opened Q3 ASR claims for all wallets.
β @sanctumso opened a major security update in beta.
β Backpack redesigned its mobile app and added mystery-box rewards.
β Solflare launched EARN, routing USDC into Kamino lending with zero-fee withdrawals.
β @NolusProtocol improved risk visibility, liquidation UX and its Earn and Revenue Share products.
βΈ»
RISKS AND LESSONS
β @Dominion_Market is shutting down after a September hack drained its liquidity. Remaining funds go to eligible holder refunds.
β @KeystoneWallet disclosed a data breach exposing names, contact details and order data. Payment info, keys and recovery phrases stayed safe.
β @DriftFdn opened DFX claims for verified losses from the April 1 incident: 1 DFX per 1 USDT lost.
β @jupiter_earn saw temporary USDC withdrawal queues under liquidity pressure, confirmed solvency, replenished liquidity and restored withdrawals.
β 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.
βΈ»
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:
β 14B+ transactions in Q3
β 14.2M stablecoin holders
β $5B+ in RWA value
β 1.75M unique RWA holders
β $15B+ Sunrise tokenized-equities volume
β $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.
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 closer to everyday payments.
Here's the full recap π
βΈ»
NEW MILESTONES
β 14B+ transactions in Q3 2026, Solana's biggest quarter ever.
β RWA value crossed $5B, a new all-time high.
β 1.75M unique RWA holders, with 100K+ added in a single week.
β 14.2M stablecoin holders, including 4.85M net new in 2026.
β #1 for stablecoin transfers in September: 557M, up 33% from August.
β 80% of weekly memecoin DEX volume in one reported period, more than every other chain combined.
β @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.
βΈ»
TOKENIZED EQUITIES
β @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.
β @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.
β 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.
β @Securitize brought 1:1-backed tokenized U.S. stocks to Solana, with dividends and voting rights for eligible investors.
β @Ondo passed $500M in tokenized RWAs on Solana and launched Intelligent Portfolios, the first three powered by BlackRock.
β Sunrise added tokenized $META, $AMZN, $NVDA, $TSLA, $SKHY, $TSM and $CMG.
β @Kamino unveiled the Backpack Market with about $50M supplied and isolated pools for MU, SKHY, SPCX and SNDK.
β @LaunchOnSF introduced trading against baskets of tokenized assets, including a Frontier basket of OpenAI, Anthropic, Meta, SpaceX and Google.
β @useDiversiFi launched $SAMA4: OpenAI, World, Reddit and Airbnb.
Tokenization is past issuance. Holders, volume, AUM, lending and portfolio products all grew.
βΈ»
INSTITUTIONAL CREDIT + STRUCTURED YIELD
β Kamino's institutional commodity vault passed $50M in deposits, targeting 7%+ through fully collateralized commodity loans.
β Kamino's autonomous lending vaults crossed $170M, up 8x in 30 days. Fixed-rate rollover refinanced $12M+ with no manual work.
β @ExponentFinance cut minimum Junior coverage on AUTO to 12.5%, lifting jrAUTO base APY from about 18% to 20.5%.
β Exponent launched nOPAL, backed by Brazilian credit-card receivables: Senior targets ~7%, Junior ~22%. It passed $1M, with the cap raised to $3M.
β @Loopscale brought srnOPAL loops live at up to 25.2% APY.
β Exponent integrated risk tranching with @Titan_Exchange, so users can mint and redeem Senior and Junior tranches directly.
β @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.
β @onrefinance launched nONYC, real-world yield from global reinsurance via @plumenetwork vaults.
β @NysaFinance launched its first market: USDC lending against Ondo's USDY.
β @hylo_so passed $700M in cumulative volume with nearly $70M TVL, then raised a $1M round led by SolanaVentures with colosseum.
β Kamino opened a New York HQ and added senior leaders in private markets and AI.
β @dawninternet debuted on Exponent with USD.infra and sUSD.infra rate markets.
Credit, lending and tokenized collateral are wiring together across Solana DeFi.
βΈ»
TRADING INFRASTRUCTURE
β @anza_xyz activated Alpenglow, targeting ~150ms finality versus 12.8 seconds before.
β 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.
β Titan_Exchange introduced Slice, splitting large orders into rapid smaller fills to cut price impact.
β @MeteoraAG launched DLMM Pro and upgraded DAMM v2 with unified liquidity panels, dynamic slippage and position splitting.
β @Jito_Sol upgraded BAM: bundle delays down ~50ms, average rewards per successful bundle up 72%.
β 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.
βΈ»
STABLECOINS + PAYMENTS
β @Samsung announced cross-border stablecoin payments on Solana across 82M Galaxy devices.
β @Circle's USDC Bridge added Solana, linking 19 ecosystems.
β Solana went live on @0xPolygon's Open Money Stack: stablecoin deposits, cross-chain transfers and bank payouts through one API.
β @CredibleFin reported $1B+ in payment volume on Solana.
β @humafinance passed $20B in payment-clearing volume. Its $PST market grew 9x to $400M+.
β @SP3NDdotshop users spent $150K in September across 300 orders, paid in stablecoins straight from wallets.
β Jupiter Mobile added direct @RevolutApp fiat onramps.
Stablecoins are turning into payment rails, with trading liquidity as a bonus.
βΈ»
PRIVACY, SECURITY + AI
β @arcium launched Blackthorn in private alpha, using MPC to keep AI prompts and responses private.
β @project0 introduced p0, linking AI agents like Claude, Cursor, Codex and x402 to Solana DeFi and credit markets.
β @NEARProtocol introduced private SOL yield vaults from Kamino, powered by Gauntlet.
β @Akashnet picked Solana as the proposed next home, leaving its Cosmos chain.
β @Phantom began rolling out prediction markets to eligible U.S. users and added BNB Chain support.
β @solanamobile named @Ledger its first hardware partner. Seeker Connect shipped with one-tap wallet connections for developers.
βΈ»
CONSUMER APPS + ECOSYSTEM
β pumpfun added EVM limit orders. It reported $26.75M in weekly ecosystem payouts, and BOOST has reinjected $106M since inception.
β @Collector_Crypt had its biggest day: $24.3M in gross revenue and 123,425 packs opened in 24 hours.
β JupiterExchange opened Q3 ASR claims for all wallets.
β @sanctumso opened a major security update in beta.
β Backpack redesigned its mobile app and added mystery-box rewards.
β Solflare launched EARN, routing USDC into Kamino lending with zero-fee withdrawals.
β @NolusProtocol improved risk visibility, liquidation UX and its Earn and Revenue Share products.
βΈ»
RISKS AND LESSONS
β @Dominion_Market is shutting down after a September hack drained its liquidity. Remaining funds go to eligible holder refunds.
β @KeystoneWallet disclosed a data breach exposing names, contact details and order data. Payment info, keys and recovery phrases stayed safe.
β @DriftFdn opened DFX claims for verified losses from the April 1 incident: 1 DFX per 1 USDT lost.
β @jupiter_earn saw temporary USDC withdrawal queues under liquidity pressure, confirmed solvency, replenished liquidity and restored withdrawals.
β 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.
βΈ»
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:
β 14B+ transactions in Q3
β 14.2M stablecoin holders
β $5B+ in RWA value
β 1.75M unique RWA holders
β $15B+ Sunrise tokenized-equities volume
β $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.
3
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Dadivan.Sol retweeted
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 closer to everyday payments.
Here's the full recap π
βΈ»
NEW MILESTONES
β 14B+ transactions in Q3 2026, Solana's biggest quarter ever.
β RWA value crossed $5B, a new all-time high.
β 1.75M unique RWA holders, with 100K+ added in a single week.
β 14.2M stablecoin holders, including 4.85M net new in 2026.
β #1 for stablecoin transfers in September: 557M, up 33% from August.
β 80% of weekly memecoin DEX volume in one reported period, more than every other chain combined.
β @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.
βΈ»
TOKENIZED EQUITIES
β @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.
β @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.
β 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.
β @Securitize brought 1:1-backed tokenized U.S. stocks to Solana, with dividends and voting rights for eligible investors.
β @Ondo passed $500M in tokenized RWAs on Solana and launched Intelligent Portfolios, the first three powered by BlackRock.
β Sunrise added tokenized $META, $AMZN, $NVDA, $TSLA, $SKHY, $TSM and $CMG.
β @Kamino unveiled the Backpack Market with about $50M supplied and isolated pools for MU, SKHY, SPCX and SNDK.
β @LaunchOnSF introduced trading against baskets of tokenized assets, including a Frontier basket of OpenAI, Anthropic, Meta, SpaceX and Google.
β @useDiversiFi launched $SAMA4: OpenAI, World, Reddit and Airbnb.
Tokenization is past issuance. Holders, volume, AUM, lending and portfolio products all grew.
βΈ»
INSTITUTIONAL CREDIT + STRUCTURED YIELD
β Kamino's institutional commodity vault passed $50M in deposits, targeting 7%+ through fully collateralized commodity loans.
β Kamino's autonomous lending vaults crossed $170M, up 8x in 30 days. Fixed-rate rollover refinanced $12M+ with no manual work.
β @ExponentFinance cut minimum Junior coverage on AUTO to 12.5%, lifting jrAUTO base APY from about 18% to 20.5%.
β Exponent launched nOPAL, backed by Brazilian credit-card receivables: Senior targets ~7%, Junior ~22%. It passed $1M, with the cap raised to $3M.
β @Loopscale brought srnOPAL loops live at up to 25.2% APY.
β Exponent integrated risk tranching with @Titan_Exchange, so users can mint and redeem Senior and Junior tranches directly.
β @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.
β @onrefinance launched nONYC, real-world yield from global reinsurance via @plumenetwork vaults.
β @NysaFinance launched its first market: USDC lending against Ondo's USDY.
β @hylo_so passed $700M in cumulative volume with nearly $70M TVL, then raised a $1M round led by SolanaVentures with colosseum.
β Kamino opened a New York HQ and added senior leaders in private markets and AI.
β @dawninternet debuted on Exponent with USD.infra and sUSD.infra rate markets.
Credit, lending and tokenized collateral are wiring together across Solana DeFi.
βΈ»
TRADING INFRASTRUCTURE
β @anza_xyz activated Alpenglow, targeting ~150ms finality versus 12.8 seconds before.
β 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.
β Titan_Exchange introduced Slice, splitting large orders into rapid smaller fills to cut price impact.
β @MeteoraAG launched DLMM Pro and upgraded DAMM v2 with unified liquidity panels, dynamic slippage and position splitting.
β @Jito_Sol upgraded BAM: bundle delays down ~50ms, average rewards per successful bundle up 72%.
β 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.
βΈ»
STABLECOINS + PAYMENTS
β @Samsung announced cross-border stablecoin payments on Solana across 82M Galaxy devices.
β @Circle's USDC Bridge added Solana, linking 19 ecosystems.
β Solana went live on @0xPolygon's Open Money Stack: stablecoin deposits, cross-chain transfers and bank payouts through one API.
β @CredibleFin reported $1B+ in payment volume on Solana.
β @humafinance passed $20B in payment-clearing volume. Its $PST market grew 9x to $400M+.
β @SP3NDdotshop users spent $150K in September across 300 orders, paid in stablecoins straight from wallets.
β Jupiter Mobile added direct @RevolutApp fiat onramps.
Stablecoins are turning into payment rails, with trading liquidity as a bonus.
βΈ»
PRIVACY, SECURITY + AI
β @arcium launched Blackthorn in private alpha, using MPC to keep AI prompts and responses private.
β @project0 introduced p0, linking AI agents like Claude, Cursor, Codex and x402 to Solana DeFi and credit markets.
β @NEARProtocol introduced private SOL yield vaults from Kamino, powered by Gauntlet.
β @Akashnet picked Solana as the proposed next home, leaving its Cosmos chain.
β @Phantom began rolling out prediction markets to eligible U.S. users and added BNB Chain support.
β @solanamobile named @Ledger its first hardware partner. Seeker Connect shipped with one-tap wallet connections for developers.
βΈ»
CONSUMER APPS + ECOSYSTEM
β pumpfun added EVM limit orders. It reported $26.75M in weekly ecosystem payouts, and BOOST has reinjected $106M since inception.
β @Collector_Crypt had its biggest day: $24.3M in gross revenue and 123,425 packs opened in 24 hours.
β JupiterExchange opened Q3 ASR claims for all wallets.
β @sanctumso opened a major security update in beta.
β Backpack redesigned its mobile app and added mystery-box rewards.
β Solflare launched EARN, routing USDC into Kamino lending with zero-fee withdrawals.
β @NolusProtocol improved risk visibility, liquidation UX and its Earn and Revenue Share products.
βΈ»
RISKS AND LESSONS
β @Dominion_Market is shutting down after a September hack drained its liquidity. Remaining funds go to eligible holder refunds.
β @KeystoneWallet disclosed a data breach exposing names, contact details and order data. Payment info, keys and recovery phrases stayed safe.
β @DriftFdn opened DFX claims for verified losses from the April 1 incident: 1 DFX per 1 USDT lost.
β @jupiter_earn saw temporary USDC withdrawal queues under liquidity pressure, confirmed solvency, replenished liquidity and restored withdrawals.
β 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.
βΈ»
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:
β 14B+ transactions in Q3
β 14.2M stablecoin holders
β $5B+ in RWA value
β 1.75M unique RWA holders
β $15B+ Sunrise tokenized-equities volume
β $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.
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 closer to everyday payments.
Here's the full recap π
βΈ»
NEW MILESTONES
β 14B+ transactions in Q3 2026, Solana's biggest quarter ever.
β RWA value crossed $5B, a new all-time high.
β 1.75M unique RWA holders, with 100K+ added in a single week.
β 14.2M stablecoin holders, including 4.85M net new in 2026.
β #1 for stablecoin transfers in September: 557M, up 33% from August.
β 80% of weekly memecoin DEX volume in one reported period, more than every other chain combined.
β @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.
βΈ»
TOKENIZED EQUITIES
β @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.
β @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.
β 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.
β @Securitize brought 1:1-backed tokenized U.S. stocks to Solana, with dividends and voting rights for eligible investors.
β @Ondo passed $500M in tokenized RWAs on Solana and launched Intelligent Portfolios, the first three powered by BlackRock.
β Sunrise added tokenized $META, $AMZN, $NVDA, $TSLA, $SKHY, $TSM and $CMG.
β @Kamino unveiled the Backpack Market with about $50M supplied and isolated pools for MU, SKHY, SPCX and SNDK.
β @LaunchOnSF introduced trading against baskets of tokenized assets, including a Frontier basket of OpenAI, Anthropic, Meta, SpaceX and Google.
β @useDiversiFi launched $SAMA4: OpenAI, World, Reddit and Airbnb.
Tokenization is past issuance. Holders, volume, AUM, lending and portfolio products all grew.
βΈ»
INSTITUTIONAL CREDIT + STRUCTURED YIELD
β Kamino's institutional commodity vault passed $50M in deposits, targeting 7%+ through fully collateralized commodity loans.
β Kamino's autonomous lending vaults crossed $170M, up 8x in 30 days. Fixed-rate rollover refinanced $12M+ with no manual work.
β @ExponentFinance cut minimum Junior coverage on AUTO to 12.5%, lifting jrAUTO base APY from about 18% to 20.5%.
β Exponent launched nOPAL, backed by Brazilian credit-card receivables: Senior targets ~7%, Junior ~22%. It passed $1M, with the cap raised to $3M.
β @Loopscale brought srnOPAL loops live at up to 25.2% APY.
β Exponent integrated risk tranching with @Titan_Exchange, so users can mint and redeem Senior and Junior tranches directly.
β @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.
β @onrefinance launched nONYC, real-world yield from global reinsurance via @plumenetwork vaults.
β @NysaFinance launched its first market: USDC lending against Ondo's USDY.
β @hylo_so passed $700M in cumulative volume with nearly $70M TVL, then raised a $1M round led by SolanaVentures with colosseum.
β Kamino opened a New York HQ and added senior leaders in private markets and AI.
β @dawninternet debuted on Exponent with USD.infra and sUSD.infra rate markets.
Credit, lending and tokenized collateral are wiring together across Solana DeFi.
βΈ»
TRADING INFRASTRUCTURE
β @anza_xyz activated Alpenglow, targeting ~150ms finality versus 12.8 seconds before.
β 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.
β Titan_Exchange introduced Slice, splitting large orders into rapid smaller fills to cut price impact.
β @MeteoraAG launched DLMM Pro and upgraded DAMM v2 with unified liquidity panels, dynamic slippage and position splitting.
β @Jito_Sol upgraded BAM: bundle delays down ~50ms, average rewards per successful bundle up 72%.
β 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.
βΈ»
STABLECOINS + PAYMENTS
β @Samsung announced cross-border stablecoin payments on Solana across 82M Galaxy devices.
β @Circle's USDC Bridge added Solana, linking 19 ecosystems.
β Solana went live on @0xPolygon's Open Money Stack: stablecoin deposits, cross-chain transfers and bank payouts through one API.
β @CredibleFin reported $1B+ in payment volume on Solana.
β @humafinance passed $20B in payment-clearing volume. Its $PST market grew 9x to $400M+.
β @SP3NDdotshop users spent $150K in September across 300 orders, paid in stablecoins straight from wallets.
β Jupiter Mobile added direct @RevolutApp fiat onramps.
Stablecoins are turning into payment rails, with trading liquidity as a bonus.
βΈ»
PRIVACY, SECURITY + AI
β @arcium launched Blackthorn in private alpha, using MPC to keep AI prompts and responses private.
β @project0 introduced p0, linking AI agents like Claude, Cursor, Codex and x402 to Solana DeFi and credit markets.
β @NEARProtocol introduced private SOL yield vaults from Kamino, powered by Gauntlet.
β @Akashnet picked Solana as the proposed next home, leaving its Cosmos chain.
β @Phantom began rolling out prediction markets to eligible U.S. users and added BNB Chain support.
β @solanamobile named @Ledger its first hardware partner. Seeker Connect shipped with one-tap wallet connections for developers.
βΈ»
CONSUMER APPS + ECOSYSTEM
β pumpfun added EVM limit orders. It reported $26.75M in weekly ecosystem payouts, and BOOST has reinjected $106M since inception.
β @Collector_Crypt had its biggest day: $24.3M in gross revenue and 123,425 packs opened in 24 hours.
β JupiterExchange opened Q3 ASR claims for all wallets.
β @sanctumso opened a major security update in beta.
β Backpack redesigned its mobile app and added mystery-box rewards.
β Solflare launched EARN, routing USDC into Kamino lending with zero-fee withdrawals.
β @NolusProtocol improved risk visibility, liquidation UX and its Earn and Revenue Share products.
βΈ»
RISKS AND LESSONS
β @Dominion_Market is shutting down after a September hack drained its liquidity. Remaining funds go to eligible holder refunds.
β @KeystoneWallet disclosed a data breach exposing names, contact details and order data. Payment info, keys and recovery phrases stayed safe.
β @DriftFdn opened DFX claims for verified losses from the April 1 incident: 1 DFX per 1 USDT lost.
β @jupiter_earn saw temporary USDC withdrawal queues under liquidity pressure, confirmed solvency, replenished liquidity and restored withdrawals.
β 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.
βΈ»
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:
β 14B+ transactions in Q3
β 14.2M stablecoin holders
β $5B+ in RWA value
β 1.75M unique RWA holders
β $15B+ Sunrise tokenized-equities volume
β $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.
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Dadivan.Sol retweeted
State of Yield on Solana Β· Week #44 π«‘
$77M in fixed-rate loans. Almost every AUTO vault full. Tokenized Treasuries now used to borrow USDC.
Before chasing the next APY, ask three things: where does the money come from, who needs the liquidity, and can I get my capital back?
ββ
β Stable yield: PRIME still leads, but the premium is shrinking
W44 leaderboard
$PRIME @reflectmoney Amplified: 27.52% βΌ7.36 pp
$jrAUTO: 19.05% β²1.17 pp
$jrONyc: 15.21% βΌ1.84 pp
Backyard USDC: 15.01% βΌ0.14 pp
$USD* Junior: 14.23% β²0.41 pp
jrEHYUSD: 13.82% βΌ0.38 pp
OnRe Growth Vault: 10.08% βΌ0.48 pp
Kamino Institutional Commodity Yield: 7.80% βΌ0.41 pp
PRIME is still #1, but it slid from 34.88% to 27.52% in two weeks. Up to 16.04 points of that come from Hastra incentives.
Also moving:
β jrAUTO bounced back to 19.05%
β jrONyc hit its lowest level since joining the board
β Backyard held flat at 15.01% after six straight weekly drops
β USD* Junior rose for a second week
β OnRe Growth is closing in on 10%
The top is cooling and the race is tightening.
Every APY needs a source. Incentive-heavy APY needs a closer look.
ββ
β‘ Loop Radar: the fixed-rate ladder is full
AUTO/wYLDS on Kamino is now a $77M fixed-rate market.
Four borrowing tiers. Four fixed costs. Almost no capacity left.
The loan lifecycle is the real story. Auto-rollover has already renewed over $12M of loans into fresh 30-day terms.
No repaying. No reopening. Same rate, when renewal conditions are met.
One catch: if fixed-rate liquidity dries up at maturity, rollover may not happen.
A fixed rate makes the cost predictable. The collateral risk stays.
ββ
β’ Three loops worth watching
With AUTO/wYLDS nearly maxed, these stand out:
apyUSD/USDC Β· @kamino
35.21% APY | 3.3x max | ~$453K open | 15/20
Dividend-linked yield, largely backed by Strategy's STRC preferred shares. Risk sits in the backing, the redemption mechanics and the price history.
ONyc/USDC Β· @kamino
18.55% APY | 2.9x | ~$2.20M open | 19/20
OnRe's asset score moved from 8 to 9 after 12 months live. First seven-figure opening in this Kamino vault since the first edition.
PRIME/CASH Β· @kamino
17.75% APY | 8.3x | ~$342K open | 16/20
The only PRIME loop with room this week.
Leverage magnifies tiny gaps between supply yield and borrow cost. The JLP Jupiter loop runs a 13 bp spread. One small rate move and the trade turns against you.
ββ
β£ SOL and USDC: borrowers pay the yield
@NolusProtocol SOL Earn: 10.21% APY
Borrowers pay interest to access SOL. Lenders supply it. Utilization sets how much capital works.
10.21% is a snapshot, not a promise. High utilization can also mean withdrawals wait on repayments or new deposits.
@solflare Earn: USDC through Kamino
Supply USDC to a Kamino lending market straight from Solflare.
β Variable yield from borrower interest
β No lockup
β No Solflare management fee
β Withdrawals depend on market liquidity
Both have a clear yield source. Still check utilization, borrow demand and withdrawal liquidity before sizing up.
ββ
β€ RWA credit: tokenized assets become collateral
Holding an RWA token is one thing. Borrowing against it is another.
@NysaFinance is building the second. Its new lending market lets you borrow USDC against @Ondo's USDY, a token backed by short-term US Treasuries.
β Treasury-backed collateral
β USDC borrowing
β 30%+ reported APY
β NYSA Points on top
Tokenized Treasuries now total around $2.37B. USDY as collateral, USDC borrowed against it, RWA exposure feeding onchain lending.
Nysa also brings USDC yield, NYSA Points and instant withdrawals to its vaults.
Check collateral quality, liquidation mechanics, redemption terms and real liquidity.
RWAs get interesting when they do more than sit in a wallet.
ββ
β₯ Hidden Upside: $ONyc extends its streak to 29 weeks
ONyc is still #1 on the Hidden Upside Radar at 11.02% APY, with a 9/10 points score:
β 16x yield trading on @ExponentFinance
β 6x ONyc/USDC looping on Kamino or @Loopscale
β 6x ONyc/USDG looping on Kamino
β 6x jrONyc exposure
β More vault and lending options
@onrefinance Growth sits second at 10.08% APY, 9/10 points, with confirmed $ORCA conversion through Formation.
PRIME leads on APY but ranks seventh on upside.
APY shows what you earn today. Hidden upside shows what else the position unlocks.
ββ
Week #44 takeaway
Three fronts are moving:
Borrower-funded yield: SOL and USDC lending make the return source easy to see.
Fixed-rate credit: AUTO/wYLDS proves demand for predictable costs and automated renewal.
RWA composability: USDY and other tokenized assets are entering real onchain credit markets.
The highest APY is rarely the best opportunity.
Check the source. Check the collateral. Check the liquidity. Check the exit.
Yield is what you earn. Liquidity is how you leave. Risk is what you lose on the way
$77M in fixed-rate loans. Almost every AUTO vault full. Tokenized Treasuries now used to borrow USDC.
Before chasing the next APY, ask three things: where does the money come from, who needs the liquidity, and can I get my capital back?
ββ
β Stable yield: PRIME still leads, but the premium is shrinking
W44 leaderboard
$PRIME @reflectmoney Amplified: 27.52% βΌ7.36 pp
$jrAUTO: 19.05% β²1.17 pp
$jrONyc: 15.21% βΌ1.84 pp
Backyard USDC: 15.01% βΌ0.14 pp
$USD* Junior: 14.23% β²0.41 pp
jrEHYUSD: 13.82% βΌ0.38 pp
OnRe Growth Vault: 10.08% βΌ0.48 pp
Kamino Institutional Commodity Yield: 7.80% βΌ0.41 pp
PRIME is still #1, but it slid from 34.88% to 27.52% in two weeks. Up to 16.04 points of that come from Hastra incentives.
Also moving:
β jrAUTO bounced back to 19.05%
β jrONyc hit its lowest level since joining the board
β Backyard held flat at 15.01% after six straight weekly drops
β USD* Junior rose for a second week
β OnRe Growth is closing in on 10%
The top is cooling and the race is tightening.
Every APY needs a source. Incentive-heavy APY needs a closer look.
ββ
β‘ Loop Radar: the fixed-rate ladder is full
AUTO/wYLDS on Kamino is now a $77M fixed-rate market.
Four borrowing tiers. Four fixed costs. Almost no capacity left.
The loan lifecycle is the real story. Auto-rollover has already renewed over $12M of loans into fresh 30-day terms.
No repaying. No reopening. Same rate, when renewal conditions are met.
One catch: if fixed-rate liquidity dries up at maturity, rollover may not happen.
A fixed rate makes the cost predictable. The collateral risk stays.
ββ
β’ Three loops worth watching
With AUTO/wYLDS nearly maxed, these stand out:
apyUSD/USDC Β· @kamino
35.21% APY | 3.3x max | ~$453K open | 15/20
Dividend-linked yield, largely backed by Strategy's STRC preferred shares. Risk sits in the backing, the redemption mechanics and the price history.
ONyc/USDC Β· @kamino
18.55% APY | 2.9x | ~$2.20M open | 19/20
OnRe's asset score moved from 8 to 9 after 12 months live. First seven-figure opening in this Kamino vault since the first edition.
PRIME/CASH Β· @kamino
17.75% APY | 8.3x | ~$342K open | 16/20
The only PRIME loop with room this week.
Leverage magnifies tiny gaps between supply yield and borrow cost. The JLP Jupiter loop runs a 13 bp spread. One small rate move and the trade turns against you.
ββ
β£ SOL and USDC: borrowers pay the yield
@NolusProtocol SOL Earn: 10.21% APY
Borrowers pay interest to access SOL. Lenders supply it. Utilization sets how much capital works.
10.21% is a snapshot, not a promise. High utilization can also mean withdrawals wait on repayments or new deposits.
@solflare Earn: USDC through Kamino
Supply USDC to a Kamino lending market straight from Solflare.
β Variable yield from borrower interest
β No lockup
β No Solflare management fee
β Withdrawals depend on market liquidity
Both have a clear yield source. Still check utilization, borrow demand and withdrawal liquidity before sizing up.
ββ
β€ RWA credit: tokenized assets become collateral
Holding an RWA token is one thing. Borrowing against it is another.
@NysaFinance is building the second. Its new lending market lets you borrow USDC against @Ondo's USDY, a token backed by short-term US Treasuries.
β Treasury-backed collateral
β USDC borrowing
β 30%+ reported APY
β NYSA Points on top
Tokenized Treasuries now total around $2.37B. USDY as collateral, USDC borrowed against it, RWA exposure feeding onchain lending.
Nysa also brings USDC yield, NYSA Points and instant withdrawals to its vaults.
Check collateral quality, liquidation mechanics, redemption terms and real liquidity.
RWAs get interesting when they do more than sit in a wallet.
ββ
β₯ Hidden Upside: $ONyc extends its streak to 29 weeks
ONyc is still #1 on the Hidden Upside Radar at 11.02% APY, with a 9/10 points score:
β 16x yield trading on @ExponentFinance
β 6x ONyc/USDC looping on Kamino or @Loopscale
β 6x ONyc/USDG looping on Kamino
β 6x jrONyc exposure
β More vault and lending options
@onrefinance Growth sits second at 10.08% APY, 9/10 points, with confirmed $ORCA conversion through Formation.
PRIME leads on APY but ranks seventh on upside.
APY shows what you earn today. Hidden upside shows what else the position unlocks.
ββ
Week #44 takeaway
Three fronts are moving:
Borrower-funded yield: SOL and USDC lending make the return source easy to see.
Fixed-rate credit: AUTO/wYLDS proves demand for predictable costs and automated renewal.
RWA composability: USDY and other tokenized assets are entering real onchain credit markets.
The highest APY is rarely the best opportunity.
Check the source. Check the collateral. Check the liquidity. Check the exit.
Yield is what you earn. Liquidity is how you leave. Risk is what you lose on the way
π«‘ Top Stable Yield-Bearing Tokens of the Week [W44] 2026
Ranked by APY + weekly delta
βΈ»
1οΈβ£ $PRIME β @reflectmoney
27.52% APY (βΌ 7.36%)
Still the leader, but its headline yield has cooled considerably.
β Reflectβs Junior Amplified vault offers amplified yield in exchange Up to 16.04% boosted APY comes from Hastra incentives.
β Reflect Points are currently offering 3.0x points.
β The displayed APY can vary with incentives, capital allocation and market conditions.
βΈ»
2οΈβ£ $jrAUTO β @Hastra + @ExponentFinance
19.05% APY (β² 1.17%)
A solid recovery puts jrAUTO comfortably in second place.
β APY rises from 17.88% to 19.05%.
β The junior strategy takes first-loss risk on U.S. auto-loan exposure in exchange for amplified yield.
βΈ»
3οΈβ£ $jrONyc β @onrefinance + @ExponentFinance
15.21% APY (βΌ 1.84%)
The yield retreats after last weekβs modest recovery.
β jrONyc falls from 17.05% to 15.21%.
β It remains a structured-yield strategy, with tranche-specific risks to consider.
βΈ»
4οΈβ£ $USDC β @backyard_fi
15.01% APY (βΌ 0.14%)
Nearly unchanged week over week.
β The @syntropia_ai USDC Vault uses delta-neutral market-making strategies across BTC, ETH and SOL, with trades hedged on Hyperliquid.
β Backyard manages allocations across strategies.
βΈ»
5οΈβ£ $USD* β @perena
14.23% APY (β² 0.41%)
A stronger rebound for USD* Junior.
β APY climbs from 13.82% to 14.23%.
β The yield comes with the additional risks associated with a junior tranche structure.
βΈ»
6οΈβ£ $jrEHYUSD β @hylo_so + @ExponentFinance
13.82% APY (βΌ 0.38%)
The decline continues, putting jrEHYUSD just below USD* Junior.
β APY moves down from 14.20% to 13.82%.
β The junior tranche takes first-loss risk within the eHYUSD strategy in exchange for amplified yield.
βΈ»
7οΈβ£ $USDC β @loopscale + @ExponentFinance
10.08% APY (βΌ 0.48%)
A noticeable dip takes this strategy closer to the 10% threshold.
β APY falls from 10.56% to 10.08%.
β The OnRe Growth Vault remains just above 10%.
βΈ»
8οΈβ£ $kicUSDC β @kamino
7.80% APY (βΌ 0.41%)
The lowest-yielding entry this week.
β Kamino Institutional Commodity Yield drops from 8.21% to 7.80%.
β Its focus remains institutional commodity financing.
βΈ»
Weekly signals π
β’ $PRIME remains #1 at 27.52% APY, down 7.36 percentage points, with up to 16.04% boosted APY from Hastra incentives.
β’ $jrAUTO rises 1.17 percentage points to 19.05%, strengthening its position at #2.
β’ $jrONyc falls 1.84 percentage points to 15.21%.
β’ Backyard USDC is nearly flat at 15.01%.
β’ Perenaβs USD* Junior rebounds to 14.23%, moving ahead of $jrEHYUSD.
β’ $jrEHYUSD slips to 13.82%.
β’ Loopscale + Exponent USDC falls to 10.08%.
β’ Kaminoβs $kicUSDC drops to 7.80%.
βΈ»
The leaderboard is cooling at the top, but the middle is shifting.
Reflectβs $PRIME remains the clear leader at 27.52% APY, even after a 7.36-percentage-point decline.
Meanwhile, $jrAUTO moves in the opposite direction, climbing to 19.05%. That puts it further ahead of the other structured-yield strategies.
The middle of the table is getting tighter: Backyard USDC sits at 15.01%, just below $jrONyc at 15.21%, while USD* Junior moves ahead of $jrEHYUSD.
At the lower end, both Loopscale USDC and Kaminoβs $kicUSDC declined this week.
And remember:
High APY can reflect first-loss exposure, structured credit risk or temporary incentives. Boosted rewards and points can also affect the headline return.
A higher APY doesn't automatically mean a better risk-adjusted opportunity.
APY tells you what the market is paying.
The structure tells you why.
Thatβs the stable yield leaderboard this week π«‘
3
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Dadivan.Sol retweeted
π«‘ HKDAP is coming to Solana.
Anchorpointβs Hong Kong dollar stablecoin will mint and redeem natively on Solana. First public network for them.
Why this matters beyond the headline:
β Another regulated stablecoin rail on Solana for payments and tokenized assets.
β Near-instant settlement.
β Potential new liquidity and pairing options once it lands.
It is still early (no hard launch date public yet). But it lands right in the window of Breakpointβs "Token Supercycle" theme, stablecoins, payments, tokenized assets.
Iβm watching how it gets used in DeFi once live: lending markets, yield strategies, or just pure payment volume.
Anchorpointβs Hong Kong dollar stablecoin will mint and redeem natively on Solana. First public network for them.
Why this matters beyond the headline:
β Another regulated stablecoin rail on Solana for payments and tokenized assets.
β Near-instant settlement.
β Potential new liquidity and pairing options once it lands.
It is still early (no hard launch date public yet). But it lands right in the window of Breakpointβs "Token Supercycle" theme, stablecoins, payments, tokenized assets.
Iβm watching how it gets used in DeFi once live: lending markets, yield strategies, or just pure payment volume.
BREAKING: Anchorpoint brings HKDAP, the Hong Kong dollar stablecoin, to Solana.
In its first collaboration with a public network, HKDAP will mint and redeem natively on Solana, settling near-instantly and reaching everything from retail payments to tokenized assets.
1
1
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370
π«‘ HKDAP is coming to Solana.
Anchorpointβs Hong Kong dollar stablecoin will mint and redeem natively on Solana. First public network for them.
Why this matters beyond the headline:
β Another regulated stablecoin rail on Solana for payments and tokenized assets.
β Near-instant settlement.
β Potential new liquidity and pairing options once it lands.
It is still early (no hard launch date public yet). But it lands right in the window of Breakpointβs "Token Supercycle" theme, stablecoins, payments, tokenized assets.
Iβm watching how it gets used in DeFi once live: lending markets, yield strategies, or just pure payment volume.
Anchorpointβs Hong Kong dollar stablecoin will mint and redeem natively on Solana. First public network for them.
Why this matters beyond the headline:
β Another regulated stablecoin rail on Solana for payments and tokenized assets.
β Near-instant settlement.
β Potential new liquidity and pairing options once it lands.
It is still early (no hard launch date public yet). But it lands right in the window of Breakpointβs "Token Supercycle" theme, stablecoins, payments, tokenized assets.
Iβm watching how it gets used in DeFi once live: lending markets, yield strategies, or just pure payment volume.
BREAKING: Anchorpoint brings HKDAP, the Hong Kong dollar stablecoin, to Solana.
In its first collaboration with a public network, HKDAP will mint and redeem natively on Solana, settling near-instantly and reaching everything from retail payments to tokenized assets.
1
1
1
370
State of Yield on Solana Β· Week #44 π«‘
$77M in fixed-rate loans. Almost every AUTO vault full. Tokenized Treasuries now used to borrow USDC.
Before chasing the next APY, ask three things: where does the money come from, who needs the liquidity, and can I get my capital back?
ββ
β Stable yield: PRIME still leads, but the premium is shrinking
W44 leaderboard
$PRIME @reflectmoney Amplified: 27.52% βΌ7.36 pp
$jrAUTO: 19.05% β²1.17 pp
$jrONyc: 15.21% βΌ1.84 pp
Backyard USDC: 15.01% βΌ0.14 pp
$USD* Junior: 14.23% β²0.41 pp
jrEHYUSD: 13.82% βΌ0.38 pp
OnRe Growth Vault: 10.08% βΌ0.48 pp
Kamino Institutional Commodity Yield: 7.80% βΌ0.41 pp
PRIME is still #1, but it slid from 34.88% to 27.52% in two weeks. Up to 16.04 points of that come from Hastra incentives.
Also moving:
β jrAUTO bounced back to 19.05%
β jrONyc hit its lowest level since joining the board
β Backyard held flat at 15.01% after six straight weekly drops
β USD* Junior rose for a second week
β OnRe Growth is closing in on 10%
The top is cooling and the race is tightening.
Every APY needs a source. Incentive-heavy APY needs a closer look.
ββ
β‘ Loop Radar: the fixed-rate ladder is full
AUTO/wYLDS on Kamino is now a $77M fixed-rate market.
Four borrowing tiers. Four fixed costs. Almost no capacity left.
The loan lifecycle is the real story. Auto-rollover has already renewed over $12M of loans into fresh 30-day terms.
No repaying. No reopening. Same rate, when renewal conditions are met.
One catch: if fixed-rate liquidity dries up at maturity, rollover may not happen.
A fixed rate makes the cost predictable. The collateral risk stays.
ββ
β’ Three loops worth watching
With AUTO/wYLDS nearly maxed, these stand out:
apyUSD/USDC Β· @kamino
35.21% APY | 3.3x max | ~$453K open | 15/20
Dividend-linked yield, largely backed by Strategy's STRC preferred shares. Risk sits in the backing, the redemption mechanics and the price history.
ONyc/USDC Β· @kamino
18.55% APY | 2.9x | ~$2.20M open | 19/20
OnRe's asset score moved from 8 to 9 after 12 months live. First seven-figure opening in this Kamino vault since the first edition.
PRIME/CASH Β· @kamino
17.75% APY | 8.3x | ~$342K open | 16/20
The only PRIME loop with room this week.
Leverage magnifies tiny gaps between supply yield and borrow cost. The JLP Jupiter loop runs a 13 bp spread. One small rate move and the trade turns against you.
ββ
β£ SOL and USDC: borrowers pay the yield
@NolusProtocol SOL Earn: 10.21% APY
Borrowers pay interest to access SOL. Lenders supply it. Utilization sets how much capital works.
10.21% is a snapshot, not a promise. High utilization can also mean withdrawals wait on repayments or new deposits.
@solflare Earn: USDC through Kamino
Supply USDC to a Kamino lending market straight from Solflare.
β Variable yield from borrower interest
β No lockup
β No Solflare management fee
β Withdrawals depend on market liquidity
Both have a clear yield source. Still check utilization, borrow demand and withdrawal liquidity before sizing up.
ββ
β€ RWA credit: tokenized assets become collateral
Holding an RWA token is one thing. Borrowing against it is another.
@NysaFinance is building the second. Its new lending market lets you borrow USDC against @Ondo's USDY, a token backed by short-term US Treasuries.
β Treasury-backed collateral
β USDC borrowing
β 30%+ reported APY
β NYSA Points on top
Tokenized Treasuries now total around $2.37B. USDY as collateral, USDC borrowed against it, RWA exposure feeding onchain lending.
Nysa also brings USDC yield, NYSA Points and instant withdrawals to its vaults.
Check collateral quality, liquidation mechanics, redemption terms and real liquidity.
RWAs get interesting when they do more than sit in a wallet.
ββ
β₯ Hidden Upside: $ONyc extends its streak to 29 weeks
ONyc is still #1 on the Hidden Upside Radar at 11.02% APY, with a 9/10 points score:
β 16x yield trading on @ExponentFinance
β 6x ONyc/USDC looping on Kamino or @Loopscale
β 6x ONyc/USDG looping on Kamino
β 6x jrONyc exposure
β More vault and lending options
@onrefinance Growth sits second at 10.08% APY, 9/10 points, with confirmed $ORCA conversion through Formation.
PRIME leads on APY but ranks seventh on upside.
APY shows what you earn today. Hidden upside shows what else the position unlocks.
ββ
Week #44 takeaway
Three fronts are moving:
Borrower-funded yield: SOL and USDC lending make the return source easy to see.
Fixed-rate credit: AUTO/wYLDS proves demand for predictable costs and automated renewal.
RWA composability: USDY and other tokenized assets are entering real onchain credit markets.
The highest APY is rarely the best opportunity.
Check the source. Check the collateral. Check the liquidity. Check the exit.
Yield is what you earn. Liquidity is how you leave. Risk is what you lose on the way
$77M in fixed-rate loans. Almost every AUTO vault full. Tokenized Treasuries now used to borrow USDC.
Before chasing the next APY, ask three things: where does the money come from, who needs the liquidity, and can I get my capital back?
ββ
β Stable yield: PRIME still leads, but the premium is shrinking
W44 leaderboard
$PRIME @reflectmoney Amplified: 27.52% βΌ7.36 pp
$jrAUTO: 19.05% β²1.17 pp
$jrONyc: 15.21% βΌ1.84 pp
Backyard USDC: 15.01% βΌ0.14 pp
$USD* Junior: 14.23% β²0.41 pp
jrEHYUSD: 13.82% βΌ0.38 pp
OnRe Growth Vault: 10.08% βΌ0.48 pp
Kamino Institutional Commodity Yield: 7.80% βΌ0.41 pp
PRIME is still #1, but it slid from 34.88% to 27.52% in two weeks. Up to 16.04 points of that come from Hastra incentives.
Also moving:
β jrAUTO bounced back to 19.05%
β jrONyc hit its lowest level since joining the board
β Backyard held flat at 15.01% after six straight weekly drops
β USD* Junior rose for a second week
β OnRe Growth is closing in on 10%
The top is cooling and the race is tightening.
Every APY needs a source. Incentive-heavy APY needs a closer look.
ββ
β‘ Loop Radar: the fixed-rate ladder is full
AUTO/wYLDS on Kamino is now a $77M fixed-rate market.
Four borrowing tiers. Four fixed costs. Almost no capacity left.
The loan lifecycle is the real story. Auto-rollover has already renewed over $12M of loans into fresh 30-day terms.
No repaying. No reopening. Same rate, when renewal conditions are met.
One catch: if fixed-rate liquidity dries up at maturity, rollover may not happen.
A fixed rate makes the cost predictable. The collateral risk stays.
ββ
β’ Three loops worth watching
With AUTO/wYLDS nearly maxed, these stand out:
apyUSD/USDC Β· @kamino
35.21% APY | 3.3x max | ~$453K open | 15/20
Dividend-linked yield, largely backed by Strategy's STRC preferred shares. Risk sits in the backing, the redemption mechanics and the price history.
ONyc/USDC Β· @kamino
18.55% APY | 2.9x | ~$2.20M open | 19/20
OnRe's asset score moved from 8 to 9 after 12 months live. First seven-figure opening in this Kamino vault since the first edition.
PRIME/CASH Β· @kamino
17.75% APY | 8.3x | ~$342K open | 16/20
The only PRIME loop with room this week.
Leverage magnifies tiny gaps between supply yield and borrow cost. The JLP Jupiter loop runs a 13 bp spread. One small rate move and the trade turns against you.
ββ
β£ SOL and USDC: borrowers pay the yield
@NolusProtocol SOL Earn: 10.21% APY
Borrowers pay interest to access SOL. Lenders supply it. Utilization sets how much capital works.
10.21% is a snapshot, not a promise. High utilization can also mean withdrawals wait on repayments or new deposits.
@solflare Earn: USDC through Kamino
Supply USDC to a Kamino lending market straight from Solflare.
β Variable yield from borrower interest
β No lockup
β No Solflare management fee
β Withdrawals depend on market liquidity
Both have a clear yield source. Still check utilization, borrow demand and withdrawal liquidity before sizing up.
ββ
β€ RWA credit: tokenized assets become collateral
Holding an RWA token is one thing. Borrowing against it is another.
@NysaFinance is building the second. Its new lending market lets you borrow USDC against @Ondo's USDY, a token backed by short-term US Treasuries.
β Treasury-backed collateral
β USDC borrowing
β 30%+ reported APY
β NYSA Points on top
Tokenized Treasuries now total around $2.37B. USDY as collateral, USDC borrowed against it, RWA exposure feeding onchain lending.
Nysa also brings USDC yield, NYSA Points and instant withdrawals to its vaults.
Check collateral quality, liquidation mechanics, redemption terms and real liquidity.
RWAs get interesting when they do more than sit in a wallet.
ββ
β₯ Hidden Upside: $ONyc extends its streak to 29 weeks
ONyc is still #1 on the Hidden Upside Radar at 11.02% APY, with a 9/10 points score:
β 16x yield trading on @ExponentFinance
β 6x ONyc/USDC looping on Kamino or @Loopscale
β 6x ONyc/USDG looping on Kamino
β 6x jrONyc exposure
β More vault and lending options
@onrefinance Growth sits second at 10.08% APY, 9/10 points, with confirmed $ORCA conversion through Formation.
PRIME leads on APY but ranks seventh on upside.
APY shows what you earn today. Hidden upside shows what else the position unlocks.
ββ
Week #44 takeaway
Three fronts are moving:
Borrower-funded yield: SOL and USDC lending make the return source easy to see.
Fixed-rate credit: AUTO/wYLDS proves demand for predictable costs and automated renewal.
RWA composability: USDY and other tokenized assets are entering real onchain credit markets.
The highest APY is rarely the best opportunity.
Check the source. Check the collateral. Check the liquidity. Check the exit.
Yield is what you earn. Liquidity is how you leave. Risk is what you lose on the way
π«‘ Top Stable Yield-Bearing Tokens of the Week [W44] 2026
Ranked by APY + weekly delta
βΈ»
1οΈβ£ $PRIME β @reflectmoney
27.52% APY (βΌ 7.36%)
Still the leader, but its headline yield has cooled considerably.
β Reflectβs Junior Amplified vault offers amplified yield in exchange Up to 16.04% boosted APY comes from Hastra incentives.
β Reflect Points are currently offering 3.0x points.
β The displayed APY can vary with incentives, capital allocation and market conditions.
βΈ»
2οΈβ£ $jrAUTO β @Hastra + @ExponentFinance
19.05% APY (β² 1.17%)
A solid recovery puts jrAUTO comfortably in second place.
β APY rises from 17.88% to 19.05%.
β The junior strategy takes first-loss risk on U.S. auto-loan exposure in exchange for amplified yield.
βΈ»
3οΈβ£ $jrONyc β @onrefinance + @ExponentFinance
15.21% APY (βΌ 1.84%)
The yield retreats after last weekβs modest recovery.
β jrONyc falls from 17.05% to 15.21%.
β It remains a structured-yield strategy, with tranche-specific risks to consider.
βΈ»
4οΈβ£ $USDC β @backyard_fi
15.01% APY (βΌ 0.14%)
Nearly unchanged week over week.
β The @syntropia_ai USDC Vault uses delta-neutral market-making strategies across BTC, ETH and SOL, with trades hedged on Hyperliquid.
β Backyard manages allocations across strategies.
βΈ»
5οΈβ£ $USD* β @perena
14.23% APY (β² 0.41%)
A stronger rebound for USD* Junior.
β APY climbs from 13.82% to 14.23%.
β The yield comes with the additional risks associated with a junior tranche structure.
βΈ»
6οΈβ£ $jrEHYUSD β @hylo_so + @ExponentFinance
13.82% APY (βΌ 0.38%)
The decline continues, putting jrEHYUSD just below USD* Junior.
β APY moves down from 14.20% to 13.82%.
β The junior tranche takes first-loss risk within the eHYUSD strategy in exchange for amplified yield.
βΈ»
7οΈβ£ $USDC β @loopscale + @ExponentFinance
10.08% APY (βΌ 0.48%)
A noticeable dip takes this strategy closer to the 10% threshold.
β APY falls from 10.56% to 10.08%.
β The OnRe Growth Vault remains just above 10%.
βΈ»
8οΈβ£ $kicUSDC β @kamino
7.80% APY (βΌ 0.41%)
The lowest-yielding entry this week.
β Kamino Institutional Commodity Yield drops from 8.21% to 7.80%.
β Its focus remains institutional commodity financing.
βΈ»
Weekly signals π
β’ $PRIME remains #1 at 27.52% APY, down 7.36 percentage points, with up to 16.04% boosted APY from Hastra incentives.
β’ $jrAUTO rises 1.17 percentage points to 19.05%, strengthening its position at #2.
β’ $jrONyc falls 1.84 percentage points to 15.21%.
β’ Backyard USDC is nearly flat at 15.01%.
β’ Perenaβs USD* Junior rebounds to 14.23%, moving ahead of $jrEHYUSD.
β’ $jrEHYUSD slips to 13.82%.
β’ Loopscale + Exponent USDC falls to 10.08%.
β’ Kaminoβs $kicUSDC drops to 7.80%.
βΈ»
The leaderboard is cooling at the top, but the middle is shifting.
Reflectβs $PRIME remains the clear leader at 27.52% APY, even after a 7.36-percentage-point decline.
Meanwhile, $jrAUTO moves in the opposite direction, climbing to 19.05%. That puts it further ahead of the other structured-yield strategies.
The middle of the table is getting tighter: Backyard USDC sits at 15.01%, just below $jrONyc at 15.21%, while USD* Junior moves ahead of $jrEHYUSD.
At the lower end, both Loopscale USDC and Kaminoβs $kicUSDC declined this week.
And remember:
High APY can reflect first-loss exposure, structured credit risk or temporary incentives. Boosted rewards and points can also affect the headline return.
A higher APY doesn't automatically mean a better risk-adjusted opportunity.
APY tells you what the market is paying.
The structure tells you why.
Thatβs the stable yield leaderboard this week π«‘
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Alpenglow has been live for 10 days.
Finality target 150ms instead of 12.8s. Votes no longer show up the same way in transaction counts.
What I actually notice as a DeFi user so far:
β App experience feels snappier on some interactions.
β No major breakage in the m running.
β The real test is still whether this brings more sustained activity and revenue, not just faster blocks.
Upgrades are infrastructure. Demand is what moves the needle for yield and airdrops.
Anyone seeing concrete differences in the apps or strategies you use daily?
Finality target 150ms instead of 12.8s. Votes no longer show up the same way in transaction counts.
What I actually notice as a DeFi user so far:
β App experience feels snappier on some interactions.
β No major breakage in the m running.
β The real test is still whether this brings more sustained activity and revenue, not just faster blocks.
Upgrades are infrastructure. Demand is what moves the needle for yield and airdrops.
Anyone seeing concrete differences in the apps or strategies you use daily?
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π Founder Playbook #10
What would a Solana founder do if she was just a user?
π @BilyanaChristov Co-founder of @NolusProtocol
π‘ On his own protocol
Billy would keep SOL as her core position and open a small leveraged long on top.
Her approach:
β’ Leverage: around 1.5β2x, ut
β’ Fixed borrowing rate for the life of the position
β’ No margin calls
β’ If the price drops sharply, liquidation trims the position first instead of wiping it out
Her reasoning is straightforward:
βI'd size so a deep drawdown doesn't take me out, sit through the volatility and take partial profits on the way up.β
Low leverage. Long horizon. Known cost.
π Highest conviction outside Nolus
Billy is bullish on Solana's evolution into an onchain capital market.
Three pieces of the stack stand out:
β’ @JupiterExchange β Access and execution
β’ @MeteoraAG β Liquidity
β’ @kamino β Putting assets to work as collateral
π’ Tokenized stocks
This is the area she's particularly excited about.
βNow we can trade a stock onchain right after it lists, 24/7, and use it across DeFi.β
Her view is that access previously reserved for insiders and institutions is opening up to anyone with a wallet.
π§ Builder Principle
βYour liquidation price matters more than your entry price.β
People spend too much time trying to time an entry and too little thinking about what happens afterwards.
You can be right about the direction and still lose everything if you can't survive the drawdown.
Billy's advice:
βSize so that being wrong is survivable. Survival is the edge, and compounding only works if you're still in the game.β
π¬ Your turn
When opening a leveraged position, what matters most to you?
Your entry price, your liquidation price, or your position size?
π€ Building on Solana?
If you'd like to share how you think about capital, risk and conviction in a future Founder Playbook, my DMs are open.
What would a Solana founder do if she was just a user?
π @BilyanaChristov Co-founder of @NolusProtocol
π‘ On his own protocol
Billy would keep SOL as her core position and open a small leveraged long on top.
Her approach:
β’ Leverage: around 1.5β2x, ut
β’ Fixed borrowing rate for the life of the position
β’ No margin calls
β’ If the price drops sharply, liquidation trims the position first instead of wiping it out
Her reasoning is straightforward:
βI'd size so a deep drawdown doesn't take me out, sit through the volatility and take partial profits on the way up.β
Low leverage. Long horizon. Known cost.
π Highest conviction outside Nolus
Billy is bullish on Solana's evolution into an onchain capital market.
Three pieces of the stack stand out:
β’ @JupiterExchange β Access and execution
β’ @MeteoraAG β Liquidity
β’ @kamino β Putting assets to work as collateral
π’ Tokenized stocks
This is the area she's particularly excited about.
βNow we can trade a stock onchain right after it lists, 24/7, and use it across DeFi.β
Her view is that access previously reserved for insiders and institutions is opening up to anyone with a wallet.
π§ Builder Principle
βYour liquidation price matters more than your entry price.β
People spend too much time trying to time an entry and too little thinking about what happens afterwards.
You can be right about the direction and still lose everything if you can't survive the drawdown.
Billy's advice:
βSize so that being wrong is survivable. Survival is the edge, and compounding only works if you're still in the game.β
π¬ Your turn
When opening a leveraged position, what matters most to you?
Your entry price, your liquidation price, or your position size?
π€ Building on Solana?
If you'd like to share how you think about capital, risk and conviction in a future Founder Playbook, my DMs are open.
π Founder Playbook #9
How Solana builders think about capital.
π Samiar @RealSamiar
Founder of @_gammafi
π‘ On his own protocol
Samiar's answer was simple:
"Honestly, the boring one."
His strategy:
β’ Put the majority of his stablecoins into gmSTBL
β’ Let the solver rotocols like @kamino and @project0
β’ Keep 10β20% aside for higher-conviction directional plays (maybe in a new Gamma agent coming soon π)
Why?
"Manually chasing yield across Kamino, Project0, etc. is a full-time job where you're always late. By the time a rate is being talked about, it's already compressing."
His approach:
"Set it, forget it, and spend your attention where you actually have an edge."
π Highest conviction outside Gamma
Samiar's conviction is around a category more than a single protocol.
"The category I'm bullish on isn't highest APY."
He highlighted:
β’ @hylo_so & @ExponentFinance
β Automated, risk-managed yield
β Strategies built with risk management at the core, rather than relying on emissions
One line stood out:
"More uncorrelated strategies means more diversified yield, instead of everything riding on one source."
π’ Real-world assets
Samiar also highlighted @plumenetwork and the RWA side.
Through plRWA, their agent for RWA yield:
β’ Around 12% risk-adjusted yield
β’ Exposure to returns that aren't dependent on crypto market conditions
β’ Another source of diversification for a broader portfolio
His view:
"It's the kind of diversification that makes a portfolio survive a full cycle, not just a bull run."
π§ Builder Principle
One lesson he believes most crypto users learn too late:
"Yield means nothing if the principal isn't safe."
He believes people focus too much on headline APYs, while the real metric is risk-adjusted return.
His advice:
"Size positions so that no single protocol, peg, or counterparty can take you out, and you'll outperform 90% of degens by just still being here in four years."
βοΈ Editor's note
Three ideas come back throughout Samiar's answers:
β’ Automate what doesn't deserve your attention.
β’ Diversify across uncorrelated sources of yield.
β’ Protect your principal first. Compounding comes after.
π¬ Your turn
What matters most in your portfolio today?
β’ Highest APY
β’ Automated yield
β’ Risk-adjusted yield
Building on Solana?
If you'd like to share how you think about capital, risk and conviction in a future Founder Playbook, my DMs are open. π€
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$10M to $170M in 30 days. And the loans now renew themselves.
@kamino's AUTO market, built on tokenized US consumer auto-loan exposure, grew roughly 8x after Fixed Rates launched.
Then came the real signal:
β $62.7M in fixed-rate borrowing
β $77M+ in AUTO deployed through ans auto-renewed into fresh 30-day terms
Read that last one again.
No more repaying, reopening and rebuilding positions every month. When liquidity and renewal conditions allow, Auto Rollover handles it at the same rate.
Kamino is building credit infrastructure where the asset, the financing and the loan lifecycle work together.
Onchain lending is starting to look like a real credit market π«‘
@kamino's AUTO market, built on tokenized US consumer auto-loan exposure, grew roughly 8x after Fixed Rates launched.
Then came the real signal:
β $62.7M in fixed-rate borrowing
β $77M+ in AUTO deployed through ans auto-renewed into fresh 30-day terms
Read that last one again.
No more repaying, reopening and rebuilding positions every month. When liquidity and renewal conditions allow, Auto Rollover handles it at the same rate.
Kamino is building credit infrastructure where the asset, the financing and the loan lifecycle work together.
Onchain lending is starting to look like a real credit market π«‘
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π«‘ Hidden Upside Radar - W44 2026
APY shows what you earn today.
Upside shows what you're positioned for.
βΈ»
1οΈβ£ $ONyc β @onrefinance
11.02% APY | Points: 9/10 | Tier: B
β Off the APY board β #1 total upside
29 weeks at #1. A Reflect vault tops APY at 27.52%. ONyc sits at on upside.
β 16x on yield trading via @ExponentFinance
β 6x looping ONyc/USDC on Kamino or Loopscale
β 6x looping ONyc/USDG on Kamino
β 6x on jrONyc risk tranching at 15.21% APY
β 4x on Loopscale vault strategies
β 3x on lending
βΈ»
2οΈβ£ $USDC β @loopscale + @ExponentFinance (OnRe Growth Vault)
10.08% APY (βΌ0.48 pp) | Points: 9/10 | Tier: A
Lowest APY in the top five, second on upside. It's sliding toward 10%, so keep an eye on it. The stack holds:
β Loopscale points converting to $ORCA via @formation_so, earned until the conversion event
β 4x ONyc external points on top
One deposit. One confirmed token. One unconfirmed.
βΈ»
3οΈβ£ $jrEHYUSD β @hylo_so + @ExponentFinance
13.82% APY (βΌ0.38 pp) | Points: 7/10 | Tier: B
Fifth straight weekly drop, but they keep shrinking: βΌ2.55 pp, βΌ0.42 pp, now βΌ0.38 pp.
6x Hylo XP plus eHYUSD rewards. Season 1 is open, token unconfirmed. First-loss exposure pays for the amplified rate.
βΈ»
4οΈβ£ $jrONyc β @ExponentFinance
15.21% APY (βΌ1.84 pp) | Points: 7/10 | Tier: B
Lowest print since it debuted at 39.70% in W27. It bounced to 17.05% last week, then gave it back.
First-loss structure unchanged. 6x boost on the ONyc ecosystem. The premium keeps shrinking, so size for 15%, not 40%.
βΈ»
5οΈβ£ $USDC β @backyard_fi (Syntropia Vault)
15.01% APY (βΌ0.14 pp) | Points: 7/10 | Tier: B
Sixth straight weekly drop, from 18.38% in W38. This one is the smallest of the run.
Delta-neutral market-making across BTC, ETH and SOL, hedged on Hyperliquid. XP seasons with badge multipliers, plus a ve(3,3) design pointing toward a token.
βΈ»
6οΈβ£ $eHYUSD β @reflectmoney (Amplified tranche)
Off this week's board (40.47% in W44) | Points: 7/10 | Tier: B
Hylo points are now live on this market:
β Protected deposits earn 3x, stacked on the 3x Reflect Points
β Amplified deposits earn 6x
β All paid on top of APY
Amplified is first-loss and the market is young. APY swings with incentives and TVL.
βΈ»
7οΈβ£ $PRIME β @reflectmoney (Junior Amplified)
27.52% APY (βΌ7.36 pp) | Points: 6/10 | Tier: B
Highest APY on the board, seventh on upside. First compression since it debuted at 34.88%.
Up to 16.04% of that 27.52% comes from Hastra incentives. That's more than half the headline. Reflect Points run at 3.0x. PRIME itself has no points or token.
Incentive-heavy APY moves with capital and emissions. Size the structure, not the number.
βΈ»
8οΈβ£ $USD* Junior β @perena (V2)
14.23% APY (β²0.41 pp) | Points: 0/10 | Tier: Aβ
Second straight rebound: 13.62% β 13.82% β 14.23%.
Aβ unchanged. The Petals claim carries through V2, the token is confirmed, and the claim window is still coming.
βΈ»
Weekly signals
β ONyc: 29 weeks at #1 while a 27.52% vault leads APY
β jrONyc at 15.21%, lowest print since it joined the Radar
β jrEHYUSD and Backyard keep sliding, with smaller drops than last week
β Over half of PRIME's 27.52% is Hastra incentive. Check where the yield comes from before the size π«‘
APY shows what you earn today.
Upside shows what you're positioned for.
βΈ»
1οΈβ£ $ONyc β @onrefinance
11.02% APY | Points: 9/10 | Tier: B
β Off the APY board β #1 total upside
29 weeks at #1. A Reflect vault tops APY at 27.52%. ONyc sits at on upside.
β 16x on yield trading via @ExponentFinance
β 6x looping ONyc/USDC on Kamino or Loopscale
β 6x looping ONyc/USDG on Kamino
β 6x on jrONyc risk tranching at 15.21% APY
β 4x on Loopscale vault strategies
β 3x on lending
βΈ»
2οΈβ£ $USDC β @loopscale + @ExponentFinance (OnRe Growth Vault)
10.08% APY (βΌ0.48 pp) | Points: 9/10 | Tier: A
Lowest APY in the top five, second on upside. It's sliding toward 10%, so keep an eye on it. The stack holds:
β Loopscale points converting to $ORCA via @formation_so, earned until the conversion event
β 4x ONyc external points on top
One deposit. One confirmed token. One unconfirmed.
βΈ»
3οΈβ£ $jrEHYUSD β @hylo_so + @ExponentFinance
13.82% APY (βΌ0.38 pp) | Points: 7/10 | Tier: B
Fifth straight weekly drop, but they keep shrinking: βΌ2.55 pp, βΌ0.42 pp, now βΌ0.38 pp.
6x Hylo XP plus eHYUSD rewards. Season 1 is open, token unconfirmed. First-loss exposure pays for the amplified rate.
βΈ»
4οΈβ£ $jrONyc β @ExponentFinance
15.21% APY (βΌ1.84 pp) | Points: 7/10 | Tier: B
Lowest print since it debuted at 39.70% in W27. It bounced to 17.05% last week, then gave it back.
First-loss structure unchanged. 6x boost on the ONyc ecosystem. The premium keeps shrinking, so size for 15%, not 40%.
βΈ»
5οΈβ£ $USDC β @backyard_fi (Syntropia Vault)
15.01% APY (βΌ0.14 pp) | Points: 7/10 | Tier: B
Sixth straight weekly drop, from 18.38% in W38. This one is the smallest of the run.
Delta-neutral market-making across BTC, ETH and SOL, hedged on Hyperliquid. XP seasons with badge multipliers, plus a ve(3,3) design pointing toward a token.
βΈ»
6οΈβ£ $eHYUSD β @reflectmoney (Amplified tranche)
Off this week's board (40.47% in W44) | Points: 7/10 | Tier: B
Hylo points are now live on this market:
β Protected deposits earn 3x, stacked on the 3x Reflect Points
β Amplified deposits earn 6x
β All paid on top of APY
Amplified is first-loss and the market is young. APY swings with incentives and TVL.
βΈ»
7οΈβ£ $PRIME β @reflectmoney (Junior Amplified)
27.52% APY (βΌ7.36 pp) | Points: 6/10 | Tier: B
Highest APY on the board, seventh on upside. First compression since it debuted at 34.88%.
Up to 16.04% of that 27.52% comes from Hastra incentives. That's more than half the headline. Reflect Points run at 3.0x. PRIME itself has no points or token.
Incentive-heavy APY moves with capital and emissions. Size the structure, not the number.
βΈ»
8οΈβ£ $USD* Junior β @perena (V2)
14.23% APY (β²0.41 pp) | Points: 0/10 | Tier: Aβ
Second straight rebound: 13.62% β 13.82% β 14.23%.
Aβ unchanged. The Petals claim carries through V2, the token is confirmed, and the claim window is still coming.
βΈ»
Weekly signals
β ONyc: 29 weeks at #1 while a 27.52% vault leads APY
β jrONyc at 15.21%, lowest print since it joined the Radar
β jrEHYUSD and Backyard keep sliding, with smaller drops than last week
β Over half of PRIME's 27.52% is Hastra incentive. Check where the yield comes from before the size π«‘
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SOL just got another reality check.
$103 to $95 after the Binance news. Days like this are when risk management matters.
What I like about @NolusProtocol: partial liquidations.
Most platforms wipe the whole position at the first trigger. Nolus sells just enough to bring health tays open.
Leverage is still risky. You can lose money and still get liquidated.
But stepping through risk beats a single cliff.
In leverage, surviving the volatility matters as much as catching the move π«‘
Know your risk. NFA.
$103 to $95 after the Binance news. Days like this are when risk management matters.
What I like about @NolusProtocol: partial liquidations.
Most platforms wipe the whole position at the first trigger. Nolus sells just enough to bring health tays open.
Leverage is still risky. You can lose money and still get liquidated.
But stepping through risk beats a single cliff.
In leverage, surviving the volatility matters as much as catching the move π«‘
Know your risk. NFA.
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Thank you @MeteoraAG π«‘
Next stop: LPing. Learning it with @SwannyDeFi's guides!
Creators get rewarded for their work. Love to see it!
Next stop: LPing. Learning it with @SwannyDeFi's guides!
Creators get rewarded for their work. Love to see it!
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π«‘ Top Stable Yield-Bearing Tokens of the Week [W44] 2026
Ranked by APY + weekly delta
βΈ»
1οΈβ£ $PRIME β @reflectmoney
27.52% APY (βΌ 7.36%)
Still the leader, but its headline yield has cooled considerably.
β Reflectβs Junior Amplified vault offers amplified yield in exchange Up to 16.04% boosted APY comes from Hastra incentives.
β Reflect Points are currently offering 3.0x points.
β The displayed APY can vary with incentives, capital allocation and market conditions.
βΈ»
2οΈβ£ $jrAUTO β @Hastra + @ExponentFinance
19.05% APY (β² 1.17%)
A solid recovery puts jrAUTO comfortably in second place.
β APY rises from 17.88% to 19.05%.
β The junior strategy takes first-loss risk on U.S. auto-loan exposure in exchange for amplified yield.
βΈ»
3οΈβ£ $jrONyc β @onrefinance + @ExponentFinance
15.21% APY (βΌ 1.84%)
The yield retreats after last weekβs modest recovery.
β jrONyc falls from 17.05% to 15.21%.
β It remains a structured-yield strategy, with tranche-specific risks to consider.
βΈ»
4οΈβ£ $USDC β @backyard_fi
15.01% APY (βΌ 0.14%)
Nearly unchanged week over week.
β The @syntropia_ai USDC Vault uses delta-neutral market-making strategies across BTC, ETH and SOL, with trades hedged on Hyperliquid.
β Backyard manages allocations across strategies.
βΈ»
5οΈβ£ $USD* β @perena
14.23% APY (β² 0.41%)
A stronger rebound for USD* Junior.
β APY climbs from 13.82% to 14.23%.
β The yield comes with the additional risks associated with a junior tranche structure.
βΈ»
6οΈβ£ $jrEHYUSD β @hylo_so + @ExponentFinance
13.82% APY (βΌ 0.38%)
The decline continues, putting jrEHYUSD just below USD* Junior.
β APY moves down from 14.20% to 13.82%.
β The junior tranche takes first-loss risk within the eHYUSD strategy in exchange for amplified yield.
βΈ»
7οΈβ£ $USDC β @loopscale + @ExponentFinance
10.08% APY (βΌ 0.48%)
A noticeable dip takes this strategy closer to the 10% threshold.
β APY falls from 10.56% to 10.08%.
β The OnRe Growth Vault remains just above 10%.
βΈ»
8οΈβ£ $kicUSDC β @kamino
7.80% APY (βΌ 0.41%)
The lowest-yielding entry this week.
β Kamino Institutional Commodity Yield drops from 8.21% to 7.80%.
β Its focus remains institutional commodity financing.
βΈ»
Weekly signals π
β’ $PRIME remains #1 at 27.52% APY, down 7.36 percentage points, with up to 16.04% boosted APY from Hastra incentives.
β’ $jrAUTO rises 1.17 percentage points to 19.05%, strengthening its position at #2.
β’ $jrONyc falls 1.84 percentage points to 15.21%.
β’ Backyard USDC is nearly flat at 15.01%.
β’ Perenaβs USD* Junior rebounds to 14.23%, moving ahead of $jrEHYUSD.
β’ $jrEHYUSD slips to 13.82%.
β’ Loopscale + Exponent USDC falls to 10.08%.
β’ Kaminoβs $kicUSDC drops to 7.80%.
βΈ»
The leaderboard is cooling at the top, but the middle is shifting.
Reflectβs $PRIME remains the clear leader at 27.52% APY, even after a 7.36-percentage-point decline.
Meanwhile, $jrAUTO moves in the opposite direction, climbing to 19.05%. That puts it further ahead of the other structured-yield strategies.
The middle of the table is getting tighter: Backyard USDC sits at 15.01%, just below $jrONyc at 15.21%, while USD* Junior moves ahead of $jrEHYUSD.
At the lower end, both Loopscale USDC and Kaminoβs $kicUSDC declined this week.
And remember:
High APY can reflect first-loss exposure, structured credit risk or temporary incentives. Boosted rewards and points can also affect the headline return.
A higher APY doesn't automatically mean a better risk-adjusted opportunity.
APY tells you what the market is paying.
The structure tells you why.
Thatβs the stable yield leaderboard this week π«‘
Ranked by APY + weekly delta
βΈ»
1οΈβ£ $PRIME β @reflectmoney
27.52% APY (βΌ 7.36%)
Still the leader, but its headline yield has cooled considerably.
β Reflectβs Junior Amplified vault offers amplified yield in exchange Up to 16.04% boosted APY comes from Hastra incentives.
β Reflect Points are currently offering 3.0x points.
β The displayed APY can vary with incentives, capital allocation and market conditions.
βΈ»
2οΈβ£ $jrAUTO β @Hastra + @ExponentFinance
19.05% APY (β² 1.17%)
A solid recovery puts jrAUTO comfortably in second place.
β APY rises from 17.88% to 19.05%.
β The junior strategy takes first-loss risk on U.S. auto-loan exposure in exchange for amplified yield.
βΈ»
3οΈβ£ $jrONyc β @onrefinance + @ExponentFinance
15.21% APY (βΌ 1.84%)
The yield retreats after last weekβs modest recovery.
β jrONyc falls from 17.05% to 15.21%.
β It remains a structured-yield strategy, with tranche-specific risks to consider.
βΈ»
4οΈβ£ $USDC β @backyard_fi
15.01% APY (βΌ 0.14%)
Nearly unchanged week over week.
β The @syntropia_ai USDC Vault uses delta-neutral market-making strategies across BTC, ETH and SOL, with trades hedged on Hyperliquid.
β Backyard manages allocations across strategies.
βΈ»
5οΈβ£ $USD* β @perena
14.23% APY (β² 0.41%)
A stronger rebound for USD* Junior.
β APY climbs from 13.82% to 14.23%.
β The yield comes with the additional risks associated with a junior tranche structure.
βΈ»
6οΈβ£ $jrEHYUSD β @hylo_so + @ExponentFinance
13.82% APY (βΌ 0.38%)
The decline continues, putting jrEHYUSD just below USD* Junior.
β APY moves down from 14.20% to 13.82%.
β The junior tranche takes first-loss risk within the eHYUSD strategy in exchange for amplified yield.
βΈ»
7οΈβ£ $USDC β @loopscale + @ExponentFinance
10.08% APY (βΌ 0.48%)
A noticeable dip takes this strategy closer to the 10% threshold.
β APY falls from 10.56% to 10.08%.
β The OnRe Growth Vault remains just above 10%.
βΈ»
8οΈβ£ $kicUSDC β @kamino
7.80% APY (βΌ 0.41%)
The lowest-yielding entry this week.
β Kamino Institutional Commodity Yield drops from 8.21% to 7.80%.
β Its focus remains institutional commodity financing.
βΈ»
Weekly signals π
β’ $PRIME remains #1 at 27.52% APY, down 7.36 percentage points, with up to 16.04% boosted APY from Hastra incentives.
β’ $jrAUTO rises 1.17 percentage points to 19.05%, strengthening its position at #2.
β’ $jrONyc falls 1.84 percentage points to 15.21%.
β’ Backyard USDC is nearly flat at 15.01%.
β’ Perenaβs USD* Junior rebounds to 14.23%, moving ahead of $jrEHYUSD.
β’ $jrEHYUSD slips to 13.82%.
β’ Loopscale + Exponent USDC falls to 10.08%.
β’ Kaminoβs $kicUSDC drops to 7.80%.
βΈ»
The leaderboard is cooling at the top, but the middle is shifting.
Reflectβs $PRIME remains the clear leader at 27.52% APY, even after a 7.36-percentage-point decline.
Meanwhile, $jrAUTO moves in the opposite direction, climbing to 19.05%. That puts it further ahead of the other structured-yield strategies.
The middle of the table is getting tighter: Backyard USDC sits at 15.01%, just below $jrONyc at 15.21%, while USD* Junior moves ahead of $jrEHYUSD.
At the lower end, both Loopscale USDC and Kaminoβs $kicUSDC declined this week.
And remember:
High APY can reflect first-loss exposure, structured credit risk or temporary incentives. Boosted rewards and points can also affect the headline return.
A higher APY doesn't automatically mean a better risk-adjusted opportunity.
APY tells you what the market is paying.
The structure tells you why.
Thatβs the stable yield leaderboard this week π«‘
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Backpack holds roughly 5% of tokenized stock supply on Solana.
In Q2 it drove 87% of SPCX volume and 95% of MU volume on Solana DEXs.
Now $SPCX, $MU, $SNDK and $SKHY can be used as collateral on @kamino π«‘
In Q2 it drove 87% of SPCX volume and 95% of MU volume on Solana DEXs.
Now $SPCX, $MU, $SNDK and $SKHY can be used as collateral on @kamino π«‘
Introducing the Backpack Market on Kamino.
Kamino is expanding loans backed by tokenized equity on Solana with @Backpack Securities, bringing 1:1-backed, redeemable tokenized U.S.-listed equities directly into onchain credit markets.
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Looped & Rated #011
16 loops. 2 scores each.
OnRe moves to 9/10. Two Kamino vaults hit 19/20.
JLP drops to 7%. apyUSD pays 35% at 15/20.
ββββββββββββββ
// SCORE UPDATE: OnRe 8 β 9
ONyc passed 12 months live this summer. Age moves from 1 to 2.
Audit 2 Β· Age 2 Β· Backing 2 Β· NAV Kamino ONyc vaults go from 18/20 to 19/20.
I should have applied this sooner. It's in this edition.
ββββββββββββββ
π’ ONyc/USDG - Kamino
APY 18.76% β Β· 2.9x Β· Platform: 10 Β· Asset: 9 (OnRe) Β· 19/20
LTV 66% Β· Chainlink + Pyth Β· $24.13M supplied Β· $45.78K open
π’ ONyc/USDC - Kamino
APY 18.55% β Β· 2.9x Β· Platform: 10 Β· Asset: 9 (OnRe) Β· 19/20
LTV 66% Β· Chainlink + Pyth Β· $94.88M supplied Β· $2.20M open
First seven-figure opening since #001 ($3.40M).
Every opening in between stayed under $265K and filled fast.
Now $2.20M is open. Loopscale's ONyc/USDC has another $1.93M.
π’ reUSD/USDG - Kamino
APY 13.09% β Β· 5x Β· Platform: 9 Β· Asset: 9 (Re Protocol) Β· 18/20
LTV ~80% Β· $150.49K open Β· $929.99K supplied
Down from 14.88%. Market size flat.
Thinnest 18/20 entry. Size small.
π’ JLP/USDC - Kamino
APY 11.73% ββ Β· 6.2x Β· Platform: 9 Β· Asset: 9 (JLP) Β· 18/20
LTV 85% Β· Pyth + Chainlink Β· $1.51M open Β· $22.95M supplied
Since #007:
99.5% β 30.7% β 32.7% β 22.7% β 11.7%
Same score. Much less carry.
π’ JLP/USDC - Jupiter Lend
APY 6.98% ββ Β· 6.4x Β· Platform: 9 Β· Asset: 9 (JLP) Β· 18/20
LTV 85% Β· Pyth + Chainlink + Redstone Β· $289M pool
Supply pays 6.28%. USDC borrowing costs 6.15%.
That's a 13 bp spread before leverage. At 6.4x, the whole loop rides on that gap.
Since #007: 89.7% β 30.1% β 29.5% β 15.7% β 6.98%
Deepest exit on the list. Lowest yield in the 18/20 tier.
ββββββββββββββ
π‘ sUSDai/USDC - Kamino
APY 12.61% ββ Β· 5x Β· Platform: 9 Β· Asset: 8 Β· 17/20
LTV ~80% Β· $2.64M supplied, down from $3.98M Β· β $0 open
Rate fell from 24.27%.
Less supply. Lower rate. No room.
π‘ reUSD/JupUSD - Jupiter Lend
APY 7.75% ββ Β· 7.6x Β· Platform: 8 Β· Asset: 9 (Re Protocol) Β· 17/20
LTV 87% Β· $2.12M pool
Was 17.63%.
Supply pays 6.74%, borrow costs 6.59%. Just 15 bp before leverage.
Same thin spread as JLP on Jupiter.
π‘ sUSDai/USDC - Jupiter Lend
APY 20.27% ββ Β· 8.2x Β· Platform: 8 Β· Asset: 8 Β· 16/20
LTV 88% Β· $61.9M pool Β· Allo Points 8x
Jupiter gained 6.7 points. Kamino lost 11.7. Last edition went the other way.
Supply pays 7.00%, borrowing costs 5.16%. That 1.84-point gap at 8.2x gives you today's APY.
Same asset. Different market, different leverage.
π‘ PRIME/CASH - Kamino
APY 17.75% β Β· 8.3x Β· Platform: 8 Β· Asset: 8 (Hastra) Β· 16/20
LTV 88% Β· Chainlink Β· $341.95K open Β· $20.15M supplied
Back up from 14.55%.
PRIME/USDC pays 15.27% and PRIME/PYUSD 14.87%, but both have $0 open.
CASH is the pair you can actually enter this week.
π‘ ONyc/USDC - Loopscale
APY 16.01% avg / 17.72% max β Β· Platform: 7 Β· Asset: 9 (OnRe) Β· 16/20
$32.10M deposited Β· $1.931M available
Same ONyc asset as the 19/20 Kamino vaults. Three points lower on platform security.
Same asset score. The platform score splits them.
π‘ PST/USDC - Kamino
APY 15.99% β Β· 5.6x Β· Platform: 9 Β· Asset: 7 (Huma) Β· 16/20
LTV ~82% Β· $1.12M open Β· $9.96M supplied
Up from 11.34%.
Open liquidity grew from $615K to $1.12M. Better rate, more room.
π‘ srONyc/USDG - Loopscale
APY 14.82% avg β Β· Platform: 7 Β· Asset: 9 (Exponent/ONyc) Β· 16/20
$802.8K deposited Β· β $0 available
Senior ONyc tranche. Junior holders take losses first.
PT-srONyc-10JAN27 averages 16.07%, also with $0 available.
The rate is on screen. The capacity is gone.
π‘ syrupUSDC/PYUSD - Kamino
APY 11.69% β Β· 8.3x Β· Platform: 8 Β· Asset: 8 (Maple) Β· 16/20
LTV 88% Β· $4.61M open Β· $39.97M supplied
The USDC pair is back at 15.04%, but only $91.82K is open.
Pair choice changes the opportunity. Capacity decides if you can take it.
ββββββββββββββ
π‘ PT-ONyc-10JAN27 - Loopscale
APY 21.14% avg / 22.65% max β Β· Platform: 7 Β· Asset: 9 (Exponent/ONyc) Β· 16/20
$5.092M deposited Β· $1.942M available Β· Expires Jan 10
About 75 days to maturity.
Fixed yield on ONyc. Exit before expiry and you may sell below par. Watch the maturity date as closely as the rate.
π‘ apyUSD/USDC - Kamino
APY 35.21% β Β· 3.3x Β· Platform: 9 Β· Asset: 6 (Apyx) Β· 15/20
LTV ~70% Β· $453.62K open Β· $197.49K supplied
Highest APY on the list. 15/20 combined.
~74% STRC backing. 20-day redemption. apxUSD once dipped to $0.90. APYX token launch postponed, no new date.
Pips keep accruing.
The yield gets the headline. Backing, redemption and peg history need your homework.
ββββββββββββββ
π‘ eHYUSD/USDC - Loopscale
APY 16.07% avg / 17.56% max ββ Β· Platform: 7 Β· Asset: 7 (Hylo) Β· 14/20
$6.113M deposited Β· $53.92K available
Was 21.27%.
Lowest combined score on the list, with just $53.92K available. Big deposits don't mean deep exits.
β οΈ Loopscale platform risk applies.
ββββββββββββββ
// EXITING
eUSX/USX: 4.12%.
srEHYUSD/USDC: market down to $186K.
JLP/USDC on Loopscale: 4.21% average.
USDe/PYUSD: 6.70%, $0 open. Ethena supply on Kamino fell from $55.97M in #008 to $9.50M.
ββββββββββββββ
Where this edition lands:
β OnRe lifts the top tier to 19/20. Both Kamino ONyc vaults score 19 at 18.55β18.76% APY. The USDC vault has $2.20M open for the first time since #001.
β JLP carry has collapsed. Kamino sits at 11.73%, Jupiter at 6.98%. Jupiter's 13 bp spread leaves almost no room for rates to move.
β sUSDai flipped again. Kamino fell to 12.61% with no capacity. Jupiter rose to 20.27%.
β The highest rates sit in the lower score tiers. apyUSD hits 35.21% at 15/20. AUTO's fixed tiers quote up to 32.45% with almost nothing open.
Score shows how a structure rates against the framework. APY shows what the market pays today. Liquidity shows whether you can get in.
Drop #012 in 2 weeks. π«‘
16 loops. 2 scores each.
OnRe moves to 9/10. Two Kamino vaults hit 19/20.
JLP drops to 7%. apyUSD pays 35% at 15/20.
ββββββββββββββ
// SCORE UPDATE: OnRe 8 β 9
ONyc passed 12 months live this summer. Age moves from 1 to 2.
Audit 2 Β· Age 2 Β· Backing 2 Β· NAV Kamino ONyc vaults go from 18/20 to 19/20.
I should have applied this sooner. It's in this edition.
ββββββββββββββ
π’ ONyc/USDG - Kamino
APY 18.76% β Β· 2.9x Β· Platform: 10 Β· Asset: 9 (OnRe) Β· 19/20
LTV 66% Β· Chainlink + Pyth Β· $24.13M supplied Β· $45.78K open
π’ ONyc/USDC - Kamino
APY 18.55% β Β· 2.9x Β· Platform: 10 Β· Asset: 9 (OnRe) Β· 19/20
LTV 66% Β· Chainlink + Pyth Β· $94.88M supplied Β· $2.20M open
First seven-figure opening since #001 ($3.40M).
Every opening in between stayed under $265K and filled fast.
Now $2.20M is open. Loopscale's ONyc/USDC has another $1.93M.
π’ reUSD/USDG - Kamino
APY 13.09% β Β· 5x Β· Platform: 9 Β· Asset: 9 (Re Protocol) Β· 18/20
LTV ~80% Β· $150.49K open Β· $929.99K supplied
Down from 14.88%. Market size flat.
Thinnest 18/20 entry. Size small.
π’ JLP/USDC - Kamino
APY 11.73% ββ Β· 6.2x Β· Platform: 9 Β· Asset: 9 (JLP) Β· 18/20
LTV 85% Β· Pyth + Chainlink Β· $1.51M open Β· $22.95M supplied
Since #007:
99.5% β 30.7% β 32.7% β 22.7% β 11.7%
Same score. Much less carry.
π’ JLP/USDC - Jupiter Lend
APY 6.98% ββ Β· 6.4x Β· Platform: 9 Β· Asset: 9 (JLP) Β· 18/20
LTV 85% Β· Pyth + Chainlink + Redstone Β· $289M pool
Supply pays 6.28%. USDC borrowing costs 6.15%.
That's a 13 bp spread before leverage. At 6.4x, the whole loop rides on that gap.
Since #007: 89.7% β 30.1% β 29.5% β 15.7% β 6.98%
Deepest exit on the list. Lowest yield in the 18/20 tier.
ββββββββββββββ
π‘ sUSDai/USDC - Kamino
APY 12.61% ββ Β· 5x Β· Platform: 9 Β· Asset: 8 Β· 17/20
LTV ~80% Β· $2.64M supplied, down from $3.98M Β· β $0 open
Rate fell from 24.27%.
Less supply. Lower rate. No room.
π‘ reUSD/JupUSD - Jupiter Lend
APY 7.75% ββ Β· 7.6x Β· Platform: 8 Β· Asset: 9 (Re Protocol) Β· 17/20
LTV 87% Β· $2.12M pool
Was 17.63%.
Supply pays 6.74%, borrow costs 6.59%. Just 15 bp before leverage.
Same thin spread as JLP on Jupiter.
π‘ sUSDai/USDC - Jupiter Lend
APY 20.27% ββ Β· 8.2x Β· Platform: 8 Β· Asset: 8 Β· 16/20
LTV 88% Β· $61.9M pool Β· Allo Points 8x
Jupiter gained 6.7 points. Kamino lost 11.7. Last edition went the other way.
Supply pays 7.00%, borrowing costs 5.16%. That 1.84-point gap at 8.2x gives you today's APY.
Same asset. Different market, different leverage.
π‘ PRIME/CASH - Kamino
APY 17.75% β Β· 8.3x Β· Platform: 8 Β· Asset: 8 (Hastra) Β· 16/20
LTV 88% Β· Chainlink Β· $341.95K open Β· $20.15M supplied
Back up from 14.55%.
PRIME/USDC pays 15.27% and PRIME/PYUSD 14.87%, but both have $0 open.
CASH is the pair you can actually enter this week.
π‘ ONyc/USDC - Loopscale
APY 16.01% avg / 17.72% max β Β· Platform: 7 Β· Asset: 9 (OnRe) Β· 16/20
$32.10M deposited Β· $1.931M available
Same ONyc asset as the 19/20 Kamino vaults. Three points lower on platform security.
Same asset score. The platform score splits them.
π‘ PST/USDC - Kamino
APY 15.99% β Β· 5.6x Β· Platform: 9 Β· Asset: 7 (Huma) Β· 16/20
LTV ~82% Β· $1.12M open Β· $9.96M supplied
Up from 11.34%.
Open liquidity grew from $615K to $1.12M. Better rate, more room.
π‘ srONyc/USDG - Loopscale
APY 14.82% avg β Β· Platform: 7 Β· Asset: 9 (Exponent/ONyc) Β· 16/20
$802.8K deposited Β· β $0 available
Senior ONyc tranche. Junior holders take losses first.
PT-srONyc-10JAN27 averages 16.07%, also with $0 available.
The rate is on screen. The capacity is gone.
π‘ syrupUSDC/PYUSD - Kamino
APY 11.69% β Β· 8.3x Β· Platform: 8 Β· Asset: 8 (Maple) Β· 16/20
LTV 88% Β· $4.61M open Β· $39.97M supplied
The USDC pair is back at 15.04%, but only $91.82K is open.
Pair choice changes the opportunity. Capacity decides if you can take it.
ββββββββββββββ
π‘ PT-ONyc-10JAN27 - Loopscale
APY 21.14% avg / 22.65% max β Β· Platform: 7 Β· Asset: 9 (Exponent/ONyc) Β· 16/20
$5.092M deposited Β· $1.942M available Β· Expires Jan 10
About 75 days to maturity.
Fixed yield on ONyc. Exit before expiry and you may sell below par. Watch the maturity date as closely as the rate.
π‘ apyUSD/USDC - Kamino
APY 35.21% β Β· 3.3x Β· Platform: 9 Β· Asset: 6 (Apyx) Β· 15/20
LTV ~70% Β· $453.62K open Β· $197.49K supplied
Highest APY on the list. 15/20 combined.
~74% STRC backing. 20-day redemption. apxUSD once dipped to $0.90. APYX token launch postponed, no new date.
Pips keep accruing.
The yield gets the headline. Backing, redemption and peg history need your homework.
ββββββββββββββ
π‘ eHYUSD/USDC - Loopscale
APY 16.07% avg / 17.56% max ββ Β· Platform: 7 Β· Asset: 7 (Hylo) Β· 14/20
$6.113M deposited Β· $53.92K available
Was 21.27%.
Lowest combined score on the list, with just $53.92K available. Big deposits don't mean deep exits.
β οΈ Loopscale platform risk applies.
ββββββββββββββ
// EXITING
eUSX/USX: 4.12%.
srEHYUSD/USDC: market down to $186K.
JLP/USDC on Loopscale: 4.21% average.
USDe/PYUSD: 6.70%, $0 open. Ethena supply on Kamino fell from $55.97M in #008 to $9.50M.
ββββββββββββββ
Where this edition lands:
β OnRe lifts the top tier to 19/20. Both Kamino ONyc vaults score 19 at 18.55β18.76% APY. The USDC vault has $2.20M open for the first time since #001.
β JLP carry has collapsed. Kamino sits at 11.73%, Jupiter at 6.98%. Jupiter's 13 bp spread leaves almost no room for rates to move.
β sUSDai flipped again. Kamino fell to 12.61% with no capacity. Jupiter rose to 20.27%.
β The highest rates sit in the lower score tiers. apyUSD hits 35.21% at 15/20. AUTO's fixed tiers quote up to 32.45% with almost nothing open.
Score shows how a structure rates against the framework. APY shows what the market pays today. Liquidity shows whether you can get in.
Drop #012 in 2 weeks. π«‘
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Your xStocks portfolio can do more than sit there.
In Kaminoβs @xStocksFi market, you can deposit multiple xStocks as collateral and borrow USDC against the basket in one position.
The key detail: cross margin.
Instead of assessing each assetβs position health separately, Kamino evaluates the health of the combined basket.
More flexibility to put tokenized equities to work without selling them.
One portfolio. Multiple xStocks. USDC liquidity when you need it.
In Kaminoβs @xStocksFi market, you can deposit multiple xStocks as collateral and borrow USDC against the basket in one position.
The key detail: cross margin.
Instead of assessing each assetβs position health separately, Kamino evaluates the health of the combined basket.
More flexibility to put tokenized equities to work without selling them.
One portfolio. Multiple xStocks. USDC liquidity when you need it.
Borrow against several xStocks in one position.
In Kaminoβs @xStocksFi Market, deposit multiple xStocks as collateral and borrow USDC against all of them. Cross margin measures your position's health across the whole basket, not asset by asset.
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π§ DeFi Loop Radar W44: The Fixed-Rate Ladder + 3 Loops Still Open π«‘
$77M sits in AUTO/wYLDS fixed-rate vaults on @kamino.
Liquidity left: under $0.01 in every tier.
Four borrow rates. All locked. All full.
βΈ»
πͺ The Ladder
30-day fixed term. Auto-rollover on. Max leverage 28.66% APY β $5.57M deployed
β 5.75% fixed β 27.05% APY β $33.95M deployed
β 6.00% fixed β 26.15% APY β $27.50M deployed
β 6.25% fixed β 25.28% APY β $10.31M deployed
The newest 6.25% tier already holds $10M.
Fixed borrow cost. Auto-rollover handles the refinance. Every rung filled.
βΈ»
πͺ Door closed? Three loops still have room
1οΈβ£ apyUSD / USDC β 35.23% APY β 3.3Γ β $453K open
STRC dividend yield wrapped in a stablecoin. Highest open APY on the board. Room is thin.
2οΈβ£ ONyc / USDC β 18.55% APY β 2.9Γ β $2.20M open
Reinsurance yield. Room fell from $5.07M last week. This window is closing fast.
3οΈβ£ PRIME / CASH β 14.72% APY β 8.3Γ β $342K open
HELOC credit yield. Holding 13-15% for weeks.
βΈ»
β οΈ Risk first
β Fixed rate locks your borrow cost. AUTO credit performance still drives the position
β AUTO/wYLDS buffer is just 2 points (78% β 80%). Size small
β apyUSD yield relies on STRC dividends, on a newer protocol
β Rollover needs fixed-rate liquidity at term end
Risk first. APY second. Liquidity third. π«‘
$77M sits in AUTO/wYLDS fixed-rate vaults on @kamino.
Liquidity left: under $0.01 in every tier.
Four borrow rates. All locked. All full.
βΈ»
πͺ The Ladder
30-day fixed term. Auto-rollover on. Max leverage 28.66% APY β $5.57M deployed
β 5.75% fixed β 27.05% APY β $33.95M deployed
β 6.00% fixed β 26.15% APY β $27.50M deployed
β 6.25% fixed β 25.28% APY β $10.31M deployed
The newest 6.25% tier already holds $10M.
Fixed borrow cost. Auto-rollover handles the refinance. Every rung filled.
βΈ»
πͺ Door closed? Three loops still have room
1οΈβ£ apyUSD / USDC β 35.23% APY β 3.3Γ β $453K open
STRC dividend yield wrapped in a stablecoin. Highest open APY on the board. Room is thin.
2οΈβ£ ONyc / USDC β 18.55% APY β 2.9Γ β $2.20M open
Reinsurance yield. Room fell from $5.07M last week. This window is closing fast.
3οΈβ£ PRIME / CASH β 14.72% APY β 8.3Γ β $342K open
HELOC credit yield. Holding 13-15% for weeks.
βΈ»
β οΈ Risk first
β Fixed rate locks your borrow cost. AUTO credit performance still drives the position
β AUTO/wYLDS buffer is just 2 points (78% β 80%). Size small
β apyUSD yield relies on STRC dividends, on a newer protocol
β Rollover needs fixed-rate liquidity at term end
Risk first. APY second. Liquidity third. π«‘
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$2.37B in tokenized Treasuries.
Now picture that capital working in DeFi.
USDY is Ondo's yield-bearing token backed by short-term US Treasuries. On Nysa, it's the collateral in a lending market.
Lend USDC against USDY:
β 30%+ APY
β NYSA Points on top
RWAs used to sit in wallets. Now they power DeFi lending.
Still early. π«‘
Now picture that capital working in DeFi.
USDY is Ondo's yield-bearing token backed by short-term US Treasuries. On Nysa, it's the collateral in a lending market.
Lend USDC against USDY:
β 30%+ APY
β NYSA Points on top
RWAs used to sit in wallets. Now they power DeFi lending.
Still early. π«‘
And now you use it as collateral to borrow $USDC on app.nysa.finance
Curated by Nysa,β¨Backed by the community.
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Your USDC can now earn yield without leaving @solflare
Solflare Earn is powered by @kamino, letting users supply USDC to a DeFi lending market directly from their wallet.
No lockups. No Solflare management fee. Just variable yield from borrower interest, with withdrawals subject to available liquidity.
Solflare Earn is powered by @kamino, letting users supply USDC to a DeFi lending market directly from their wallet.
No lockups. No Solflare management fee. Just variable yield from borrower interest, with withdrawals subject to available liquidity.
Solflare Earn, powered by Kamino.
@solflare users can now earn yield on USDC directly from their wallet, across mobile, web, and extension.
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