1/ Welcoming @onrefinance to Kamino—the first reinsurance protocol on @solana, powered by @chainlink data streams
Now available as collateral on Kamino, the $ONyc token gives users access to reinsurance underwriting, currently generating ~14% APY on USDC
Deposits capped at $2m.
2/ Reinsurance is a $750B industry that is wholly inaccessible to retail investors
That is, until now
@onrefinance brings reinsurance onchain, enabling any user to participate in reinsurance underwriting, and earn yield on their $USDC for doing so
3/ OnRe is designed around the $ONyc token, which reflects value from reinsurance activity.
It is backed by stablecoins like sUSDe and earning ~14% APY (8% from premiums, 6% from stablecoin yield).
By using $ONyc as collateral on Kamino, users can amplify exposure to those yields.
So how does it work
4/ Users can deposit their $USDC into OnRe to participate in reinsurance underwriting
In return, they receive $ONyc, a permissionless token that increases in value via OnRe's reinsurance business. Thus, the NAV of OnRe increases over time
There's a bit more to it, however ⤵️
5/ The reinsurance model entails industry-specific nuances that require a tailor-made pricing solution
Enter @chainlink's white-glove $ONyc feed, which accounts for various factors like:
• Above-expected claims
• Below-expected claims
• New business inflows
& more
6/ There are 2 ways to get ONyc on Solana:
1. Mint via OnRe (KYC), priced directly at NAV (currently $1.017)
2. Swap through Kamino Swap, powered by a $4M LP on Kamino Liquidity
7/ As the $USDC deployed into OnRe is used to underwrite multi-month reinsurance contracts, $ONyc redemptions are open on a quarterly basis
• At the start of each quarter, the redemption window opens for a full month (next window starts in Q4, October 1st)
• All redemptions requested in this period will be processed at the end of the quarter (this means, users redeeming their ONyc in October receives their $USDC on December 31st)
• Significantly, while queued for redemption, your $ONyc continues to accrue yield, so your capital remains productive until you receive your redeemed $USDC
8/ Finally, to fuel OnRe's growth, $USDG borrows against $ONyc will receive over $60,000 in monthly rewards for the upcoming 3 months, in collaboration with @global_dollar
This market also introduces AUSD, a partner-focused stablecoin from @withAUSD, backed 1:1 by USD, repos, and Treasuries.
Rewards live now, and are allocated directly in $USDG—the more your borrow, the more you earn.
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