Solana’s DeFi Ecosystem Expands with ONyc’s Launch on Kamino Offering 14%+ Real-World Yield
ONyc, a yield-bearing asset by OnRe, has officially launched on Kamino, Solana's largest DeFi money market, marking a significant milestone as the first reinsurance-backed yield collateral in the solana ecosystem. This integration introduces a stable, liquid asset with an uncorrelated base yield of ~14%+, providing DeFi users with access to real-world yield sources. With Kamino securing over $700M in stablecoin TVL, this development is set to enhance Solana's DeFi offerings by bridging traditional finance yields with blockchain innovation.
ONyc Launches on Kamino, Bringing Real-World Yield to Solana DeFi
OnRe's yield-bearing asset, ONyc, is now live on Kamino, Solana's largest DeFi money market. This marks the first integration of reinsurance-backed yield as onchain collateral in Solana's ecosystem. The move unlocks real-world yield sources for DeFi applications, offering users a stable, liquid asset with a base yield of ~14%+ uncorrelated to crypto volatility.
Kamino, which secures over $700M in stablecoin TVL, now enables ONyc holders to deploy capital across market conditions. Users can leverage the asset for borrowing, lending, or looping strategies while maintaining 24/7 liquidity. Real-time NAV tracking through verifiable pricing data adds transparency to positions.
Incentive programs from USDG and Ethena aim to reduce borrowing costs and enhance yield opportunities. The integration represents a significant step toward bridging traditional finance yield sources with decentralized applications on Solana.
Solana Struggles to Break Resistance as Momentum Wanes
Solana (SOL) faces renewed selling pressure after failing to sustain a breakout above key resistance at $171. The token retreated to $163.98, marking a 3.29% daily decline despite a 23% surge in trading volume. Technical indicators paint a bearish picture—the RSI languishes at 44.72 while a MACD crossover signals weakening momentum.
The asset remains trapped in a multi-year range between $130 support and $210-$220 resistance. A fleeting December 2024 rally past $300 proved ephemeral, with SOL quickly retreating to its established trading band. The current pullback tests interim support NEAR $160 as traders await the next catalyst.
Solana Eyes Q3 Rally Amid Key Support Test, Analysts Divided
Solana (SOL) surged 9.6% this week as Solana Mobile began global shipments of its Web3 smartphone, briefly pushing the asset to $171 before retracing to $160-$164. The altcoin has oscillated between $140-$180 since April, with a June dip to $120-$130 followed by a July rally to a five-month peak of $206.
Analyst Ali Martinez identifies $165 as critical support using UTXO data, suggesting this level could determine SOL's next major move. While some predict a retest of range lows, others anticipate a Q3 breakout. "The real MOVE comes after consolidation," notes a trader, referencing SOL's history of explosive rallies post-accumulation.
Market watchers are split on whether Solana's 25% correction from recent highs signals exhaustion or a healthy reset. The altcoin's correlation with Bitcoin ETF flows and institutional interest in Solana-based projects remain key variables.
Solana Hits Record Activity Amid Whale Transfers to Binance
Solana's network activity surged to unprecedented levels in July, with non-voted transactions reaching an all-time high and true TPS averaging 1,318—the highest ever recorded. The blockchain's Total Value Locked (TVL) in native SOL terms also climbed to a three-year peak, signaling robust adoption among DeFi users and protocols.
Despite these bullish metrics, on-chain data reveals a contrasting trend: whales are quietly offloading SOL. Galaxy Digital unstaked 250,000 SOL ($40.7 million) and deposited it into Binance, followed by another whale moving $4.9 million worth of SOL after a two-month dormancy. The divergence between network growth and institutional sell pressure raises questions—whether this reflects healthy profit-taking or a strategic retreat.
Solana Faces Pivotal Moment at $165 Support Amid Divergent Market Views
Solana's price action hangs in the balance as it tests a crucial support level at $165, where 44.4 million tokens—7.42% of circulating supply—cluster. The cryptocurrency's 9.6% rally on Tuesday, fueled by Solana Mobile's global Seeker smartphone shipments to 50+ countries, proved short-lived as prices retreated from a multi-day high of $171.
Market sentiment remains fractured. Bulls eye new all-time highs this quarter, while bears warn of a 10-15% correction to $140-$150. The altcoin has oscillated between $140-$180 since April, briefly breaking range highs in July to touch $206 before retracing. Technical analysts highlight $165 as a make-or-break level, with UTXO data suggesting concentrated liquidity at this threshold.
Hyperliquid’s Record July Hints at Bigger Ambitions as Key Upgrade Nears
Hyperliquid is emerging as a dominant force in decentralized finance, capturing 35% of all blockchain revenue in July. The platform's success is tied to its ability to leverage Solana's growth, offering a streamlined product that appeals to traders. With 63% of 24-hour trading volume and a 74% market share in perpetual contracts, Hyperliquid is rapidly becoming the go-to venue for decentralized derivatives.
Open interest surged to $15.3 billion, marking a 369% year-to-date increase. Over $5.1 billion in USDC has been bridged, signaling strong liquidity inflows ahead of upcoming integrations. The shift toward non-custodial DeFi solutions reflects growing distrust in centralized exchanges amid regulatory scrutiny.
The impending HIP-3 upgrade promises to transform Hyperliquid into a comprehensive Web3 infrastructure ecosystem. This milestone could solidify its position as a cornerstone of decentralized finance, attracting even broader institutional and retail interest.
