ONyc/USDG Multiply

KaminoRWA LoopPoints

16.74%

Current APY

—

7D avg

16.45%

30D avg

$268.6M

Total deposited

$1.4M

Available

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Strategy overview

This Kamino Multiply strategy uses ONyc as collateral to borrow USDG, then converts the borrowed USDG into more ONyc. The loop can amplify ONyc yield, but it also increases liquidation risk.

Net APY by leverage over time. net = supply × leverage − borrow × (leverage − 1).

Elevated risk · Grade D

51/100

The strategy is more complex than plain lending — a leveraged loop adds moving parts that can each go wrong.
ONyc's backing carries more risk than plain cash reserves — a non-standard reserve model.
Control over the protocol's code matters — upgradeable behind a multisig (threshold undisclosed).

Strategy

risk 66/100

Strategy type80
Leveraged loop
Leverage58
Up to 2.9x leverage (liquidation at 75% LTV).
Yield source85
Yield comes from a leveraged position.
Pool usage39
95% of supplied liquidity is borrowed.
Pool size0
~$268.6M pool.
Lock-up & yield stability17
30d APR volatility 4.5pp.

What can go wrong

Liquidation: if your loan-to-value rises above 75%, the position is liquidated and you can lose collateral. Higher leverage sits closer to this line.
Depeg: if USDG loses its peg, your effective LTV can spike and trigger liquidation even without a price drop in ONyc.
Rate risk: the loop is only profitable while the ONyc supply yield stays above the USDG borrow cost — that spread can compress or turn negative.

The assets

risk 44/100

What your deposit is held in, and how steady its value is.

ONyc

Backing model55
ONyc: other-backed.
Peg history · no data30
No peg history accrued yet (ONyc).
Issuer size45
ONyc: ~$288.7M market cap.
Exit liquidity23
ONyc: ~$5.8M DEX depth.
Token age56
ONyc: live since 2025.
Freeze authority35
ONyc: issuer can freeze token accounts.

These rows show ONyc. The overall score counts the weaker token on each measure.

About ONyc

Each asset in this position — what it is, how reliable it is, and any past depegs.

ONycONycYield-bearing stableCollateral

Low Risk

By OnRe. Yield-bearing token backed by a Bermuda-regulated reinsurance account; yield comes from underwriting premiums plus reserve collateral. · Live since 2025

·Yield-bearing — price is designed to drift upward, so it has no fixed $1 peg.
·Price volatility: 0.06% (30d).

Volatility (7d): 0.0340%DEX liquidity: $5.8M

Audited: Yes — Apex Group (NAV attestations); Harris & Trotter (financial audit)

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Token notes & warnings

Freezable — The authority's owner has the ability to freeze your token account, preventing you from further trading
Mintable — The authority's owner has the ability to mint more tokens
Permanent delegate — This token's owner has the ability to control this token, even if it is in your wallet
Mutable transfer fees — This token's transfer fees can be updated by the owner

Who runs it

Kamino X Docs DefiLlama

risk 25/100

The team and protocol behind this, and their track record.

Supplies your deposit into Kamino's lending reserves or automated vaults, where it earns interest from borrowers. Multiply positions loop your collateral against borrowed assets to amplify yield.

Admin controls45
Upgradeable behind a multisig (threshold undisclosed).
Exploit history0
No known exploits.
Track record0
Live for ~48 months.
Price feeds35
Single robust price feed (Scope).
Scale0
$1.3B TVL — battle-tested at scale.
Safety reserves · no data40
No disclosed treasury/insurance backstop.
Bug bounty0
Live bug bounty up to $1.5M.
Audits0
Audited (OtterSec, Sec3, Offside Labs, Certora, Ackee Blockchain).

How we rate risk

Stablecoin strategies get a 0–100 risk score (lower is safer) built from three areas — Protocol (audits, incident history, track record and admin controls), Strategy (leverage, lock-ups, pool size and yield source) and Asset (the token's peg record, backing, and exit liquidity) — weighted by strategy type — and the weakest area can push the overall number higher (riskier) on its own. The score maps to a grade: A ≤ 22, B ≤ 35, C ≤ 50, D ≤ 70, E above. Grades compare opportunities within our stablecoin catalog — an A is the strongest thing we list (blue-chip stablecoin lending), not a promise of safety. Live events (an active depeg, a reported exploit, a sharp deposit outflow) override the score immediately. Where we lack data, the factor says so and scores cautiously. Non-stablecoin opportunities are not rated. A comparison aid, not advice.

Risk levels are Akashi's own assessment to help you compare opportunities — not financial advice or a safety guarantee. Every DeFi position carries smart-contract and market risk.

Non-custodial · Akashi never holds your funds

Kamino Multiply — ONyc/USDG (OnRe Market) | Akashi