KaminoRWA Loop17.75%
—
15.96%
$249.4M
$76K
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Strategy overview
This Kamino Multiply strategy uses ONyc as collateral to borrow USDS, then converts the borrowed USDS into more ONyc. The loop can amplify ONyc yield, but it also increases liquidation risk.
- How it works:
- Your ONyc is supplied as collateral, USDS is borrowed against it, and the borrowed USDS is swapped back into more ONyc — repeated to reach the target leverage. You earn the supply yield on the full looped amount, minus the cost of borrowing USDS.
- What you hold:
- A leveraged ONyc collateral position with USDS debt managed inside the lending market.
- Who runs it:
- Kamino — live since 2022 · audited by 5 firms · no known incidents
Position details
- Liquidity Available
- $76K
- Max Leverage
- 2.9x
- Net APY at 2.9x
- 17.75%
- Collateral Asset
- ONyc — Max LTV 66%
- Debt Asset
- USDS — Liq LTV 75%
- Supply APY
- 11.02%
- Borrow APY
- 7.48%
- Utilization
- 89.3%
- Tokens
ONyccollateral–USDSdebt
Net APY by leverage over time. net = supply × leverage − borrow × (leverage − 1).
Moderate risk · Grade C
49/100
- 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
- Strategy type80
Leveraged loop
- Leverage58
Up to 2.9x leverage (liquidation at 75% LTV).
- Yield source85
Yield comes from a leveraged position.
- Pool usage19
89% of supplied liquidity is borrowed.
- Pool size0
~$249.4M pool.
- Lock-up & yield stability3
30d APR volatility 2.4pp.
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 USDS 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 USDS borrow cost — that spread can compress or turn negative.
The assets
What your deposit is held in, and how steady its value is.
- Backing model55
ONyc: other-backed.
- Peg history · no data30
No peg history accrued yet (ONyc).
- Issuer size45
ONyc: ~$291.0M market cap.
- Exit liquidity26
ONyc: ~$4.7M DEX depth.
- Token age54
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 RiskBy 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: 0.02% (30d).
Volatility (7d): 0.0187%DEX liquidity: $4.7M
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
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 ~49 months.
- Price feeds35
Single robust price feed (Scope).
- Scale0
$1.5B 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