🧭 DeFi Loop Radar - Week #31: PRIME / CASH Multiply on @kamino 🫡 PRIME has been on this radar before. First as a watchlist in Week #13, vault full, zero liquidity. Then again when it reopened with $14M behind it. This week PRIME found its best pair yet. PRIME / CASH. 23.46% APY. $4.10M liquidity. Right now. 🧠 The Setup PRIME is a yield-bearing token from Hastra, Figure, and Provenance. The yield comes from tokenized Home Equity Lines of Credit. Real HELOC loans originated by Figure. Over $22 billion in on-chain originations to date. CASH is Phantom's native stablecoin, backed 1:1 by USD, built using Open Issuance by Stablecoin and Stripe, launched first on Solana. Phantom's wallet. Stripe's infrastructure. Solana-native from day one. On Kamino's PRIME Market, borrow CASH against PRIME. Real estate credit yield in. Solana's most native stablecoin out. Key parameters: Max Leverage: 8.3× Max Leverage APY: 23.46% Max LTV: 88% Average Leverage Taken: 6.01× ⚙️ How It Works One click. Kamino handles the rest. Deposit PRIME → borrow CASH → swap for more PRIME → re-deposit → repeat until target multiplier is reached. 100% PRIME exposure retained. The interest rate curve in the PRIME Market keeps CASH borrow costs structurally below PRIME yield. Protects the spread under normal conditions. 📊 Why CASH Changes The Math Every PRIME vault covered in this series used PYUSD or USDS as debt. CASH unlocks a wider spread. PRIME/PYUSD: 18.78%, full, $0 liquidity PRIME/USDS: 21.47%, $36K, barely accessible PRIME/CASH: 23.46%, $4.10M liquidity, fully open Same collateral. Same mechanics. CASH delivers the highest net APY of any PRIME pair on the board, with real liquidity behind it. A stablecoin designed for Solana, making a Solana-native RWA loop more efficient. ⚠️ Risks HELOC credit risk. PRIME holders have exposure to Figure's underlying loan pool performance. CASH borrow rate creep. Rising utilization can compress or invert the spread. 3-point liquidation buffer (88% → 91%). Meaningful but not generous at high leverage. Smart contract risk across Kamino + Figure/Hastra + Phantom/Stripe layers. RWA unwinding timelines. Real-world asset liquidation differs from crypto-native collateral. Real estate-backed yield. Not risk-free. 🎯 Why This Loop Right Now 23.46% APY. Highest accessible yield on Kamino Multiply right now. $4.10M liquidity. Fully open today. CASH: Phantom's stablecoin built with Stripe, launching first on Solana. Figure at $22B+ in HELOC originations. Thesis keeps growing. 6.01× average leverage. Sustained market conviction across every PRIME iteration. Two Solana-native protocols, one loop. Multiple visits to PRIME across this series. Every time the debt asset changed, the spread got better. PRIME/CASH is the best version of this trade we've featured. That's the trending loop this week. 🧭🫡