🫡 State of Yield on Solana · W42 Solana yield is telling two stories this week. Established strategies are cooling. New loops are chasing 37% APY. And a strategy paying just 11% still leads on total upside. The gap between yield and risk is where the signal lives. ── ① Stable yield: leaders are cooling $eHYUSD Amplified: 41.12% ▼4.75 pp $jrAUTO: 20.48% ▲0.51 pp $jrONyc: 16.78% ▼3.16 pp Backyard USDC: 15.63% ▼0.38 pp jrEHYUSD: 14.62% ▼2.55 pp $USD* Junior: 13.62% ▼0.47 pp OnRe Growth Vault: 10.55% ▲0.25 pp Kamino Institutional Commodity Yield: 8.08% ▲0.19 pp Three signals: → eHYUSD dropped from 60.60% to 41.12% in three weeks as its amplified market matures → jrAUTO broke above 20% while jrONyc and jrEHYUSD kept compressing → @backyard_fi holds above 15% with delta-neutral market making hedged on Hyperliquid Junior tranches pay more because they absorb losses first. Incentives can also pump the displayed APY. The rate is half the story. The risk structure is the other half. ── ② Loop Radar: 37% APY shows up New entry: apyUSD/USDC on @kamino → 37.34% APY → 3.3x max leverage → ~$573K available → 15/20 combined score (6/10 asset) apyUSD earns dividend yield tied largely to Strategy's STRC preferred shares. Looping borrows USDC to buy more apyUSD and stack the carry. The catch: it has traded below $1 on secondary markets, and the market is still new. sUSDai/USDC on Kamino climbed to 24.27% with ~$370K liquidity back. Jupiter's version fell to 13.55%. Same asset. Different lending market. Very different result. On @Loopscale, srnOPAL offers up to 25.18% at 4x, with looped positions eligible for incentives through October 31. More leverage widens the spread and shrinks your liquidation buffer. ── ③ Fixed-rate loops got easier Kamino's auto-rollover fixes a big headache in fixed-rate looping. When renewal conditions are met, a loan rolls into a new fixed term. No manual repay and re-borrow. Less friction for strategies built on the spread between asset yield and borrow cost. Rollover conditions, liquidity limits, collateral risk and liquidation risk all still apply. And the leaderboard shows the real limit right now: → AUTO/wYLDS Fixed Rate: no liquidity → ONyc/USDC Fixed Rate: effectively empty Still worth tracking. Access is the bottleneck. ── ④ Hidden upside: APY is only part of the board ONyc still leads the Hidden Upside Radar. 11.02% APY. 9/10 points. 27 straight weeks at #1. Its edge is the ecosystem around it: yield trading, looping, junior tranches, lending and vaults. The @onrefinance Growth Vault stays strong at 10.55%, with confirmed $ORCA conversion through Formation and extra ONyc points exposure. @reflectmoney's eHYUSD pays 41.12% but ranks sixth on total upside. Lower points score, and the yield keeps compressing. Three strategies, three profiles: → eHYUSD: high yield, first-loss exposure, incentives → ONyc: lower carry, deep upside ecosystem → OnRe Growth: moderate yield, confirmed token-conversion catalyst Pick based on what you're optimizing for and how much risk you can carry. ── W42 takeaway Solana yield is splitting into three games: Carry: find sustainable yield before the spread compresses. Leverage: amplify returns without losing control of liquidation risk. Upside: weigh points, token catalysts and ecosystem exposure beyond today's APY. A 37% headline looks great. An 11% strategy can still rank first. Neither number means much without the structure behind it. Risk first. Liquidity second. APY third. 🫡