Looped & Rated #011 16 loops. 2 scores each. OnRe moves to 9/10. Two Kamino vaults hit 19/20. JLP drops to 7%. apyUSD pays 35% at 15/20. —————————————— // SCORE UPDATE: OnRe 8 → 9 ONyc passed 12 months live this summer. Age moves from 1 to 2. Audit 2 · Age 2 · Backing 2 · NAV 2 · Redemption 1. Both Kamino ONyc vaults go from 18/20 to 19/20. I should have applied this sooner. It's in this edition. —————————————— 🟢 ONyc/USDG - Kamino APY 18.76% → · 2.9x · Platform: 10 · Asset: 9 (OnRe) · 19/20 LTV 66% · Chainlink + Pyth · $24.13M supplied · $45.78K open 🟢 ONyc/USDC - Kamino APY 18.55% → · 2.9x · Platform: 10 · Asset: 9 (OnRe) · 19/20 LTV 66% · Chainlink + Pyth · $94.88M supplied · $2.20M open First seven-figure opening since #001 ($3.40M). Every opening in between stayed under $265K and filled fast. Now $2.20M is open. Loopscale's ONyc/USDC has another $1.93M. 🟢 reUSD/USDG - Kamino APY 13.09% → · 5x · Platform: 9 · Asset: 9 (Re Protocol) · 18/20 LTV ~80% · $150.49K open · $929.99K supplied Down from 14.88%. Market size flat. Thinnest 18/20 entry. Size small. 🟢 JLP/USDC - Kamino APY 11.73% ↓↓ · 6.2x · Platform: 9 · Asset: 9 (JLP) · 18/20 LTV 85% · Pyth + Chainlink · $1.51M open · $22.95M supplied Since #007: 99.5% → 30.7% → 32.7% → 22.7% → 11.7% Same score. Much less carry. 🟢 JLP/USDC - Jupiter Lend APY 6.98% ↓↓ · 6.4x · Platform: 9 · Asset: 9 (JLP) · 18/20 LTV 85% · Pyth + Chainlink + Redstone · $289M pool Supply pays 6.28%. USDC borrowing costs 6.15%. That's a 13 bp spread before leverage. At 6.4x, the whole loop rides on that gap. Since #007: 89.7% → 30.1% → 29.5% → 15.7% → 6.98% Deepest exit on the list. Lowest yield in the 18/20 tier. —————————————— 🟡 sUSDai/USDC - Kamino APY 12.61% ↓↓ · 5x · Platform: 9 · Asset: 8 · 17/20 LTV ~80% · $2.64M supplied, down from $3.98M · ⛔ $0 open Rate fell from 24.27%. Less supply. Lower rate. No room. 🟡 reUSD/JupUSD - Jupiter Lend APY 7.75% ↓↓ · 7.6x · Platform: 8 · Asset: 9 (Re Protocol) · 17/20 LTV 87% · $2.12M pool Was 17.63%. Supply pays 6.74%, borrow costs 6.59%. Just 15 bp before leverage. Same thin spread as JLP on Jupiter. 🟡 sUSDai/USDC - Jupiter Lend APY 20.27% ↑↑ · 8.2x · Platform: 8 · Asset: 8 · 16/20 LTV 88% · $61.9M pool · Allo Points 8x Jupiter gained 6.7 points. Kamino lost 11.7. Last edition went the other way. Supply pays 7.00%, borrowing costs 5.16%. That 1.84-point gap at 8.2x gives you today's APY. Same asset. Different market, different leverage. 🟡 PRIME/CASH - Kamino APY 17.75% ↑ · 8.3x · Platform: 8 · Asset: 8 (Hastra) · 16/20 LTV 88% · Chainlink · $341.95K open · $20.15M supplied Back up from 14.55%. PRIME/USDC pays 15.27% and PRIME/PYUSD 14.87%, but both have $0 open. CASH is the pair you can actually enter this week. 🟡 ONyc/USDC - Loopscale APY 16.01% avg / 17.72% max → · Platform: 7 · Asset: 9 (OnRe) · 16/20 $32.10M deposited · $1.931M available Same ONyc asset as the 19/20 Kamino vaults. Three points lower on platform security. Same asset score. The platform score splits them. 🟡 PST/USDC - Kamino APY 15.99% ↑ · 5.6x · Platform: 9 · Asset: 7 (Huma) · 16/20 LTV ~82% · $1.12M open · $9.96M supplied Up from 11.34%. Open liquidity grew from $615K to $1.12M. Better rate, more room. 🟡 srONyc/USDG - Loopscale APY 14.82% avg → · Platform: 7 · Asset: 9 (Exponent/ONyc) · 16/20 $802.8K deposited · ⛔ $0 available Senior ONyc tranche. Junior holders take losses first. PT-srONyc-10JAN27 averages 16.07%, also with $0 available. The rate is on screen. The capacity is gone. 🟡 syrupUSDC/PYUSD - Kamino APY 11.69% → · 8.3x · Platform: 8 · Asset: 8 (Maple) · 16/20 LTV 88% · $4.61M open · $39.97M supplied The USDC pair is back at 15.04%, but only $91.82K is open. Pair choice changes the opportunity. Capacity decides if you can take it. —————————————— 🟡 PT-ONyc-10JAN27 - Loopscale APY 21.14% avg / 22.65% max → · Platform: 7 · Asset: 9 (Exponent/ONyc) · 16/20 $5.092M deposited · $1.942M available · Expires Jan 10 About 75 days to maturity. Fixed yield on ONyc. Exit before expiry and you may sell below par. Watch the maturity date as closely as the rate. 🟡 apyUSD/USDC - Kamino APY 35.21% ↓ · 3.3x · Platform: 9 · Asset: 6 (Apyx) · 15/20 LTV ~70% · $453.62K open · $197.49K supplied Highest APY on the list. 15/20 combined. ~74% STRC backing. 20-day redemption. apxUSD once dipped to $0.90. APYX token launch postponed, no new date. Pips keep accruing. The yield gets the headline. Backing, redemption and peg history need your homework. —————————————— 🟡 eHYUSD/USDC - Loopscale APY 16.07% avg / 17.56% max ↓↓ · Platform: 7 · Asset: 7 (Hylo) · 14/20 $6.113M deposited · $53.92K available Was 21.27%. Lowest combined score on the list, with just $53.92K available. Big deposits don't mean deep exits. ⚠️ Loopscale platform risk applies. —————————————— // EXITING eUSX/USX: 4.12%. srEHYUSD/USDC: market down to $186K. JLP/USDC on Loopscale: 4.21% average. USDe/PYUSD: 6.70%, $0 open. Ethena supply on Kamino fell from $55.97M in #008 to $9.50M. —————————————— Where this edition lands: → OnRe lifts the top tier to 19/20. Both Kamino ONyc vaults score 19 at 18.55–18.76% APY. The USDC vault has $2.20M open for the first time since #001. → JLP carry has collapsed. Kamino sits at 11.73%, Jupiter at 6.98%. Jupiter's 13 bp spread leaves almost no room for rates to move. → sUSDai flipped again. Kamino fell to 12.61% with no capacity. Jupiter rose to 20.27%. → The highest rates sit in the lower score tiers. apyUSD hits 35.21% at 15/20. AUTO's fixed tiers quote up to 32.45% with almost nothing open. Score shows how a structure rates against the framework. APY shows what the market pays today. Liquidity shows whether you can get in. Drop #012 in 2 weeks. 🫡