State of Yield on Solana · Week #44 🫡 $77M in fixed-rate loans. Almost every AUTO vault full. Tokenized Treasuries now used to borrow USDC. Before chasing the next APY, ask three things: where does the money come from, who needs the liquidity, and can I get my capital back? ── ① Stable yield: PRIME still leads, but the premium is shrinking W44 leaderboard $PRIME @reflectmoney Amplified: 27.52% ▼7.36 pp $jrAUTO: 19.05% ▲1.17 pp $jrONyc: 15.21% ▼1.84 pp Backyard USDC: 15.01% ▼0.14 pp $USD* Junior: 14.23% ▲0.41 pp jrEHYUSD: 13.82% ▼0.38 pp OnRe Growth Vault: 10.08% ▼0.48 pp Kamino Institutional Commodity Yield: 7.80% ▼0.41 pp PRIME is still #1, but it slid from 34.88% to 27.52% in two weeks. Up to 16.04 points of that come from Hastra incentives. Also moving: → jrAUTO bounced back to 19.05% → jrONyc hit its lowest level since joining the board → Backyard held flat at 15.01% after six straight weekly drops → USD* Junior rose for a second week → OnRe Growth is closing in on 10% The top is cooling and the race is tightening. Every APY needs a source. Incentive-heavy APY needs a closer look. ── ② Loop Radar: the fixed-rate ladder is full AUTO/wYLDS on Kamino is now a $77M fixed-rate market. Four borrowing tiers. Four fixed costs. Almost no capacity left. The loan lifecycle is the real story. Auto-rollover has already renewed over $12M of loans into fresh 30-day terms. No repaying. No reopening. Same rate, when renewal conditions are met. One catch: if fixed-rate liquidity dries up at maturity, rollover may not happen. A fixed rate makes the cost predictable. The collateral risk stays. ── ③ Three loops worth watching With AUTO/wYLDS nearly maxed, these stand out: apyUSD/USDC · @kamino 35.21% APY | 3.3x max | ~$453K open | 15/20 Dividend-linked yield, largely backed by Strategy's STRC preferred shares. Risk sits in the backing, the redemption mechanics and the price history. ONyc/USDC · @kamino 18.55% APY | 2.9x | ~$2.20M open | 19/20 OnRe's asset score moved from 8 to 9 after 12 months live. First seven-figure opening in this Kamino vault since the first edition. PRIME/CASH · @kamino 17.75% APY | 8.3x | ~$342K open | 16/20 The only PRIME loop with room this week. Leverage magnifies tiny gaps between supply yield and borrow cost. The JLP Jupiter loop runs a 13 bp spread. One small rate move and the trade turns against you. ── ④ SOL and USDC: borrowers pay the yield @NolusProtocol SOL Earn: 10.21% APY Borrowers pay interest to access SOL. Lenders supply it. Utilization sets how much capital works. 10.21% is a snapshot, not a promise. High utilization can also mean withdrawals wait on repayments or new deposits. @solflare Earn: USDC through Kamino Supply USDC to a Kamino lending market straight from Solflare. → Variable yield from borrower interest → No lockup → No Solflare management fee → Withdrawals depend on market liquidity Both have a clear yield source. Still check utilization, borrow demand and withdrawal liquidity before sizing up. ── ⑤ RWA credit: tokenized assets become collateral Holding an RWA token is one thing. Borrowing against it is another. @NysaFinance is building the second. Its new lending market lets you borrow USDC against @Ondo's USDY, a token backed by short-term US Treasuries. → Treasury-backed collateral → USDC borrowing → 30%+ reported APY → NYSA Points on top Tokenized Treasuries now total around $2.37B. USDY as collateral, USDC borrowed against it, RWA exposure feeding onchain lending. Nysa also brings USDC yield, NYSA Points and instant withdrawals to its vaults. Check collateral quality, liquidation mechanics, redemption terms and real liquidity. RWAs get interesting when they do more than sit in a wallet. ── ⑥ Hidden Upside: $ONyc extends its streak to 29 weeks ONyc is still #1 on the Hidden Upside Radar at 11.02% APY, with a 9/10 points score: → 16x yield trading on @ExponentFinance → 6x ONyc/USDC looping on Kamino or @Loopscale → 6x ONyc/USDG looping on Kamino → 6x jrONyc exposure → More vault and lending options @onrefinance Growth sits second at 10.08% APY, 9/10 points, with confirmed $ORCA conversion through Formation. PRIME leads on APY but ranks seventh on upside. APY shows what you earn today. Hidden upside shows what else the position unlocks. ── Week #44 takeaway Three fronts are moving: Borrower-funded yield: SOL and USDC lending make the return source easy to see. Fixed-rate credit: AUTO/wYLDS proves demand for predictable costs and automated renewal. RWA composability: USDY and other tokenized assets are entering real onchain credit markets. The highest APY is rarely the best opportunity. Check the source. Check the collateral. Check the liquidity. Check the exit. Yield is what you earn. Liquidity is how you leave. Risk is what you lose on the way