🫡 HKDAP is coming to Solana. Anchorpoint’s Hong Kong dollar stablecoin will mint and redeem natively on Solana. First public network for them. Why this matters beyond the headline: → Another regulated stablecoin rail on Solana for payments and tokenized assets. → Near-instant settlement. → Potential new liquidity and pairing options once it lands. It is still early (no hard launch date public yet). But it lands right in the window of Breakpoint’s "Token Supercycle" theme, stablecoins, payments, tokenized assets. I’m watching how it gets used in DeFi once live: lending markets, yield strategies, or just pure payment volume.

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

📖 Founder Playbook #10 What would a Solana founder do if she was just a user? 🎙 @BilyanaChristov Co-founder of @NolusProtocol 💡 On his own protocol Billy would keep SOL as her core position and open a small leveraged long on top. Her approach: • Leverage: around 1.5–2x, rather than maxing it out • Fixed borrowing rate for the life of the position • No margin calls • If the price drops sharply, liquidation trims the position first instead of wiping it out Her reasoning is straightforward: “I'd size so a deep drawdown doesn't take me out, sit through the volatility and take partial profits on the way up.” Low leverage. Long horizon. Known cost. 🔄 Highest conviction outside Nolus Billy is bullish on Solana's evolution into an onchain capital market. Three pieces of the stack stand out: • @JupiterExchange → Access and execution • @MeteoraAG → Liquidity • @kamino → Putting assets to work as collateral 🏢 Tokenized stocks This is the area she's particularly excited about. “Now we can trade a stock onchain right after it lists, 24/7, and use it across DeFi.” Her view is that access previously reserved for insiders and institutions is opening up to anyone with a wallet. 🧠 Builder Principle “Your liquidation price matters more than your entry price.” People spend too much time trying to time an entry and too little thinking about what happens afterwards. You can be right about the direction and still lose everything if you can't survive the drawdown. Billy's advice: “Size so that being wrong is survivable. Survival is the edge, and compounding only works if you're still in the game.” 💬 Your turn When opening a leveraged position, what matters most to you? Your entry price, your liquidation price, or your position size? 🤝 Building on Solana? If you'd like to share how you think about capital, risk and conviction in a future Founder Playbook, my DMs are open.

🫡 Hidden Upside Radar - W44 2026 APY shows what you earn today. Upside shows what you're positioned for. ⸻ 1️⃣ $ONyc – @onrefinance 11.02% APY | Points: 9/10 | Tier: B ↑ Off the APY board → #1 total upside 29 weeks at #1. A Reflect vault tops APY at 27.52%. ONyc sits at 11.02% and still leads on upside. → 16x on yield trading via @ExponentFinance → 6x looping ONyc/USDC on Kamino or Loopscale → 6x looping ONyc/USDG on Kamino → 6x on jrONyc risk tranching at 15.21% APY → 4x on Loopscale vault strategies → 3x on lending ⸻ 2️⃣ $USDC – @loopscale + @ExponentFinance (OnRe Growth Vault) 10.08% APY (▼0.48 pp) | Points: 9/10 | Tier: A Lowest APY in the top five, second on upside. It's sliding toward 10%, so keep an eye on it. The stack holds: → Loopscale points converting to $ORCA via @formation_so, earned until the conversion event → 4x ONyc external points on top One deposit. One confirmed token. One unconfirmed. ⸻ 3️⃣ $jrEHYUSD – @hylo_so + @ExponentFinance 13.82% APY (▼0.38 pp) | Points: 7/10 | Tier: B Fifth straight weekly drop, but they keep shrinking: ▼2.55 pp, ▼0.42 pp, now ▼0.38 pp. 6x Hylo XP plus eHYUSD rewards. Season 1 is open, token unconfirmed. First-loss exposure pays for the amplified rate. ⸻ 4️⃣ $jrONyc – @ExponentFinance 15.21% APY (▼1.84 pp) | Points: 7/10 | Tier: B Lowest print since it debuted at 39.70% in W27. It bounced to 17.05% last week, then gave it back. First-loss structure unchanged. 6x boost on the ONyc ecosystem. The premium keeps shrinking, so size for 15%, not 40%. ⸻ 5️⃣ $USDC – @backyard_fi (Syntropia Vault) 15.01% APY (▼0.14 pp) | Points: 7/10 | Tier: B Sixth straight weekly drop, from 18.38% in W38. This one is the smallest of the run. Delta-neutral market-making across BTC, ETH and SOL, hedged on Hyperliquid. XP seasons with badge multipliers, plus a ve(3,3) design pointing toward a token. ⸻ 6️⃣ $eHYUSD – @reflectmoney (Amplified tranche) Off this week's board (40.47% in W44) | Points: 7/10 | Tier: B Hylo points are now live on this market: → Protected deposits earn 3x, stacked on the 3x Reflect Points → Amplified deposits earn 6x → All paid on top of APY Amplified is first-loss and the market is young. APY swings with incentives and TVL. ⸻ 7️⃣ $PRIME – @reflectmoney (Junior Amplified) 27.52% APY (▼7.36 pp) | Points: 6/10 | Tier: B Highest APY on the board, seventh on upside. First compression since it debuted at 34.88%. Up to 16.04% of that 27.52% comes from Hastra incentives. That's more than half the headline. Reflect Points run at 3.0x. PRIME itself has no points or token. Incentive-heavy APY moves with capital and emissions. Size the structure, not the number. ⸻ 8️⃣ $USD* Junior – @perena (V2) 14.23% APY (▲0.41 pp) | Points: 0/10 | Tier: A★ Second straight rebound: 13.62% → 13.82% → 14.23%. A★ unchanged. The Petals claim carries through V2, the token is confirmed, and the claim window is still coming. ⸻ Weekly signals → ONyc: 29 weeks at #1 while a 27.52% vault leads APY → jrONyc at 15.21%, lowest print since it joined the Radar → jrEHYUSD and Backyard keep sliding, with smaller drops than last week → Over half of PRIME's 27.52% is Hastra incentive. Check where the yield comes from before the size 🫡

🫡 Top Stable Yield-Bearing Tokens of the Week [W44] 2026 Ranked by APY + weekly delta ⸻ 1️⃣ $PRIME – @reflectmoney 27.52% APY (▼ 7.36%) Still the leader, but its headline yield has cooled considerably. → Reflect’s Junior Amplified vault offers amplified yield in exchange for first-loss risk. → Up to 16.04% boosted APY comes from Hastra incentives. → Reflect Points are currently offering 3.0x points. → The displayed APY can vary with incentives, capital allocation and market conditions. ⸻ 2️⃣ $jrAUTO – @Hastra + @ExponentFinance 19.05% APY (▲ 1.17%) A solid recovery puts jrAUTO comfortably in second place. → APY rises from 17.88% to 19.05%. → The junior strategy takes first-loss risk on U.S. auto-loan exposure in exchange for amplified yield. ⸻ 3️⃣ $jrONyc – @onrefinance + @ExponentFinance 15.21% APY (▼ 1.84%) The yield retreats after last week’s modest recovery. → jrONyc falls from 17.05% to 15.21%. → It remains a structured-yield strategy, with tranche-specific risks to consider. ⸻ 4️⃣ $USDC – @backyard_fi 15.01% APY (▼ 0.14%) Nearly unchanged week over week. → The @syntropia_ai USDC Vault uses delta-neutral market-making strategies across BTC, ETH and SOL, with trades hedged on Hyperliquid. → Backyard manages allocations across strategies. ⸻ 5️⃣ $USD* – @perena 14.23% APY (▲ 0.41%) A stronger rebound for USD* Junior. → APY climbs from 13.82% to 14.23%. → The yield comes with the additional risks associated with a junior tranche structure. ⸻ 6️⃣ $jrEHYUSD – @hylo_so + @ExponentFinance 13.82% APY (▼ 0.38%) The decline continues, putting jrEHYUSD just below USD* Junior. → APY moves down from 14.20% to 13.82%. → The junior tranche takes first-loss risk within the eHYUSD strategy in exchange for amplified yield. ⸻ 7️⃣ $USDC – @loopscale + @ExponentFinance 10.08% APY (▼ 0.48%) A noticeable dip takes this strategy closer to the 10% threshold. → APY falls from 10.56% to 10.08%. → The OnRe Growth Vault remains just above 10%. ⸻ 8️⃣ $kicUSDC – @kamino 7.80% APY (▼ 0.41%) The lowest-yielding entry this week. → Kamino Institutional Commodity Yield drops from 8.21% to 7.80%. → Its focus remains institutional commodity financing. ⸻ Weekly signals 👇 • $PRIME remains #1 at 27.52% APY, down 7.36 percentage points, with up to 16.04% boosted APY from Hastra incentives. • $jrAUTO rises 1.17 percentage points to 19.05%, strengthening its position at #2. • $jrONyc falls 1.84 percentage points to 15.21%. • Backyard USDC is nearly flat at 15.01%. • Perena’s USD* Junior rebounds to 14.23%, moving ahead of $jrEHYUSD. • $jrEHYUSD slips to 13.82%. • Loopscale + Exponent USDC falls to 10.08%. • Kamino’s $kicUSDC drops to 7.80%. ⸻ The leaderboard is cooling at the top, but the middle is shifting. Reflect’s $PRIME remains the clear leader at 27.52% APY, even after a 7.36-percentage-point decline. Meanwhile, $jrAUTO moves in the opposite direction, climbing to 19.05%. That puts it further ahead of the other structured-yield strategies. The middle of the table is getting tighter: Backyard USDC sits at 15.01%, just below $jrONyc at 15.21%, while USD* Junior moves ahead of $jrEHYUSD. At the lower end, both Loopscale USDC and Kamino’s $kicUSDC declined this week. And remember: High APY can reflect first-loss exposure, structured credit risk or temporary incentives. Boosted rewards and points can also affect the headline return. A higher APY doesn't automatically mean a better risk-adjusted opportunity. APY tells you what the market is paying. The structure tells you why. That’s the stable yield leaderboard this week 🫡

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. 🫡

Your USDC can now earn yield without leaving @solflare Solflare Earn is powered by @kamino, letting users supply USDC to a DeFi lending market directly from their wallet. No lockups. No Solflare management fee. Just variable yield from borrower interest, with withdrawals subject to available liquidity.

10.21% APY on SOL. I checked who pays it and what could go wrong. On @NolusProtocol, borrowers pay it. Why I'm watching the SOL lending pool: → 10.21% APY at the time of writing → Borrowers pay interest to access liquidity → Lenders earn that interest → Utilization sets how much capital is actually borrowed No magic. Just borrowers paying for liquidity. The risks are real too: → Liquidity: if too much SOL is lent out, your withdrawal waits for repayments or new deposits → Smart contracts: borrower interest doesn't make a position risk-free → Rate: 10.21% is a snapshot, not a promise Before sizing a deposit, I check live utilization and withdrawal liquidity. Can you explain where the yield comes from? Then you can judge the risk. Can't? You might be the yield. 🫡

🫡 State of Yield on Solana · Week #43 Solana yield has a new leader. 34.88% APY on PRIME. 30.38% on an AUTO loop after its first rollover. Protected and amplified vaults now let you pick your risk. The biggest signal this week is the speed this game is changing ── ① Stable yield: new leader W43 leaderboard $PRIME Amplified: 34.88% 🆕 $jrAUTO: 17.88% ▼2.60 pp $jrONyc: 17.05% ▲0.27 pp Backyard USDC: 15.15% ▼0.48 pp jrEHYUSD: 14.20% ▼0.42 pp $USD* Junior: 13.82% ▲0.20 pp OnRe Growth Vault: 10.56% ▲0.01 pp Kamino Institutional Commodity Yield: 8.21% ▲0.13 pp @reflectmoney's PRIME Amplified vault jumps straight to #1, with up to 21.38% boosted APY from Hylo incentives. The catch: it's a junior strategy with first-loss exposure. APY on a new market moves with incentives and incoming capital. jrAUTO slid from 20.48% to 17.88%. jrONyc and USD* ticked up. @onrefinance Growth barely moved. kicUSDC edged higher, backed by institutional commodity financing. New leader. Same rule: understand the risk before chasing the rate. ── ② Reflect: yield is becoming a risk spectrum Reflect is bringing protected and amplified tranches to more onchain markets. → Protected: lower yield, more downside cover → Amplified: higher yield, first-loss exposure Current rates: PRIME: 24.01% protected / 37.33% amplified syrupUSDC: 15.08% / 23.13% $eHYUSD: 23.32% / 38.36% $reUSD: 5.51% / 11.98% These are market rates, not guaranteed returns. Incentives, capital flows and credit exposure all move them. eHYUSD also adds @hylo_so points: 3x protected, 6x amplified, plus Reflect Points on protected deposits. The real shift is product design. You choose how much risk to take instead of buying one flat APY. ── ③ Loop Radar: fixed-rate carry holds up AUTO/wYLDS hit a big milestone. The first 30-day term expired and @kamino's auto-rollover moved eligible positions into fresh terms at the same fixed borrow rate. No manual close. No repay and reopen. → Launch APY: 24.68% → Current APY: 30.38% → Fixed borrow rate: 5.30% → Deployed across vaults: $66.93M Fixed borrowing cost makes the spread easier to model. Auto-rollover cuts the upkeep. Fixed rate still doesn't mean fixed profit. Rollover liquidity, collateral performance, liquidation thresholds and smart-contract risk all stay in play. Looped & Rated shows how uneven leveraged yield gets: → apyUSD/USDC: 37.34% APY, 6/10 asset score → sUSDai/USDC on Kamino: 24.27%, liquidity recovering → sUSDai/USDC on Jupiter: 13.55%, sharply lower → JLP/USDC: compressed on both major lending venues Same strategy. Different collateral, markets and risk. Leverage amplifies the spread. It amplifies mistakes too. ── ④ RWAs are moving from exposure to utility The next phase of RWAs is making them useful inside DeFi, beyond just putting them onchain. @NysaFinance opened its first credit market: borrow USDC against Ondo's USDY on Solana. Real-world collateral → onchain credit → usable DeFi liquidity. Nysa also pairs vault exposure with USDC yield, NYSA Points and instant withdrawals. Kamino's Institutional Commodity Yield reached 8.21% APY, with exposure to institutional commodity financing. Different builds, same direction: tokenized assets are turning into building blocks for lending, borrowing and composable yield. Watch collateral quality, redemption terms, liquidity and the real source of returns. ── ⑤ Hidden upside: ONyc wins beyond APY ONyc is #1 on the Hidden Upside Radar for 28 straight weeks, at just 11.02% APY. It wins because there are so many ways to use it: → 16x yield trading via @ExponentFinance → 6x ONyc/USDC looping on Kamino or @Loopscale → 6x ONyc/USDG looping on Kamino → 6x jrONyc exposure → More vault and lending options OnRe Growth sits at 10.56% APY with a 9/10 points score and confirmed $ORCA conversion through Formation. PRIME has 34.88% APY and ranks seventh on total upside. One leads on current yield. The other leads on stacked opportunity. Neither tells the full story alone. ── Week #43 takeaway Three shifts to watch: Risk is explicit. Protected and amplified tranches let you choose your profile. Fixed-rate loops run smoother. Auto-rollover cuts friction but market risk stays. RWAs are becoming real collateral. Tokenized assets now power real credit markets. Don't rank a strategy by APY alone. Check the source of yield, the loss structure, liquidity, borrowing costs and the points upside you actually value. Know the risk. Check the liquidity. Then judge the APY. 🫡

The next Solana narrative might be hiding here... 395% growth. $4.5B in tokenized stocks. 2.6% DeFi usage. Tokenized stocks are growing fast. The real action starts after they're tokenized: → trade them 24/7 → post them as collateral → borrow against them → earn yield → plug them into DeFi strategies Solana already leads onchain tokenized-equity activity. Now the race is to make those assets productive. That's where I'm looking. The next wave of RWA adoption belongs to assets that work, not assets that sit onchain. 🫡