🫡 September on Solana was a convergence month. Tokenized stocks became collateral. RWAs became lending markets. Assets from other chains became Solana liquidity. The biggest shift: Solana stopped looking like a pile of protocols and started looking like one connected financial market. Everything that happened in September👇 ⸻ RWAs BECAME FINANCIAL PRIMITIVES → Solana RWA ecosystem passed $4.6B TVL. → RWA holders climbed above 600K. → Tokenized stock holders crossed 1M. → Tokenized equity supply hit new ATHs at $700M+. → Tokenized equities deposited into lending protocols reached $60M+. → @onrefinance crossed $300M+, now the largest RWA market on Kamino. → @xStocksFi passed 300K holders and did $500M+ in tokenized asset volume over 10 days. → @sunrise kept widening its asset universe: stocks, ETFs, commodities and crypto assets issued through regulated infrastructure. → @Backpack made tokenized stocks and ETFs usable as collateral for borrowing, futures and margin. → @Securitize's HINC became collateral on @Loopscale. → Kamino added private credit, auto loans, commodities and GPU-infrastructure credit markets. The defining change: a tokenized stock stopped being something you just hold. It can now be: → collateral → a lending position → a perpetual → a launch pair → a yield strategy ⸻ KAMINO BECAME THE INSTITUTIONAL BRIDGE → @Kamino pulled in $50M+ through Binance Wallet in under 24 hours. → Partnered with @galaxyhq on institutional USDC and USDT lending vaults. → Institutional vaults grew to 29 curated vaults. → Commodity Yield Vault added $20M of capacity, targeting 7%+ yields. → Added USDC to HastraFi's tokenized auto-loan market. → Launched new RWA and private-credit markets with @AllezLabs, MidasRWA and Steakhouse Financial. → Became easier to reach through Binance Wallet, Fordefi Earn and other channels. TVL is only part of it. Kamino now links institutional capital, RWAs and onchain yield. ⸻ JUPITER CONNECTED THE ECOSYSTEM → @JupiterExchange launched Universal Deposits. → Move assets from Ethereum, Base, Arbitrum and Sui, receive USDC directly on Solana. → Jupiter Earn hit a new ATH of $2.41B in deposits. → @Jup_Mobile did $607M in August trading volume and added Earn, Borrow and Strategies. → Perp markets expanded. → New execution infrastructure improved routing. Jupiter is moving past swap aggregator and becoming a distribution layer for Solana finance. ⸻ TRADING GOT MORE SOPHISTICATED → @PhoenixTrade opened SOL and other assets as perp collateral across 60+ markets. → @Solflare passed $65M in perp volume in its first three weeks. → @BulletXYZ launched 24/7 RAY perpetuals. → @PerpsPadfun connected launchpads with perpetual markets. → @VelocityDEX opened its beta to everyone. → @Titan_Exchange launched Titan Pro with advanced trading tools. The stack keeps moving: spot → perps → collateral → prediction markets → structured positions. ⸻ THE LAUNCHPAD WAR HEATED UP → @Fomo hit $1M+ daily revenue and passed Pumpfun in daily revenue. → Fomo reached an ATH of roughly 97K daily active traders. → @LaunchOnSF overtook PumpFun and Hyperliquid in 24h revenue on one of its strongest days. → @MeteoraAG's DBC now supports virtually any token pair. → @Raydium LaunchLab expanded custom pair support. → @Pumpfun introduced Holder Rewards, sharing trading fees with holders. → LaunchOnSF kept pushing the idea of pairing new tokens with real-world assets. Stocks, commodities and crypto are now ingredients for new tokens and new markets. ⸻ DISTRIBUTION KEPT EXPANDING → $3T in cumulative DEX volume. → Roughly 5.2B monthly transactions. → $143M in monthly app revenue, first among all chains. → Stablecoin supply at $17.3B, another ATH. → About 420M USDC transactions in one month. → 76% of all x402 transactions. → Crypto card spending hit $100M monthly, another ATH. → Jupiter, Kamino, @MoonPay and Binance Wallet kept bringing new users into Solana finance. → @world_xyz brought a fresh wave of consumer attention with its airdrop. More liquidity, and a lot more doors into it. ⸻ STABLECOINS + PAYMENTS KEPT MOVING → @Column integrated stablecoins directly into its banking infrastructure. → @Seedless_Wallet launched a money app with instant payouts to Nigerian bank accounts. → @NOMADZxyz launched flight bookings with stablecoin cashback. → @SP3NDdotshop hit a new ATH in monthly stablecoin spending. → Solana became the dominant chain for x402 machine-to-machine payments. Payments moved well beyond crypto-native trading. Stablecoins are becoming the settlement layer under real-world activity. ⸻ MORE ASSETS CAME TO SOLANA → Arbitrum's $ARB went live through Sunrise. → $DOGE, $DKNG, $WEN, $FLWS and others joined the ecosystem. → @ZetaChain's community voted 99.4% to wind down its L1 and migrate $ZETA to Solana. → $ZAMA went live through Sunrise. → $PEAQ also arrived. → @Helius graduated Parsed Streams and Parsed Events APIs out of beta. More assets. More infrastructure. More ecosystems plugging into the same liquidity layer. ⸻ PRODUCTS KEPT MATURING → @NolusProtocol upgraded Margin Markets with better partial-liquidation visibility and new markets. → @hylo_so crossed $30M+ open interest across xSOL, xBTC and xHYPE. → @backyard_fi crossed $1.2M TVL. → @reflectmoney filled its $300K tranching pre-deposit cap. → @gammafi kept improving transparency on agent execution, risk controls and onchain NAV. → @elementaldefi announced the V1 to V2 vault migration. → @MeteoraAG passed 80M $MET staked. Same loop everywhere: ship, get users, learn, improve, ship again. Teams are making complex financial products easier to use. ⸻ CONSUMER + CULTURE KEPT GROWING → @solanamobile kept expanding the Seeker ecosystem. → @PlayKintara launched its Season Pass. → @Collector_Crypt expanded its gaming and collectibles ecosystem. → @Beezie brought authenticated luxury goods onchain. → A PSA 10 First Edition Charizard sold for an $825K winning bid, settled on Solana. → @joinfrontier launched Traders Season 1 with $1M+ in rewards. → @Solflare and @Superteam kept running user and community campaigns. Solana's consumer layer now reaches well past trading. ⸻ GROWTH BROUGHT RISK TOO → @Dominion_Market's $SILV fell sharply after a treasury wallet exploit. → @ArcanePrivacy announced its shutdown after funds were stolen from its staking contract. → @Switchboardxyz announced it will shut down after operating since 2021. → Several new markets and launch platforms had to add safeguards as volume accelerated. More financial infrastructure means more financial risk. September showed both. ⸻ WHAT SEPTEMBER SHOWED Solana is building the financial primitives around tokenized assets: Stocks become collateral. Collateral becomes credit. Credit becomes yield. Assets become trading pairs. Trading becomes perps. And it all settles on the same network. September was the month Solana stopped looking like a blockchain with financial apps and started looking like a connected onchain financial market. 🫡

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. 🫡

Everyone on Solana talks about shipping fast. Few talk about shipping safe. @NolusProtocol has 3 independent audits and zero security incidents. Security from day one. Built for the long term. In DeFi, growth means nothing if users can't trust you with their capital. 🫡

🫡 Hidden Upside Radar W43 2026 APY shows what you earn today. This shows what you're positioned for. ⸻ 1️⃣ $ONyc – @onrefinance 11.02% APY | Points: 9/10 | Tier: B → Total upside rank #1 28 weeks at #1. A new Reflect vault grabbed the APY crown at 34.88%, yet ONyc at 11.02% still leads on upside. → 16x yield trading via @ExponentFinance → 6x looping ONyc/USDC on Kamino or Loopscale → 6x looping ONyc/USDG on Kamino → 6x jrONyc risk tranching at 17.05% APY → 4x Loopscale vault strategy and Elemental vault → 3x lending ⸻ 2️⃣ $USDC – @loopscale + @ExponentFinance (OnRe Growth Vault) 10.56% APY (▲0.01 pp) | Points: 9/10 | Tier: A Flat for a third week at 10.3–10.6%. Lowest APY in the top four, second on upside. The stack does the work: → Loopscale points converting to $ORCA via @formation_so → 4x ONyc external points on top One confirmed token, one unconfirmed, one deposit. ⸻ 3️⃣ $jrEHYUSD – @hylo_so + @ExponentFinance 14.20% APY (▼0.42 pp) | Points: 7/10 | Tier: B Fourth week lower, but the smallest drop yet. 6x Hylo XP plus eHYUSD rewards. Season 1 is open, token unconfirmed. First-loss exposure pays for the amplified rate. ⸻ 4️⃣ $jrONyc – @ExponentFinance 17.05% APY (▲0.27 pp) | Points: 7/10 | Tier: B Small bounce after last week's ▼3.16 pp. Same pattern: spike, correct, rebuild. First-loss structure unchanged, 6x boost stacks on the ONyc ecosystem. ⸻ 5️⃣ $USDC – @backyard_fi (Syntropia Vault) 15.15% APY (▼0.48 pp) | Points: 7/10 | Tier: B Fifth week lower, down from 18.38% in W38. Delta-neutral market-making across BTC, ETH and SOL, hedged on Hyperliquid. XP seasons with badge multipliers and a ve(3,3) design pointing toward a token. Watch the compression. ⸻ 6️⃣ $eHYUSD – @reflectmoney (Amplified tranche) Off this week's leaderboard (41.12% in W42) | Points: 7/10 (was 5/10) | Tier: B Still here because @hylo_so just launched Hylo points on this market. → Protected deposits earn 3x, stacked on the 3x Reflect Points they already collect → Amplified deposits earn 6x → All of it on top of the current APY Amplified is first-loss and the market is new, so APY swings with incentives and TVL. It sits at #6 because the points just launched with no track record. ⸻ 7️⃣ $PRIME – @reflectmoney (Junior Amplified) 34.88% APY | Points: 6/10 | Tier: B 🆕 New Entry Highest APY on the board, seventh on upside. Junior Amplified means first-loss risk for the amplified rate. Reflect Points are live at 3.0x. PRIME itself has no points or token, and Reflect hasn't announced one. APY on a new vault moves with incentives and capital. Size the structure, not the number. ⸻ 8️⃣ $USD* Junior – @perena (V2) 13.82% APY (▲0.20 pp) | Points: 0/10 | Tier: A★ Small rebound. A★ unchanged: the Petals claim carries through V2, the token is confirmed, the claim window is still coming. ⸻ Weekly signals → ONyc holds #1 on upside for 28 weeks while a 34.88% vault takes the APY crown → Hylo points land on Reflect's eHYUSD market: 3x Protected, 6x Amplified, on top of APY → jrEHYUSD declines a fourth week, but the drop is shrinking: ▼0.42 pp vs ▼2.55 pp last week → Backyard slips a fifth week. Still above 15%, trend is the one to watch

$12M+ in fixed-rate loans renewed. Nobody lifted a finger. @kamino Auto Rollover moved every loan into a fresh 30-day term at the same rate. AUTO positions stayed open. No refinancing, no reopening. Fixed-rate credit on autopilot 🫡

WAIT… you can launch your own stablecoin in ONE transaction now? @reflectmoney just made it possible on Solana. → Choose your collateral → Set how interest is split between you and holders → Hit build. Your stablecoin is live. Stablecoins are becoming customizable products anyone can launch. Reflect is cooking. 🫡

RWA yield meets DeFi composability 🫡 One vault on @NysaFinance: → USDC yield → NYSA Points → Instant withdrawals Interesting to see Nysa bringing real-world assets deeper into Solana DeFi

🫡 Top Stable Yield-Bearing Tokens of the Week [W43] 2026 Ranked by APY + weekly delta ⸻ 1️⃣ $PRIME – @reflectmoney 34.88% APY (new) A new leader, with a substantial gap over the rest of the leaderboard. → Reflect’s Junior Amplified vault offers exposure to amplified yield in exchange for first-loss risk. → Up to 21.38% boosted APY comes from Hylo incentives. → Reflect Points are currently offering 3.0x points. → The displayed APY can be sensitive to incentives, capital allocation and market conditions. ⸻ 2️⃣ $jrAUTO – @Hastra + @ExponentFinance 17.88% APY (▼ 2.60 percentage points) Still near the top, but the yield has cooled. → jrAUTO falls from 20.48% to 17.88%. → The junior strategy takes first-loss risk on U.S. auto-loan exposure in exchange for amplified yield. ⸻ 3️⃣ $jrONyc – @onrefinance + @ExponentFinance 17.05% APY (▲ 0.27 percentage points) A modest recovery after last week’s decline. → jrONyc rises from 16.78% to 17.05%. → It remains one of the leaderboard’s higher-yielding structured strategies. ⸻ 4️⃣ $USDC – @backyard_fi 15.15% APY (▼ 0.48 percentage points) A further, modest decline. → 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 $jrEHYUSD – @hylo_so + @ExponentFinance 14.20% APY (▼ 0.42 percentage points) The yield continues to compress. → jrEHYUSD moves down from 14.62% to 14.20%. → The junior tranche takes first-loss risk within the eHYUSD strategy in exchange for amplified yield. ⸻ 6️⃣ $USD* – @perena 13.82% APY (▲ 0.20 percentage points) A small rebound. → USD* Junior rises from 13.62% to 13.82%. → Its yield comes with the additional risks associated with a junior tranche structure. ⸻ 7️⃣ $USDC – @loopscale + @ExponentFinance 10.56% APY (▲ 0.01 percentage points) Essentially unchanged week over week. → The OnRe Growth Vault inches up from 10.55% to 10.56%. → It remains just above the 10% mark. ⸻ 8️⃣ $kicUSDC – @kamino 8.21% APY (▲ 0.13 percentage points) Another small increase. → Kamino Institutional Commodity Yield rises from 8.08% to 8.21%. → It remains the lowest-yielding entry on this leaderboard, focused on institutional commodity financing. ⸻ Weekly signals 👇 • Reflect’s new $PRIME entry takes #1 at 34.88% APY, including up to 21.38% boosted APY from Hylo incentives. • $jrAUTO drops 2.60 percentage points to 17.88%. • $jrONyc edges up to 17.05%. • Backyard USDC falls slightly to 15.15%. • $jrEHYUSD slips to 14.20%. • Perena’s USD* Junior recovers to 13.82%. • Loopscale + Exponent USDC is virtually unchanged at 10.56%. • Kamino’s $kicUSDC rises to 8.21%. ⸻ The leaderboard has a new top contender. Reflect’s $PRIME enters at 34.88% APY, replacing $eHYUSD at the top of our tracked list. But the comparison needs context: this is a new entry, so there’s no directly comparable W42 APY for calculating a weekly delta. Elsewhere, most of the higher-yielding strategies remain below their previous levels. The largest decline came from $jrAUTO: 20.48% → 17.88% Meanwhile, $jrONyc and USD* Junior both recovered slightly, while the lower-yielding USDC strategies barely moved. One important detail: these are percentage-point changes, not percentage changes. And remember: High APY can reflect first-loss exposure, structured credit risk or temporary incentives. Points and boosted rewards can also affect the headline return. A new leader 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 🫡

🫡 Solana Yield Playbooks V2 #2 of 4 xStocks Bucket The Points Maximizer bucket existed because points were the biggest optionality play on Solana. Something more interesting just showed up. ── Why this bucket exists xStocks are US equities as SPL tokens on Solana. Each one is backed 1:1 by a real share held with a regulated custodian. The numbers since V1 in April: → $3B lifetime volume then. $5.77B in Q2 2026 alone → Nasdaq announced a partnership to bring tokenized equity markets to Solana DeFi → @kamino holds 82.6% of tokenized stock lending ($31M of $53M) → 92% utilization on Kamino's equity market → 95% of global on-chain equity trading happens on Solana Only 5% of tokenized equities have entered DeFi lending. The market is early. The infrastructure is already here. The Points Maximizer stacked optionality on top of stable yield. This bucket plays a different game. These are equity positions worth holding on their own. DeFi yield, xPoints and dividend pass-through sit on top. ── A different filter Bucket 1 runs a three-filter test. This one can't. The yield has no single cash flow to trace. It blends equity appreciation, LP trading fees, lending yield and xPoints optionality. That makes xStocks its own category. Not conservative stable. Not RWA income. So the test changes: would I hold this equity with zero DeFi yield and zero points? $SPYx → yes, broad S&P 500 exposure $STRCx → yes, conviction on Strategy plus dividend pass-through $NVDAx → yes, single-stock semiconductor exposure If the answer is no, the DeFi layer alone won't cover the equity price risk. ── Three positions. Three execution layers. $SPYx S&P 500 index → LP strategy → 7x xPoints The core position. Lowest volatility, broadest exposure, most defensible LP. Deploy SPYx into @Raydium or @orca_so pools. Earn trading fees from the deepest on-chain equity liquidity on Solana. Stack 7x xPoints on top. Kamino's 92% utilization shows real demand for xStocks as collateral, and that demand drives LP volume. The fees come from traders borrowing SPYx for directional bets. No incentives needed. SPYx anchors the bucket. Size it largest within the 15%. $NVDAx NVIDIA single stock → Kamino collateral → 5x xPoints Deposit NVDAx on Kamino. Borrow USDC at 50-60% LTV. Put that USDC into Kamino stable vaults or ONyc. You earn equity appreciation on the collateral, lending yield on the borrowed capital, and 5x xPoints on the equity. Equity collateral needs a wider buffer than stable loops: 25% minimum, versus 10%. NVDAx can move 15% in one session. LTV compresses in hours. Set the deleverage trigger before opening the position, never mid-move. Size NVDAx smallest. Highest upside, highest price risk. Never the anchor. $STRCx Strategy (formerly MicroStrategy) → hold → dividend + xPoints The simplest position here. Deposit once. Collect dividends on-chain as they accrue. Earn xPoints at the base rate. STRCx is the only xStock in the bucket with dividend pass-through. Holders get paid directly on-chain with zero active management. That separates it from a pure price play. If you believe in Strategy's direction and its on-chain capital market thesis, the dividend pays you while you wait. ── xPoints, the optionality layer No TGE confirmed. No conversion ratio. No timeline. I say it plainly because the Points Maximizer got this wrong. It sized for airdrop upside nobody guaranteed. xPoints should ride on top of positions you'd hold anyway. Never the reason to hold. The structure: → LP on Raydium / Orca: 7x → Lending / collateral on Kamino: 5x → Wallet hold: base rate → Early adopter wallet connection: permanent 20% bonus, still available If xPoints converts at a meaningful valuation, this bucket wins more. If it doesn't, the equity exposure and DeFi yield still justify the allocation. That's how to hold a pre-TGE points program. ── Sizing: why 15%, never more This bucket carries equity price risk the other three don't. SPYx can drop 15% in a week. NVDAx can move 30% in a day. A 30% drawdown on a 15% allocation hits the portfolio by 4.5%. Meaningful but survivable. The rest keeps compounding. At 25%, the same drawdown costs 7.5%. That changes the math on everything else. 15% is the ceiling. Within it: SPYx largest, STRCx mid, NVDAx smallest. NVDAx deleverage rule: LTV hits 65%, reduce immediately in a single move. No gradual adjustments on a single stock running 50-60% LTV. ── What I watch weekly → Kamino xStocks utilization: 92% is the benchmark. Below 80%, LP fees compress and the thesis weakens → xPoints updates: any multiplier change, season end or TGE signal moves this from B-tier to A-tier optionality instantly → NVDAx LTV buffer: checked most often. Equity volatility moves fastest → STRCx dividend schedule: when the next on-chain payout lands → SPYx LP fee APY: the actual earned rate, not the implied one. Utilization holds, fees follow ── I keep 15% of total allocation here. SPYx anchors. STRCx brings conviction and dividend carry. NVDAx is the directional single-stock bet. The Points Maximizer earned its retirement. The market built something better ── Playbook V2 #3 next: Kamino Loop Bucket 11 months of ONyc data. Theory became track record. And the track record changed my allocation.

Why pay perp funding on your whole position when you can pay borrow costs on just the debt? @kamino Multiply lets you turn SOL, PAXG or xStocks into leveraged positions by borrowing stablecoins against them.

🧭 DeFi Loop Radar Week #43: AUTO / wYLDS Fixed Rate The Rollover 🫡 Six weeks ago this loop launched with one promise. Lock your borrow rate. Hold for 30 days. No surprises. The first term just expired. Loans rolled over automatically. Positions stayed open. Nobody lifted a finger. Promise kept. 🧠 What Just Happened AUTO/wYLDS Multiply positions hit their rollover window after 27 days. @kamino refinanced every loan into a new 30-day term at the same fixed rate. No close. No repay. No reopen. One whale just locked another 30 days at 5.30% fixed borrow cost. Position still running. Spread intact. 📊 Since Week #37 Launch APY: 24.68% Today: 30.38% at the same 5.30% fixed rate Deployed across AUTO/wYLDS vaults: $66.93M The vaults filled completely. $66M backed the fixed-rate thesis, and APY climbed while it happened. 🧠 Why Fixed Rate Matters In A Loop Variable-rate loops share one risk: borrow costs spike and flip the spread mid-position. Fixed rate removes that for the term. 5.30% locked for 30 days means the math is set on day one. No watching the rate curve. No surprise inversions. A defined carry trade for a defined period. Rollover carries that certainty into the next term. ⚙️ How Rollover Works After day 27: → Kamino looks for a new compatible fixed-rate reserve → Found: loan rolls into a new 30-day term at the same rate → No fixed liquidity: position can switch to variable if you opted in → Neither: Auto-Repay gradually sells collateral to clear the debt after maturity Right now there's enough liquidity for essentially every AUTO/wYLDS position to roll. ⚠️ Risks Rollover liquidity: if fixed-rate liquidity runs short at term end, positions may shift to variable or trigger auto-repay AUTO credit risk: yield depends on how Agora's auto loan pool performs Liquidation buffer: 2 points (78% → 80%), the tightest RWA buffer in this series. Size carefully Smart contract risk: Kamino + Hastra + Figure layers Fixed rate. Defined term. Not risk-free. 🎯 Why This Is The Trending Loop → 30.38% APY, up from 24.68% at launch → $66.93M deployed, real conviction at scale → First auto-rollover executed cleanly → Borrow rate locked for another 30 days → U.S. auto loan yield as collateral, uncorrelated to crypto volatility → Only on Kamino The best carry trades run themselves. That's your trending loop this week 🧭🫡

Stablecoin looping, automated rate optimization, diversified exposure, and 13% APY over the past 30 days. @lifted_fi is making yield farming much easier to manage. Built on @kamino , with tranching coming next? Now you have my attention. 🫡

You’re not supposed to get 40% APY on stablecoins. Yet here we are. 👀 Meet @reflectmoney where you can choose between protected yield and amplified yield across different onchain markets. The idea is simple: 🛡️ Protected = lower yield, more downside protection. ⚡ Amplified = higher yield, but more risk if things go wrong. Here’s what the markets currently show: • $reUSD: 5.51% / 11.98% • $PRIME: 24.01% / 37.33% • syrupUSDC: 15.08% / 23.13% • $eHYUSD: 23.32% / 38.36% (Protected / Amplified ) And there’s another layer The eHYUSD market also offers @hylo_so points: 3x on protected deposits and 6x on amplified deposits, on top of the current APY. Protected deposits also earn Reflect Points. So you’re looking at yield today, with potential points upside from the underlying ecosystems. The catch? Higher APY isn’t free money. Understand the risk of each tranche before depositing.

RWAs only matter if you can use them onchain. @NysaFinance just opened its first credit market. Borrow USDC against @Ondo USDY on Solana. Real-world collateral → onchain credit → live DeFi markets. Excited to watch this one grow 🫡

🫡 Last week on Solana was all about market structure. Tokenized assets hit records. Onchain equities broke free of market hours. Privacy and structured yield took big steps forward. Everything you missed in 90 seconds 👇 ⸻ 📈 TOKENIZED ASSETS ARE SCALING → @solana tokenized-equity supply hit a record $684M, up 47% in three weeks. → @xStocksFi crossed $7.5B in cumulative Solana volume, with 800K+ holders and 1,000+ tokenized assets. → 65% of Solana tokenized-stock volume happened outside U.S. market hours. Wall Street's clock no longer applies. → @Ondo passed $500M in tokenized real-world assets on Solana. → @BackpackOnchain's $SPCX did $80M+ in weekend volume, then became Sunrise's most widely held asset: 86K+ holders, $1.5B+ cumulative volume. → Backpack launched $RIOT, redeemable 1:1 for Riot Platforms shares. Tradable on Raydium and Jupiter through Sunrise. → Backpack added 16,300+ holders in 24 hours. xStocks added 7,100. Binance bStocks added 4,200. → @sunrise listed $ASTER, $XPL, $TSM and $CMG. → @LaunchOnSF now lets you trade baskets of tokenized assets. First one, Frontier, bundles OpenAI, Anthropic, Meta, SpaceX and Google. ⸻ ⚡ FASTER, MORE PRIVATE, MORE ACCESSIBLE → @solana scheduled Alpenglow for October 21. Target: transaction finality in ~150 milliseconds. → @solana ranked #1 for stablecoin transfers in September: 557M transfers, up 33% from August. → @CredibleFin processed $1B+ in payment volume on Solana. → @NEARProtocol introduced private $SOL yield vaults from @kamino, powered by @gauntlet_xyz. Earn yield without revealing your wallet address to the vault. → @solanamobile named @Ledger its first hardware partner. Ledger Atom will integrate with the Seeker App and Solana dApp Store. → @UmbraPrivacy launched V2 of its privacy layer with fresh branding. → @project0 introduced p0, one agent link connecting Claude, Cursor, Codex and x402 to DeFi, including Solana credit markets. ⸻ 🏦 DEFI IS GROWING UP → @ArcherExchange_ launched Archer V2, an institutional-grade spot orderbook on Solana. → @onrefinance launched nONYC, giving exposure to real-world yield from the $800B global reinsurance market through @plumenetwork vaults. → @upshift_fi launched Gamma USDC, a native Solana USDC vault curated by @Gamma_Research_. $7M+ in deposits at open, lending to and looping RWA markets on @kamino. → @NysaFinance is launching its first market. → @reflectmoney launched Solana's first tranching vault: the Steakhouse $USDG High Yield vault, curated by @SteakhouseFi on @kamino. Two risk-return profiles, one vault. → @ExponentFinance's nOPAL tranching market passed $1M, with its cap raised to $3M. About $2.56M sits in protected-yield srnOPAL and $454K in amplified-yield jrnOPAL. → @Loopscale brought srnOPAL loops live at up to 25.2% APY. The senior tranche taps @plumenetwork yield from Brazilian credit-card receivables, with minimum 15% principal protection for a more conservative return. → @zodial_xyz went live, making it simple to loop assets against other assets. → @leaps_finance crossed $200K in options notional volume. → @NolusProtocol added $RAY, $JUP and its first stock market, $NVDAx. Nolus Earn rates hit 11% on $USDC and 12% on $SOL. ⸻ 📊 TRADING IS EXPANDING → @JupiterExchange introduced YOLO: long or short SOL, BTC and ETH with up to 1,000x leverage. The beta passed $1B in volume in under 24 hours. → @PhoenixTrade launched Anthropic pre-IPO perps. Go long or short ANTHROPIC with up to 6x leverage. → @pumpfun added a 0.45% trading fee on mobile, ending months of zero fees. ⸻ 🏛️ INSTITUTIONS AND REAL-WORLD USE KEEP MOVING → @kamino opened a New York HQ and hired senior leaders across private markets and AI to support its U.S. institutional push. → @NOMADZxyz gave every Nomad ID holder 5,000 travel points, worth $50 toward hotels across 1M+ stays. New users can mint an ID to claim. ⸻ 📌 What this week showed Solana's growth no longer hangs on one breakout app. The market infrastructure around it is doing the heavy lifting. Tokenized equities are pulling in holders and volume. Stablecoin transfers keep scaling. DeFi is shipping structured products, and privacy and AI are changing how people use onchain finance. The next phase is making assets useful, tradable and open around the clock. Solana is building the rails for it. 🫡

USDC in your wallet: 0%. USDC in @NolusProtocol Earn: 10.48% APY. The yield comes from real borrowing demand. No token emissions propping it up. Stablecoins should earn while they wait. Put your USDC to work 🫡