🫡 Last week on Solana was a full-stack finance week. RWAs crossed another major milestone. But the bigger story? What happened around them. Stocks became collateral. Tokenized assets became perps. USDC moved cross-chain into Solana. RWA yield became lending infrastructure. DeFi protocols built the rails underneath it all. Here's everything you missed in 90 seconds👇 ⸻ 🏦 RWAs Keep Accelerating • Solana RWA ecosystem surpassed $4.40B total value. • RWA holders surged 424K → 604K+ in one week. • Tokenized equity holders surpassed 800K. • @onrefinance crossed $300M AUM. • @sunrise surpassed $26.3B cumulative trading volume across 77 crypto, tokenized stock and ETF assets since January 2026. • @Raydium recorded $700M weekly high in tokenized equity volume. • @xStocksFi generated $500M+ tokenized asset volume in 10 days on Solana. → SPYX on Raydium led. • @solflare added 600+ tokenized stocks—Nike, Disney, Reddit. • @Backpack enabled stocks and ETFs with perp markets as collateral for borrowing, futures and margin trading. ⸻ 💰 Tokenized Assets Become Financial Primitives • @Backpack Securities opened public access to its mint & redeem API. → Developers can now programmatically issue and retire tokenized securities on Solana. • @Securitize brought HINC live on @Loopscale. → Borrow USDG against high-yield fixed-income collateral. • @Tokens launched equity perpetual futures for Amazon and AMD on Backpack. • @apys_co introduced a model where users earn exposure to tokenized stocks—NVDA, AAPL, MSTR, SPCX—from USDC yield while keeping principal intact. • @DawnInternet launched USD Infra Vault. → AI infrastructure RWAs with lending through Kamino and Orca. • @HawkFi_ integrated $FLWS, issued by Backpack Securities through Sunrise. • @MeteoraAG surpassed 80M $MET staked. → Token launches can now pair with Backpack's tokenized stocks. ⸻ 🪐 Kamino Goes Institutional • @Kamino attracted $50M+ through Binance Wallet in under 24 hours. • Kamino partnered with @galaxyhq to launch institutional USDC and USDT lending vaults. → 29 curated vaults now. • Kamino added $20M capacity to its institutional Commodity Yield Vault targeting 7%+ yields. • Kamino integrated USDC into its Auto Market. → Borrow against tokenized near-prime U.S. auto loans targeting ~8% APY. • Kamino appointed @WeiszM, Yieldstreet co-founder, as CEO for institutional growth and U.S. expansion. ⸻ 🔄 Jupiter Connects The Ecosystem • @JupiterExchange launched Universal Deposit. → Convert assets from Ethereum, Base, Arbitrum and Sui into USDC on Solana for $0.30. • @Jup_Mobile recorded $607M August trading volume. → Earn, Borrow and Strategies now integrated directly into the mobile app. • Jupiter announced retirement of its Juiced Leverage Loop—borrowing limits winding down ahead of late-September shutdown. • @Jupiter_Trade launched the Stonkfun Launchpad Screener. → Custom asset pairing, instant tradability, AlphaScan filters and token audits. ⸻ ⚡ Trading Gets More Sophisticated • @PhoenixTrade now lets users use SOL as collateral for perpetual positions across 60+ markets. • Phoenix rolled out multicollateral support, including SPCX collateral for SPCX perps. • @BulletXYZ launched 24/7 RAY perpetuals with up to 10x leverage. • @Solflare surpassed $65M perp volume in its first three weeks. • @PerpsPadfun launched a launchpad for coins backed by perpetual markets, powered by Meteora and Phoenix. • @FudMarkets launched permissionless short-term prediction markets on mainnet—5-minute to 24-hour timeframes. • @NolusProtocol upgraded its Margin Markets experience, improved partial-liquidation displays and added ZEC, PUMP, JLP and cbBTC markets. ⸻ 🧪 New Ways To Launch • @LaunchOnSF promoted meme coins paired with 49 real-world assets supplied through Backpack. • @MultiPairFun launched multi-market token deployments paired with baskets of tokenized stocks. • @Raydium LaunchLab-style infrastructure keeps expanding into custom asset pairs. • @hylo_so added a new XP mechanic. → Memecoins paired with an xAsset qualify for Hylo XP while market cap stays above $1M. • @Loopscale users can now loop Hylo assets for additional yield, backed by $40K in HYUSD incentives. ⸻ 📈 DeFi & Ecosystem Growth • @backyard_fi crossed $1.2M TVL. • @craftsdev introduced private startup rounds on Crafts—early access available through its official page. • @elementaldefi announced V1 Vaults will sunset December 31. → Users can migrate positions to V2 with a one-click flow. • @_gammafi upgraded its documentation with deeper visibility into agent execution, risk controls, onchain NAV, security and APIs. • @joinfrontier surpassed 24K Frontier Card claims. ⸻ ⚠️ One Shutdown • @Switchboardxyz announced shutdown after operating since 2021. → Support ends September 25, 2026—users urged to migrate to alternative oracle providers. ⸻ 📌 What This Week Showed The RWA narrative is changing. A tokenized stock isn't just something you hold. It's: → collateral → a perpetual market → a lending position → a launch-pair asset → a yield strategy And the infrastructure underneath is connecting. Kamino. Jupiter. Backpack. Meteora. Phoenix. Loopscale. Raydium. That's the shift. Solana isn't simply tokenizing more assets. It's building the financial primitives around them. This was the week Solana started looking less like a collection of DeFi protocols... and more like a connected onchain financial market. 🫡

I've been running the ONyc/USDC loop for a while. With my $5K at max 2.9x leverage, I'm effectively borrowing around $9.5K USDC. Until now, that borrowing cost has been floating. @kamino Fixed Rates changes one important part of the equation. At 8% fixed, my $9.5K borrow costs: → $760/year → $62.50 over 30 days Now imagine USDC borrow rates move to 12%. Same position, same leverage, but financing costs jump to $94 for the month. At 15%, it's $117. With the fixed rate, I know the financing cost before I enter the loop and can lock it for the term. For a looper, that's a big deal. You can calculate the spread upfront instead of watching the borrow rate eat into it every time utilization moves. Fixed rates don't make the ONyc yield higher. They make the cost of leverage predictable. And when you're running leverage, predictable financing is worth a lot.

$17.3B in stablecoins on Solana. 👀 That’s a massive pool of capital looking for somewhere to earn. Stablecoin yield is about to get very interesting. 🫡

🫡 Hidden Upside Radar W39 2026 APY tells you what you earn today. This tells you what you're positioned for. ⸻ 1️⃣ $ONyc – @onrefinance 11.02% APY | Points: 9/10 | Tier: B ↑ Off leaderboard → Total upside rank #1 Twenty-four consecutive weeks at #1. First meaningful APY move in months: ▼0.52% this week. One data point. Not a trend yet. Still the most consistent yield on the board. Still first on total upside while syrupUSDC Junior sits at 32.90%. The multiplier stack: → 16x on yield trading via @ExponentFinance → 6x looping ONyc/USDC on Kamino, looping ONyc/USDG on Kamino → 6x on jrONyc risk tranching at 21.37% APY → 4x via Loopscale vault strategy and Elemental vault → 3x on lending Twenty-four weeks. One protocol. #1 every single edition. ⸻ 2️⃣ $jrEHYUSD – @hylo_so + @ExponentFinance 26.14% APY (▲5.16%) | Points: 7/10 | Tier: B Strongest upside move on the board this week. Up ▲5.16% while most junior tranches compressed. The eHYUSD/USDC loop boost closed yesterday. Standard Hylo Season 1 XP mechanics resume from here. 6x Hylo XP on positions. eHYUSD rewards still active. The urgency window closed. The accumulation season didn't. Hylo Season 1 still running. Token unconfirmed. No fixed end date. jrEHYUSD stays on the Radar. The points case holds without the boost. Just without the time-limited premium. ⸻ 3️⃣ $USDC – @loopscale + @ExponentFinance (OnRe Growth Vault) 10.47% APY (▲0.26%) | Points: 8/10 | Tier: B Small recovery after three weeks of compression. Back above 10.40%. The three-layer stack keeps this at #3 despite lower APY than everything above it: Loopscale points. 4x ONyc external points. ONyc rewards as visible yield. Eighteen consecutive weeks in the top 4 on total upside. The APY trend is the watch item. Two consecutive positive weeks after the trough suggests stabilization. If it holds above 10% next week, the compression phase looks complete. ⸻ 4️⃣ $jrONyc – @ExponentFinance 21.37% APY (▼2.03%) | Points: 7/10 | Tier: B Second consecutive week of compression after the ▲1.51% recovery. Still above 20%. The floor from the W31 correction held. First-loss reinsurance structure unchanged. 6x points boost stacks directly on the ONyc ecosystem. Tied at 7/10 with jrEHYUSD and Backyard. Ranked below jrEHYUSD on this week's momentum. ⸻ 5️⃣ $USDC – @backyard_fi (Syntropia Vault) 18.14% APY (▼0.24%) | Points: 7/10 | Tier: B Near-flat. Fourth consecutive week of stability above 17%. Delta-neutral market-making across BTC, ETH and SOL with Hyperliquid hedging. XP program with Season 1 and 2 badge multipliers active. ve(3,3) governance architecture signals a token is part of the model. Consistent. Uncommonly stable for a high-yield position. ⸻ 6️⃣ $syrupUSDC Junior – @reflectmoney 32.90% APY (▼13.07%) | Points: 5/10 | Tier: B Largest single-week compression on the board. ▼13.07% in one week. Still the highest APY on the leaderboard at 32.90%. Still #6 on total upside. The syrupUSDC incentive normalization is playing out exactly as structured products do when liquidity scales into them. Points program exists. Scoring structure remains undocumented publicly. 5/10 cap unchanged. ⸻ 7️⃣ $USD* Junior – @perena (V2) 13.87% APY (▼0.48%) | Points: 0/10 | Tier: A★ Slight cooling. Holding the 13% range after last week's 14.35%. A★ unchanged: Petals claim carries through V2. Token confirmed. Claim window coming. Twenty-four weeks at #7 while consistently ranking top half on APY. ⸻ Weekly signals → ONyc 24 weeks at #1. First ▼0.52% move in months. One data point. Not a trend. Watching next week → eHYUSD/USDC loop closed yesterday. jrEHYUSD returns to standard Hylo XP mechanics. Season 1 still open. Urgency window is not → syrupUSDC Junior ▼13.07% incentive normalization as TVL scales. Still leads the APY board. Still #6 on total upside → OnRe Growth Vault two consecutive positive weeks. Compression trough appears complete. Stabilizing above 10%

Tokenized portfolios are the next step. One token, multiple assets, fully visible onchain. Ondo + BlackRock is a pretty big signal.

🫡 Top Stable Yield-Bearing Tokens of the Week [W39] 2026 Ranked by APY + weekly delta ⸻ 1️⃣ $syrupUSDC Junior – @reflectmoney 32.90% APY (▼ 13.07%) Still #1. But the gap is shrinking. → Junior Amplified exposure with up to 22.56% boosted APY from SyrupUSDC incentives. → Reflect's tranche structure puts Senior in protection mode while Junior absorbs first losses for amplified yield. → Reflect just launched a new $eHYUSD risk market, split into Protected and Amplified tranches. Too early to add to the leaderboard. Early APYs are heavily inflated from incentives + low TVL. Should normalize as the vault fills. ⸻ 2️⃣ $jrEHYUSD – @hylo_so + @ExponentFinance 26.14% APY (▲ 5.16%) Biggest riser in the top four. → jrEHYUSD takes the junior side of Hylo's eHYUSD structure. Absorbs drawdowns for amplified yield. ⸻ 3️⃣ $jrONyc – @onrefinance + @ExponentFinance 21.37% APY (▼ 2.03%) Still above 20%. → jrONyc cooled this week. Remains one of the highest-yielding strategies on the board. ⸻ 4️⃣ $USDC – @backyard_fi 18.14% APY (▼ 0.24%) Barely moved. → The @syntropia_ai USDC Vault runs delta-neutral market-making across BTC, ETH and SOL. Trades hedged on Hyperliquid. → Backyard manages allocation across different strategies. ⸻ 5️⃣ $jrAUTO – @Hastra + @ExponentFinance 17.35% APY (▼ 4.29%) Another week of compression. → jrAUTO delivers amplified AUTO yield while taking first-loss risk on U.S. auto-loan exposure. ⸻ 6️⃣ $USD* Junior – @perena 13.87% APY (▼ 0.48%) Holding the 13% range. → USD* Junior stayed stable after last week's 14.35% APY. ⸻ 7️⃣ $USDS – @kamino 12.11% APY (NEW) A new entry. → Kamino's @elementaldefi vault enters the leaderboard at 12.11%. ⸻ 8️⃣ $USDC – @loopscale + @ExponentFinance 10.47% APY (▲ 0.26%) Small recovery. → The OnRe Growth Vault climbed back above 10% after last week's compression. ⸻ Weekly signals 👇 • syrupUSDC Junior holds #1 at 32.90% • jrEHYUSD jumps to 26.14% • jrONyc stays above 21% • Backyard stable at 18.14% • jrAUTO drops to 17.35% • USD* Junior near 14% • USDS enters at 12.11% • OnRe Growth recovers to 10.47% ⸻ The leaderboard is moving again. $syrupUSDC still owns #1. But the lead is no longer the story. jrEHYUSD jumped more than 5%. jrONyc held above 20%. jrAUTO compressed sharply. Backyard barely moved. And a new USDS strategy entered the board. The pattern? Highest yields are concentrated in junior risk. More yield means more downside exposure. More sensitivity to incentives and market conditions. APY shows you where the yield is. The structure shows you why. That's the stable yield leaderboard this week 🫡

A month ago, @NolusProtocol came to Solana. No massive launch. No overnight TVL explosion. Just a team shipping, improving the product, listening to users and slowly building liquidity. Now they're getting close to $500K TVL. That might not sound huge compared to the biggest protocols on Solana. But context matters. They had to deal with the Osmosis wind-down, rebuild TVL on a new chain and earn trust with a completely new user base. And they're doing it step by step. This is what early-stage growth actually looks like. Great job @BilyanaChristov @kostovster and the whole Nolus team🫡 Still early. Still plenty of room to grow.

🫡 Solana Yield Playbooks V2 6 months ago, I put $10K into a four-bucket framework for Solana yield. The framework survived. The market changed. So I rebuilt the portfolio. —— The new $10K allocation 40% → Stable Yield ($4,000) 15% → xStocks ($1,500) 25% → Kamino Loops ($2,500) 20% → RWA Income ($2,000) Target: → durable yield → capital efficiency → real-world cash flows → upside without compromising the foundation And there are some major changes from V1. —— 1/ 40% - Stable Yield Still the foundation. The definition of "conservative" evolved. V1 was heavily weighted toward senior positions. V2 separates senior and junior exposure as on-chain loss waterfalls become more transparent. Senior: • $eHYUSD • kicUSDC @kamino Institutional Commodity Yield • OnRe Growth Junior: • $jrONyc • $jrAUTO • syrupUSDC Junior The filter stayed the same. The market gave us more ways to apply it. → V2 blended target: ~22% —— 2/ 15% - xStocks The biggest addition to the framework. $SPYx. $STRCx. $NVDAx. LPs. Kamino collateral. xPoints. Dividend exposure. Tokenized equities can now become productive collateral inside DeFi. 15% is deliberate. A 30% drawdown in equities shouldn't force changes to the other 85%. —— 3/ 25% - Kamino Loops V1 had 15%. V2 gets 25%. 11 months of ONyc/USDC and ONyc/USDG looping gave the strategy a real track record across multiple market conditions. New position: reUSD/USDG at ~14%. The strategy depends on the spread between collateral yield and borrow cost. This becomes the most actively managed bucket in the portfolio. —— 4/ 20% - RWA Income RWA has become infrastructure for the portfolio. RETF backed the original thesis with 17 weeks at exactly 14%. ONyc expanded. $AUTO brought US auto-loan exposure into a Kamino-composable structure. More assets. More liquidity. More ways to use the collateral. → Target: ~10% —— The V2 portfolio $4,000 Stable → ~22% $1,500 xStocks → equity + DeFi yield $2,500 Loops → ~17.5% $2,000 RWA → ~10% Base blended yield on the yield-bearing allocation: ~17.9% V1 was ~14.9%. The extra 3% comes from how the stable bucket evolved and how the capital is deployed across the four strategies. —— V1 asked: "Where can I find durable yield on Solana?" V2 asks: "How do I combine yield, capital efficiency, real-world cash flows and upside while keeping the portfolio durable?" Same filter. Different market. Four updated Playbooks. Playbook #1 drops next. 🫡

Imagine opening a 20% loop and finding out halfway through that your financing cost changed. That's the annoying part of leveraged yield. Your collateral yield can stay exactly where you expected. Your borrow rate can move underneath you. @kamino Fixed Rates changes that equation. Know the financing cost before you open the position. Suddenly, building a leveraged strategy starts looking a lot more like actually planning one.

My Solana High Yearbook says: I am most likely to still be ranking APYs in Week 400. Checks out. Solana High Forever! solanahigh.com

🧭 DeFi Loop Radar Week #36: INF / SOL Multiply on @kamino 🫡 The Loop Radar has been quiet for a month. 78.88% APY brought it back. 🧠 The Setup Every LST on the Kamino SOL loop board is near zero or negative right now. JitoSOL: <0%. $BSOL: 2.40%. $MSOL: <0%. $JupSOL: <0%. $INF: 78.88%. The gap is architecture. INF is @sanctumso's Infinity pool, not a standard single-validator LST. Three yield sources running simultaneously: → Weighted-average staking rewards from every LST held in the pool → MEV captured across the validator set → Trading fees generated when users swap LSTs through Sanctum's router Most LSTs capture one or two layers. INF captures all three. Every epoch. Every swap. Every block. When SOL borrow rates compress and staking yield alone can't cover the cost, INF's trading fee layer keeps the spread alive where everything else dies. On Kamino's Sanctum Market, borrow SOL against INF. Three-layer yield in. Native SOL debt out. Key parameters: Max Leverage: 10× Max Leverage APY: 78.88% Max LTV: 90% Average Leverage Taken: 4.59× ⚙️ How It Works One click. Kamino handles the rest. Deposit INF → borrow SOL → swap for more INF → re-deposit → repeat until target multiplier is reached. 100% SOL price exposure retained throughout. Zero depeg liquidation risk. Kamino prices INF at theoretical price. Market depegs won't touch position health. 📊 Why The Market Runs Conservative Max leverage: 10× Average leverage taken: 4.59× 46% of available ceiling. On a 78% APY vault. First reason: $77.77K in liquidity. Thin. Positions drain this fast. Second reason: trading fee yield is variable. INF's APY peaks during high LST swap volume and compresses when activity slows. The market knows. Taking meaningful leverage without chasing the ceiling. Right read. ⚠️ Risks Trading fee variability. INF's APY spikes during high swap volume and compresses when activity drops. 78% is a peak number, not a structural floor. SOL borrow rate spike. Rising borrow costs can compress or invert the spread. Thin liquidity. $77.77K fills fast. Large positions will drain available capacity. 5-point liquidation buffer (90% → 95%). Solid at normal leverage, tighter near the ceiling. Smart contract risk. Kamino + Sanctum layers. Peak yield. Variable by design. Not risk-free. 🎯 Why This Is The Trending Loop 78.88% APY. Highest SOL loop number in this series. Ever. Every competing LST loop on the board is near zero or negative. Three yield sources simultaneously: staking + MEV + swap fees. Zero depeg liquidation risk. Theoretical price protection built in. 100% SOL exposure retained throughout. Sanctum infrastructure powers 1,360+ LSTs and $5M+ in cumulative partner revenue. One month of silence on the radar. One number ended it. Watch the liquidity depth. When it refills, and it will given this spread, the window is short. That's the trending loop this week. 🧭🫡

This is why I’m paying more attention to the financing side of leverage. Price moves are visible. Borrowing costs moving against you are much easier to overlook. Knowing the financing cost upfront removes one variable from the equation. Simple, but important.

USDG OnRe Protected is live on @Loopscale 👀 Up to 25.91% APY looping PT-srONyc, or 13.49% + 4x OnRe Points on srONyc. Senior ONyc exposure, defined risk, and leverage in one place. 🫡

Fixed rates onchain changes the game a bit. For years, DeFi credit has mostly meant floating rates and hoping the economics still work tomorrow. Now Kamino is putting a defined 30-day term and fixed 5.3% rate around an RWA-backed strategy. Much easier to model when the rate has a clock attached to it.

State of Yield on Solana · Week #38 30% APY disappeared. 20% APY held. That difference matters more than the leaderboard. Four signals from this week. 🧵 ── ① JLP just showed how fast yield compresses Last week: JLP/Kamino 99.50% JLP/Jupiter 89.66% This week: JLP/Kamino 30.73% JLP/Jupiter 30.09% Same asset. Same platforms. The difference? Perp-driven fee generation. Volume pulled back. Fees compressed. Loop APY followed. Meanwhile, both platforms still score 18/20 on security. Kamino: $1.94M available. Jupiter: $325M TVL. The lesson isn't that 30% is bad. It's that variable yield needs a mechanism behind it. ── ② ONyc keeps doing the opposite ONyc/USDC: 19.26% ONyc/USDG: 20.38% Both around 2.9x. USDG finally opened after eight editions at zero. $262K available. USDC? Zero available. $91M+ deposited. This is exactly why ONyc stays on the board. The rate has stayed remarkably durable while capacity keeps changing. And the debt asset still matters. Same ONyc collateral. USDC and USDG produce nearly identical economics today. PRIME tells a different story: CASH 10.87% PYUSD 13.41% syrupUSDC: PYUSD 14.33% Different debt market. Different borrow demand. Different trade. ── ③ The stable leaderboard is splitting by risk Top of the board still belongs to junior exposure. syrupUSDC Junior: 45.97% $jrONyc: 23.40% $jrAUTO: 21.64% $jrEHYUSD: 20.98% Then the second group: Backyard: 18.38% gmSTBL: 15.97% USD Junior: 14.35%* OnRe Growth: 10.21% The gap is getting clearer. The market pays a premium for specific downside risk. Junior tranches absorb first losses. In exchange, they receive amplified yield. That's why 45% APY doesn't automatically mean the same thing as 18%. The yield tells you the price. The structure tells you what you're selling to get it. ── ④ ONyc still wins where APY doesn't ONyc is only 11.54% on the base asset. Doesn't even make this week's stable-yield leaderboard. Yet it remains #1 on Hidden Upside Radar for 23 consecutive weeks. The stack: → 16x Exponent yield trading → 6x ONyc/USDC looping → 6x ONyc/USDG looping → 6x jrONyc tranching → 4x Loopscale + Elemental → 3x lending That creates a very different picture from the APY table. APY rank ≠ total upside rank. That's the gap I've been tracking for 23 weeks. ── And there's one clock left The eHYUSD/USDC Loopscale opportunity is entering its final week. 26.5% APY 16 XP/day per dollar at 4x $3.1M deposited ~7 days until hard close After that, the boosted mechanics disappear. This is the final snapshot before the window closes. Then we see what the underlying trade looks like without the temporary incentive layer. ── Week #38 in one read: JLP showed how quickly variable yield compresses. ONyc showed what durable carry looks like. Junior tranches showed where the highest APYs come from. And the debt asset kept changing the economics underneath the same collateral. The APY is the headline. The mechanism is the research. State of Yield on Solana · Week #38. 🫡

$300M+ market size for @onrefinance Supply it. Borrow against it. Build leverage around it.

One thing I think DeFi users underestimate: Knowing your financing cost before opening a position. I was testing a $1,000 USDC position on Nolus: → 3x leverage → ~$2,000 borrowed → 0.52% monthly interest → $0 swap fees shown That means roughly $10.40/month in interest on the $2,000 borrowed. And here's the part I find interesting: The borrowing rate is fixed when the position opens. With floating-rate borrowing, your financing cost can change as utilization and demand change. With @NolusProtocol , I can see the quoted financing cost before opening the position and the rate doesn't float afterward. That's important when you're trying to answer a simple question: “How much is this leverage actually going to cost me to hold?” Leverage isn't just about how much you can borrow. It's also about knowing the cost of carrying the position.

More room for capital to move from crypto-native yield into real-world commodity financing. Watching how quickly this tranche gets absorbed.

🫡 Hidden Upside Radar W38 2026 APY tells you what you earn today. This tells you what you're actually positioned for. ⸻ 1️⃣ $ONyc – @onrefinance 11.54% APY | Points: 9/10 | Tier: B ↑ Off leaderboard → Total upside rank #1 Twenty-three consecutive weeks at #1. Not on the leaderboard this week. Still first on total upside. Four junior tranches above 20% APY. syrupUSDC Junior at 45.97%. ONyc at 11.54%. Still first on total upside across all of them. Twenty-three weeks of the same answer: → 16x on yield trading via @ExponentFinance → 6x looping ONyc/USDC on Kamino ($73M TVL) or Loopscale ($38M TVL) → 6x looping ONyc/USDG on Kamino at 21.02% APY → 6x on jrONyc risk tranching at 23.40% APY → 4x via Loopscale vault strategy and Elemental vault → 3x on lending The floor hasn't moved in six months. ⸻ 2️⃣ $jrEHYUSD – @hylo_so + @ExponentFinance 20.98% APY (▼3.46%) | Points: 8/10 | Tier: B Cooling slightly. Still above 20%. The 6x Hylo XP + eHYUSD rewards structure is unchanged. Final week. eHYUSD/USDC loop closes in ~7 days: → 26.5% APY on the loop → 16 XP/day per dollar at 4x max leverage → $3.1M deposited → Hard close in ~7 days This is the last Radar edition before this window closes. jrEHYUSD holders running the loop are in the final accumulation sprint. After the close, eHYUSD and jrEHYUSD return to standard Hylo XP mechanics and this ranking adjusts. ⸻ 3️⃣ $USDC – @loopscale + @ExponentFinance (OnRe Growth Vault) 10.21% APY (▼1.81%) | Points: 8/10 | Tier: B Below 11% for the first time since the W33 compression trough. Three of the last four weeks negative. The three-layer stack is structurally intact: → Loopscale points → 4x ONyc external points → ONyc rewards as visible yield But the APY trend is worth watching. If it compresses further next week, the ranking conversation opens. Seventeen consecutive weeks in the top 4 on total upside. That track record doesn't disappear in one compression cycle. ⸻ 4️⃣ $jrONyc – @ExponentFinance 23.40% APY (▲1.51%) | Points: 7/10 | Tier: B Recovery after last week's ▼7.28% correction. Back above 23% and climbing. The leveraged reinsurance premium is rebuilding. First-loss structure unchanged: Junior absorbs first if ONyc yield drops below senior target. 6x points boost stacks directly on the ONyc ecosystem. ⸻ 5️⃣ $USDC – @backyard_fi (@syntropia_ai Vault) 18.38% APY (▲0.67%) | Points: 7/10 | Tier: B Edging higher. Fourth consecutive week of positive or flat delta. Delta-neutral market-making across BTC, ETH and SOL with Hyperliquid hedging. XP program with Season 1 and 2 badge multipliers active. ve(3,3) governance architecture signals a token is part of the model. ⸻ 6️⃣ $gmSTBL – @_gammafi 15.97% APY (▲2.06%) | Points: 6/10 | Tier: B Strong recovery. Back above 15% after the compression trough. Biggest positive move outside the junior tranche group this week. gmPoints active with x2 boost campaigns. No token confirmed but the automated USDC allocation model keeps differentiating. ⸻ 7️⃣ $syrupUSDC Junior – @reflectmoney 45.97% APY (▼0.96%) | Points: 5/10 | Tier: B Still the highest APY on the board by a wide margin. Still #7 on total upside. Reflect's points program exists but the scoring structure isn't fully documented publicly. Unconfirmed mechanics cap this at 5/10. Highest APY on the board. Seventh on total upside. Twenty-three weeks of this Radar have produced the same lesson. syrupUSDC Junior is the sharpest version of it yet. ⸻ 8️⃣ $USD Junior – @perena (V2)* 14.35% APY (▲1.21%) | Points: 0/10 | Tier: A★ Recovery continuing. Back above 14% after the V2 reset floor. A★ unchanged throughout: Petals claim carries through V2, token confirmed, claim window coming. Twenty-three weeks at #8 on total upside while consistently ranking in the top half on APY. ⸻ Weekly signals → ONyc: 23 weeks at #1. Not even on the leaderboard this week. Still first on total upside. That's the series. → eHYUSD/USDC loop: Final week. 16 XP/day at max leverage. Closes in ~7 days. Hard close. Last call. → OnRe Growth Vault: Three of four weeks negative. 8/10 points keeps it at #3 but the APY trend is the thing to watch next week. → jrONyc: ▲1.51% recovery. Rebuilding after the ▼7.28% correction. Premium finding its floor. ⸻ APY rank ≠ total upside rank. That gap is where the alpha lives. Full leaderboard every week. Hidden Upside Radar alongside it. 🫡