Independent risk ratings & DeFi analytics for @solana
DeFi
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5/ This is the final post in this thread.
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1/ DeFi does not have a yield problem.
It has an information standards problem.
Better data and common standards are essential for DeFi to earn trust and mature into a credible capital market.
We recently launched YieldCompass V2 to close that gap on @solana. ↓
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bpSOL and dzSOL are now live on YieldCompass and tracked across:
Realized APY
Risk rating
TVL
Code status
Exit and Liquidity
Capital allocation (validator breakdown)
And more.
Explore the respective strategy directly on the YieldCompass app.
yieldcompass.fi/
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5/ Exit liquidity and holder concentration are also tracked.
This provides visibility into the liquidity available to support exits and the concentration of strategy ownership across depositors.
Both are continuously updated on YieldCompass.
ALT screenshot of Exit & Liquidity + Holder concentration feature of YieldCompass app
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4/ For each strategy, you can monitor realized APY over time and view its independent YieldCompass Risk Rating, including the full breakdown across the six underlying risk dimensions.
Below is what you would see for Allez SOL Balanced.
ALT screenshot of yieldcompass realized apy + risk radar + risk breakdown feature for Allez SOL (Kamino Vault)
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3/ Capital deposited into these vaults is allocated across different Kamino lending markets.
This means each strategy also depends on the correct functioning of Kamino Lend and the specific markets where capital is deployed.
YieldCompass tracks this allocation, including the underlying market exposure. An allocation to the ONyc market, for example, introduces exposure to risks specific to @onrefinance.
ALT screenshot of Capital allocation feature of YieldCompass app
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2/ All three strategies are built on Kamino Vaults.
The vault program has been audited by 4 independent firms, uses a 5/10 multisig with a 24h timelock, and has operated since May 2025 without a major security incident.
ALT screenshot of Code Status feature of YieldCompass app
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1/ New strategies live on YieldCompass.
@AllezLabs USDC, Allez SOL, & @SentoraHQ PYUSD on Kamino are now tracked across:
Realized APY
Risk rating
Capital allocation
Code status
Exit & Liquidity
And more
Here’s what to know about these strategies + our new app features ↓
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There is a notable outlier on the YieldCompass Yield × Risk Map.
VLP by @thevaultfinance:
14D Realized APY (SOL): 10.16%
Risk rating: B (82.6/100)
TVL: $220k
VLP generates yield by providing SOL liquidity to LST holders and stakers seeking immediate exit rather than waiting through Solana’s unstaking period.
Those users pay a fee for access to that liquidity, which is distributed to VLP depositors.
The yield mechanism is relatively straightforward, while the strategy remains underfollowed, as reflected by its current TVL.
More strategy-level risk and return data available on YieldCompass. Link in bio.
ALT screenshot of YieldCompass Yield x Risk map
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A credible capital market cannot be built on headline APYs, opaque risk and fragmented data.
Introducing YieldCompass V2.
The analytical layer to evaluate and compare yield opportunities on @solana.
Visit the app: yieldcompass.fi/
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VLP remains under the radar: consistently among the top SOL strategies on YieldCompass on a risk-adjusted basis, yet still holding relatively limited TVL.
Realized APY (14D): 8.03%
Risk rating: B (82.6)
TVL supplied: $366k
Here is a recap of how VLP works:
Depositors supply SOL to The Vault’s Unstake Pool and receive VLP.
The pool provides instant exit liquidity to LST holders who want to swap into SOL without waiting through Solana’s epoch cooldown.
Yield comes from the dynamic fee paid by LST holders for this instant liquidity.
The fee starts at 0.025% when liquidity is healthy and scales linearly up to 1% as the pool’s available SOL declines. Of the fees collected, 80% accrues directly to the VLP pool.
Main risk factors to note:
1/ Exit and liquidity
VLP can be redeemed for SOL immediately as long as the pool holds sufficient liquid SOL.
When available SOL is depleted, withdrawals must wait for the underlying LST stake to deactivate, typically one Solana epoch. Exit times may be longer during periods of elevated demand for instant liquidity.
2/ Protocol architecture
The protocol has undergone three audits from Halborn, OShield, and Codespect V2. One critical issue was identified and resolved before deployment.
The upgrade authority is controlled by a 4-of-7 multisig, but there is no onchain timelock between approval and execution.
3/ Counterparties
VLP has no oracle, bridge, or offchain issuer dependency.
Its main dependencies are the SPL Stake Pool program and Sanctum’s stake-pool infrastructure, both of which are among the more extensively audited programs on Solana.
Access the full risk assessment directly on YieldCompass. Link in bio.
ALT screenshot of VLP page on YieldCompass
Another epoch, pool fully used again by people swapping their staked sol for our liquid sol.
Come chill in this pool. ~8% apy on SOL is pretty dope
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SOL lending on @kamino Main Market is currently the top risk-adjusted opportunity on YieldCompass.
Realized APY (14D): 8.13%
Risk rating: B (90.5)
TVL supplied: $199.79M
The elevated yield is being driven by large supplier outflows while borrowing demand stayed constant, pushing utilization and supply APY higher.
However, higher utilization improves lender APY, but also compresses instant exit capacity. Anyone allocating here should evaluate both sides of the trade.
The other side of this is looping risk. Strategies that rely on borrowing SOL from the main market should also be monitored closely, as higher borrow APY can compress profitability and change the risk/reward of the position.
Learn more directly on YieldCompass (link in bio).
ALT chart over time of the realized APY (14d) of SOL across main lending venues on Solana
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INSIGHT: @kamino Main Market is currently offering the highest SOL lending APY among the venues we are tracking.
Current SOL lending realized APYs (14D):
- Kamino Main Market: 7.02%
-Jupiter Lend: 4.85%
-Project 0/MarginFi: 4.33%
ALT screenshot of yieldcompass compare strategies feature where we show the APY of MarginFi/Project0, Kamino Main Market, and Jupiter Lend for SOL lending
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2/ Kamino infrastructure:
Prime runs on Kamino Lend, which has one of the strongest technical setups in Solana DeFi:
-20 audits across 5 firms
-$1.5M bug bounty
-open-source code
-zero historical bad debt
-5/10 Squads multisig with 12h timelock
-isolated market design
ALT screenshot of YieldCompass analysis of technical risk
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We are now tracking Kamino Prime market on YieldCompass.
With over $360M in assets supplied, Prime has become one of @kamino key lending markets, offering attractive USD-based APYs through lending & looping strategies.
Everything you need to know about this market below. ↓
ALT diagram that explain how the Prime market works.
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Again, you can compare the risk of mSOL against any other SOL-based strategies directly on YieldCompass.
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Performance:
mSOL yield is robust. It comes from SOL-native staking economics, not emissions or external risk-taking. But this means it's also tied to Solana’s future inflation path.
You can compare realized APY of mSOL against other SOL-based strategies on YieldCompass.
ALT screenshot of Realized APY comparison chart from YieldCompass
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mSOL by @MarinadeFinance is currently one of the top risk-adjusted SOL strategies tracked on YieldCompass.
-Risk rating: A (the highest score in our framework)
-Realized APY 14D: 5.96% net of fees and unstaking period
Everything you need to know about this opportunity below. ↓
ALT screenshot of YieldCompass Yield x Risk map to understand where mSOL is positioned
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ONyc remains an outlier on the YieldCompass Yield x Risk Map.
TL;DR on how @onrefinance works:
-> Users mint ONyc with USDC.
-> OnRe deploys that capital into short-duration reinsurance deals.
-> Reinsurance is basically insurance for insurance companies: insurers pay premiums upfront to offload specific risks.
-> ONyc yield = underwriting return + collateral yield.
-> If major tail events occur, ONyc holders absorb losses. But in normal underwriting years, premiums exceed claims, generating differentiated yield for holders.
It is also increasingly integrated into major DeFi primitives, with @kamino now one of the main venues for looping ONyc.
If you are using that strategy, make sure you understand what sits underneath the yield.
Full ONyc risk profile on YieldCompass:
yieldcompass.fi/strategy/onr…
ALT Screenshot of Yield x Risk map of YieldCompass that shows OnRe as an outlier strategy.
this whale made $15k passively in 30 days.
that’s $500 a day, doing nothing.
> how? he deposited $1M into the $ONyc loop on @kamino, earning ~20% APY from reinsurance yield.
good for him, but the cool part here is that anyone can replicate the exact same strategy at any size:
- $100k deposit: ~$20k a year.
- $10k deposit: ~$2k a year.
- $5k deposit: ~1k a year.
doesn’t matter who you are or where you live, DeFi lets you access these strategies and start generating yield today.
@onrefinance has made reinsurance yields accessible to retails.
and @kamino allows you to loop them.
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Light mode is now live on YieldCompass.
Small UX upgrade, but same goal in mind: making Solana DeFi strategies comparable on a like-for-like basis.
ALT screenshot of YieldCompass website in light mode.
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Elemental USDG Optimizer is live on YieldCompass Here are the main risk takeaways from our assessment.
How it works:
Depositors supply USDG and receive vault shares that appreciate as borrowers pay interest across Kamino markets. An active curator (Elemental) reallocates capital across the different markets at its discretion under an aggressive mandate.
Main risk factors:
1/ Infrastructure:
Built on Kamino's lending + vault infrastructure (5 auditors, 20 audits, zero exploit history, zero bad debt, 5-of-10 multisig, 12h timelock).
Pricing runs through Scope, Kamino's oracle aggregator (Pyth, Switchboard, Chainlink, Redstone), with TWAP/EWMA smoothing and price bands. A robust setup.
As in all of DeFi, residual smart contract risk exists - but Kamino is one of the most battle-tested DeFi protocols on Solana.
2/ Curator discretion
The Aggressive mandate lets @elementaldefi shift into similarly novel markets at any time. This can drive higher yield volatility, and potentially higher risk.
Elemental Fund has operated on Solana since September 2022. The team is pseudonymous but has demonstrated high operational standards - though a separate Elemental USDC vault had limited exposure to the April 2026 Drift exploit.
Worth noting: Elemental has no power to withdraw holder funds. Its authority is limited to allocation decisions.
3/ Counterparty:
The vault is currently ~80% allocated to the OnRe Market - the first tokenized reinsurance product onchain. Product is BMA-regulated but less than a year old, and its strategy is fat-tail-prone by the nature of the business.
~20% is also allocated to the Solstice vault.
Worth noting: a problem in OnRe or Solstice carries directly into this vault. If collateral value drops faster than liquidations clear, the resulting bad debt is absorbed by depositors.
4/ Exit & Liquidity
No lockup on the depositor side. Withdrawal is instant when buffer liquidity is available, but is otherwise constrained and depends on two layers: the vault buffer (~5–10%) and the underlying reserve.
The Aggressive profile permits allocation to thin isolated markets, where high utilization can slow capital recall under stress.
Full risk-to-reward assessment on YieldCompass: yieldcompass.fi/strategy/kam…
if you're looking for flexible and high APY stablecoin yield, stop scrolling.
intern got your back.
the Elemental USDG vault on @kamino has been outperforming every vault recently:
90D APY → 7.8%
7D APY → 8.5%
Today → 10.5%
why is the APY so high?
USDG borrowers on @kamino receive incentives through multiple campaigns, which keeps borrow demand consistently high.
at the same time, the supply of USDG is still relatively small compared to larger stablecoins like USDC and PYUSD.
more borrowers competing for a smaller lending pool = higher yield for depositors.
on top of that, @elementaldefi actively reallocates capital across @kamino markets to maximize returns.
they charge a 0.5% management fee for managing the vault, so delivering strong performance is in their best interest.
what about the risks?
intern is putting together a long-form post tomorrow on how to evaluate risk for any lending vault including this one.
you don't want to miss it.
follow @kaminointern.
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As DeFi matures, capital allocators deserve accurate, up-to-date information about yield strategies.
YieldCompass exists to close that gap.
This goes deeper than a normal dashboard. We combine two key offer you can't find anywhere else: Risk ratings from in-house, transparent methodology. Realized APY measured from onchain state, net of fees and cooldown period.
Every piece of information you need to make a thoughtful allocation decision, in one intuitive interface.
yieldcompass.fi
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Three new Kamino vaults are live on YieldCompass:
-USDC Optimizer from @elementaldefi
-CASH Earn from @gauntlet_xyz
-USDC Balanced from @SteakhouseFi
You can now compare their risk-reward profiles against any strategy tracked on YieldCompass.
yieldcompass.fi
ALT announcement image for YieldCompass new listing
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Learn more about mSOL's risk and reward on YieldCompass:
yieldcompass.fi/strategy/mar…
ALT YieldCompass Yield x Risk Map to understand where mSOL sits
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mSOL by @MarinadeFinance is live on YieldCompass.
The first Solana LST, live since August 2021, mSOL delegates deposited SOL across 100+ validators via Marinade's strategy engine.
More on how it works and where risk sits below. ↓
ALT announcement image of mSOL listing on YieldCompass
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New feature live: one-click realized APY comparison across the Solana DeFi universe.
Line up any strategies covered on YieldCompass and compare what you actually earn net of fees, side by side.
yieldcompass.fi/
ALT Announcement image of a new feature to compare realized APY of any strategy covered on YieldCompass side by side. The image is mostly a screenshot of this feature with a touch of YieldCompass brand identity.
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Each transaction swaps the pool SOL for an LST. The LST is then unstaked back to native SOL so that pool liquidity is replenished.
ALT image to explain how VLP work in detail
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VLP by @thevaultfinance is live on YieldCompass.
VLP represents a share in The Vault's Solana Unstake Pool, fronting SOL to LST holders seeking instant exit.
8–9% realized APY from organic fees.
Key takeaways from the strategy below. ↓
ALT Image to announce that VLP from Vault Finance is Live on Solana.
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Capital structure
Loans are overcollateralized at ~120–170% LTV, with collateral such as BTC, ETH, SOL and stablecoins held at qualified custodians.
Losses require borrower default + collateral value falling below loan value.
ALT image that describe the loan composition of syrupUSDC
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Main risk identified:
ALT image that summarizes the main risk factors YieldCompass identified for syrupUSDC on Solana
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How syrupUSDC works
syrupUSDC represents a claim on Maple’s institutional lending pool on Ethereum, made accessible on Solana through Chainlink CCIP.
NAV increases as the pool earns interest from borrowers such as market makers and prop trading firms, net of losses/defaults.
ALT image to explain how syrupUSDC on Solana work
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syrupUSDC by @maplefinance is live on YieldCompass.
Maple is the largest onchain institutional credit strategy, with $2.14B+ AUM and $185M on Solana.
Yield is generated from secured loans to institutional borrowers.
Key findings from our latest risk assessment below. ↓
ALT announcement image that syrupUSDC from Maple is live on YieldCompass
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@backyard_fi is integrating YieldCompass data into its DeFi allocation platform.
Users can access realized APY and risk ratings for every strategy in YieldCompass coverage, surfaced directly within Backyard's allocation flow.
Live soon.
ALT announcement image between yieldcompass and backyard finance
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3/ Tail-risk exposure
Reinsurance is fat-tail prone: steady premium in normal years, large losses in the worst.
OnRe's models imply avg 12.01% return, no-cat 15.76%, ~1 in 9 chance of a losing year.
Implication: tail events may materially erode prior gains.
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Capital structure:
Backing capital sits outside the smart contract in trust with BNY Mellon and Clarien Trust under Bermuda SAC law.
A contract exploit does not grant access to underlying assets. Contract and capital risk must be compromised independently.
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How ONyc works:
ONyc is a token representing a fractional claim on a portfolio of reinsurance contracts underwritten by OnRe. Capital is held offchain; NAV is reported onchain.
Yield comes from premiums paid by primary insurers for catastrophe and specialty risk coverage.
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Risk analysis of ONyc by @onrefinance.
ONyc is one of the fastest-growing RWA strategies on Solana, with $160M+ TVL and 8-10%+ APY. It also pioneers a new asset class onchain: tokenized reinsurance.
Key findings from our latest risk assessment below. ↓
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Now live on YieldCompass: ONyc tokenized reinsurance by @onrefinance.
Realized APY tracking, risk rating, strategy comparison, all in one place.
ALT announcement image from YieldCompass of a new listing: ONyc Tokenized Reinsurance (OnRe)
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Introducing the Risk × Yield Map.
Risk and Return are the two variables that matter in DeFi, but are difficult to evaluate together. Yield data is fragmented. Risk assessment remains qualitative. The trade-off every allocator makes is hard to visualize.
We're changing that. ↓
ALT Announcement image of a new product feature YieldCompass is launching: Risk x Yield Map
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YieldCompass is live on @legendsdotfun.
We are the ultimate search engine for yield opportunities on Solana with transparent risk ratings & realized APY tracking.
Take a look and upvote us below.
legends.fun/products/3b8b7e3…
ALT Partnership announcement between YieldCompass and Legends.Fun
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6/ How we assess risk:
Each strategy is scored across 3 categories: Strategy, Technical & Counterparty.
Within each, specific criteria are rated Low / Medium / High, then rolled up into a category score.
Category scores are then aggregated into a single overall score & letter rating.
The framework prioritizes clarity & generalizability over unnecessary complexity.
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3/ Our mission with YieldCompass is to help users on @solana evaluate DeFi strategies clearly, objectively, and transparently.
yieldcompass.fi
ALT screenshot of yieldcompass landing page
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1/ The problem with DeFi today:
APYs are unreliable. Protocols cherry-pick timeframes & use inconsistent methodologies.
Risk is poorly understood.
And while large LPs have models & analysts, individuals rely on vibes: "I put my SOL here because a KOL said it was a good farm."
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