ONyc is now the #1 Real-World Asset on Solana by DeFi Active TVL

ONyc is now the largest real-world asset on Solana by DeFi Active TVL, with more than $225 million deployed across the network's DeFi ecosystem.

According to DefiLlama, Solana holds approximately $507 million in RWA DeFi Active TVL. ONyc accounts for nearly 45% of that total, more than any other RWA on the network. Across all chains, ONyc ranks #7 by the same metric.

Why DeFi Active TVL matters

Tokenization has brought tens of billions of dollars of traditional financial assets onchain. The next measure of adoption is what happens to that capital once it gets there.

Market capitalization measures the value brought onchain. DeFi Active TVL measures the capital actively deployed across DeFi: supplied as collateral, borrowed against, structured, or deployed into liquidity markets.

ONyc currently holds approximately $279 million in active market capitalization, making it the second-largest RWA on Solana behind BlackRock's BUIDL. More than 80% of ONyc's active market cap is deployed across DeFi.

The comparison illustrates two stages of onchain adoption. BUIDL demonstrates the scale of institutional capital moving onchain. ONyc was built for what comes next: putting that capital to work.

Where the capital goes

ONyc is deployed across Solana's core financial infrastructure:

— Kamino: $166.6M in lending and collateral markets

— Loopscale: $49.3M in lending and leverage

— Exponent: $6.4M in structured yield markets

— Orca, Raydium, and others: onchain liquidity

Together, these markets put ONyc to work across lending, leverage, structured yield, and liquidity infrastructure.

Solana is where RWAs get used

Solana's RWA ecosystem has expanded rapidly alongside its broader DeFi economy. Tokenized RWA value reached approximately $3.6 billion during the second quarter of 2026, up 50% quarter over quarter and more than 500% year over year, making Solana the third-largest network for RWAs.

The network now supports more than $2.3 billion in RWA Active Market Cap and approximately $507 million in RWA DeFi Active TVL. ONyc is the largest single contributor to that active DeFi layer.

What this means for reinsurance

ONyc turns capital backing a regulated reinsurance business into productive collateral within crypto-native financial markets. Holders can earn the underlying reinsurance yield while supplying ONyc as collateral, borrowing against it, looping it, tranching it, or deploying it into liquidity markets.

Reinsurance capital has historically operated within specialized financial markets. ONyc brings that capital onchain, where the same asset generating underwriting returns can also function across DeFi.

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^{Sources: DefiLlama.com; RWA DeFi Active TVL on Solana, OnRe Transparency Dashboard, RWA.xyz, DeFi Development Corp; Q2 Shareholder Letter, Messari State of Solana Q1 2026}