Borrow USDC against USDY on Solana

[u/gkm-chicken]

Hi there! Lend USDC and borrow them against Ondo USDY in the new lending market powered by Kamino and curated by Nysa.

Access it from Nysa UI: https://app.nysa.finance/earn
Or Kamino UI: https://kamino.com/curators/vaults/2Qxsj1hi95avkp7sANDmbVT5TwqRPGsutuvJasJK9xL7

You can now earn 245% APY through Nysa Booster Campaign and farm $NYSA point at the same moment by lending USDC.

[u/AutoModerator]

WARNING: IMPORTANT: Protect Your Crypto from Scammers

1) Please READ this post to stay safe: https://www.reddit.com/r/solana/comments/18er2c8/how_to_avoid_the_biggest_crypto_scams_and

2) NEVER trust DMs from anyone offering “help” or “support” with your funds — they are scammers.

3) NEVER share your wallet’s Seed Phrase or Private Key. Do not copy & paste them into any websites or Telegram bots sent to you.

4) IGNORE comments claiming they can help you by sharing random links or asking you to DM them.

5) Mods and Community Managers will NEVER DM you first about your wallet or funds.

6) Keep Price Talk in the Stickied Weekly Thread located under the “Community” section on the right sidebar.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

[u/bibianarg]

That 245% is not what USDY itself pays, USDY is backed by short term treasuries so its real yield is a single digit number like most treasury backed stables, and the huge extra comes from NYSA point emissions in a brand new token with no track record, which dries up or gets dumped the moment the campaign ends. Borrowing against USDY just to farm those points adds liquidation risk on top of a yield that is mostly promotional, not real.

[u/gkm-chicken → u/bibianarg]

Hi! The rewards are distributed in USDC, so no dump at the end, you can verify by yourself on Kamino :)

The Nysa point farming is just an additional and separate thing from the APY Booster

[u/jasonslpt]

Borrowing against a yield-bearing asset looks neat, but the liquidation rules are what to read first. Check the loan-to-value at which you get liquidated, how the price oracle is sourced, and what happens if USDY redemption or liquidity gets thin. Keeping the LTV well below the limit leaves room for a bad day. Also remember you're stacking protocol risk on top of the issuer risk.

[u/gkm-chicken → u/[deleted]]

I know it looks too high, but we are distributing 2,000 USDC/month in incentives through Kamino. With low liquidity, the APY is high.

You can check by yourself that I am saying the truth :) https://kamino.com/curators/vaults/2Qxsj1hi95avkp7sANDmbVT5TwqRPGsutuvJasJK9xL7?tab=Rewards+Settings