Solstice, OnRe, and Hylo provide three different answers to the DeFi play: institutional-level stable income, real-world insurance cash flow, and high-growth DeFi native experiments.

Which of these three paths is more worth taking? As an adult, do I want them all?

🌱 Three different sources of income are taking shape

Solstice, OnRe, and Hylo are not on the same track, yet they happen to cover the three most important types of income structures in current DeFi.

Solstice focuses on the Solana native stablecoin USX, with a TVL exceeding 300 million USD, backed by traditional and crypto crossover institutions such as Galaxy Digital, Bitcoin Suisse, Deus X Capital, and MEV Capital. It represents the trend of 'compressing institutional-level asset management capabilities onto the chain', emphasizing stability, replicability, and sustainability.

OnRe chooses less traveled paths: reinsurance. This traditional market, with a scale of over 750 billion dollars, has long been open only to large institutions. OnRe operates under the Bermuda BMA regulatory framework, combining real premium income with on-chain assets, supported by Solana Ventures, Ethena, and RockawayX, logically closer to long-term cash flow assets.

Hylo is one of the fastest-growing DeFi new forces on Solana, with TVL exceeding 100 million dollars. It focuses on products like hyUSD and xSOL, offering high participation and strong capital efficiency, suitable for users willing to bear higher volatility and pursue growth flexibility.

In summary: one is stable, one is practical, and one is fast.

📊 Where does the yield come from, and how is the risk distributed?

The core competitiveness of Solstice lies in clear revenue sources. The returns of USX mainly come from market neutrality and hedging strategies, with historical data showing an annualized IRR of about 13.9% and no negative monthly records. More importantly, transparency is key; on-chain reserves, Proof of Reserves, and complete audit processes make 'stable returns' verifiable, and its value lies in long-term compound interest.

The revenue logic of OnRe comes from reinsurance underwriting profits, which is essentially the pricing of real-world risks. ONyc assets can be combined in DeFi, retaining insurance cash flow attributes while improving capital efficiency. This type of revenue is insensitive to crypto market sentiment and has inherent hedging value during turbulent cycles.

The appeal of Hylo lies in its mechanism innovation. hyUSD is supported by over-collateralization and protocol revenue, while leveraged assets like xSOL amplify participation efficiency. Behind the high APY is a continuous test of model stability and liquidation mechanisms, making it more suitable for users who understand DeFi structures.

These three correspond to three risk profiles: strategy risk, real-world risk, and mechanism risk. Different strokes for different folks!

🔍 Continue to pay attention to these three types of projects

Being close to money is a good thing; they align with the real evolution direction of DeFi.

First, real yields are replacing mere incentives. Solstice and OnRe do not rely on long-term high inflation subsidies; the revenue sources have real logic, which is an important premise for institutions to start serious allocations.

Second, combinable assets will become amplifiers. Once OnRe's reinsurance assets are accepted by more protocols, its capital efficiency will increase exponentially, which the market has seriously underestimated.

Third, experimental protocols still have value. Hylo provides a testing ground for new models; as long as risk control continues to optimize, it could become an important reference sample for the next stage of stablecoins and leveraged products.

From a configuration perspective, these three types of projects resemble different levels of an asset pyramid, rather than being substitutes for each other.

🧭 Participation Guide

1️⃣Solstice

Guidance: app.solstice.finance/earn-flares

Code: ntwkPZ5pq4

•Link to the official dApp, mint or hold USX, or buy PT/YT

•Participate in YieldVault to obtain stable returns

2️⃣OnRe

Guidance: https://app.onre.finance/earn/leaderboard

•Hold sUSDe through the official platform, enter the reinsurance pool, or buy PT/YT

•Deploy ONyc to Solana DeFi (such as LP, collateral) to accumulate OnRe Points

3️⃣Hylo

Guidance: https://hylo.so/leverage?ref=W184A1

•Mint hyUSD or participate in xSOL, hyloSOL, or buy PT/YT

•Focus on testing activities, points, and community tasks

Solstice and OnRe are more likely to attract institutional funds, while Hylo continues to provide innovation and flexibility to the market. Individuals with different risk preferences can find suitable positions among these three.

DYOR🌹 #Defi