It's likely OnRe's ONyc has reached escape velocity.
AUM is closing in on $270M while unlevered/no-loop yield holds steady above 11%.
It's clear that defi capital sat on the sidelines waiting for the OnRe thesis to de-risk & prove out at scale. It has. ONyc maintains high, uncorrelated yield in size.
Now the rotation out of lower-yielding RWAs into ONyc is underway.