Allez Labs(@AllezLabs):And looping is the junior tranche If you're looping ONyc, one number to watch for: the NAV drawdown that liquidates you. → 1.5x → ~−53% → 2.0x → ~−33% → 2.3x → ~−25% → 2.9x (max) → ~−12% The senior lender is protected by your equity. As the looper, you're the one underwriting the tail. Size leverage accordingly.

2026.07.09 19:02

And looping is the junior tranche If you're looping ONyc, one number to watch for: the NAV drawdown that liquidates you. → 1.5x → ~−53% → 2.0x → ~−33% → 2.3x → ~−25% → 2.9x (max) → ~−12% The senior lender is protected by your equity. As the looper, you're the one underwriting the tail. Size leverage accordingly.

Allez Labs@AllezLabs

2026.07.08 18:07

Lending stablecoins here = the senior tranche: over-collateralised by ONyc, ahead of borrower equity. @onrefinance underwrites catastrophe reinsurance and holds low-risk assets like T-bills and yield bearing stables for its yield. Only ~half the book is currently deployed to reinsurance, which limits drawdown risk and leaves potential redemption capacity. A supplier loss needs both a ~30% ONyc NAV drop and a liquidation failure. @kamino has passed no bad debt to date, across ~$230M of liquidations cleared (280k+ events since 2023).