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web3: Kamino launches PAXG lending market, supporting USDG lending using gold as collateral.
SolanaFloor
07-29 01:42
Ai Focus
Kamino launched the PAXG lending market on Solana, allowing users to borrow USDG using tokenized gold as collateral, and the platform's RWA market size expanded in tandem.
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Kamino has launched a new PAXG lending market on Solana, allowing users to deposit tokenized gold, Pax Gold (PAXG), into the platform and use it as collateral to borrow USDG. For users holding gold tokens, this means they can obtain on-chain liquidity without selling their assets.

Support gold-backed loans

The new marketplace was orchestrated by Steakhouse Financial. According to Kamino, users can buy PAXG, deposit it into the platform, and then borrow USDG at an annualized interest rate of 1.9%.

PAXG is backed by physical gold. Each token represents one troy ounce of London-deliverable gold bar, held in custody by the Paxos Trust Company. The article mentions that the reserves are audited monthly.

The market adopts an independent setup

Kamino designed the PAXG market as an independent and segregated lending pool, with its own risk parameters and oracle infrastructure. This means that the collateral ratio and borrowing cap for this market are not directly shared with other asset pools on the platform.

In terms of price data, the PAXG market uses Chainlink oracles to provide references for collateral valuation and loan amounts.

OnRe and Ethena continue to grow.

Kamino also disclosed that the RWA-related market on its platform continues to grow. Specifically, the OnRe market surpassed $200 million last week and currently exceeds $206.1 million.

  • Total supply is approximately US$206.1 million.
  • Approximately $127 million of ONyc was used as collateral.
  • The mortgage loan amount is approximately US$69.7 million.

Kamino also stated that the Ethena marketplace has maintained rapid growth since its launch in May. Within 75 days of its launch, the marketplace had grown to $522.8 million, becoming one of the platform's largest lending marketplaces.

Solana's lending scale expands

According to Blockworks' Q2 Solana token holder report, as of the end of the quarter, the combined deposits on Solana's two major money markets, Kamino and Jupiter Lend, reached $4.1 billion, with outstanding loans totaling $1.6 billion.

As more lending markets related to tokenized assets come online, the variety of assets available for collateral on Solana is increasing, and RWA's lending scope continues to expand.

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