The leading Solana [$SOL] digital assets trust (DAT), Forward Industries, announced a strategic investment in OnRe, a regulated on-chain reinsurance provider.
OnRe was also acquired by RockawayX, a multinational, multi-strategy digital asset investment company.
On-chain reinsurance on Solana?
According to the press release, OnRe’s $5 million Series A round was co-led by these two companies. Wherein, Forward planned to invest up to $25 million on Solana in ONyc, OnRe’s yield-bearing token.
For context, ONyc provides cryptocurrency users with access to institutional-grade reinsurance yields, which they can then actively utilize within DeFi strategies.
Due to its integration, ONyc can be used as collateral for lending, borrowing, and looping strategies in Solana’s top DeFi venues.
Remarking on the same, Ryan Navi, Chief Investment Officer of Forward Industries, noted
Forward’s investment in OnRe and ONyc marks a natural extension of our Solana treasury strategy—expanding beyond native staking yield into high-quality, real-world cash flows that are both complementary and uncorrelated.
This came while DFlow, a platform that makes trading on the Solana blockchain easier, was purchased by MoonPay, a cryptocurrency payment and infrastructure company. According to Fortune, MoonPay acquired DFlow for $100 million in stock.
$SOL DATs vs. $ETH, $BTC DATs
Forward Industries, meanwhile, has acquired 7,013,536 $SOL holdings for $627.61 million, equaling 1.21% of the entire Solana supply.
At the same time, Solana DATs have reached a total value of $1.65 billion. However, this milestone is less compared to Ethereum [$ETH] DATs, which have reached $17.30 billion, and Bitcoin [$BTC] DATs, which have collected $152.44 billion.
Solana’s price action and more
On the price front, though, Solana’s price was up by 5.43% in the past 24 hours and was changing hands at $89.50 at the time of publishing. Whereas, the stock price of $FWDI had surged by 5.79%, trading at $4.7500 at press time.
However, Santiment revealed that in the most recent week, Solana’s weekly active addresses had fallen to just 2.89 million.
In contrast, sentiment toward Solana surged to its highest point since January.
Simultaneously, AMBCrypto recently reported that share capture driven by treasury issuance and institutional yield demand had already pushed Solana’s RWA value to $1.7 billion back in February.
Taken together, these data and developments suggest that Solana is ready for a breakthrough soon.
Final Summary
- Forward Industries announced a strategic investment in OnRe, whereas MoonPay purchased DFlow.
- Solana price action and Forward’s stock price action all are hinting at bullish momentum in the market.
