# Welcome to OnRe OnRe is a fully licensed, collateralized reinsurer and onchain asset manager that connects alternative capital with the global property and casualty reinsurance market. The industry represents more than $800B in annual premiums, yet access has historically been limited to major institutions with the scale and regulatory footing to participate. Alongside that, over $250B in alternative capital sits outside the system looking for durable, real-world yield. OnRe brings these two worlds together. In addition to fiat, we use digital assets to underwrite real reinsurance risk through a regulated structure built for transparency, oversight, and conservative risk management. Our team has spent more than a decade underwriting programs across global markets, and that experience is now built into an onchain framework where capital is allocated, modeled, and monitored in full view. ONyc (OnRe Tokenized Reinsurance) is a liquid, composable, yield-bearing dollar asset that provides direct exposure to reinsurance yield by combining premium income with collateral returns. It offers a simple way to access one of the world’s most stable and uncorrelated sources of real-world performance while remaining fully usable across DeFi. Through rigorous capital modeling and 24/7 ONyc liquidity, OnRe sets a new standard for reinsurance capital formation and opens the door for a broader class of investors to participate in a market built for resilience across cycles. {% hint style="info" %} **Explore Our Ecosystem** * Website: * App: * Technical Documentation: * Newsletter: * Blog: * Press: * X: * LinkedIn: * Discord: * Telegram: * Transparency Dashboard: * Github: {% endhint %} # Getting Started
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OnRe Tokenized Reinsurance (ONyc)ONyc is a leading yield-bearing RWA – built for resilient returns, collateral efficiency, and portfolio construction that remains agnostic to crypto market volatility./pages/xTK5AnhTXGBIwvs9JzTP/files/tu9pwtDoZoCgUja1Hi4W
Understanding ReinsuranceReinsurance is one of the world’s most stable financial markets and a dependable source of real-world yield, built on steady, premium-driven returns that don’t track market volatility./pages/rI1DVTvdGLOoCZ9eKxh4/files/ZVeEQnXSWqCMRkKnCMZg
Yield MechanismsONyc earns yield from reinsurance premiums and stablecoin collateral returns, combining real-world risk exposure with steady onchain income for a resilient return profile./pages/gGw5nEOCJB1JBvuVIj81/files/77oFCRlbYdWAMBR0L8rH
Transparency DashboardReal-time insight into ONyc’s NAV, yield components, collateral composition, and underwriting exposure, providing full transparency into how the asset is managed onchain./pages/UsTkqN00EejTHPUfH0zw/files/TwLIjW09gu0Ekr51bRbS
# OnRe Tokenized Reinsurance (ONyc) ONyc is an onchain yield-bearing asset that represents a proportional share of a regulated segregated account used for underwriting short-duration insurance and reinsurance contracts. When capital enters this account, it is held in a legally ring-fenced structure in Bermuda and used exclusively to collateralize reinsurance exposures. The account earns contractual premium income and adjusts for any claims, and ONyc’s net asset value updates to reflect that performance. The token is designed to function as an appreciating asset driven by real-world cash flows rather than crypto-native volatility or incentive mechanics. ONyc does not rely on staking rewards, funding-rate dynamics, leverage, liquidity incentives, delta-neutral strategies, or anything dependent on market cycles. It is not a stablecoin, is not intended to behave like one, and is not corporate credit or a tokenized hedge fund. Its returns come from underwriting risk through a regulatory structure and actuarial process that has existed for decades in reinsurance markets. ONyc’s value is maintained through onchain updates of the pool’s NAV. Each token corresponds to a fractional claim on the segregated account, and as premiums are earned and the account grows or contracts, ONyc adjusts accordingly. This structure allows users to hold or transfer ONyc across Solana and use it throughout DeFi while capturing real-world yield through appreciation rather than distributions or emissions. The smart contracts that manage issuance and redemption are audited and operate transparently onchain. NAV inputs, token supply, and relevant fund movements are visible and verifiable. Minting and redemption occur through the app and follow the platform’s verification and eligibility requirements, but once minted, ONyc is fully transferable and can be used in liquidity pools, lending markets, structured products, and other DeFi applications. # Understanding Reinsurance ### What is Reinsurance? Reinsurance sits at the center of the global insurance system. When insurers take on more exposure than they want to hold, they transfer a portion of that risk to a reinsurer in exchange for part of the premium. This strengthens their balance sheets, stabilizes financial results, and gives them the capacity to support the coverage individuals and businesses depend on. In these arrangements, the insurer (the cedent) passes a defined share of its portfolio to a reinsurer. The reinsurer earns the corresponding premium and takes responsibility for that part of the risk, allowing the cedent to write larger policies and absorb more variability than it could on its own. ### How Reinsurance Works Reinsurance operates through agreements that clearly define how risk and premium are shared. The reinsurer is paid to stand behind the insurer when losses occur, whether they’re routine or tied to large, unexpected events. Most programs fall into two categories. In proportional structures, the reinsurer takes a fixed percentage of each policy along with the matching premium and loss share. In excess-of-loss structures, the reinsurer steps in once claims pass a predetermined level, protecting the insurer from severe outcomes. These mechanisms give insurers precise tools for controlling risk exposure and managing capital. ### Why Reinsurance Matters Reinsurance is one of the most important pillars of financial stability. It supports insurer solvency during challenging periods, expands the types of coverage insurers can offer, and provides balance-sheet protection against volatility and catastrophic events. Its return profile is equally important. Reinsurance generates steady, premium-based income tied to real insurance activity rather than market cycles or speculation. This history of consistent performance is why it has long been considered one of the most reliable sources of real-world yield. ### Modernizing Reinsurance with Tokenization The fundamentals of reinsurance remain strong, but the way capital enters the market is changing. For most of its history, access was limited to specialized reinsurers and a narrow group of institutional investors. Tokenization and onchain infrastructure now open the door to broader participation through models inspired by traditional Insurance-Linked Securities (ILS) as well as new onchain structures. Moving reinsurance onchain introduces meaningful advantages. Blockchain provides real-time visibility into collateral, exposure, and performance. Smart contracts reduce operational friction by automating processes that have long relied on manual workflows. Tokenized positions create forms of liquidity and accessibility that simply don’t exist in the traditional market. By bringing reinsurance risk onchain, the market gains deeper capital participation, greater underwriting capacity, and a more efficient value chain. Insurers benefit from expanded support, and investors gain access to a proven source of uncorrelated, real-world yield. # Yield Mechanisms ### Reinsurance Premiums A meaningful share of ONyc’s yield comes from reinsurance. When insurers transfer risk to a reinsurer, part of the premium goes with it. These cash flows are contractual, predictable, and grounded in long-standing underwriting practices. They reflect actual insurance activity, not market speculation. Reinsurance premiums have been steady for decades. Their performance is shaped by loss experience, portfolio construction, and disciplined underwriting rather than equity cycles or crypto volatility. This gives ONyc a core return stream tied to one of the most resilient areas of global finance. ### Collateral Returns The collateral backing ONyc generates its own return, separate from the premium income produced through reinsurance. This collateral is managed to provide steady performance while maintaining the strength and integrity of the asset. Collateral returns enhance ONyc’s overall yield and contribute an additional layer of stability. Combined with the premium component, they help create a balanced profile that is less sensitive to short-term market movements. ### How the Pieces Work Together ONyc combines these two sources into a single onchain asset that is fully transparent and composable across DeFi. The blend of premium-based and collateral-based returns creates a yield profile that is less dependent on market behavior and more anchored in real economic activity. This structure gives ONyc several advantages: * Yield durability across different market conditions * Protection against volatility in crypto and traditional markets * Exposure to real-world risk and real-world performance * A balanced return stream that stays grounded in insurance fundamentals With both components visible through OnRe’s Transparency Dashboard, users can see exactly what drives ONyc’s yield and how each part contributes over time. ### Why This Matters Yield in DeFi is often driven by incentives, emissions, or speculative activity. ONyc is built differently. Its returns flow from established insurance and collateral markets that have operated for decades with consistent performance. By combining them in a single onchain framework, ONyc brings real-world yield into an accessible, transparent format. For users, this means an asset designed for long-term reliability rather than short-term swings. For the broader ecosystem, it’s a new path toward bringing meaningful real-world yield onchain in a way that aligns with how institutional-grade products are constructed. # Transparency Dashboard ### Transparency Framework OnRe maintains a transparency framework to give investors a clear, verifiable view into how ONyc operates. The transparency dashboard exists to make capital deployment, return generation, and risk boundaries observable rather than assumed. Reinsurance is an actuarial asset class. Meaningful evaluation depends on understanding contract structure, exposure, and capital state, not on headline yield alone. The dashboard is designed to surface this information in a way that supports independent assessment. View the OnRe Dashboard here: The transparency dashboard serves three primary purposes. {% stepper %} {% step %} #### Make Sources of Return Explicit ONyc returns are generated through a combination of low-risk base assets and regulated reinsurance underwriting. The dashboard separates these components so investors can distinguish between base yield and underwriting-driven return, rather than relying on a single blended APY. This separation allows investors to evaluate sustainability, risk-adjusted performance, and the economic drivers of yield with greater precision. {% endstep %} {% step %} #### Define Risk Through Contract Terms Rather Than Market Dynamics Reinsurance exposure is contractual, event-driven, and capped by design. Risk is determined by predefined coverage triggers and limits, not by leverage, trading activity, or digital asset price movements. The dashboard reflects this structure by surfacing exposure, duration, and portfolio composition rather than volatility-based metrics. This frames risk in terms of contractual obligations and capital at risk, rather than market behavior. {% endstep %} {% step %} #### Expose the Live State of Capital The dashboard exposes the live state of capital across the system. It shows how much capital is deployed, how much remains liquid, and how exposure is distributed across risk types and durations. This allows investors to assess liquidity, concentration, and redemption resilience based on current portfolio data rather than static or periodic disclosures. {% endstep %} {% endstepper %} ### Portfolio Transparency OnRe provides portfolio-level transparency while preserving cedent confidentiality. Individual cedent identities are not disclosed. Instead, the dashboard exposes the economic and risk characteristics of the portfolio in aggregate, including: * Total limits deployed and premiums earned * Expense ratios and deal structures * Contract durations and coverage periods * Overall portfolio mix and exposure by risk type These disclosures allow investors to evaluate portfolio composition, diversification, and capital efficiency without compromising counterparties or contractual relationships. ### Risk, Verification, and Scope ONyc underwriting exposure is defined at the contract level. Losses occur only if predefined coverage conditions are met and are capped by the contractual limit. The structure does not rely on leverage, forced liquidations, or reflexive market risk. Digital asset price movements do not directly affect underwriting outcomes. Risk follows actuarial models and real-world event probabilities rather than market sentiment or onchain liquidity dynamics. Portfolio state is observable onchain. Net asset value is updated daily and streamed via independent oracles, reflecting material portfolio movements in near real time, including: * Premium accrual * Reserve adjustments * Claims activity * Collateral yield This design ensures that changes in risk and capital position are verifiable as they occur, rather than subject to delayed, discretionary, or retrospective reporting. Disclosures reflect the current portfolio and operating structure. Metrics and reporting surfaces may evolve as the product scales and additional strategies are introduced. All information is provided for informational purposes only. # Introduction Capital providers use ONyc to gain exposure to reinsurance-backed yield through a fully collateralized, onchain structure. The framework is built to give users clarity on how capital enters the system, how ONyc is created and redeemed, and how the collateral pool is constructed and monitored. ONyc can be accessed through different pathways depending on the provider’s requirements. These access models define custody preferences, operational steps, and eligibility criteria. Minting converts supported assets into ONyc at real-time NAV. Redemptions follow the reverse path, ensuring predictable liquidity that reflects the underlying collateral and current market conditions. Collateral is composed of stablecoins, cash-equivalent assets, and yield-bearing components such as staked stablecoins and T-bills exposure. Each component serves a defined role in balancing safety, liquidity, and performance. The underlying assets are listed individually to give providers clear visibility into what backs ONyc at any point in time. This structure is designed to give capital providers confidence in how their assets are handled onchain, how yield is generated, and how risk is managed across the system. # Open Access vs Institutional Access OnRe supports two pathways for acquiring ONyc, designed to meet the needs of both DeFi-native users and institutional capital allocators. Both routes access the same underlying reinsurance-backed yield. The main distinction is how you onboard: Open Access is permissionless, while Institutional Access requires KYC/KYB and is offered through OnRe's regulated framework. ### Open Access (Permissionless Global Access)
Open Access is the permissionless route for acquiring ONyc. It gives everyday DeFi users a direct way to participate in reinsurance-backed yield without onboarding or account creation. Connect a wallet, acquire ONyc, and begin earning from its underlying performance immediately. Open Access does not involve interaction with OnRe's regulated entities. It is operated independently to make ONyc broadly accessible while maintaining the regulatory requirements of the institutional pathway. Key benefits include: * No onboarding or approvals required * Self-custody native for users who want full control of their assets * Permissionless participation with no minimums or operational steps * Broad global availability, subject to [jurisdictional restrictions](/legal/onyc-excluded-jurisdictions) Open Access is ideal for DeFi users who want fast, flexible access to ONyc and intend to use it across Solana’s ecosystem, including LPs, lending markets, or structured yield strategies. Start here: ### Institutional Access
Institutional Access is designed for allocators who need a regulated environment and standard institutional workflows. Through this route, ONyc can be acquired by entities that require compliance checks, documentation, and operational oversight around capital movements. Participation occurs through OnRe’s regulated entities, and onboarding includes KYC/KYB and institutional verification. After onboarding, institutions interact with ONyc through a dedicated interface. Key benefits include: * Regulated participation for funds, corporate entities, and professional allocators * KYC/KYB onboarding aligned with institutional compliance standards * Support for larger subscriptions and redemptions with coordinated capital flows * Direct communication with the OnRe capital team for ongoing relationship support Institutional Access is suited for allocators deploying meaningful size or operating under mandates that require regulated infrastructure. It provides the controls institutions expect while giving access to the same reinsurance-backed yield engine that powers ONyc across the ecosystem. Start here: # Minting ONyc Minting ONyc converts your capital (USDC or USDG) into OnRe's yield-bearing collateral asset. The process differs depending on whether you mint through Open Access or Institutional Access, but the underlying mechanism is the same. ### How Minting Works Minting ONyc is non-custodial, transparent, and designed for seamless integration across Solana DeFi. * **Capital Enters OnRe**\ Users deposit eligible stablecoins into the minting contract (USDC or USDG). * **Capital is Allocated to Reinsurance Exposures**\ OnRe deploys the backing collateral into regulated reinsurance programs. * **Yield is Generated**\ Reinsurance premiums and performance generate steady, uncorrelated yield. * **ONyc Supply Grows**\ Yield is reflected through ONyc's daily auto-compounding mechanism. * **ONyc Becomes Fully Composable**\ Holders can use ONyc as collateral, LP on partner venues, trade ONyc, redeem it back into stablecoins. ### Supported Assets ONyc currently mints against USDC and USDG. Additional assets may be added over time as OnRe expands its collateral base. ### Fees Minting ONyc carries no mint fee. Users pay network fees on Solana. # Redemptions ### ONyc Redemptions Overview At OnRe, redemptions allow KYC'd holders of ONyc tokens to liquidate part or all of their position in ONyc SA on a structured schedule. Because ONyc operates at the intersection of reinsurance and DeFi, our goal is to introduce greater liquidity to capital that would traditionally remain locked for extended periods. Primary market redemptions for ONyc are processed digitally through the OnRe platform. OnRe targets reserving up to 15% of underwriting capital to support liquidity needs. Monthly redemption capacity is targeted at up to 2.5% of ONyc SA net asset value (NAV). These figures represent operational targets and may vary based on portfolio conditions and liquidity management.
### How Automated Redemptions Work OnRe’s automated redemption system is designed to provide predictable liquidity while maintaining the stability required for regulated reinsurance underwriting. The redemption process operates as follows: 1. Eligible investors deposit ONyc tokens into the redemption smart contract. 2. A redemption request is submitted through the institutional portal at . 3. The request is recorded onchain and added to a transparent redemption queue. 4. The system estimates an expected execution time based on current liquidity and queue size. 5. Redemptions execute when sufficient USDC or USDG liquidity is available in the contract. 6. Fulfilment occurs at the prevailing ONyc offer price at the time of execution. 7. Upon redemption, the corresponding ONyc is automatically burned. While waiting in the queue, the investor’s position remains economically active in ONyc SA and continues to reflect the underlying performance of the portfolio. {% hint style="info" %} ### **High-Level Design System** OnRe’s automated redemption infrastructure is built to ensure security, transparency, and operational integrity. * The smart contract ensures the custody and validity of each redemption request. * The backend fulfils redemptions at the current ONyc offer price *at the time of execution*, not at the time of submission. * All system settings can be adjusted by authorized administrators through a secure interface, with each change logged for full transparency. * Offer contracts custody both ONyc, USDC, and USDG. * The backend wallet can execute redemptions but cannot withdraw funds. * In the event of compromise, risk is limited to queue reordering. * Before any redemption is executed, the smart contract verifies that sufficient USDC or USDG is available. If not, the transaction reverts with a funding error and remains in Scheduled status. {% endhint %} ### Risk Considerations Redemptions carry inherent risks, primarily related to liquidity and continued exposure. * The available amount of capital may be insufficient to meet redemption requests on an investor’s preferred timeline. If a request cannot be fulfilled immediately, it remains pending in the redemption queue until adequate liquidity becomes available. * Any portion of a request not redeemed immediately continues to be economically exposed to the performance of ONyc SA until the redemption is processed. The participation agreement specifies that all redemptions are subject to the Available Amount. If liquidity is insufficient, redemption requests remain pending and will be executed at the prevailing NAV at the time of fulfilment. ### FAQs {% stepper %} {% step %} #### What are ONyc Redemptions? ONyc redemptions allow eligible token holders to exchange ONyc tokens for USDC or USDG through OnRe’s primary redemption facility. This mechanism provides liquidity to investors while maintaining the capital stability required for underwriting reinsurance risk. {% endstep %} {% step %} #### What tokens can I receive when redeeming? Redemptions can currently be settled in USDC or USDG, depending on the liquidity available in the redemption contract. {% endstep %} {% step %} #### Who can redeem ONyc? Redemptions are available to verified ONyc holders who have completed OnRe’s KYC process and meet accredited investor requirements. Investors who acquired ONyc through the primary market are already verified. Users who acquired ONyc on secondary markets must complete OnRe’s AML/ATF procedures before submitting a redemption request. Redemption payouts can only be sent to wallets that were verified during onboarding. {% endstep %} {% step %} #### How do I request a redemption? Eligible users can submit redemption requests through the institutional portal at . To request a redemption: 1. Deposit ONyc tokens into the redemption smart contract 2. Submit a redemption request through the application 3. The system will estimate an expected execution time based on available liquidity All redemption requests are recorded onchain and added to a transparent queue. {% endstep %} {% step %} #### When will my redemption be processed? Redemptions are processed when sufficient USDC or USDG liquidity is available in the redemption contract. OnRe targets: * Reserving up to 15% of underwriting capital to support redemptions * Monthly redemption capacity of up to 2.5% of ONyc SA’s NAV Because requests are constrained by available liquidity, the application provides an estimated redemption timeline when the request is submitted. {% endstep %} {% step %} #### Are redemptions processed immediately? Not always. If sufficient liquidity is available, redemptions may execute quickly. If liquidity is temporarily unavailable, the request remains in the queue until capital becomes available. The redemption queue ensures requests are processed in a transparent and orderly manner. {% endstep %} {% step %} #### What happens if my redemption request exceeds available liquidity? If the available liquidity is insufficient to fulfil the entire request immediately, the request remains in the redemption queue until sufficient capital becomes available. {% endstep %} {% step %} #### What happens while my redemption request is waiting? While a request is pending, the position continues to be economically exposed to ONyc SA’s performance until processed. This means the value of the position continues to move in line with ONyc’s underlying portfolio performance until the redemption is executed. {% endstep %} {% step %} #### What price will my redemption be executed at? Redemptions are executed at the prevailing ONyc offer price at the time of fulfilment, not the price at the time the request was submitted. This ensures all redemptions are settled using the most current net asset value of ONyc. {% endstep %} {% step %} #### What happens to the ONyc once redemption is executed? ONyc is programmatically burned by the smart contract upon redemption, with all related transfers executed atomically within the same transaction. {% endstep %} {% step %} #### Is there a fee for redemptions? OnRe charges a 25 basis point (0.25%) fee on fulfilled redemption requests processed through the online application. Fees may change over time. {% endstep %} {% step %} #### Is there a limit to how much I can redeem? Individual redemption requests are not subject to a fixed size limit. However, total weekly redemption capacity is constrained by the Available Amount, which depends on liquidity and portfolio management considerations. Large redemption requests may therefore take longer to process than smaller ones. {% endstep %} {% step %} #### Why does ONyc have redemption limits? Because ONyc capital supports regulated reinsurance underwriting, liquidity must be managed carefully to maintain portfolio stability while providing investor access to redemptions. {% endstep %} {% step %} #### What happens if liquidity is temporarily unavailable? If the redemption contract does not hold sufficient USDC or USDG to process a request, the redemption remains pending in the queue until liquidity becomes available. The smart contract automatically verifies liquidity before executing each redemption. {% endstep %} {% step %} #### Can I cancel a redemption request? Users may cancel pending redemption requests before they are executed. Once a redemption has been fulfilled, it cannot be reversed. {% endstep %} {% step %} #### Where are redemption requests stored? All redemption requests are recorded onchain, providing a transparent and auditable record of the redemption queue. {% endstep %} {% step %} #### How secure is the redemption system? The redemption infrastructure includes multiple safeguards: * Smart contracts custody ONyc, USDC, and USDG * Backend systems cannot mint or withdraw funds * Backend permissions are restricted to executing valid redemption requests * Administrative changes are logged and auditable Even in the event of backend compromise, the primary risk is limited to queue reordering rather than loss of funds. {% endstep %} {% step %} #### What if I am not eligible for primary redemptions? If a user has not completed KYC or does not meet accredited investor requirements, redemptions through the primary facility are not available. In this case, secondary market liquidity remains the available exit option. {% endstep %} {% endstepper %} # Collateral Composition The collateral backing ONyc reflects exposure to regulated reinsurance programs and supporting reserve assets held within the underlying segregated accounts. Together, these positions are designed to generate stable, low volatility returns derived from real insurance performance and conservative collateral management. OnRe manages collateral with three priorities: * Capital preservation * Stable, predictable returns * Clear, transparent reporting ### Schedule of Assets Capital is allocated across active reinsurance policies, upcoming underwriting opportunities, liquidity reserves, and supporting collateral assets. The portfolio is diversified across both fiat and onchain holdings, with exposure generally consisting of: * Collateral deployed into active reinsurance contracts * Capital reserved for upcoming underwriting opportunities * Liquidity buffers maintained for redemptions and operational flexibility * Fiat money market instruments and cash equivalents * Regulated stablecoin yield strategies and onchain treasury positions Collateral yield is intentionally conservative and designed to remain stable and predictable over time. Returns are primarily driven by reinsurance premium income, prevailing money market rates, and regulated stablecoin yield strategies supporting portfolio liquidity and reserve management. ### Underlying Assets The collateral supporting ONyc is backed by a diversified mix of fiat and onchain reserve assets selected for liquidity, transparency, and capital preservation characteristics. These assets include short duration treasury exposure, regulated stablecoins, and institutional yield bearing reserve instruments used as part of broader collateral and liquidity management. Underlying reserve assets currently include: {% columns fullWidth="false" %} {% column %} {% content-ref url="/pages/1m6Ep6FjQvWZygIn8vP8" %} [T-Bills | U.S. Treasury Bills](/for-capital-providers/collateral-composition/t-bills-or-u.s.-treasury-bills) {% endcontent-ref %} {% content-ref url="/pages/MqwTqfAdcyi9uNW6KkMw" %} [sUSDe | Staked USDe](/for-capital-providers/collateral-composition/susde-or-staked-usde) {% endcontent-ref %} {% content-ref url="/pages/h4nOoCeYfQU2chlLae3X" %} [syrupUSDC | SyrupUSDC](/for-capital-providers/collateral-composition/syrupusdc-or-syrupusdc) {% endcontent-ref %} {% content-ref url="/pages/HzvbkLBdN7CEkUFyc5Xh" %} [USCC | Bitwise Crypto Carry Fund](/for-capital-providers/collateral-composition/uscc-or-bitwise-crypto-carry-fund) {% endcontent-ref %} {% endcolumn %} {% column %} {% content-ref url="/pages/p2uzXK6iOnrUE0fCtJm0" %} [USDC | USD Coin](/for-capital-providers/collateral-composition/usdc-or-usd-coin) {% endcontent-ref %} {% content-ref url="/pages/G0uMT3NZyL02kzZmKNzq" %} [USDG | US Global Dollar](/for-capital-providers/collateral-composition/usdg-or-us-global-dollar) {% endcontent-ref %} {% content-ref url="/pages/aOYV4jgklM2xryWRmcnA" %} [sUSDS | Savings USDS](/for-capital-providers/collateral-composition/susds-or-savings-usds) {% endcontent-ref %} {% content-ref url="/pages/2RVWJHQ42eX0FTu7H6zq" %} [USYC | US Yield Coin](/for-capital-providers/collateral-composition/usyc-or-us-yield-coin) {% endcontent-ref %} {% endcolumn %} {% endcolumns %} # T-Bills | U.S. Treasury Bills Short-term U.S. Treasury bills are short-duration U.S. government securities with defined maturities and limited interest-rate sensitivity. ONyc utilizes 3-month Treasury bills to balance yield capture and liquidity under current market conditions. The yield curve remains inverted, making short-dated maturities comparatively attractive while limiting duration risk. A 3-month tenor provides exposure to prevailing front-end yields while preserving flexibility to reprice capital as rates evolve. Treasury bill exposure provides a stable base yield, supports liquidity management, does not introduce leverage, and is independent of digital asset price movements. {% tabs %} {% tab title="Protocol" %} U.S. Treasury: [https://home.treasury.gov/](https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics) {% endtab %} {% tab title="Proof of Assets" %} Clarien Trust Limited: [Short-Term U.S. Treasury Appraisal Reports](https://drive.google.com/drive/folders/1DWxane74PIp3UAst12I-Su55GJmbLyJH?usp=sharing) Bank of New York Mellon: [Trust Account Monthly Statements](https://drive.google.com/drive/folders/1J35EAotmC_UUzBwHM27ygoBx6GRtQdgU?usp=drive_link) {% endtab %} {% tab title="Resources" %} Daily Treasury Rates: [https://home.treasury.gov/interest-rate-statistics](https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics) {% endtab %} {% endtabs %} # sUSDe | Staked USDe A yield-bearing, overcollateralized synthetic dollar backed by delta-hedged crypto derivatives positions and liquid stable assets to maintain dollar stability. {% tabs %} {% tab title="Protocol" %} Ethena: {% endtab %} {% tab title="Proof of Assets" %} Network: Solana Token Account: [3h6f1mfH8QB3JTasDMgxJhuW1ZtR6fiSiD4dZgPkPD12](https://solscan.io/account/3h6f1mfH8QB3JTasDMgxJhuW1ZtR6fiSiD4dZgPkPD12) {% endtab %} {% tab title="Resources" %} Staking USDe: {% endtab %} {% endtabs %} # syrupUSDC | SyrupUSDC syrupUSDC is Maple’s yield-bearing USDC vault token that gives anyone access to institutional lending returns. When users deposit USDC, they receive syrupUSDC, which appreciates in value as Maple lends pooled capital to vetted institutional borrowers who post crypto collateral and pay interest. {% tabs %} {% tab title="Protocol" %} Maple Finance: {% endtab %} {% tab title="Proof of Assets" %} Network: Solana Token Account: [aruMouTNFRz9WwMoDPtnpNCy37PsFJE15mnfXGkWESq](https://solscan.io/account/aruMouTNFRz9WwMoDPtnpNCy37PsFJE15mnfXGkWESq) {% endtab %} {% tab title="Resources" %} {% endtab %} {% endtabs %} # USCC | Bitwise Crypto Carry Fund USCC is a tokenized investment fund managed by Bitwise that provides exposure to crypto basis and carry strategies. The fund generates yield by capturing spreads between spot and futures markets while maintaining exposure to U.S. Treasury securities for liquidity and risk management. Shares are tokenized and redeemable in USD or USDC on each market day. {% tabs %} {% tab title="Protocol" %} Bitwise: Superstate: {% endtab %} {% tab title="Proof of Assets" %} Network: Solana Token Account: [3D8LL5QFE1pwTKk2dFNoKJvNjjMn8UwgreridttkftLx](https://solscan.io/account/3D8LL5QFE1pwTKk2dFNoKJvNjjMn8UwgreridttkftLx) {% endtab %} {% tab title="Resources" %} USCC Factsheet: [https://bitwiseinvestments.com/bitwise-crypto-carry-fund](https://s3.us-east-1.amazonaws.com/static.bitwiseinvestments.com/uscc/bitwise-crypto-carry-fund-uscc-fact-sheet.pdf) {% endtab %} {% endtabs %} # USDC | USD Coin A fully reserved digital dollar backed by cash and short-dated U.S. Treasuries held in the Circle Reserve Fund, managed by BlackRock and custodied at BNY Mellon. {% tabs %} {% tab title="Protocol" %} Circle: [https://www.circle.com/](https://www.circle.com/usdc) {% endtab %} {% tab title="Proof of Assets" %} Network: Solana Token Account: [ASJT6kECWY9U5Qeac8ZyTM8W5zTcoRaKKisRBsBeFxk6](https://solscan.io/account/ASJT6kECWY9U5Qeac8ZyTM8W5zTcoRaKKisRBsBeFxk6) {% endtab %} {% tab title="Resources" %} USDC: Circle Documentation: {% endtab %} {% endtabs %} # USDG | US Global Dollar A U.S. dollar-pegged stablecoin issued by Paxos Digital Singapore under the Monetary Authority of Singapore’s stablecoin framework. USDG is backed 1:1 by U.S. dollar deposits, short-term U.S. government securities and cash equivalents held with DBS Bank. {% tabs %} {% tab title="First Tab" %} Global Dollar Network: Paxos: {% endtab %} {% tab title="Proof of Assets" %} Network: Solana Token Account: [7VJP5BWT4EKESFsExJ4t2uiQViHYht6QiuZiZb8ivZCG](https://solscan.io/account/7VJP5BWT4EKESFsExJ4t2uiQViHYht6QiuZiZb8ivZCG) {% endtab %} {% tab title="Resources" %} About USDG: {% endtab %} {% endtabs %} # sUSDS | Savings USDS sUSDS is a yield-bearing stablecoin issued by the Sky Protocol. It represents USDS deposited into the Sky Savings Rate (SSR), where it accrues protocol-generated yield while remaining liquid and redeemable. Yield is reflected through an increasing redemption value rather than changes to the token balance, making sUSDS a capital-efficient onchain cash-equivalent asset. {% tabs %} {% tab title="Protocol" %} Sky Money: {% endtab %} {% tab title="Proof of Assets" %} Network: Ethereum Token Account: [0xb3525a7D5bAC0a2Fe946b4fA9da0a3f951b64A58](https://etherscan.io/token/0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD?a=0xb3525a7d5bac0a2fe946b4fa9da0a3f951b64a58#transactions) {% endtab %} {% tab title="Resources" %} What is sUSDS: {% endtab %} {% endtabs %} # USYC | US Yield Coin A tokenized money market fund representing shares in the Hashnote International Short Duration Yield Fund Ltd., which holds short-term U.S. Treasuries and reverse repos. {% tabs %} {% tab title="First Tab" %} Hashnote: Circle: {% endtab %} {% tab title="Proof of Assets" %} Network: Ethereum Token Account: [0xb3525a7D5bAC0a2Fe946b4fA9da0a3f951b64A58](https://etherscan.io/token/0x136471a34f6ef19fe571effc1ca711fdb8e49f2b?a=0xb3525a7D5bAC0a2Fe946b4fA9da0a3f951b64A58#transactions) {% endtab %} {% tab title="Resources" %} USYC Overview: {% endtab %} {% endtabs %} # PRIME | Hastra PRIME generates yield through Demo Prime’s HELOC lending operations, offering exposure to real estate–backed credit. Returns are driven by actual home equity lending activity, not DeFi speculation, delivering sustainable and predictable income. **Protocol** [Hastra](https://hastra.io/prime) **Proof of Assets** [PRIME Solana Token Account](https://solscan.io/account/4EtzpsJmorD6eiiV9V4K4yhUBdEpiqgP3enERoH7xzMv) # Underlying Assets {% columns fullWidth="false" %} {% column %} {% content-ref url="/pages/1m6Ep6FjQvWZygIn8vP8" %} [T-Bills | U.S. Treasury Bills](/for-capital-providers/collateral-composition/t-bills-or-u.s.-treasury-bills) {% endcontent-ref %} {% content-ref url="/pages/MqwTqfAdcyi9uNW6KkMw" %} [sUSDe | Staked USDe](/for-capital-providers/collateral-composition/susde-or-staked-usde) {% endcontent-ref %} {% content-ref url="/pages/h4nOoCeYfQU2chlLae3X" %} [syrupUSDC | SyrupUSDC](/for-capital-providers/collateral-composition/syrupusdc-or-syrupusdc) {% endcontent-ref %} {% content-ref url="/pages/HzvbkLBdN7CEkUFyc5Xh" %} [USCC | Bitwise Crypto Carry Fund](/for-capital-providers/collateral-composition/uscc-or-bitwise-crypto-carry-fund) {% endcontent-ref %} {% endcolumn %} {% column %} {% content-ref url="/pages/p2uzXK6iOnrUE0fCtJm0" %} [USDC | USD Coin](/for-capital-providers/collateral-composition/usdc-or-usd-coin) {% endcontent-ref %} {% content-ref url="/pages/G0uMT3NZyL02kzZmKNzq" %} [USDG | US Global Dollar](/for-capital-providers/collateral-composition/usdg-or-us-global-dollar) {% endcontent-ref %} {% content-ref url="/pages/aOYV4jgklM2xryWRmcnA" %} [sUSDS | Savings USDS](/for-capital-providers/collateral-composition/susds-or-savings-usds) {% endcontent-ref %} {% content-ref url="/pages/2RVWJHQ42eX0FTu7H6zq" %} [USYC | US Yield Coin](/for-capital-providers/collateral-composition/usyc-or-us-yield-coin) {% endcontent-ref %} {% endcolumn %} {% endcolumns %} # Introduction ONyc is designed to function as a yield-bearing dollar asset within DeFi markets. It can be held, traded, and integrated across supported onchain venues while maintaining a close relationship to NAV through collateral management and liquidity controls. ONyc is supported by a dedicated liquidity layer and treasury mechanisms that monitor secondary market conditions and respond to pricing or liquidity imbalances. These mechanisms are designed to support predictable behavior in environments such as lending markets, liquidity pools, leveraged strategies, and trading venues. The onchain design allows users to interact with ONyc using standard DeFi primitives while retaining real-time visibility into supply, collateral composition, NAV, and system health through public dashboards and oracle-based reporting. # DeFi Opportunities {% content-ref url="/pages/8S2T1wE2SF414SjdT90k" %} [Risk-Tranching Markets](/onyc-in-defi/defi-opportunities/risk-tranching-markets) {% endcontent-ref %} {% content-ref url="/pages/6tQbqOjwro7z1Zwliagn" %} [Curated Vault Strategies](/onyc-in-defi/defi-opportunities/curated-vault-strategies) {% endcontent-ref %} {% content-ref url="/pages/TQHEzFHLlTtcJYITYVLw" %} [Yield Trading](/onyc-in-defi/defi-opportunities/yield-trading) {% endcontent-ref %} {% content-ref url="/pages/2RcaN6z4w4mC6wtfsRgl" %} [Looping and Leveraged Exposure](/onyc-in-defi/defi-opportunities/looping-and-leveraged-exposure) {% endcontent-ref %} {% content-ref url="/pages/gNT7FVRrATWRErNcfb0q" %} [Lending and Borrowing](/onyc-in-defi/defi-opportunities/lending-and-borrowing) {% endcontent-ref %} {% content-ref url="/pages/ObwOhqSlKBvhaI6CQyLM" %} [Liquidity Provision](/onyc-in-defi/defi-opportunities/liquidity-provision) {% endcontent-ref %} {% content-ref url="/pages/cCRjVP5BQotpl8gmTDq0" %} [Hodling](/onyc-in-defi/defi-opportunities/hodling) {% endcontent-ref %} # Risk-Tranching Markets ONyc Credit Tranching separates ONyc into two tranches with distinct risk and return profiles. The underlying asset remains unchanged, while yield and loss exposure are allocated differently between the Senior and Junior tranches.

Source: https://www.exponent.finance/blog/risk-tranching-for-solana

### Tranche Structure {% tabs %} {% tab title="srONyc (Senior Tranche)" %} **srONyc is the Senior Tranche, providing more protected exposure to ONyc. It is best suited for users seeking principal protection and a more predictable return profile.** * By receiving first-loss protection from jrONyc, srONyc exchanges a portion of ONyc's underlying yield for protection against losses up to the market's coverage ratio. * As a result, srONyc earns a lower expected yield than ONyc and the Junior tranche, with reduced downside risk. * The yield earned by srONyc varies based on market utilization and the balance between Senior and Junior capital, while remaining dependent on the performance of the underlying ONyc asset. * Hold srONyc if you: * Want to earn ONyc yield with first-loss protection provided by jrONyc * Are willing to exchange a portion of yield for downside protection * Prioritize principal protection and lower NAV volatility * Prefer more protected exposure to ONyc {% endtab %} {% tab title="jrONyc (Junior Tranche)" %} **jrONyc is the Junior Tranche, providing first-loss protection to srONyc. It is best suited for users seeking enhanced yield and willing to assume additional risk.** * By absorbing losses before the Senior tranche, jrONyc earns ONyc's underlying yield together with the protection premiums paid by srONyc holders. * As a result, jrONyc is expected to earn a higher yield than the Senior tranche in exchange for assuming first-loss risk. * The protection premium adjusts based on market utilization and the balance between Senior and Junior capital, meaning expected returns may increase as demand for Senior protection rises. * Hold jrONyc if you: * Want to earn ONyc yield plus protection premiums paid by srONyc holders * Are willing to provide first-loss protection in exchange for higher expected returns * Accept additional NAV volatility and first-loss risk * Participate in yield looping or other yield-maximizing strategies {% endtab %} {% endtabs %} ### Mechanics **Protection Coverage:** The amount of protection available to srONyc depends on the market's coverage ratio, which reflects the amount of Junior capital available to absorb losses before the Senior tranche is affected. **Yield Distribution:** The amount of protection available to srONyc depends on the market's coverage ratio, which reflects the amount of Junior capital available to absorb losses before the Senior tranche is affected. **Risk Allocation:** If ONyc experiences a decline in NAV, losses are allocated according to the tranche structure: jrONyc absorbs losses first, srONyc remains protected while sufficient Junior coverage exists, and if Junior protection is exhausted, remaining losses may be allocated to srONyc. ### Supported Markets {% stepper %} {% step %} #### Exponent [srONyc (Senior Tranche)](https://app.exponent.finance/en/market/protected/HM8iLNE2WEN6J1AuwSSCoM37wgeLQFwYZ4ymYLqAoapN) [jrONyc (Junior Tranche)](https://app.exponent.finance/en/market/boosted/HM8iLNE2WEN6J1AuwSSCoM37wgeLQFwYZ4ymYLqAoapN) {% endstep %} {% endstepper %} # Curated Vault Strategies Vault strategies aggregate user capital into structured onchain portfolios that programmatically allocate across curated ONyc opportunities based on predefined risk and yield objectives. Through a single deposit, capital can be dynamically deployed across lending markets, fixed rate products, looping strategies, liquidity venues, and actively managed ONyc positions designed to optimize yield generation, liquidity, and capital efficiency over time. Rather than manually managing leverage, position sizing, rollovers, or strategy execution, users gain simplified access to professionally managed ONyc exposure through automated vault infrastructure and active portfolio management. Vaults maintain defined risk parameters throughout market cycles, including conservative leverage limits, capped strategy exposures, majority unleveraged portfolio construction, and continuous monitoring across integrated protocols. ### Supported Markets Designed for both DeFi users and institutional allocators, these strategies expand access to more sophisticated reinsurance backed yield opportunities while abstracting operational complexity into streamlined, professionally managed onchain products. {% stepper %} {% step %} #### RockawayX on Accountable [OnRe Core Vault](https://yield.accountable.capital/vaults/1/0x0F0a9d3F0bc6006143c96E6995572b51413CB3c4) {% endstep %} {% step %} #### Loopscale Asset Curation on Exponent [OnRe Growth Vault](https://app.exponent.finance/en/strategy/9iPUphFXxnyAKYnCTG3XZv5ybHv5Ki1diqA5mis3TBVB?type=managed) {% endstep %} {% step %} #### Elemental Fund [ONyc Fixed Deposit Vault](https://elemental.fund/deposit?address=GRwyXHB8QzUBBZQMVvfJy9YDMfgFYg3i5A9YQ5xcsky) {% endstep %} {% endstepper %} # Yield Trading Yield trading markets allow users to separate ONyc into its principal and yield components, creating opportunities to manage interest rate exposure, lock in fixed returns, or take leveraged positions on future yield. Instead of simply holding ONyc and earning its variable yield, users can trade tokenized yield instruments that reflect different views on future returns. These markets enable participants to choose between predictable fixed income or amplified exposure to ONyc's yield, depending on their objectives and risk tolerance.
ONycPT-ONycYT-ONyc
Regular yieldFixed YieldLeveraged yield
Regular pointsNo pointsHigh points
Regular riskRegular riskHigh risk
### Yield Markets {% tabs %} {% tab title="Principal Tokens (PT-ONyc)" %} Principal Tokens (PT) represent the principal value of ONyc, separated from its future yield. PTs trade at a discount before maturity and converge to the full value of the underlying ONyc at expiry. Because the future yield has been separated, PTs provide a fixed return when held to maturity, making them suitable for users seeking predictable yield rather than exposure to fluctuating market rates. In addition to earning fixed returns, PTs may be used as collateral on supported DeFi lending protocols, such as Kamino and Loopscale, to construct leveraged yield strategies. **Characteristics** * Fixed return if held to maturity * Lower volatility than yield exposure * May be used as collateral on supported DeFi protocols, including Kamino and Loopscale * Not eligible to earn OnRe Points as PTs do not receive the underlying yield {% endtab %} {% tab title="Yield Tokens (YT-ONyc)" %} Yield Tokens (YT) represent the right to receive the future yield generated by ONyc until the market's maturity date. Rather than owning the principal, YT holders receive all future yield produced by the underlying ONyc during the life of the market. This provides leveraged exposure to changes in ONyc yield, meaning returns are more sensitive to fluctuations in realized yield than simply holding ONyc. If realized yield exceeds market expectations, YT holders benefit disproportionately; if realized yield falls below expectations, YT performance declines accordingly. Because YTs represent only the yield component of ONyc, they generally carry higher risk and volatility than holding the underlying asset directly. Eligible YT balances are calculated and updated hourly. **Characteristics** * Exposure to future ONyc yield only * Leveraged sensitivity to changes in realized yield * Higher potential returns with higher risk * Used for directional yield trading and liquidity provision * Eligible to earn OnRe Points, and users providing liquidity to supported PT/YT markets earn Points on the Yield Token (YT) portion of their LP position {% endtab %} {% endtabs %} ### Supported Markets Supported yield market activities are eligible for enhanced OnRe Points multipliers based on position type and strategy exposure. {% stepper %} {% step %} #### Exponent [Liquidity Market](https://app.exponent.finance/en/liquidity/pool/onyc-10SEP26?clmm_address=D7kT5Hnwtf9f3P6VJ7KgWWVP8LA2HeWm1U6XSzDKteGR) [Yield Market](https://app.exponent.finance/en/market/farm/onyc-10SEP26) {% endstep %} {% step %} #### RateX [ONyc](https://app.rate-x.io/leverage) {% endstep %} {% endstepper %} # Looping and Leveraged Exposure Looping is a leveraged yield strategy that uses ONyc as collateral to increase exposure to its underlying yield. Rather than simply holding ONyc, users deposit it into a supported lending protocol, borrow against that collateral, and use the borrowed funds to acquire additional ONyc. This process can be repeated to build a larger yield-bearing position than the user's initial capital would otherwise allow. Looping is supported through integrated lending protocols such as Kamino and Loopscale. By increasing exposure to ONyc, users can amplify returns when ONyc's yield exceeds borrowing costs. Because the strategy relies on leverage, it also increases liquidation risk and requires ongoing management of borrowing costs and loan health. ### How It Works {% stepper %} {% step %} #### Deposit ONyc as Collateral Users begin by depositing ONyc into a supported lending protocol, where it serves as collateral for a loan. {% endstep %} {% step %} #### Borrow Against the Position Using the deposited ONyc as collateral, users borrow an eligible asset, typically a stablecoin such as USDC. {% endstep %} {% step %} #### Increase Yield Exposure The borrowed funds are used to acquire additional ONyc, increasing exposure to ONyc's underlying yield without requiring additional capital. {% endstep %} {% step %} #### Repeat the Process The newly acquired ONyc can also be deposited as collateral, allowing the borrowing and redeployment process to be repeated until the desired leverage is reached. {% endstep %} {% endstepper %} ### Risks Because looping relies on collateralized borrowing, positions may be liquidated if their loan-to-value (LTV) exceeds the protocol's liquidation threshold. This can occur if borrowing costs accumulate faster than ONyc's NAV growth or if collateral values decline relative to outstanding debt. Returns are also sensitive to changes in borrowing rates. If the cost of borrowing rises above the yield generated by ONyc, the strategy may become less profitable or unprofitable. In addition, opening and closing leveraged positions depends on sufficient market liquidity, and users remain exposed to the smart contract, oracle, and operational risks of the protocols used within the strategy. ### Supported Markets Supported looping strategies across select Solana protocols are eligible for enhanced OnRe Points multipliers based on leverage applied. {% stepper %} {% step %} #### Kamino [ONyc/USDC Multiply](https://kamino.com/multiply/47tfyEG9SsdEnUm9cw5kY9BXngQGqu3LBoop9j5uTAv8/6ZxkBSJEqsXA3Kdm2PDAzHLUdPTPUK93Lf4bAezec1UQ/AYL4LMc4ZCVyq3Z7XPJGWDM4H9PiWjqXAAuuHBEGVR2Z) [ONyc/USDG Multiply](https://kamino.com/multiply/47tfyEG9SsdEnUm9cw5kY9BXngQGqu3LBoop9j5uTAv8/6ZxkBSJEqsXA3Kdm2PDAzHLUdPTPUK93Lf4bAezec1UQ/JBmLCoKqjdKSStK45onRqe6U6sxVgSpdXoeXe4h7NwJw) [ONyc/USDS Multiply](https://kamino.com/multiply/47tfyEG9SsdEnUm9cw5kY9BXngQGqu3LBoop9j5uTAv8/6ZxkBSJEqsXA3Kdm2PDAzHLUdPTPUK93Lf4bAezec1UQ/3yDc9ARvtPLhYxZLgucZGuBtZ9bHshBvXTwHxGe3nhmC) {% endstep %} {% step %} #### Loopscale [ONyc/USDC Loop](https://app.loopscale.com/loops/onyc-usdc/) [ONyc/USDT Loop](https://app.loopscale.com/loops/onyc-usdt) [ONyc/USX Loop](https://app.loopscale.com/loops/onyc-usx) [PT-ONyc-10SEPT26 USDC Loop](https://app.loopscale.com/loops/onyc-10sep26-usdc) {% endstep %} {% endstepper %} # Lending and Borrowing Lending and borrowing allow ONyc holders to increase capital efficiency without selling their underlying position. By supplying ONyc or other supported assets to integrated lending markets, users can earn lending yield, while borrowers use eligible collateral to access liquidity for trading, leveraged strategies, hedging, liquidity provision, or other DeFi applications. Borrowing is secured through overcollateralization, meaning the value of deposited collateral must exceed the value of the borrowed assets. ONyc is supported as collateral across multiple integrated lending protocols, enabling holders to access liquidity while maintaining exposure to the underlying asset. Borrowing terms, interest rates, accepted collateral, loan-to-value (LTV) limits, and liquidation thresholds are determined by the lending protocol being used. ### Lending Users can supply supported assets to OnRe Markets, where they become available for borrowing by other users. In return, suppliers earn lending yield generated from borrower interest payments while retaining ownership of their deposited assets. ### Borrowing Users can borrow supported assets by posting eligible collateral to an integrated lending market. Borrowing capacity is determined by the value of the collateral and the protocol's risk parameters, including maximum loan-to-value (LTV) limits and liquidation thresholds. Borrowers retain ownership of their collateral, provided their position remains above the required collateral thresholds. ### Risks Borrowing positions may be liquidated if their loan-to-value (LTV) exceeds the protocol's liquidation threshold due to changes in collateral value, debt value, or accrued interest. Borrowing costs and available liquidity may also change over time, affecting the profitability and flexibility of a position. As with all DeFi applications, users are also exposed to the smart contract, oracle, and operational risks of the underlying lending protocol. ### Supported Markets Supported lending and borrowing activities across eligible Solana protocols qualify for enhanced OnRe Points multipliers in addition to standard lending interest. {% stepper %} {% step %} #### Kamino [ONyc Reserve](https://kamino.com/markets/reserve/47tfyEG9SsdEnUm9cw5kY9BXngQGqu3LBoop9j5uTAv8/6ZxkBSJEqsXA3Kdm2PDAzHLUdPTPUK93Lf4bAezec1UQ) [USDC Reserve](https://kamino.com/borrow/reserve/47tfyEG9SsdEnUm9cw5kY9BXngQGqu3LBoop9j5uTAv8/AYL4LMc4ZCVyq3Z7XPJGWDM4H9PiWjqXAAuuHBEGVR2Z) [USDG Reserve](https://kamino.com/borrow/reserve/47tfyEG9SsdEnUm9cw5kY9BXngQGqu3LBoop9j5uTAv8/JBmLCoKqjdKSStK45onRqe6U6sxVgSpdXoeXe4h7NwJw) [USDS Reserve](https://kamino.com/borrow/reserve/47tfyEG9SsdEnUm9cw5kY9BXngQGqu3LBoop9j5uTAv8/3yDc9ARvtPLhYxZLgucZGuBtZ9bHshBvXTwHxGe3nhmC) [PT-ONyc Reserve](https://kamino.com/borrow/reserve/47tfyEG9SsdEnUm9cw5kY9BXngQGqu3LBoop9j5uTAv8/5pCe1pq5nzBTCZ3Z8MAFtVQaTZvrLSbhU5ecqBkTfBoF) {% endstep %} {% step %} #### Loopscale [USDC Vault](https://app.loopscale.com/vault/7PeYxZpM2dpc4RRDQovexMJ6tkSVLWtRN4mbNywsU3e6) [USDT ONE Vault](https://app.loopscale.com/vault/usdt_one) [USX RWA Vault](https://app.loopscale.com/vault/usx_rwa) {% endstep %} {% endstepper %} # Liquidity Provision Liquidity provision allows ONyc holders to earn additional yield by supplying ONyc to supported onchain liquidity pools. Liquidity providers earn a combination of ONyc’s underlying yield and trading fees generated through secondary market activity. By supplying liquidity, LPs help maintain continuous market access, tighter pricing around NAV, and more efficient trade execution across DeFi venues. ONyc is also supported as collateral in lending markets, allowing users to borrow against positions and deploy capital into additional strategies while retaining ONyc exposure. An active market making strategy arbitrages price differences across venues to help keep ONyc trading close to NAV and support efficient secondary market pricing. ### Supported Markets Supported ONyc liquidity pools are eligible for enhanced OnRe Points multipliers in addition to standard trading fees. Rewards are only earned on the ONyc side of a liquidity pair, though certain lending markets, vaults, and structured products may also reward supplied stablecoin positions. {% stepper %} {% step %} #### Orca [ONyc/USDC](https://www.orca.so/pools/7jhhyxPUKpu42hPGSYwgMXbR2dtVJHKhs8DW3sAAgAvX) [ONyc/JitoSOL](https://www.orca.so/pools/4MKCGZ9X9VYcFqkTTJhWBEVScw1EVPcW1SUrHx5TrPzK) {% endstep %} {% step %} #### Raydium [ONyc/USDG](https://raydium.io/liquidity-pools/?token=5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5) {% endstep %} {% step %} #### Kamino [ONyc/JitoSOL](https://kamino.com/liquidity/AVynQgk5wjmSi2cx1gTT6z1FZo6CxYsZsnKsJSWgZ7w5) [ONyc/USDG](https://kamino.com/liquidity/2cV6oNLjDqtyMJysHa2YpRDa2HmKK7e1V1ZZi2WsfE8b) {% endstep %} {% endstepper %} # Hodling Holding ONyc provides direct exposure to OnRe’s underlying reinsurance-backed yield without requiring deployment into additional strategies or protocols. In addition to passive yield accrual, ONyc holders earn continuous OnRe Points while maintaining full liquidity and flexibility across the ecosystem. Held ONyc can later be deployed into liquidity provision, lending, looping, or yield trading strategies for additional utility and rewards. # OnRe Points Program ### Overview The OnRe Points Program rewards users for contributing real value to the OnRe ecosystem. Unlike traditional liquidity mining, OnRe Points reward capital that is actually being put to work. The program tracks how ONyc is deployed (held, lent, looped, pooled, or used to buy yield) and rewards activity that makes ONyc more useful as collateral. Points have no monetary value, are not transferable, and do not represent any entitlement to tokens, assets, or financial rewards. They exist to measure participation and to power the leaderboard at , where your standing may influence future benefits, incentives, and program rewards at OnRe's discretion. ### How it Works Every position you hold is measured once a day. For each position, the program looks at how much ONyc (or ONyc-equivalent value) you have deployed, how long you held it, and which venue and strategy you used. It then applies a shared base rate plus a set of OnRe-defined multipliers. The base rate is simple: **1 point per ONyc, per day.** From there, multipliers reward more active uses. Lending, looping, providing liquidity, and holding yield tokens all earn more than a balance sitting idle. {% code overflow="wrap" %} ```mermaid graph TD A["Hold or deploy ONyc
across supported venues"] --> B["Daily snapshot
balances measured each day"] B --> C["Per position points
ONyc held × days × venue multiplier × boosts"] C --> D["All positions summed
into total points"] D --> E["+ Referral bonuses"] E --> F["Leaderboard rank"] classDef onre fill:#F8FAFC,stroke:#D7DEEC,color:#111827,stroke-width:1px,font-family:Plus Jakarta Sans; class A,B,C,D,E,F onre; ``` {% endcode %} #### Single Position Points Formula {% hint style="info" %} #### Formula {% code overflow="wrap" %} ``` # Points for a single position (wallet, LP, lending, YT, etc.) position_points = ( onyc_equivalent_balance # Your ONyc exposure in this position * duration_days # How long you held it * base_points_per_onyc_day # 1 point per ONyc per day * venue_multiplier # Set per venue / strategy (see table below) * personal_multiplier # Optional per-user or campaign boosts ) ``` {% endcode %} {% endhint %} #### Total Points Formula Your total is the sum of every position you hold, plus any referral bonuses. {% hint style="info" %} #### Formula ``` # Total points for a wallet total_points = wallet_points # ONyc held in your wallet + lending_points # ONyc / stablecoins supplied to lending markets + looping_points # Leveraged ONyc loops + liquidity_points # ONyc side of LP positions + yield_token_points # Exponent YT and LP holdings + vault_points # ONyc deposited in supported vaults + campaign_boost_points # Active campaigns and boosts + referral_bonus_points # Referral program bonuses user_points = floor(total_points) # Final leaderboard score ``` {% endhint %} #### Where You Earn Points ONyc earns points wherever it is deployed, with rewards increasing based on how productively the asset is utilized within DeFi. In general, activities that strengthen ONyc’s utility as collateral receive higher multipliers. Reward multipliers vary by venue, strategy type, and active incentive campaigns, with each supported protocol applying its own base multiplier. OnRe may also periodically introduce limited time campaigns tied to specific venues, products, or ecosystem initiatives. Unless otherwise stated, campaign boosts stack on top of standard venue multipliers. Activities are grouped across several broad reward tiers:
TierActivityBase Multiplier
HodlHolding ONyc passively in your wallet1x
Provide LiquidityProvide ONyc liquidity across DEX pools and trading venues2x
Lend and DepositSupplying ONyc or stablecoins into lending markets, vaults, and structured yield strategies3x-4x
Yield TokensHolding ONyc YTs across fixed-rate markets5x
Loop and LeverageLeveraged ONyc looping and collateralized yield strategies 6x
For a detailed breakdown of supported ONyc strategies and integrations across DeFi, explore: {% content-ref url="/pages/VSCdS1ZFZwIe08DwAuMG" %} [DeFi Opportunities](/onyc-in-defi/defi-opportunities) {% endcontent-ref %} #### Points Are Never Clawed Back Once points are earned, they remain permanently associated with your wallet. Selling, transferring, or withdrawing ONyc only impacts future accrual and never reduces points already accumulated. The system is also designed to account for positions where balances may fluctuate rapidly. For strategies such as Exponent Yield Tokens that trade through an order book, points are calculated against the highest balance held during the accrual period and are floored at the value recorded at the time of any accounting change. In practice, this means points earned from historical activity only move upward over time and are never reduced retroactively. Market price movements also do not affect point balances. Accrual is based solely on ONyc exposure, not the market value of the position. ### Referrals Refer a friend and earn additional rewards together. When a new user joins through your referral link and begins building ONyc exposure: * **Referrers** receive a bonus equal to **10%** of the points earned by the referred wallet. * **Referred users** receive an additional **5%** bonus on their own point accrual. Referral rewards begin only after the referred wallet activates by reaching the minimum qualifying ONyc exposure threshold, currently set at 100 ONyc. Any points earned prior to activation are excluded from both referral bonuses, ensuring rewards are tied to new ecosystem participation and ongoing activity. {% code overflow="wrap" %} ```mermaid graph TD R["Referrer
shares code"] --> F["New user
signs up"] F --> A{"Holds
100+ ONyc?"} A -->|"Not yet"| W["Pending
no bonuses"] A -->|"Activated"| E["Referral
activated"] E --> U["+5% boost
to referred user"] E --> B["+10% bonus
to referrer"] classDef onre fill:#F8FAFC,stroke:#D7DEEC,color:#111827,stroke-width:1px,font-family:Plus Jakarta Sans; class R,F,A,W,E,U,B onre; ``` {% endcode %} ### Frequently Asked Questions #### What are OnRe Points? OnRe Points track your participation across the OnRe ecosystem. They reward holding ONyc and using supported products over time. Points are used for leaderboard rankings and may contribute to future incentives at OnRe's discretion. #### When do points update? Balances are recalculated continuously throughout the day, and the leaderboard's official daily ranking is captured at 00:00 UTC. Any activity or balance change is reflected in the next update cycle. #### Do I earn points just for holding ONyc? Yes. Holding ONyc in your wallet earns 1x point per ONyc per day, based on your balance at the daily snapshot. #### What determines how many points I earn? Points are based on: * The amount of ONyc you hold or deploy * How long you hold it * The product or strategy you’re using (the multiplier) * Any active campaign multipliers or boosts #### Which actions earn the most points? Generally, actions that put ONyc to work earn more than an idle balance: lending, looping, concentrated liquidity, and yield tokens. Active participation beats passive holding. #### Do campaign boosts stack with base multipliers? Yes. Campaign boosts apply on top of the base point rate unless stated otherwise in the campaign terms. #### Do leveraged strategies earn more? Yes. Leveraged strategies can earn more points because they increase effective ONyc exposure. This also comes with higher risk. #### Do I earn points on both sides of an LP? On automated market-maker pools, points are earned only on the ONyc side. Some lending and vault products do reward a supplied stablecoin leg. See [Where You Earn Points](#where-you-earn-points). #### Do I earn points on PT tokens within fixed-rate markets? No. ONyc Points are not earned on PT tokens within fixed rate markets. Points are instead accrued on positions that maintain direct ONyc exposure or contribute to ONyc utility across supported venues and strategies. PT tokens represent discounted future redemption value rather than ongoing yield exposure, and therefore do not currently qualify for point accrual. #### Are points time-based? Yes. Points accrue daily based on how much ONyc you hold or deploy at each daily snapshot. #### If I move or withdraw ONyc, do I lose points? No. You keep every point already earned. Moving or withdrawing ONyc only affects future accrual. #### Can I lose points if the value of the position changes? No. Price fluctuations never reduce points already earned. Only changes in your ONyc balance affect future points. #### Are points capped? There is no fixed global cap, but certain campaigns or strategies may have limits. Any caps are disclosed in advance. #### Why does someone else earn more points with similar capital? Common reasons include higher-multiplier venues, participation in boosted campaigns, longer holding periods, leveraged strategies, and earlier entry. #### Can multiple wallets owned by the same user participate? Yes, leaderboard rankings are based on wallet addresses. #### Do referral bonuses count? Yes, referral bonuses count toward your total points. When your referral builds ONyc exposure, you earn 10% of their points and they earn a 5% boost on their own points. Both apply only to points earned after they activate. #### Can I refer my own wallet? No. Self referrals are not permitted within the OnRe Points Program. #### Can a wallet have multiple referrers? No. Each wallet can only be linked to a single referrer. #### Is there a limit to how many wallets I can refer? No. A single wallet can refer an unlimited number of users. #### Is there a cap on referral rewards? No. There is currently no limit on the amount of referral rewards that can be earned. #### My points have not updated. What should I check? A few common things to check before opening a support ticket: * **Refresh timing.** Points are typically updated on an hourly basis under normal conditions, so newly opened positions or recent activity may take some time to appear. Official leaderboard snapshots are recorded daily at 00:00 UTC. * **New market launches.** When a new venue, campaign, or strategy goes live, point tracking may be enabled shortly after launch rather than immediately at activation. Eligible activity from that initial period is still accounted for once tracking begins. * **Minimum display threshold.** Wallets with fewer than 1 total accrued point may not yet appear on the leaderboard. If your points still appear incorrect after accounting for the above, please open a support ticket in the [OnRe Discord](https://discord.gg/onrefinance) and the team will investigate further. #### How can I check my current points? The ONyc Points API is publicly accessible and does not require an API key. To retrieve points data for a specific wallet, use: [https://rewards.api.onre.finance/api/v1/points/wallet/\](https://rewards.api.onre.finance/api/v1/points/wallet/) The response returns total accumulated points, current leaderboard rank, active multipliers applied to the wallet, and a full breakdown of points earned across supported venues and strategies. This allows users to see exactly where point accrual is coming from across the ONyc ecosystem. To access the paginated public leaderboard, use: #### Where can I see my leaderboard position? The leaderboard is available at: # Monthly Growth Updates Monthly Growth Updates available in the dataroom here: [https://onre.docsend.com/updates](https://docsend.com/view/s/4sxssvyi3geje67z). # Ecosystem Partnerships Partnership Announcements available in the dataroom here: [https://onre.docsend.com/partnerships](https://docsend.com/view/s/6hj9vpcjzg5aqwys). # ONyc Buybacks ONyc buybacks are a treasury and liquidity management mechanism used to support secondary market efficiency and maintain a tight relationship between ONyc market price and NAV. Buybacks are discretionary and policy-driven. Purchased ONyc is returned to the offer contract for repurchase at NAV or otherwise managed according to governance policy. Buyback execution depends on market conditions, treasury capacity, and revenue generation. Past execution does not guarantee future activity. ### Capital Sources and Reserve Stabilization Buybacks are funded from protocol operating revenue, underwriting premiums allocated to the liquidity layer, and unallocated treasury reserves. Buybacks are executed onchain via open-market purchases and are non-inflationary. View on Solscan: [https://solscan.io/account/45YnzauhsBM8CpUz96Djf8UG5vqq2Dua62wuW9H3jaJ5](https://solscan.io/account/45YnzauhsBM8CpUz96Djf8UG5vqq2Dua62wuW9H3jaJ5?exclude_amount_zero=false\&flow=out\&page_size=10\&remove_spam=false\&to_address=BWWBf4RPajg8ZgZxqVVduAsC9TdZJJPhpAdk9JDft5o4#transfers) {% stepper %} {% step %} #### Underwriting Premiums Premiums are received upfront by OnRe’s licensed reinsurance entity. A defined portion is allocated to the onchain liquidity layer for the duration of the associated risk period. {% endstep %} {% step %} #### Protocol Operating Revenue Fees generated from deployed capital across supported reinsurance and yield strategies accrue to the protocol and may be allocated toward ONyc buybacks. {% endstep %} {% step %} #### Liquidity Layer Reserves OnRe maintains intentionally unallocated capital reserves to support secondary market liquidity and facilitate price stabilization when required. {% endstep %} {% endstepper %} ### Execution Flow 1. ONyc market prices across supported DEXs are monitored relative to NAV. 2. When price deviations or liquidity imbalances are observed, treasury may allocate capital to buybacks. 3. ONyc is purchased on the open market in a transparent, onchain manner. 4. Purchased ONyc is returned to the offer contract for repurchase at NAV or otherwise handled per governance policy. ### Constraints * Buybacks are discretionary and non-continuous. * Buybacks are non-inflationary and not funded by token emissions. * Execution size and timing depend on revenue availability, treasury liquidity, and market conditions. * Buybacks do not impact ONyc yield mechanics or point accrual. # Referral and Ambassador Program ### Overview The ONyc Referral and Ambassador Program is OnRe’s ecosystem-wide incentive system designed to reward meaningful participation and long-term contribution. It brings user activity rewards (lending, borrowing, looping, trading) together with ambassador efforts (education, content, community leadership) under one coordinated structure. The pilot season focuses on deepening engagement with ONyc, strengthening liquidity across Solana DeFi, and expanding OnRe’s reach to new users and partners globally. ### Program Objectives * Reward users for holding ONyc, providing liquidity, participating in supported strategies, and referring new participants. * Support ambassadors who help educate, build, and grow the community. * Align incentives with AUM growth, secondary market activity, and long-term ecosystem stability. * Ensure transparent, predictable point calculations and fair reward distribution. * Combine DeFi-native behaviors with community advocacy to drive balanced ecosystem growth. ### How It Works #### Liquidity and Yield Activity Users earn points by holding ONyc, providing liquidity, participating in supported strategies, and engaging with Solana DeFi venues that integrate ONyc. All point structures, multipliers, and seasonal criteria are listed on the Rewards Dashboard.
ActivityProtocolAsset / PairMultiplier
Yield TradingExponentONyc5x
Yield TradingRateXONyc5x
LoopingKaminoONyc / USDG6x + Leverage
LoopingKaminoONyc / USDC6x + Leverage
LoopingKaminoONyc / USDS6x + Leverage
LoopingLoopscaleONyc / USDC6x
LoopingLoopscaleONyc / USDT6x
LoopingLoopscaleONyc / USX6x
LoopingElementalONyc / USDC4x
LendingKaminoONyc3x
LendingKaminoUSDG3x
LendingKaminoUSDC3x
LendingKaminoUSDS3x
LendingLoopscaleUSDC3x
Liquidity ProvisionKaminoONyc / USDG2x
Liquidity ProvisionKaminoONyc / JitoSOL2x
Liquidity ProvisionOrcaONyc / USDC2x
Liquidity ProvisionOrcaONyc / JitoSOL2x
Liquidity ProvisionRaydiumONyc / USDG2x
### Referral Program Users can invite others to join OnRe and earn a percentage of their referees’ ONyc activity. Referral links are generated and managed directly through the user dashboard. When you refer a new user, you earn 10% of their ONyc wallet exposure points, calculated from their verified ONyc balance. Referral rewards unlock once the referred user meets the minimum ONyc exposure requirement, ensuring bonuses are tied to active participation. Referees also receive a welcome bonus when they connect their wallet through your referral link. Each referral follows a simple lifecycle: {% stepper %} {% step %} #### Generated You’ve created a referral code and can share it. {% endstep %} {% step %} #### Pending A referred user has registered with your code but has not yet met the minimum ONyc exposure threshold. {% endstep %} {% step %} #### Active Once the exposure requirement is met, the referral becomes active and starts generating rewards. If the referred user’s balance later fluctuates, the referral remains active. {% endstep %} {% endstepper %} Referral relationships are permanent. A wallet can only be referred once, codes are case-insensitive, and self-referrals are not allowed. Referral points update in real time as a referred user’s ONyc balance changes. All referral activity, bonus totals, and eligibility information appear on the Rewards Dashboard. ### Ambassador Program The Ambassador Program highlights contributors who help expand the OnRe ecosystem through accurate education, thoughtful content, and steady community leadership. Ambassadors receive seasonal rewards, visible Discord roles, and leaderboard recognition. Performance is verified through measurable outcomes on Superteam, and ambassadors can earn multipliers on qualified referrals, venue deployments, and approved content. #### Discord Community Roles **Observer**\ New arrivals who have verified and joined the community. **Analyst**\ Early participants who ask thoughtful questions, refer others, share insights, and contribute to discussions about DeFi, RWA, and yield. **Builder**\ Hands-on contributors who create value through tools and content, from memes and carousels to dashboards and integrations. **Yield Seeker**\ Community members who help explain and simplify OnRe’s products and encourage wider understanding of yield-bearing assets. **Connector**\ Participants who extend OnRe’s reach by bringing in partners, allocators, and community collaborations. **Catalyst**\ The highest recognition tier for contributors who meaningfully accelerate OnRe’s mission. Catalysts amplify ONyc adoption, expand the ecosystem, and strengthen its position across DeFi. #### Discord XP Roles and Level Thresholds Members earn XP through text and voice activity. As XP increases, they progress through Discord roles that reflect engagement and activity levels. XP milestones also determine leaderboard placement. Roles update automatically when each threshold is reached. **Role Progression** {% columns %} {% column %} **Role** Explorer Contributor Regular Voice Legend {% endcolumn %} {% column %} **Level** 5 10 20 30 50 {% endcolumn %} {% endcolumns %} #### Social and Ecosystem Tasks Participants earn additional points by supporting OnRe’s growth through social engagement and ecosystem participation. These tasks help expand awareness, drive discussion, and strengthen user influence. Seasonal multipliers and eligibility requirements are listed on the Rewards Dashboard. Verified contributions from ambassadors and referrers receive additional bonus multipliers based on impact. **Superteam** Tasks are submitted through Superteam, where contributors can view briefs, submit work, and receive payouts. Referral conversions and associated activity are tracked through the OnRe Leaderboard. # Introduction On Re SAC Ltd. is a fully licensed, fully collateralized reinsurer and onchain asset manager under Bermuda’s insurance and digital asset regulations. Our goal is to connect alternative capital with the global property and casualty reinsurance market through a structure that is transparent, well-protected, and built to handle real-world risk. OnRe provides reinsurance support to licensed insurance programs. All obligations are backed by capital that is fully funded in advance and held inside legally separate accounts under Bermuda’s Segregated Accounts Companies (SAC) law. Each account maintains its own assets, reserves, and claims payments, ensuring that capital supporting one program is never exposed to another. Reinsurance capital is sourced through ONyc, a tokenized vehicle representing proportional exposure to a diversified portfolio of reinsurance programs. Premiums are collected upfront, held in reserve, and earned gradually over the life of each policy. Capital not immediately required for claims is placed in low-volatility collateral assets, producing steady investment yield. The combined result is a blend of underwriting income and collateral returns. Daily portfolio valuations are published onchain using independent oracle providers to provide clear, verifiable visibility into reserve levels and account performance. Operationally, OnRe follows established reinsurance practices: disciplined underwriting, capital modeling, structured reserving, regular data reporting, and claims verification using independent adjusters and auditors. The onchain layer serves as an additional transparency mechanism. It does not change the underlying insurance framework, risk standards, or regulatory requirements. All activity is overseen by the Bermuda Monetary Authority under both the Insurance Act (IIGB) and the Digital Asset Business Act (Class F). OnRe’s model gives insurers access to dependable, fully collateralized capacity supported by transparent, ring-fenced capital and a modern infrastructure for real-time visibility. # Underwriting We underwrite regulated insurance programs written by licensed primary insurers. Our goal is to support programs that have predictable loss behavior, strong operational discipline, and clear data visibility. ### How We Select Risk Before we accept reinsurance exposure, we evaluate: * The insurer’s underwriting guidelines and pricing logic * Historical loss experience and expected loss behavior * How exposure is capped and structured * The quality and reliability of policy and claims data * The regulatory environment the insurer operates in We only write risk that fits within established insurance frameworks and can be monitored throughout the policy period. ### Diversification and Exposure Limits Each program is structured with defined limits so we know the maximum exposure at any time.\ Across the broader portfolio, we diversify by line of business, geography, and loss pattern to avoid concentrated risk. ### Premium and Reserve Management Premiums are paid upfront and placed in the program’s segregated account.\ We divide the premium into: * The amount earned over the life of the policy * The portion that must remain reserved for future coverage * Capital set aside for claims * Collateral that can be invested in low-volatility assets This protects policyholders, supports claims, and establishes the return profile for ONyc. ### Claims Expectations and Capital Modeling We model expected losses for each program based on past performance and the structure of the underlying risk. This helps determine how much capital must be retained and how much can safely generate collateral yield. ### What We Avoid We do not underwrite unlicensed programs, exposures that cannot be modeled, or risk structures that lack transparent data or regulatory oversight. # Capacity Access We provide reinsurance capacity by allocating fully funded capital into segregated accounts that are legally protected under Bermuda’s SAC framework. Each insurer receives its own account, which holds all premiums, reserves, and collateral supporting the program. This ensures that the capital backing one program is never mixed with or exposed to another. When we take on a new program, we start with a review of the insurer’s underwriting approach, historical results, and how the coverage is structured. Once terms are agreed, we open a dedicated segregated account and fund it with the premiums paid upfront, along with any additional collateral needed to support the expected claims profile. All reinsurance obligations are fully collateralized from day one, which removes counterparty credit risk and avoids the need for external financing or leverage. Insurers access this capacity through a process that is intentionally familiar. After the account is funded, coverage begins immediately, and we maintain the reserves throughout the policy period. We publish daily onchain valuation updates so insurers can see, in real time, the amount of capital held, how much premium has been earned, how much remains reserved, and how claims activity affects the account. This transparency is one of the most meaningful advantages of our model, adding clarity without changing established operational workflows. Any capital in the account that is not required for near-term claims or coverage is allocated to low-volatility collateral assets. These assets produce steady yield while maintaining sufficient liquidity to meet claims as they arise. The capital is never reused elsewhere, never borrowed against, and never exposed to speculative strategies. This structure gives insurers the dependability of fully reserved reinsurance supported by transparent, ring-fenced capital and modern reporting infrastructure. # Reporting We maintain a reporting framework that gives insurers clear visibility into reserves, claims activity, and the daily value of the segregated accounts backing their programs. The structure is designed to feel familiar to insurers while introducing the benefits of onchain transparency and real-time valuation. Each reinsurance program sits inside its own segregated account, allowing earned premium, reserves, claims, and collateral yield to be tracked independently. This separation makes NAV fully traceable and ensures that performance for one program never affects another. ### NAV and APY Methodology Net Asset Value (NAV) is calculated internally by our insurance committee and published onchain each day through independent oracle providers. The NAV incorporates: * Premiums earned that day * Remaining reserves * Paid claims * Collateral yield * Adjustments for expected or reported losses Annualized percentage yield (APY) reflects two core drivers: 1. Underwriting performance, based on premium earned over the risk period 2. Collateral yield, earned by the reserve assets held in the account Because NAV updates daily and premiums are earned on a linear basis, insurers can monitor account performance in real time without relying on periodic statements. ### Reserve Tracking Premiums are paid upfront and fully reserved for potential claims. As coverage progresses, premium is earned daily and contributes to NAV. Claims that fall within modeled expectations are paid from reserved premium and do not affect NAV or APY. Only claims that exceed expectations may result in a capital drawdown. Inside each segregated account, we track: * Earned premium * Unearned premium * Claim reserves * Collateral allocations * Claim payments Because each account is isolated under Bermuda’s SAC framework, all accounting movements remain tied to the specific program they support. ### Program Reporting and Claims Processing Insurers provide regular reporting so we can track exposure, premium movements, and any new claims. These submissions typically include: * Policy activity and exposure data * Premium written and adjustments * Endorsements or cancellations * Reported claims with supporting documentation We use this information to maintain accurate reserves and confirm that each segregated account reflects the current risk profile. When a claim is validated, payment is issued directly from the capital allocated to that specific program. Claims follow a structured review process using the documents supplied by the insurer. Because each program has its own segregated account, approved claims are always paid from the same pool of capital that holds the premium and reserves for that exposure. This prevents cross-program impact and keeps all financial movements isolated and transparent. Daily onchain NAV updates reflect the effect of each claim, making the full claim lifecycle – reporting, validation, and payment – easy to verify in real time. ### Portfolio-Level Transparency To provide broader visibility, we offer aggregated portfolio metrics through our [Transparency Dashboard](/introduction/transparency-dashboard). While we do not disclose cedent identities, the dashboard highlights the following which allows insurers to understand how their program fits within the overall capital base supporting ONyc: * The mix of specialty lines and ILWs * Coverage periods * Aggregate limits and premiums * Expense ratios * Deal structures and exposure distribution Key components of our reporting environment include: * Daily onchain NAV updates reflecting premium, reserves, claims, and collateral yield * Regular program reporting from insurers * Internal reserve calculations for exposure, earned premium, and expected losses * Portfolio-level metrics via the [Transparency Dashboard](/introduction/transparency-dashboard) This combination of traditional reporting and continuous onchain transparency gives insurers real-time insight into the collateral supporting their program and provides partners with confidence that every segregated account is fully funded and independently verifiable. # Regulatory Framework ### Licenses and Regulation On Re SAC Ltd. is [authorised and regulated](https://www.bma.bm/regulated-entities) by the Bermuda Monetary Authority (BMA). #### Class F License Under the Digital Asset Business Act 2018 OnRe is licensed under Bermuda’s [Class F Digital Asset Business Act 2018](https://www.bma.bm/digital-asset-business), authorizing the issuance, sale, and redemption of digital assets, the provision of payment services using digital assets – including fund transfers – and the operation of a digital asset exchange. This regulatory approval enables OnRe to offer a comprehensive suite of digital asset services in a secure and compliant environment. #### Class IIGB License Under the Insurance Act 1978 OnRe is licensed under a [Class IIGB (Innovative Insurer General Business) license](https://www.bma.bm/insurance-licensing) from the BMA. This authorizes OnRe to carry on general insurance business in an innovative manner, including the use of digital assets or cryptocurrency for insurance-related activities. The IIGB license provides a regulated framework for OnRe to underwrite, manage, and structure insurance solutions that leverage new technologies and digital asset infrastructure. Registration Number 55347. # Reinsurance Track Record This is the track record of the senior underwriting team behind ONyc prior to joining OnRe. This is presented to showcase the mechanics of a mature reinsurance portfolio. It is not indicative of present or future ONyc performance, but does highlight the strategy we are building at OnRe as we scale
Metric20132014201520162017201820192020
Written Premium (net of brokerage)$48.54M$62.32M$67.18M$70.53M$80.27M$84.70M$87.00M$98.00M
P/L Percentage59.41%22.34%70.38%59.88%55.77%39.67%16.90%69.69%
Gross Underwriting Profit$28.84M$13.92M$47.28M$42.23M$44.77M$33.60M$14.70M$68.30M
Reinsurance Cost($4.85M)($0.03M)($6.72M)($7.05M)($8.03M)($0.92M)$9.45M($9.80M)
Business Expenses($7.50M)($7.50M)($7.50M)($7.50M)($7.50M)($7.50M)($7.50M)($7.50M)
Total Investment Income$1.98M$2.55M$2.74M$2.88M$3.28M$3.46M$3.55M$4.00M
Net Income$18.46M$8.94M$35.81M$30.56M$32.52M$28.64M$20.20M$55.00M
Return on Capital66.58%25.09%93.27%75.83%70.91%59.17%40.64%98.22%
# Portfolio Makeup Our reinsurance portfolio is built to be diversified, short-duration, and resilient across market cycles. We allocate capital across real insurance risk that is fully modeled, independently placed through global brokers, and supported by licensed insurers. The goal is to generate stable, uncorrelated returns while maintaining strict protection of principal inside each segregated account. ### Portfolio Structure Our portfolio is built around a balanced mix of specialty insurance programs and property catastrophe Industry Loss Warranties (ILWs). We target roughly a 50/50 split between these two categories. Specialty lines provide steady, predictable performance, while ILWs offer high-quality, short-duration catastrophe exposure with attractive risk-adjusted premiums. This combination creates a diversified, low-correlation book that supports a stable NAV profile and reinforces the durability of ONyc’s yield. #### Specialty Insurance Programs The specialty portion of the portfolio includes short-tail, regulated programs with clear underwriting standards and consistent data. These programs typically feature predictable loss behavior, diversified underlying exposures, reliable policy and claims reporting, and well-bounded risk limits. Specialty lines help smooth overall performance and reduce reliance on catastrophe-linked yield. **Examples** * D\&O * Cyber * Tech E\&O * Aviation * Crop * Marine Offshore * Energy #### Property Catastrophe ILWs ILWs form the other half of the portfolio and are placed through top-tier global brokers. These contracts use binary, industry-wide loss triggers, sit at high attachment points to reduce frequency, diversify across regions and perils, and run on short durations, typically six to twelve months.\ \ Because ILWs settle against independently verified industry loss indices, they carry minimal cedent-specific operational or credit risk. In hard markets, these structures price at elevated premiums, and those premiums flow directly into ONyc’s NAV when the trades are added. This makes ILWs an efficient source of yield and a strong complement to the specialty book. **Examples** * North American Wind * North American EQ * International Wind * International EQ * Flood * Wildfire * Earthquake * Monsoon * Hail ### How Returns Are Earned Our yield is generated from real reinsurance economics, not emissions or leverage. Returns come from: 1. **Underwriting income**\ Premiums are paid upfront and earned over the life of the contract. Short-duration policies amplify this effect; for example, a policy returning 17% over six months annualizes to 34%. This is standard in reinsurance. 2. **Collateral yield**\ All capital earns its own return while held in reserve. To be conservative, our actuarial modeling assumes only short-term Treasury-level rates, even though we hold higher-yielding collateral assets in practice. Projected yield is based solely on underwriting results. Realized APY includes the additional return from collateral. ### Risk Profile and Capital Preservation Our portfolio is designed to minimize downside risk: * ILWs provide high-floor, binary exposure with limited loss scenarios * Specialty lines offer consistent, low-volatility loss behavior * Both segments are short-tail, improving capital turnover and lowering reserve risk * Capital sits in segregated accounts and is never leveraged or reused * Returns remain uncorrelated to rates, equities, or crypto markets This structure strengthens NAV stability and supports the durability of ONyc’s yield. # Reinsurance Deals Overview Summary of the current reinsurance deals providing coverage for the ONyc program, including capacity, specialty focus, and realized income where applicable.
{% hint style="info" %} **Deal Key / Legend** D\&O = Directors & Officers XoL = Excess of Loss UNL = Unlimited Limit Cat XoL = Catastrophe Excess of Loss ANP = Annual Net Premium EQ = Earthquake EQ & Wind = Earthquake and Wind {% endhint %} # Collateralised Reinsurance Structure ### Traditional vs OnRe Collateralised Reinsurance Structures Traditional collateralised reinsurance relies on capital locked in offchain trust structures, with limited transparency, slow settlement, and little to no secondary liquidity. OnRe’s collateralised reinsurance brings the structure onchain, enabling real-time transparency, active collateral management, and secondary market liquidity while maintaining full collateralisation. | Feature | Traditional Structure | OnRe Digital Asset Structure | | -------------------------- | ------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------- | | Licensing | Licensed (re)insurer in Bermuda or other jurisdiction | Licensed (re)insurer in Bermuda, regulated under both insurance and digital asset regimes | | Capitalization | Capital received from investors or reinsurers | Capital received from KYC’d, accredited investors, governed by Participation Agreements | | Collateral Holding | Funds placed in a third-party trust account at a commercial bank | Funds held in segregated digital custody, e.g. Coinbase Prime, Safe, or Squads Multi-Sig Wallet | | Custody Control | Trustee follows pre-agreed release instructions from cedant | Funds can only be released via multi-signature authorisation under OnRe control | | Cedant Control | Cedant may instruct trustee directly on claim event | Cedant can be added as read-only viewer or co-signer in multi-sig for greater transparency/control | | Verification of Collateral | Requires trust bank reporting or statement | Anyone can independently verify funds at any time via Blockchain Explorer | | Trigger for Release | Release occurs on (i) claim notification by cedant to trustee, or (ii) expiry of trust agreement | Release occurs on (i) verified claim, or (ii) run-off of (re)insurance liabilities | | Wording | Standard reinsurance contracts with references to trust | Standard reinsurance contracts, denominated in USD, with reference to digital asset collateral | | Segregation of Funds | Trust agreement and bank account administered for benefit of cedant | Statutory segregation under Bermuda SAC Act law; each account ring-fenced and independently capitalised | | Cost | Trust fees, legal set-up, bank charges, ongoing administration | No trust needed; reduced complexity and cost via programmable custody controls | | Operational Resilience | Dependent on third-party trustee responsiveness and banking hours | Onchain infrastructure operates 24/7; all transactions require multi-party cryptographic approval | # Collateral Security and Segregation Collateralised programmes may be executed either from OnRe’s balance sheet segregated account or through the creation of a dedicated segregated account, each a legally ring-fenced structure under Bermuda law. Each account maintains its own distinct pool of assets and liabilities, separate from OnRe’s General Account and from other accounts. This legal structure is reinforced through: * statutory segregation under Bermuda’s Segregated Accounts Companies Act 2000 (SAC Act); * digital custody controls, ensuring only authorised withdrawals via multi-sig wallets; and * onchain verification through public blockchain explorers.

Diagram 1

Diagram 1 illustrates the legal segregation of accounts under Bermuda’s SAC Act. Each account, whether the OnRe General Account, ONyc SA (the balance sheet underwriting account), or any collateralised account, is treated as a distinct pool of assets and liabilities. The dotted lines represent this statutory segregation, which ensures that: * assets in one account cannot be used to meet the liabilities of another; * each account operates independently with its own capital, obligations, and custodial structure; and * investors and cedents are protected from cross-contamination of risk between accounts. This segregation is legally enforceable and supported by Bermuda case law, offering clarity and security for all parties. # Claims and Risk Management ### Claims Procedure OnRe manages claims with a clear, disciplined framework that reflects traditional reinsurance standards while using onchain infrastructure to improve transparency and settlement certainty. The goal is to ensure every claim is handled fairly, efficiently, and in line with the agreed contract terms. {% stepper %} {% step %} #### Notification A claim begins when the cedent or broker provides an official loss notice. The claim is logged in the system, assigned a reference, and initial details are recorded for tracking and reserve purposes. {% endstep %} {% step %} #### Assessment The claim is reviewed against the contract to confirm coverage and liability. Additional documents may be requested to clarify the event or quantify the loss. An initial reserve is set when the loss amount is not yet known. {% endstep %} {% step %} #### Settlement After validation, settlement is confirmed with the broker in line with contract terms. Once conditions are met, payment is issued to the cedent’s appointed recipient. The claim is closed once records are updated and confirmation is received. {% endstep %} {% step %} #### Communication Brokers provide periodic updates throughout the claim lifecycle. Relevant stakeholders receive reporting on claim status, reserves, and any settlement activity. {% endstep %} {% step %} #### Documentation Required materials may include loss reports, expert assessments, and settlement records. These support accurate processing and future audits. {% endstep %} {% step %} #### Quality Control Periodic independent reviews and audit procedures help ensure accuracy, compliance, and consistency across all claims. {% endstep %} {% step %} #### Dispute Resolution Any disagreements follow the dispute resolution procedures set out in the contract, which may include mediation or arbitration. {% endstep %} {% endstepper %} ### Risk Appetite Our risk appetite is guided by a disciplined approach to onchain reinsurance. We balance risk and return through conservative investment strategies and targeted underwriting, focused on these key principles: {% stepper %} {% step %} #### Capital Protection Protecting capital through a conservative mix of high-quality, short-duration assets, reinforced by stablecoin reserves, T-bill yield, and token rewards that meaningfully reduce downside risk. {% endstep %} {% step %} #### Liquidity Maintaining strong liquidity to meet regulatory requirements and support investor flexibility, with ONyc tokens available 24/7 on secondary markets. {% endstep %} {% step %} #### Risk Management Reducing loss probability to \~0.5% through structured underwriting and active portfolio management, utilising stablecoins to strengthen capital resilience. {% endstep %} {% step %} #### Regulatory Alignment Adhering to stringent compliance standards, including the BMA’s BSCR requirements, to ensure long-term stability. {% endstep %} {% step %} #### Dynamic Strategy Regularly reviewing and adjusting investment objectives to account for changing market conditions and the unique risk profiles of each account. {% endstep %} {% endstepper %} # System Integrity Overview ### At a Glance * Audit: Quantstamp (January 2026) * Multisig: Distributed signer set, threshold enforced * Timelock: In progress (implementation underway) * Custody: Segregated accounts (ONyc SA) * Attestations: Apex Group (Monthly) ### Control Principles Failures in integrated protocols, contract execution, or individual keys are structurally contained and do not provide direct access to underlying collateral, reflecting a system designed to reduce common DeFi failure modes through three core constraints: {% stepper %} {% step %} #### No single point of control Critical actions require coordinated multisig approval. No single key or operator can unilaterally change parameters, upgrade contracts, or move funds. {% endstep %} {% step %} #### Separation of execution and capital Smart contracts enforce logic but do not custody underlying collateral. Capital is held in segregated accounts, preventing contract level exploits from accessing reserves. {% endstep %} {% step %} #### Programmatic issuance and pricing Minting and redemption are enforced by contract logic using predefined parameters. No external signer or offchain system can override pricing or supply constraints. {% endstep %} {% endstepper %} ### Protection by Design {% tabs %} {% tab title="Custody and Capital Segregation" %} Capital backing ONyc is held in legally segregated accounts and committed to collateralize reinsurance obligations. Collateral is not held in smart contracts and cannot be accessed through contract exploits. The collateral pool includes stablecoins, cash equivalents, and T-Bill exposure for liquidity and capital efficiency. {% hint style="info" icon="star" %} Sources * [Reinsurance Framework | Collateral Security and Segregation](https://docs.onre.finance/reinsurance-framework/collateral-security-and-segregation) * [For Capital Providers | Underlying Assets](/for-capital-providers/underlying-assets) {% endhint %} {% endtab %} {% tab title="Mint Authority and Control" %} The mint authority is a Program Derived Address (PDA), meaning issuance can only occur through program logic. No operator or private key can mint outside defined rules. {% hint style="info" icon="star" %} Sources: * [Token Configuration and Reference | Solana](https://docs.onre.finance/technical-resources/token-configuration-and-reference#solana) * [Solscan | ONyc Mint Authority](https://solscan.io/account/onreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcwe) {% endhint %} {% endtab %} {% tab title="Risk Isolation" %} ONyc collateral is structurally separate from DeFi integrations. Activity in external protocols does not directly impact the underlying capital base. {% hint style="info" icon="star" %} Sources: * [For Capital Providers | Collateral Composition](https://docs.onre.finance/for-capital-providers/collateral-composition) * [ONyc in DeFi | DeFi Strategies](https://docs.onre.finance/onyc-in-defi/defi-strategies) {% endhint %} {% endtab %} {% endtabs %} #### System Mechanics {% tabs %} {% tab title="System Architecture" %} ONyc is a yield bearing token on Solana representing a proportional share of a regulated, segregated reinsurance account. The system separates onchain execution (minting, redemption, NAV), offchain underwriting and capital deployment, and custody of collateral in segregated insurance accounts. {% hint style="info" icon="star" %} Sources: * [Introduction | OnRe Tokenized Reinsurance](https://docs.onre.finance/introduction/onre-tokenized-reinsurance-onyc) * [X Article | Building on Real Risk, Not Synthetic Promises](https://x.com/nmcarv/status/2036144135690699030?s=20) {% endhint %} {% endtab %} {% tab title="Smart Contract Enforcement" %} Minting and redemption are enforced by contract logic using NAV based pricing derived from a base price, annual rate, and time component. No offchain service or external key determines issuance. A maximum supply cap is enforced at the contract level on every mint. {% hint style="info" icon="star" %} Sources: * [For Capital Providers | Minting ONyc](https://docs.onre.finance/for-capital-providers/minting-onyc) * [For Capital Providers | Redemptions](https://docs.onre.finance/for-capital-providers/redemptions) {% endhint %} {% endtab %} {% tab title="Oracle and Pricing Dependencies" %} NAV used for minting and redemption is computed from parameters stored within the contract. External providers such as Chainlink and Pyth support integrations and pricing inputs but do not control execution. {% hint style="info" icon="star" %} Sources: * [Technical Resources | Data Streams and Oracle Providers](https://docs.onre.finance/technical-resources/data-streams-and-oracle-providers) {% endhint %} {% endtab %} {% endtabs %} #### Controls {% tabs %} {% tab title="Multisig and Governance Controls" %} Administrative actions, including parameter updates, vault management, and contract changes, require multisig approval through a distributed signer set. Ownership transfers follow a two step proposal and acceptance process. * A publicly viewable [3-of-6 multisig](https://solscan.io/account/45YnzauhsBM8CpUz96Djf8UG5vqq2Dua62wuW9H3jaJ5#programMultisig) governs OnRe’s segregated liquidity reserve, supporting redemptions and broader market stability. * A separate publicly viewable [3-of-6 multisig](https://solscan.io/account/FvmhydbpHGQzMUp51GmhB1fwsrkyfmnRsTg7oPwDe25f#programMultisig) governs protocol administration, including program upgrades, offer creation and management, vault administration, mint authority management, max supply configuration, fee updates, redemption controls, admin and approver management, SPL freeze authority, metadata update authority, and reactivation following a kill switch event. {% endtab %} {% tab title="Execution Controls" %} Critical actions require multisig approval across multiple signers. Timelocks and execution delays are being implemented to introduce a review window before changes take effect. Designated admin accounts retain the ability to activate a kill switch to pause specific operations in the event of abnormal activity. OnRe does not currently use durable nonces and follows standard Solana transaction execution flows, while evaluating additional sequencing and nonce based protections. {% endtab %} {% endtabs %} #### Operations and Oversight {% tabs %} {% tab title="Monitoring and Incident Response" %} Security operations include monitoring of onchain activity, governance actions, and execution flows. In the event of abnormal behavior, response mechanisms include multisig intervention and the ability to halt certain operations such as a kill switch. {% hint style="info" icon="star" %} Sources: * [Legal | KYC and AML Policy](https://docs.onre.finance/legal/kyc-and-aml-policy) {% endhint %} {% endtab %} {% tab title="Transparency and Verification" %} Smart contracts are publicly accessible. NAV, reserves, and portfolio composition are reported through transparency dashboards, supported by monthly attestations and independent audits. The most recent independent audit was completed by Quantstamp in January 2026. Ongoing transparency is supported through additional audits and attestations. {% hint style="info" icon="star" %} Sources: * [Github | OnRe Smart Contracts](https://github.com/onre-finance) * [For Insurers | Reporting](https://docs.onre.finance/for-insurers/reporting) * [Reinsurance Framework | Portfolio Makeup](https://docs.onre.finance/reinsurance-framework/portfolio-makeup) * [Security and Verification | Independent Audits](https://docs.onre.finance/legal/security-and-verification/independent-audits) * [Security and Verification | Independent Attestations](https://docs.onre.finance/legal/security-and-verification/independent-attestations) * [Security and Verification | SOC 2 Type II Certification](https://docs.onre.finance/legal/security-and-verification/compliance) {% endhint %} {% endtab %} {% tab title="Ongoing Enhancements" %} Current improvements include: * Timelock implementation * Evaluation of advanced nonce and sequencing mechanisms * Continued optimization of signer distribution External partners including Allez Labs, Accountable, and Apex Group support data integrity, verification, and attestation processes. {% hint style="info" icon="star" %} Sources: * [X | Allez Labs](https://x.com/AllezLabs) * [X | Accountable](https://x.com/AccountableData) * [X | Apex Group](https://x.com/ApexGlobalGroup) * [X Article | OnRe Partners with Apex Group](https://x.com/onrefinance/status/2009627351496487093?s=20) {% endhint %} {% endtab %} {% endtabs %} #### Risk and Disclosures {% tabs %} {% tab title="Primary Risk" %} The primary risk is underwriting risk. If claims exceed premium income, NAV may decline, including in extreme or correlated loss scenarios. {% hint style="info" icon="star" %} Sources: * [Reinsurance Framework | Claims and Risk Management](https://docs.onre.finance/reinsurance-framework/claims-and-risk-management) * [X Article | The OnRe Model](https://x.com/onrefinance/status/1985752775507267788) * [X Article | Why ONyc's Yield Doesn't Break When Markets Do](https://x.com/onrefinance/status/2016985779634049404) * [X Article | The Correlation Crisis](https://x.com/onrefinance/status/2019817587459387878) {% endhint %} {% endtab %} {% endtabs %} ### Summary ONyc is structured so that minting and redemption are enforced by contract logic, token supply cannot be expanded outside program rules, collateral is held outside of smart contracts in segregated accounts, and administrative actions require multisig approval. This design reduces common DeFi failure modes and concentrates risk in the underlying reinsurance exposure. # Independent Risk Analysis ### ONyc Risk Assessment [Allez Labs](https://allez.xyz/), a DeFi research, analytics, and risk management firm with extensive experience supporting major lending protocols, including Kamino and Aave, provides ongoing independent risk assessment of ONyc using its Asset Risk Framework. Allez’s assessments evaluate ONyc across market, liquidity, technical, counterparty, operational, governance, and regulatory dimensions, combining onchain analysis, custody verification, protocol architecture review, governance evaluation, and underwriting portfolio analysis. Its initial assessment concluded with an overall **A- rating**, positioning ONyc as a high-quality collateral asset supported by regulated insurance infrastructure, institutional custody arrangements, and deep integration across the Solana ecosystem. *** ### Assessment Highlights {% stepper %} {% step %} **Regulatory Foundation (AA+)** Dual Bermuda licenses and statutory segregated account protections. {% endstep %} {% step %} **Performance & Stability** 365-day operating history with consistent NAV growth and limited drawdowns. {% endstep %} {% step %} **Institutional Infrastructure** Institutional-grade custody, governance, attestation, and security controls. {% endstep %} {% step %} **Liquidity & Market Integration** Deep integration across leading Solana lending, liquidity, and yield markets. {% endstep %} {% step %} **Stress Event Resilience** Maintained NAV stability through multiple DeFi market stress events without bad debt creation, peg instability, or material operational disruptions. {% endstep %} {% endstepper %} *** ### Independent Asset Risk Assessments Allez Labs conducts independent assessments of ONyc across key risk categories. The latest assessment reports are available below. | Framework | Assessment Reporting Period | | -------------------- | -------------------------------------------------------------------------------------------------- | | ONyc Asset Factsheet | [2026 June](https://drive.google.com/file/d/1zwrnnFxRVK9gOcLKOK2jiWWecHWTkxry/view?usp=drive_link) | *** ### Disclosure For informational purposes only. Not investment advice and does not constitute an offer to buy or sell securities. Allez Labs makes no guarantees regarding accuracy or completeness. Ratings reflect analyst judgment under the Allez Asset Risk Framework; Allez Labs is not a registered credit rating agency. # Independent Attestations Independent attestations are a standard feature of established financial products, particularly where investors expect a clear separation between asset management and verification. [Apex Group Ltd.](https://www.apexgroup.com/) serves as ONyc’s independent attestation provider, conducting monthly third-party verification of ONyc’s financial reporting and treasury positions. Each attestation confirms: * The accuracy of ONyc’s reported Net Asset Value (NAV) across all holdings * Treasury balances across traditional financial accounts and onchain infrastructure * Portfolio positions relative to ONyc’s underlying reinsurance exposure * Reconciliation of onchain stablecoins, offchain treasury assets, and collateral posted to reinsurance counterparties against reported figures *** Established in Bermuda in 2003, Apex is a global financial services firm with more than 13,000 professionals providing fund and asset servicing to asset managers, allocators, financial institutions, and family offices worldwide. With over two decades of institutional fund administration experience across multiple jurisdictions and asset classes, Apex operates a unified cross-asset platform supporting the fund lifecycle from capital formation through ongoing administration and reporting. The firm provides independent verification and oversight consistent with established institutional financial standards. For ONyc holders and stakeholders, these monthly attestations establish a recurring reporting cadence, provide independent validation of key financial metrics, and enhance transparency into treasury composition and capital deployment over time. | Independent Attestation Provider | Final Attestation Reporting Period | | -------------------------------- | ------------------------------------------------------------------------------------------------------ | | Apex Group Ltd. | [2025 November](https://drive.google.com/file/d/1lh2e2RF-RRjQrSsCWhIirn_-_Xr_yMPd/view?usp=drive_link) | | Apex Group Ltd. | [2025 December](https://drive.google.com/file/d/1Y30O1SLcCHAlTvE48u7HeYTgRT7tZ9c_/view?usp=drive_link) | | Apex Group Ltd. | [2026 January](https://drive.google.com/file/d/1WJSGP0VZW69rzAbvJTW_uyu11Ws9_ZT1/view?usp=drive_link) | | Apex Group Ltd. | [2026 February](https://drive.google.com/file/d/1FRr7zQ-WG0buR9H_XuY23wIO9AVQqAyJ/view?usp=drive_link) | | Apex Group Ltd. | [2026 March](https://drive.google.com/file/d/1xMZeSuYHsaJO-ByoczAbvrXZGqZtApEH/view?usp=sharing) | | Apex Group Ltd. | [2026 April](https://drive.google.com/file/d/1oLcbsYJh8NM2YprIBTbDs6QDrVQf0rIO/view?usp=drive_link) | | Apex Group Ltd. | [2026 May](https://drive.google.com/file/d/1oH6lprLtamP_2IGq6LriP_bFYigAPTkp/view?usp=drive_link) | | Apex Group Ltd. | [2026 June](https://drive.google.com/file/d/1uzbcVsZ8AsHj9y2FhYC-pLO9gv4el3Aj/view?usp=drive_link) | # Independent Audits OnRe undergoes independent audits across both our smart contract infrastructure and our reinsurance operations. We work with established third-party partners to review our systems, identify potential vulnerabilities, and validate that our technical and operational controls meet industry and regulatory expectations. Our smart contracts are audited by leading blockchain security firms, and our reinsurance framework is independently assessed to confirm compliance, risk management standards, and operational accuracy. Audit reports and summaries will be shared with the community as they become available, supporting our commitment to transparency and trust.
AuditorScopeFinal Audit Report Date
QuantstampOffer and Redemption Program SpecApril 2025
QuantstampOnRe Solana ProgramMay 2025
QuantstampOnRe Solana, Diff ReviewSeptember 2025
AckeeOnRe Solana ProgramNovember 2025
QuantstampRe-audit (v3)January 2026
# Bug Bounty Program OnRe operates an active bug bounty program through [Immunefi](https://immunefi.com). Security researchers and ethical hackers are invited to identify and responsibly disclose vulnerabilities across OnRe's infrastructure. Issues may be submitted directly through Immunefi or reported privately to the OnRe team. All reported vulnerabilities are reviewed by OnRe's engineering team. Remediation notes and relevant details are published to the OnRe GitHub repository upon resolution. Learn more about our bug bounty program here: . #### Rewards Rewards of up to $100,000 are available and are determined by the potential impact of the vulnerability, as defined below. Payouts are handled by the OnRe team directly and are denominated in USD. However, payments are done in USDC. | Threat Level | Reward | | ------------ | --------------------------------------- | | Critical |

Max: $100,000

Min: $10,000

| | High | $5,000 | | Medium | $2,000 | | Low | $1,000 | #### KYC Requirement The provision of KYC is required to receive a reward for this bug bounty program where the following information will be required to be provided: * Identity Document * Proof of Address KYC information is only required on confirmation of the validity of a bug report and will be handled by [Onfido](https://onfido.com/?utm_source=immunefi). Researchers resident in [jurisdictions excluded under OnRe's policy](https://docs.onre.finance/legal/onyc-excluded-jurisdictions?utm_source=immunefi) and researchers in OFAC-sanctioned jurisdictions are not eligible to receive rewards. # Frequently Asked Questions #### What is OnRe? OnRe is the world’s first onchain reinsurance company, giving onchain capital access to regulated, real-world reinsurance risk through transparent onchain settlement. Cedents (insurers or MGAs) submit programs to OnRe, which are underwritten and approved through OnRe’s licensed insurer. Capital from the ONyc Pool collateralizes approved placements, and capital providers earn a share of reinsurance premiums. #### What is ONyc? OnRe Tokenized Reinsurance (ONyc) is a yield-bearing token backed by stablecoin collateral and real-world reinsurance underwriting through the ONyc Pool. When a user mints ONyc, their capital enters the pool to collateralize short-duration insurance and reinsurance placements. ONyc’s value (NAV) changes over time based on pool performance. #### Is ONyc a stablecoin? No, ONyc is not designed to maintain a fixed $1 peg. It is a NAV-based, yield-bearing asset whose value changes based on underwriting performance (premiums, claims, reserving) and collateral yield. #### Where does yield come from? Yield comes primarily from reinsurance premiums paid by cedents. The pool also earns yield on stablecoin collateral held in the pool. #### How does yield accrue to ONyc holders? ONyc is a non-rebasing token. Yield accrues through changes in ONyc’s NAV over time and is realized on redemption or via secondary liquidity #### What is the expected return or APY? OnRe targets a 10-12% base APY from underwriting performance. Additional yield may come from stablecoin collateral held in the pool (depending on collateral mix and prevailing rates). #### Which assets can I use to mint ONyc? Users can mint ONyc by depositing supported collateral, USDC and USDG through the OnRe app. #### How do I mint ONyc? Connect a supported Solana wallet, deposit supported collateral, and mint ONyc through the app. Deposits are held in the program until the order is closed. #### How can I redeem ONyc back to USDC? You can redeem ONyc for USDC or USDG subject to redemption windows, holding periods, and liquidity availability. #### How can I withdraw or exit my position? Primary withdrawals are available through the OnRe app. Secondary liquidity is available 24/7 via Orca, Raydium, Jupiter. #### How does ONyc protect your capital during volatile markets? Through a 4-layer framework: * Layer 1: Conservative claim reserves * OnRe uses a highly conservative actuarial approach to estimate potential claims upfront. Before any yield is paid, expected claims are already reserved for, so the APY you see reflects expected losses. * Layer 2: APY absorption * If claims exceed reserves (rare), the adjustment happens in yield, not principal. APY recalibrates over the contract duration, while NAV stays protected. * Layer 3: Cross-contract support * OnRe underwrites multiple reinsurance deals simultaneously. If one contract experiences unexpected claims, premiums from other performing contracts help absorb the impact. Diversification protects the pool. * Layer 4: Yielding asset reserve * A portion of the pool is held in yielding assets to: * support secondary market liquidity * backstop gaps in insurance contracts * provide an additional capital buffer #### What blockchains does OnRe support? OnRe currently operates on Solana, using fast settlement and low transaction costs. #### What wallets are supported? Any Solana wallet supported by WalletConnect (80+ compatible wallets). #### Is OnRe regulated? OnRe SAC Ltd. is authorized and regulated by the Bermuda Monetary Authority. OnRe holds: * a Class F licence under the Digital Asset Business Act 2018 * a Class IIGB licence under the Insurance Act 1978 Registration number: 55347 #### What is a segregated account? OnRe structures capital within a segregated account (SA), a legal framework that separates assets and liabilities for a specific book of business. The ONyc Pool operates within its own SA, meaning the pool’s assets and liabilities are ring-fenced from other activities. #### What types of programs can be reinsured on OnRe? OnRe supports regulated insurance programs including specialty lines and property catastrophe exposures. All programs undergo underwriting and due diligence before onboarding. #### Who can access coverage through OnRe? * Cedents (coverage seekers): regulated insurance entities such as MGAs, carriers, and mutuals * Capital providers (yield seekers): DAOs, crypto-native funds, accredited investors, institutional investors, and other qualified allocators seeking stable, uncorrelated returns. #### Who qualifies to acquire coverage? * Sufficient income: * Individual: $200,000 this year and past two years; $300,000 if joint with spouse * Corporations: Underlying shareholders or beneficiaries meet individual threshold * High net worth: * Individual: $1 million, singly or joint, excluding residence and beneficial insurance * Corporations: Underlying shareholders or beneficiaries meet individual threshold * Substantial assets: * Individual: Not applicable * Corporations: ≳ $5 million #### I'm a broker, how can I work with OnRe? To work with OnRe, brokers must complete a Terms of Business Agreement and be capable of placing business in Bermuda. For more information contact . #### What makes OnRe different from other reinsurance or DeFi platforms? * Regulatory-first: licensed to write regulated reinsurance risk * Real yield: returns come from premiums, not token emissions * Composability: ONyc can be used across DeFi and may have secondary liquidity * Built for allocators: designed for DAOs, funds, and qualified investors * Verifiable: pool activity and capital movements are transparent and auditable onchain # Token Configuration and Reference ### AUM
ComponentAddressDescription
Squads45YnzauhsBM8CpUz96Djf8UG5vqq2Dua62wuW9H3jaJ5https://solscan.io/account/45YnzauhsBM8CpUz96Djf8UG5vqq2Dua62wuW9H3jaJ5Solana multi-sig vault holding program-controlled collateral.
### Solana
ComponentAddressDescription
ONyc Token Mint5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5https://solscan.io/token/5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5SPL token representing ONyc.
OnRe ProgramonreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcwehttps://solscan.io/account/onreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcweSolana program for purchasing or redeeming the ONyc tokens.
ONyc Mint AuthorityAbpE5YLpdpxj2jRczG9P341Jicf67NvZsaZYrATbMnNXhttps://solscan.io/account/AbpE5YLpdpxj2jRczG9P341Jicf67NvZsaZYrATbMnNXPDA, owned by the OnRe Program.
Program Upgrade AuthorityFvmhydbpHGQzMUp51GmhB1fwsrkyfmnRsTg7oPwDe25fhttps://solscan.io/account/FvmhydbpHGQzMUp51GmhB1fwsrkyfmnRsTg7oPwDe25fBoss authority controlling the program updates.
ONyc SA Tech VaultFvmhydbpHGQzMUp51GmhB1fwsrkyfmnRsTg7oPwDe25fhttps://solscan.io/account/FvmhydbpHGQzMUp51GmhB1fwsrkyfmnRsTg7oPwDe25fSmart contract address for tech upgrades.
### Token Information #### Primary Source of Truth NAV used for minting and redemption is computed from parameters stored inside the smart contract: base price, annual rate, and a time component. No offchain service or external key determines issuance, and the maximum supply cap is checked on every mint. Pyth and Chainlink price feeds are present in the broader OnRe stack to support integrators and downstream collateral valuation. Neither provider is on the issuance or redemption path. There is no issuer-published onchain NAV signed by an OnRe key. The contract is the source. REST endpoints mirror contract-derived state for offchain consumers (dashboards, indexers, partner apps). They are not an independent source of truth. #### Live API Endpoints * **Core API**\ * **Annual Percentage Yield**\ * **Net Asset Value**\ * **Assets Under Management**\ * **Circulating Supply**\ (=[live-tvl](https://core.api.onre.finance/data/live-tvl)/[live-nav](https://core.api.onre.finance/data/live-nav)) #### Data and Analytics * **CoinMarketCap**\ [https://coinmarketcap.com/currencies/onchain-yield-coin/](/technical-resources/token-configuration-and-reference) * **CoinGecko**\ * **Dune Dashboard**\ * **DefiLlama**\ * **RWA.xyz**\ (OnRe)\ (ONyc) * **RWA.io**\ # OnRe Smart Contract Integration ### Quick Start
PropertyValue
Program IDonreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcwe
NetworkSolana Mainnet
Anchor Version0.31.1
Githubhttps://github.com/onre-finance/onre-sol
### Overview The OnRe program enables token exchanges through **offers**. Each offer represents a trading pair (e.g., USDC → ONyc) with dynamic pricing based on time-based APR growth. #### Key Concepts: * **Offer**: A PDA account identified by a token pair `(token_in_mint, token_out_mint)` * **Token In**: The token users pay (e.g., USDC, USDG) * **Token Out**: The token users receive (e.g., ONyc) * **Pricing Vectors**: Time-based price schedules with APR-driven growth ### Choosing Your Integration Path `take_offer` vs `take_offer_permissionless` | Feature | take\_offer | take\_offer\_permissionless | | -------------------------- | ------------------------------ | -------------------------------------------------- | | Token Routing | Direct user-to-boss transfers | Routes through program-owned intermediary accounts | | Smart Contract Integration | Works well | Simpler setup (recommended) | | Approval Message | Optional (when offer requires) | Optional (when offer requires) | | Pricing | Same | Same | | Fees | Same | Same | | Account Setup | Fewer accounts needed | More accounts, but program-controlled | #### Recommendation Use `take_offer_permissionless` for most integrations: * Simpler integration – no direct user-to-boss token account relationships needed * Atomic routing through program-controlled PDAs * Better for smart contract CPI calls ### PDA Seeds Reference All PDAs are derived from the program ID: `onreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcwe`
PDASeedDescription
State"state"Program state (contains boss, kill switch, approvers)
Offer"offer" + token_in_mint + token_out_mintOffer account for a token pair
Vault Authority"offer_vault_authority"Authority for vault token accounts
Permissionless Authority"permissionless-1"Authority for intermediary token routing
Mint Authority"mint_authority"Authority for mint operations
```typespec import { PublicKey } from "@solana/web3.js"; const PROGRAM_ID = new PublicKey("onreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcwe"); // All PDAs you'll need - compute these once at initialization const pdas = { state: PublicKey.findProgramAddressSync( [Buffer.from("state")], PROGRAM_ID )[0], vaultAuthority: PublicKey.findProgramAddressSync( [Buffer.from("offer_vault_authority")], PROGRAM_ID )[0], permissionlessAuthority: PublicKey.findProgramAddressSync( [Buffer.from("permissionless-1")], PROGRAM_ID )[0], mintAuthority: PublicKey.findProgramAddressSync( [Buffer.from("mint_authority")], PROGRAM_ID )[0], }; // Offer PDA for a specific token pair function getOfferPda(tokenInMint: PublicKey, tokenOutMint: PublicKey): PublicKey { return PublicKey.findProgramAddressSync( [Buffer.from("offer"), tokenInMint.toBuffer(), tokenOutMint.toBuffer()], PROGRAM_ID )[0]; } ``` ### Integration: `take_offer_permissionless` This is the **recommended** integration path for most use cases. #### Instruction Discriminator `[37, 190, 224, 77, 197, 39, 203, 230]` #### Arguments | Name | Type | Description | | ------------------ | ------------------------- | ------------------------------------------------------- | | `token_in_amount` | `u64` | Amount of token\_in the user is paying (including fees) | | `approval_message` | `Option` | Pass `null` for permissionless offers | #### Using Anchor Client (Recommended) ```typescript import { Program, AnchorProvider, BN } from "@coral-xyz/anchor"; import { PublicKey, Keypair } from "@solana/web3.js"; import { TOKEN_PROGRAM_ID, getAssociatedTokenAddressSync } from "@solana/spl-token"; import { Onreapp } from "./types/onreapp"; import idl from "./idl/onreapp.json"; const PROGRAM_ID = new PublicKey("onreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcwe"); // Pre-compute PDAs once at initialization const pdas = { state: PublicKey.findProgramAddressSync([Buffer.from("state")], PROGRAM_ID)[0], vaultAuthority: PublicKey.findProgramAddressSync([Buffer.from("offer_vault_authority")], PROGRAM_ID)[0], permissionlessAuthority: PublicKey.findProgramAddressSync([Buffer.from("permissionless-1")], PROGRAM_ID)[0], mintAuthority: PublicKey.findProgramAddressSync([Buffer.from("mint_authority")], PROGRAM_ID)[0], }; async function takeOfferPermissionless( program: Program, tokenInMint: PublicKey, // e.g., USDC mint tokenOutMint: PublicKey, // e.g., ONyc mint tokenInAmount: number, // Amount in base units (1 USDC = 1_000_000) user: Keypair, boss: PublicKey, // Get from state account tokenInProgram: PublicKey = TOKEN_PROGRAM_ID, tokenOutProgram: PublicKey = TOKEN_PROGRAM_ID ) { const tx = await program.methods .takeOfferPermissionless(new BN(tokenInAmount), null) .accounts({ tokenInMint, tokenOutMint, user: user.publicKey, tokenInProgram, tokenOutProgram, boss, vaultAuthority: pdas.vaultAuthority, permissionlessAuthority: pdas.permissionlessAuthority, mintAuthority: pdas.mintAuthority, }) .signers([user]) .rpc(); console.log("Transaction signature:", tx); return tx; } // Usage Example async function main() { const connection = new Connection("https://api.mainnet-beta.solana.com"); const wallet = /* your wallet */; const provider = new AnchorProvider(connection, wallet, {}); const program = new Program(idl, provider); // Token mints const USDC_MINT = new PublicKey("EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v"); const ONYC_MINT = new PublicKey("..."); // ONyc mint address // Get boss from state const state = await program.account.state.fetch(pdas.state); const boss = state.boss; // Execute: swap 100 USDC for ONyc await takeOfferPermissionless( program, USDC_MINT, ONYC_MINT, 100_000_000, // 100 USDC (6 decimals) userKeypair, boss ); } ``` #### Building Transaction Manually (Low-Level) Use this approach when building transactions without Anchor or for CPI. ```typescript import { TransactionInstruction, PublicKey, SystemProgram, SYSVAR_INSTRUCTIONS_PUBKEY, } from "@solana/web3.js"; import { TOKEN_PROGRAM_ID, ASSOCIATED_TOKEN_PROGRAM_ID, getAssociatedTokenAddressSync, } from "@solana/spl-token"; const PROGRAM_ID = new PublicKey("onreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcwe"); const DISCRIMINATOR = Buffer.from([37, 190, 224, 77, 197, 39, 203, 230]); function buildTakeOfferPermissionlessInstruction( tokenInMint: PublicKey, tokenOutMint: PublicKey, tokenInAmount: bigint, user: PublicKey, boss: PublicKey, tokenInProgram: PublicKey = TOKEN_PROGRAM_ID, tokenOutProgram: PublicKey = TOKEN_PROGRAM_ID ): TransactionInstruction { // Derive PDAs const [statePda] = PublicKey.findProgramAddressSync( [Buffer.from("state")], PROGRAM_ID ); const [offerPda] = PublicKey.findProgramAddressSync( [Buffer.from("offer"), tokenInMint.toBuffer(), tokenOutMint.toBuffer()], PROGRAM_ID ); const [vaultAuthorityPda] = PublicKey.findProgramAddressSync( [Buffer.from("offer_vault_authority")], PROGRAM_ID ); const [permissionlessAuthorityPda] = PublicKey.findProgramAddressSync( [Buffer.from("permissionless-1")], PROGRAM_ID ); const [mintAuthorityPda] = PublicKey.findProgramAddressSync( [Buffer.from("mint_authority")], PROGRAM_ID ); // Derive ATAs const vaultTokenInAccount = getAssociatedTokenAddressSync( tokenInMint, vaultAuthorityPda, true, tokenInProgram ); const vaultTokenOutAccount = getAssociatedTokenAddressSync( tokenOutMint, vaultAuthorityPda, true, tokenOutProgram ); const permissionlessTokenInAccount = getAssociatedTokenAddressSync( tokenInMint, permissionlessAuthorityPda, true, tokenInProgram ); const permissionlessTokenOutAccount = getAssociatedTokenAddressSync( tokenOutMint, permissionlessAuthorityPda, true, tokenOutProgram ); const userTokenInAccount = getAssociatedTokenAddressSync( tokenInMint, user, false, tokenInProgram ); const userTokenOutAccount = getAssociatedTokenAddressSync( tokenOutMint, user, false, tokenOutProgram ); const bossTokenInAccount = getAssociatedTokenAddressSync( tokenInMint, boss, false, tokenInProgram ); // Build instruction data // Format: discriminator (8 bytes) + token_in_amount (8 bytes) + approval_message (1 byte for None) const data = Buffer.alloc(8 + 8 + 1); DISCRIMINATOR.copy(data, 0); data.writeBigUInt64LE(tokenInAmount, 8); data.writeUInt8(0, 16); // 0 = None for Option const keys = [ { pubkey: offerPda, isSigner: false, isWritable: true }, { pubkey: statePda, isSigner: false, isWritable: false }, { pubkey: boss, isSigner: false, isWritable: false }, { pubkey: vaultAuthorityPda, isSigner: false, isWritable: false }, { pubkey: vaultTokenInAccount, isSigner: false, isWritable: true }, { pubkey: vaultTokenOutAccount, isSigner: false, isWritable: true }, { pubkey: permissionlessAuthorityPda, isSigner: false, isWritable: false }, { pubkey: permissionlessTokenInAccount, isSigner: false, isWritable: true }, { pubkey: permissionlessTokenOutAccount, isSigner: false, isWritable: true }, { pubkey: tokenInMint, isSigner: false, isWritable: true }, { pubkey: tokenInProgram, isSigner: false, isWritable: false }, { pubkey: tokenOutMint, isSigner: false, isWritable: true }, { pubkey: tokenOutProgram, isSigner: false, isWritable: false }, { pubkey: userTokenInAccount, isSigner: false, isWritable: true }, { pubkey: userTokenOutAccount, isSigner: false, isWritable: true }, { pubkey: bossTokenInAccount, isSigner: false, isWritable: true }, { pubkey: mintAuthorityPda, isSigner: false, isWritable: false }, { pubkey: SYSVAR_INSTRUCTIONS_PUBKEY, isSigner: false, isWritable: false }, { pubkey: user, isSigner: true, isWritable: true }, { pubkey: ASSOCIATED_TOKEN_PROGRAM_ID, isSigner: false, isWritable: false }, { pubkey: SystemProgram.programId, isSigner: false, isWritable: false }, ]; return new TransactionInstruction({ programId: PROGRAM_ID, keys, data, }); } ``` ### Integration: `take_offer` The direct flow requires fewer accounts but uses direct user-to-boss transfers. #### Instruction Discriminator `[137, 6, 172, 191, 222, 117, 178, 131]` #### Using Anchor Client ```typescript async function takeOffer( program: Program, tokenInMint: PublicKey, tokenOutMint: PublicKey, tokenInAmount: number, user: Keypair, tokenInProgram: PublicKey = TOKEN_PROGRAM_ID, tokenOutProgram: PublicKey = TOKEN_PROGRAM_ID ) { // Anchor automatically resolves most accounts const tx = await program.methods .takeOffer(new BN(tokenInAmount), null) .accounts({ tokenInMint, tokenOutMint, user: user.publicKey, tokenInProgram, tokenOutProgram, }) .signers([user]) .rpc(); return tx; } ``` ### Fetching Market Data #### Get Boss Address ```typescript async function getBoss(program: Program): Promise { const [statePda] = PublicKey.findProgramAddressSync( [Buffer.from("state")], PROGRAM_ID ); const state = await program.account.state.fetch(statePda); return state.boss; } ``` #### Check Offer Configuration ```typescript async function getOfferInfo( program: Program, tokenInMint: PublicKey, tokenOutMint: PublicKey ) { const [offerPda] = PublicKey.findProgramAddressSync( [Buffer.from("offer"), tokenInMint.toBuffer(), tokenOutMint.toBuffer()], PROGRAM_ID ); const offer = await program.account.offer.fetch(offerPda); return { feeBasisPoints: offer.feeBasisPoints, // Fee in basis points (100 = 1%) needsApproval: offer.needsApproval !== 0, // Whether offer requires approval allowPermissionless: offer.allowPermissionless !== 0, vectors: offer.vectors.filter(v => v.startTime !== 0), // Active pricing vectors }; } ``` #### Get Current NAV (Price) ```typescript async function getCurrentNav( program: Program, tokenInMint: PublicKey, tokenOutMint: PublicKey ): Promise { const nav = await program.methods .getNav() .accounts({ tokenInMint, tokenOutMint, }) .view(); // NAV is a u64 with 9 decimal precision // 1.0 = 1_000_000_000 return Number(nav) / 1e9; } ``` #### Get Current APY ```typescript async function getCurrentApy( program: Program, tokenInMint: PublicKey, tokenOutMint: PublicKey ): Promise { const apy = await program.methods .getApy() .accounts({ tokenInMint, tokenOutMint, }) .view(); // APY is scaled by 1_000_000 (1_000_000 = 1%) return Number(apy) / 1_000_000; } ``` #### Calculate Expected Output ```typescript function calculateExpectedOutput( tokenInAmount: number, // Amount user wants to pay (base units) tokenInDecimals: number, // e.g., 6 for USDC tokenOutDecimals: number, // e.g., 9 for ONyc currentNav: number, // From getNav(), already divided by 1e9 feeBasisPoints: number // From offer account ): bigint { // Calculate fee const feeAmount = Math.floor(tokenInAmount * feeBasisPoints / 10000); const netAmount = tokenInAmount - feeAmount; // Calculate output // Formula: token_out = (net_amount * 10^(token_out_decimals + 9)) / (nav * 10^token_in_decimals) const navWithScale = BigInt(Math.floor(currentNav * 1e9)); const tokenOutAmount = (BigInt(netAmount) * BigInt(10 ** (tokenOutDecimals + 9))) / (navWithScale * BigInt(10 ** tokenInDecimals)); return tokenOutAmount; } // Example: Calculate how much ONyc for 100 USDC const usdcAmount = 100_000_000; // 100 USDC (6 decimals) const nav = await getCurrentNav(program, USDC_MINT, ONYC_MINT); const offer = await getOfferInfo(program, USDC_MINT, ONYC_MINT); const expectedOnyc = calculateExpectedOutput( usdcAmount, 6, // USDC decimals 9, // ONyc decimals nav, offer.feeBasisPoints ); console.log(`Expected ONyc: ${Number(expectedOnyc) / 1e9}`); ``` ### Pricing Model The OnRe program uses a **discrete interval pricing model** with APR-based growth. #### How Price is Calculated 1. Find Active Vector: The program finds the pricing vector with the latest `start_time` ≤ current time 2. Calculate Interval: `interval = floor((current_time - base_time) / price_fix_duration)` 3. Calculate Effective Time: `effective_time = (interval + 1) * price_fix_duration` 4. Calculate Price: `price = base_price * (1 + apr * effective_time / SECONDS_IN_YEAR)` **Constants:** * `base_price` has 9 decimal precision (1.0 = 1,000,000,000) * `apr` is scaled by 1,000,000 (1% APR = 1,000,000) * `SECONDS_IN_YEAR` = 31,536,000 #### Example Price Calculation ```typescript const SECONDS_IN_YEAR = 31_536_000; const APR_SCALE = 1_000_000; function calculatePrice( basePrice: number, // e.g., 1_000_000_000 for $1.00 apr: number, // e.g., 36_500 for 3.65% APR baseTime: number, // Unix timestamp priceFixDuration: number, // e.g., 86400 for daily intervals currentTime: number // Current Unix timestamp ): number { const elapsedSinceBase = currentTime - baseTime; const currentStep = Math.floor(elapsedSinceBase / priceFixDuration); const effectiveTime = (currentStep + 1) * priceFixDuration; // price = base_price * (1 + apr * effective_time / SECONDS_IN_YEAR) const factor = 1 + (apr / APR_SCALE) * (effectiveTime / SECONDS_IN_YEAR); return Math.floor(basePrice * factor); } ``` ### Error Handling #### Common Error Codes | Error | Code | Description | | -------------------------- | ---- | ------------------------------------------- | | `NoActiveVector` | 6001 | No pricing vector is active at current time | | `KillSwitchActivated` | 6002 | Program operations are halted | | `PermissionlessNotAllowed` | 6003 | Offer doesn't allow permissionless access | | `InvalidBoss` | 6004 | Boss account doesn't match state | | `ApprovalRequired` | 6005 | Offer requires approval message | | `InvalidTokenInMint` | 6006 | Token in mint doesn't match offer | | `InvalidTokenOutMint` | 6007 | Token out mint doesn't match offer | | `OverflowError` | 6008 | Arithmetic overflow in calculations | #### Error Handling Example ```typescript try { await takeOfferPermissionless(/* params */); } catch (error) { if (error.message.includes("No active vector")) { console.error("No pricing vector is currently active. Check offer configuration."); } else if (error.message.includes("Kill switch is activated")) { console.error("Program is temporarily halted. Try again later."); } else if (error.message.includes("Permissionless take offer not allowed")) { console.error("This offer requires the direct take_offer instruction."); } else if (error.message.includes("insufficient funds")) { console.error("Insufficient token balance or vault liquidity."); } throw error; } ``` ### CPI from Rust Programs For calling `take_offer_permissionless` from another Solana program via CPI: ```rust use anchor_lang::prelude::*; // OnRe program ID pub const ONRE_PROGRAM_ID: Pubkey = pubkey!("onreuGhHHgVzMWSkj2oQDLDtvvGvoepBPkqyaubFcwe"); // Instruction discriminator for take_offer_permissionless pub const TAKE_OFFER_PERMISSIONLESS_DISCRIMINATOR: [u8; 8] = [37, 190, 224, 77, 197, 39, 203, 230]; #[derive(AnchorSerialize, AnchorDeserialize)] pub struct TakeOfferPermissionlessArgs { pub token_in_amount: u64, pub approval_message: Option, } #[derive(AnchorSerialize, AnchorDeserialize, Clone)] pub struct ApprovalMessage { pub program_id: Pubkey, pub user_pubkey: Pubkey, pub expiry_unix: u64, } pub fn cpi_take_offer_permissionless<'info>( onre_program: AccountInfo<'info>, offer: AccountInfo<'info>, state: AccountInfo<'info>, boss: AccountInfo<'info>, vault_authority: AccountInfo<'info>, vault_token_in_account: AccountInfo<'info>, vault_token_out_account: AccountInfo<'info>, permissionless_authority: AccountInfo<'info>, permissionless_token_in_account: AccountInfo<'info>, permissionless_token_out_account: AccountInfo<'info>, token_in_mint: AccountInfo<'info>, token_in_program: AccountInfo<'info>, token_out_mint: AccountInfo<'info>, token_out_program: AccountInfo<'info>, user_token_in_account: AccountInfo<'info>, user_token_out_account: AccountInfo<'info>, boss_token_in_account: AccountInfo<'info>, mint_authority: AccountInfo<'info>, instructions_sysvar: AccountInfo<'info>, user: AccountInfo<'info>, associated_token_program: AccountInfo<'info>, system_program: AccountInfo<'info>, token_in_amount: u64, signer_seeds: Option<&[&[&[u8]]]>, ) -> Result<()> { let args = TakeOfferPermissionlessArgs { token_in_amount, approval_message: None, // Always None for permissionless }; let mutdata = TAKE_OFFER_PERMISSIONLESS_DISCRIMINATOR.to_vec(); args.serialize(&mut data)?; let accounts = vec![ AccountMeta::new(offer.key(), false), AccountMeta::new_readonly(state.key(), false), AccountMeta::new_readonly(boss.key(), false), AccountMeta::new_readonly(vault_authority.key(), false), AccountMeta::new(vault_token_in_account.key(), false), AccountMeta::new(vault_token_out_account.key(), false), AccountMeta::new_readonly(permissionless_authority.key(), false), AccountMeta::new(permissionless_token_in_account.key(), false), AccountMeta::new(permissionless_token_out_account.key(), false), AccountMeta::new(token_in_mint.key(), false), AccountMeta::new_readonly(token_in_program.key(), false), AccountMeta::new(token_out_mint.key(), false), AccountMeta::new_readonly(token_out_program.key(), false), AccountMeta::new(user_token_in_account.key(), false), AccountMeta::new(user_token_out_account.key(), false), AccountMeta::new(boss_token_in_account.key(), false), AccountMeta::new_readonly(mint_authority.key(), false), AccountMeta::new_readonly(instructions_sysvar.key(), false), AccountMeta::new(user.key(), true), AccountMeta::new_readonly(associated_token_program.key(), false), AccountMeta::new_readonly(system_program.key(), false), ]; let ix = solana_program::instruction::Instruction { program_id: ONRE_PROGRAM_ID, accounts, data, }; let account_infos = vec![ offer, state, boss, vault_authority, vault_token_in_account, vault_token_out_account, permissionless_authority, permissionless_token_in_account, permissionless_token_out_account, token_in_mint, token_in_program, token_out_mint, token_out_program, user_token_in_account, user_token_out_account, boss_token_in_account, mint_authority, instructions_sysvar, user, associated_token_program, system_program, onre_program, ]; match signer_seeds { Some(seeds) => solana_program::program::invoke_signed(&ix, &account_infos, seeds), None => solana_program::program::invoke(&ix, &account_infos), }?; Ok(()) } ``` #### Rust PDA Derivation ```rust use anchor_lang::prelude::*; let program_id = &onreapp::ID; // State PDA let (state_pda, _) = Pubkey::find_program_address(&[b"state"], program_id); // Offer PDA let (offer_pda, _) = Pubkey::find_program_address( &[b"offer", token_in_mint.as_ref(), token_out_mint.as_ref()], program_id ); // Vault Authority PDA let (vault_authority_pda, _) = Pubkey::find_program_address( &[b"offer_vault_authority"], program_id ); // Permissionless Authority PDA let (permissionless_authority_pda, _) = Pubkey::find_program_address( &[b"permissionless-1"], program_id ); // Mint Authority PDA let (mint_authority_pda, _) = Pubkey::find_program_address( &[b"mint_authority"], program_id ); ``` ### Support * GitHub: * Telegram / Email: * Theodore Georgas: @tgeorgas / * Nuno Carvalho: @nmcarv / * Aleksandar Marinkovic: @mankoxyz / # Data Streams and Oracle Providers ONyc relies on secure, verifiable data streams to support accurate pricing, transparency, and reliable integration across DeFi. Oracles are a core component of the system, maintaining alignment between ONyc’s onchain price, NAV, and underlying real-world performance. These data streams underpin: * Secondary market pricing * Lending / borrowing and leverage strategies * Liquidation logic * Protocol-level risk management and analytics across the ecosystem ### Oracle Providers ONyc integrates multiple oracle providers to deliver market pricing and reference data onchain. Each oracle serves a distinct role based on the type of data provided and how it is consumed by DeFi protocols, enabling accurate valuation, composability, and risk controls across the OnRe ecosystem. ONyc currently uses: * Pyth for high-frequency market pricing * Chainlink for NAV publication and structured reference data #### Pyth **Provider Name and Architecture Type** * Provider: Pyth Network * Architecture type: Market oracle as Pyth sources data directly from first-party market participants such as exchanges, market makers, and trading firms. **Data Delivery Mechanism** * Push-based: Price updates are continuously published onchain by the Pyth program and consumed by downstream protocols. **Specific Use Case** Market pricing for ONyc and collateral valuation / asset pricing. Pyth is not used for issuer-published NAV values or Proof-of-Reserve attestations. Pyth provides real-time, low-latency price feeds used as inputs for: * ONyc market price discovery * Collateral valuation * Risk management * Lending / leverage / liquidation logic across Solana DeFi **Onchain Program ID and Account Addresses** * Oracle Program: `FsJ3A3u2vn5cTVofAjvy6y5kwABJAqYWpe4975bi2epH` * Price Feeds: * Price data is published to individual onchain price accounts managed by the Pyth program. Each asset (e.g., SOL/USD, BTC/USD, and ONyc market price feeds where applicable) has a distinct price account containing the current price, confidence interval, and last update slot. * Exact price account addresses depend on the specific feeds integrated and are discoverable via the Pyth onchain registry. **Exclusivity** * Shared oracle: Pyth price feeds are widely used across Solana protocols and are not exclusive to ONyc. #### Chainlink **Provider Name and Architecture Type** * Provider: Chainlink * Architecture type: Market oracle (OCR-based) + structured NAV data streams\ Chainlink data is provided by a decentralized network of independent node operators using offchain reporting (OCR), and can support NAV-focused structured feeds via Chainlink NAV Data Streams. **Data Delivery Mechanism** * Push-based: Aggregated values are periodically reported onchain by Chainlink’s Solana program / feed infrastructure. **Specific Use Case** NAV publication and structured reference data. Chainlink is used to publish official NAV values and structured reference metrics onchain, providing: * A consistent valuation anchor for protocols * Reference data for accounting and analytics * Risk controls and conservative pricing baselines * A robust source for integrations that rely on NAV rather than spot market price This NAV feed serves as a trusted “reference layer” alongside market pricing, improving robustness for protocols that need a more stable valuation input than live market trades alone. Additionally, Chainlink may be used for reference pricing redundancy for selected assets to complement other sources and improve robustness. **Onchain Program ID and Account Addresses** * Oracle Program: `HEvSKofvBgfaexv23kMabbYqxasxU3mQ4ibBMEmJWHny` * Data Streams: * Data is published to aggregator feed accounts, each corresponding to a specific feed (including NAV or asset reference pairs depending on configuration). Exact feed account addresses depend on which specific feeds are used and can be verified via Chainlink’s Solana feed registry and onchain explorer. **Exclusivity** * Shared oracle: Chainlink feeds are broadly consumed across many protocols and are not exclusive to ONyc. ### Issuer-Published NAV or Pricing Data ONyc does not rely on issuer-signed price or NAV publication as the primary onchain mechanism. Instead: * NAV / key state lives in the ONyc smart contract, which is treated as the onchain source of truth. * Chainlink serves as the oracle publication layer for NAV and structured reference values for broad protocol consumption and standard oracle-based integrations. * Pyth serves as the market pricing layer, reflecting real-time tradable conditions. Where offchain systems are used to compute NAV (for example, based on underlying real-world performance or portfolio inputs), Chainlink provides the secure onchain publishing mechanism with decentralized node infrastructure and feed verification through Chainlink’s oracle architecture. ### Summary of Oracle Responsibilities * Smart contract: canonical product state, accounting, TVL/APY/NAV logic * Pyth: low-latency ONyc market pricing + collateral valuation inputs * Chainlink: NAV publication + structured reference data for integrators and risk systems * REST endpoints: convenience layer mirroring contract-derived state (not a separate truth source) This multi-oracle architecture ensures ONyc remains: * Tradable and composable based on live market conditions * Anchored to a verifiable NAV reference feed * Safe and integration-friendly across lending markets, leverage protocols, and DeFi risk frameworks # Appendices Additional resources and information that can assist you in using our web application effectively. These appendices provide supplementary details and insights to enhance your experience. ### Glossary of Terms **Account**\ A separate and distinct account (comprising or including entries recording data, assets, rights, contributions, liabilities and obligations linked to such account) of a SAC and established by Nayms on behalf of a Sponsor pertaining to an identified or identifiable pool of assets and liabilities of such SAC which are segregated or distinguished from other assets and liabilities of the SAC for the purposes of the SAC Act. **Agreement**\ Any agreement(s) entered into or proposed to be entered into between you and us for your access to and/or use of our Platform and/or services provided in connection with a Segregated Account. **Average Limit**\ Straight average of attachment point for all policies written. **Binding Date**\ The date when an insurance policy becomes effective – the point at which the underwriter formally commits to providing coverage according to the agreed terms, even if the policy documentation is finalized later. **BMA**\ The Bermuda Monetary Authority. **Brokers**\ Regulated Insurance Brokers looking to source insurance capacity for their clients (Insured Parties) in return for a premium commission. **Capital Providers**\ Constituting ‘capital markets’, these are investors into insurance risk, either on a collateralised or portfolio basis. **Capitalisation**\ The amount of capital an entity holds to support its underwriting obligations. Strong capitalisation ensures that insurers and reinsurers can meet their claims obligations even in adverse loss scenarios. **Capital Management**\ The internal management of capital that is either on-risk (backing insurance during a policy period) or off-risk (waiting to be deployed to back an insurance policy but currently capital that isn’t directly backing a policy). **Cell**\ Also called ‘segregated account’ – the legally distinct location where capacity is managed. **Claims Administrator**\ An independent administrator who will assess and approve or deny claims on the platform, in return for premium commissions. **Collateral**\ Capital that are assets provided as security to ensure the satisfaction of future insurance liabilities. **Collateralization**\ The ratio to which capacity is held against total limits written against a book of business. **Digital Asset Risk**\ Encompassing core areas inherent to protection of digital assets, including smart contract, bridging and crime protection. **Entity**\ A legal structure created on the platform (such as a cell or segregated account) that holds insurance capacity, accepts premiums, pays claims, and manages risk according to the policies it underwrites. **Expected Loss Ratio**\ The ratio of expected claims (losses) to the earned premium for a portfolio or policy. It is used to assess underwriting profitability – a lower ratio typically signals higher expected profitability. **Family Office**\ A professional or entity responsible for managing and distributing a family’s investment capital across various asset classes. Their primary goal is to balance risk and reward to meet the family’s financial objectives. **Funds-Traditional or Hedge**\ A professional or entity responsible for distributing investment capital across various funds to achieve specific financial goals. **Industry Loss Warranty (ILW)**\ An option contract against an industry-wide catastrophe event. **Insurance Linked Security**\ A fully-collateralized financial instrument covering property losses. **Insured Parties**\ Also known as ‘insureds’ or ‘cover holders’, these are clients looking to purchase insurance. **Liquidity Pool**\ A pooled reserve of capital available to pay claims or meet obligations across multiple insurance programs or policies. This may also facilitate buying and selling of positions without waiting for claims maturity. **Loss Standard Deviation**\ A measure of how dispersed loss outcomes are in relation to the mean. **Maturation Date**\ The date on which the insurance contract, program, or investment reaches the end of its term, and associated obligations (such as premium payment, claims settlement, or capital return) are finalized. **Maximum Limit**\ Maximum limit at risk for any one policy written. **Median Return**\ The ROI at the midpoint of the ILW distribution of outcomes, such that there is an equal probability of falling above or below it. **Modelled Expected Return**\ Probability-weighted ROI based on likelihood of outcome. **No Loss Return**\ Return assuming coverage is not triggered. **Policy**\ The document that details the terms of a contract of insurance. **Policy Period**\ Window that policies are to be written. **Policy Wording**\ The full set of written terms, conditions, exclusions, and definitions that outline the coverage provided under an insurance or reinsurance policy. It legally governs how claims are handled and what risks are covered. **Portfolio**\ A collection of insurance policies or contracts held by the organization with a goal to diversify risk exposures across different types of coverage. **Portfolio-based Contract (PBC)**\ A contract for a policy where the Lead Underwriter assumes the risk in full. Capital Providers can purchase the Underwriter’s entity token to gain exposure to the Underwriter’s portfolio of risk. **Premium**\ An amount that an Insured Party pays for their policy. Payment amounts and frequency are defined in the premium schedule. **Premium Adjustment**\ A modification to the original premium amount based on factors such as updated risk assessments, changes in coverage terms, or actual exposure differing from initial estimates during the policy term. **Premium Schedule**\ A structured plan outlining how and when premiums are due over the course of the policy period – including installment payments if applicable. **Profit Standard Deviation**\ A statistical measure showing how much actual profits may deviate from the expected (average) profit in an insurance investment. A higher deviation indicates greater variability in potential outcomes. **Property Catastrophe**\ Natural catastrophe risk focuses around Named Windstorm and Earthquake coverage, generally risk remote. **Qualified Acquirer**\ Investors must meet the definition of a 'qualified acquirer' as set forth in the Bermuda Digital Asset Issuance Act 2020. This includes high-income individuals earning over $200,000 individually or $300,000 jointly with a spouse or corporate entities with total assets of at least $5,000,000. **Reporting Period**\ Extra time for claims to be made after the end of the risk period. **Return on Investment**\ The expected return received by investors from program performance. **Risk Earning Period**\ The timeframe over which the insurer earns premium income in proportion to the period of risk coverage provided. In some cases, premiums are recognized as earned gradually over the policy term. **Settlement**\ The final payment of a claim by the insurer or reinsurer after a loss event occurs and the claim is validated according to policy terms. **Speciality Risk**\ Often called Specialty/Casualty this line covers many of the 1st and 3rd party liabilities that are not covered under a property or marine cover. **Trading Commission**\ A fee charged for facilitating transactions such as buying or selling insurance-linked tokens, cell ownership, or other marketplace trades. **Tranche**\ A slice or portion of an insurance-linked investment offering different levels of risk and return. Tranches can be structured to appeal to different investor risk appetites – for example, higher-return tranches may absorb first losses. **Underwriter Capacity**\ The maximum amount of liability that an insurance company or underwriter agrees to assume through its underwriting activities. **Underwriters**: Regulated (re)insurance companies looking to cover policies in return for premium earnings, and to raise capital from capital markets to provide this cover. ### Resources **Project Deck**\ \ Password: ONRE1 **OnRe Material Pack**\ ### Contact Information If you have questions or need support, our team is here to help. You can contact us through the following channels: **Website**\ [Contact Us form](https://docs.onre.finance/technical-resources/www.onre.finance/dev/contact) **Email Support**\ [support@onre.finance](mailto:support@onrefinance) # Media Assets {% columns fullWidth="false" %} {% column width="33.33333333333333%" %} #### Primary Logo

Dark on Transparent Background

White on Dark Background

{% endcolumn %} {% column width="33.33333333333333%" valign="middle" %} #### Primary Logo Mark

Dark on Transparent Background

White on Dark Background

{% endcolumn %} {% column %} #### ONyc Token Logo

ONyc Token Logo

{% endcolumn %} {% endcolumns %} ### Brand Assets Additional brand assets can be downloaded [here](https://www.dropbox.com/scl/fo/7n338rv5ultdm27jfxtvj/ACqV1jMEthUPmom50eTSyrY?rlkey=9ri9908hbpfsbqr05phaqdxwe\&st=pw2angb0\&dl=0), and a full overview of our brand guidelines can be viewed [here](https://drive.google.com/file/d/16AiT80Q6hYjcMgSlh0jxNctahDKmxq3u/view?usp=sharing). ### Media Enquiries For all media or PR enquiries, please reach out to . # Compliance ### SOC 2 Type II Certification OnRe has achieved SOC 2 Type II certification for the OnRe Finance System across the Security, Availability, and Confidentiality Trust Services Criteria. The examination was conducted by [BARR Advisory](https://www.barradvisory.com/), confirming that controls meet standards established by the American Institute of Certified Public Accountants (AICPA) and operate effectively over time. This framework requires controls spanning both traditional insurance operations and digital asset infrastructure. #### Scope of Examination The SOC 2 Type II examination evaluated the operational framework across five areas: {% stepper %} {% step %} **Access Controls and Identity Management** * Multi-factor authentication * Role-based access controls * Semiannual access reviews {% endstep %} {% step %} **Change Management and Software Development** * Branch protection * Mandatory peer review * Automated vulnerability scanning {% endstep %} {% step %} **Data Protection and Cryptography** * AES-256 encryption at rest * TLS 1.2+ encryption in transit {% endstep %} {% step %} **Infrastructure Resilience and Business Continuity** * Multi-availability zone architecture * Daily automated backups {% endstep %} {% step %} **Risk Management and Vendor Oversight** * Monthly internal risk assessments * Annual third-party vendor reviews {% endstep %} {% endstepper %} #### Implications SOC 2 Type II certification provides independent assurance that operational controls meet defined standards. Controls apply to the handling of digital assets from contribution through collateralization and redemption, as well as to the protection of underwriting data, pricing models, and claims information. #### Report Access To request a copy of our SOC 2 Type II report, or to discuss onchain reinsurance capacity or investment opportunities, reach out at [info@onre.finance](https://info@onre.finance/). # KYC and AML Policy ### Eligibility Requirements To mint or redeem directly through the OnRe app, all capital providers must complete identity verification through our secure third-party provider, Sumsub. These requirements ensure that participants meet Bermuda’s standards for digital asset business and that capital entering the platform comes from suitable and verifiable sources. In addition to passing KYC/KYB checks, participants must meet the criteria to qualify as Qualified Acquirers under Bermuda law. Eligibility generally includes one of the following: #### Sufficient Income * **Individuals:** USD 200,000 in annual income this year and the past two years, or USD 300,000 combined with a spouse. * **Corporations:** Underlying shareholders or beneficiaries must meet the individual income threshold. **High Net Worth** * **Individuals:** USD 1,000,000 or more in net assets, singly or jointly, excluding primary residence and beneficial insurance. * **Corporations:** Underlying shareholders or beneficiaries must meet the individual net-worth threshold. #### **Substantial Assets** * Individuals: Not applicable. * Corporations: ≳ $5 million in total assets. ### Participation Agreement Safeguards All capital received by OnRe to support (re)insurance business is contributed pursuant to a binding legal agreement known as a Participation Agreement – a well-established contractual structure in Bermuda used to capitalise segregated insurance accounts without issuing equity. The Participation Agreement governs the entire lifecycle of the capital, providing clear legal certainty that: * legal title to the funds rests with the segregated account in which the investor participates – not with OnRe generally; * funds may only be used to meet (re)insurance claims and associated liabilities arising under contracts written by that account; * once the (re)insurance business is fully run off, any surplus capital is returned to the original capital providers, subject to agreed liquidity mechanics and timing provisions; * he assets of one account are statutorily ring-fenced from OnRe’s general account and from other segregated accounts. They cannot be transferred or used for any other purpose. ### AML/ATF Policy OnRe conducts standard anti-money-laundering and anti-terrorist-financing reviews. This includes sanctions screening, jurisdiction checks, and assessing whether platform activity aligns with onboarding information. If AML or eligibility requirements cannot be satisfied, access to segregated accounts or certain products may be limited. # ONyc Excluded Jurisdictions ONyc is not available in all jurisdictions. Please see the list below for jurisdictions where [ONyc](https://app.onre.finance/) is excluded: * Afghanistan * Algeria * Angola * Australia * Belarus * Bolivia * Bosnia & Herzegovina * British Virgin Islands (UK) * Bulgaria * Burkina Faso * Burundi * Cameroon * Central African Republic * Côte d'Ivoire (Ivory Coast) * Crimea * Croatia * Cuba * Democratic Republic of Congo * Ethiopia * Guinea-Bissau * Haiti * Iran * Iraq * Kenya * Kosovo * Kuwait * Laos * Lebanon * Liberia * Libya * Mali * Monaco * Montenegro * Mozambique * Myanmar (Burma) * Namibia * Nepal * Nicaragua * Nigeria * North Korea (DPRK) * North Macedonia * Papua New Guinea * Northern Cyprus * Romania * Russia * Serbia * Slovenia * Somalia * Somaliland * South Africa * South Korea * South Ossetia * South Sudan * Sudan * Syria * Ukraine (Donetsk, Kherson, Luhansk and Zaporizhzhia oblasts) * United Kingdom * United States * Venezuela * Vietnam * West Bank * Yemen * Zimbabwe [
](https://docs.maple.finance/legal/syrupusdc-and-syrupusdt-defaults-and-impairments) # Terms of Use Materials are for informational purposes only and not legal, financial, tax, or investment advice. Participation in OnRe involves risk. Seek independent advice before engaging. ### 1. About these terms 1.1. These terms and conditions of use (Terms) govern your use of our website(s) and application (collectively our Platform). 1.2. These Terms apply between On Re SAC Ltd. (we, us or our) and the person or corporate entity on whose behalf you are using the Platform (you or your). 1.3. If you are using our Platform on behalf of a corporate entity then by continuing to use our Platform you are confirming that you have authority to accept these Terms on behalf of the corporate entity. 1.4. You should read these Terms carefully before using the Platform. By using the Platform or otherwise indicating your consent, you agree to be bound by these Terms. If you do not agree with any of these Terms, you should stop using the Platform immediately. 1.5. These Terms apply to all parts of the Platform, its functionality and content made available to you. 1.6. If there is a conflict between any of the provisions of these Terms and any of the provisions of any other agreement between you and us (Other Agreement(s)), the provisions of the Other Agreements will prevail. ### 2. About us 2.1. We are On Re SAC Ltd., an exempted limited company, registered under the Segregated Accounts Companies Act 2000, and whose registered address is Crawford House, 50 Cedar Avenue, Hamilton HM11 Bermuda, and whose registered number is 55347. 2.2. We hold a Class F licence under the Digital Asset Business Act 2018 and a Class IIGB licence under the Insurance Act 1978. ### 3. Using the Platform 3.1. You agree that you are solely responsible for all costs and expenses you may incur in relation to your use of the Platform. 3.2. You acknowledge that you access the Platform at your own initiative and are responsible for compliance with local laws where they apply. 3.3. As a condition of your use of the Platform, you agree not to: * 3.3.1. Misuse or attack our Platform by knowingly introducing viruses, trojans, worms, logic bombs or any other material which is malicious or technologically harmful (such as by way of a denial-of-service attack); * 3.3.2. Attempt to gain unauthorised access to our Platform, the server on which our Platform is stored or any server, computer or database connected to our Platform; * 3.3.3. Resell, lease, share, distribute or otherwise permit any unauthorised third party to use the Platform; * 3.3.4. Use the Platform to design, develop or create any competing product or service; or * 3.3.5. Otherwise use the Platform for any commercial or non-commercial purpose other than the intended purposes determined at our discretion. 3.4. We may prevent or suspend your access to the Platform if you do not comply with these Terms or any applicable law. 3.5. We try to make sure that the Platform is accurate, up-to-date and free from bugs, but we cannot promise that it will be. Furthermore, we cannot promise that the Platform will be fit or suitable for any purpose. Any reliance that you may place on the information on the Platform is at your own risk. ### 4. Registration and password security 4.1. Use of our Platform requires registration and the creation of an identity (your Profile) in order to access and use restricted areas of the Platform. 4.2. We are not obliged to permit anyone to register with the Platform and we may refuse, terminate or suspend registration to anyone at any time. 4.3. You are responsible for making sure that your password and any other registration details are kept secure and confidential. 4.4. If we have reason to believe there is likely to be a breach of security or misuse of the Platform through your Profile or the use of your password, we may notify you and require you to change your password, or we may suspend or terminate your Profile. ### 5. Access to and availability of the Platform 5.1. We may suspend or terminate access or operation of the Platform at any time as we see fit. 5.2. While we try to make sure that the Platform is available for your use, we do not promise that the Platform will be available at all times or that your use of the Platform will be uninterrupted. ### 6. Changes to the Platform We may, at our discretion and without liability to you, with or without prior notice and at any time, modify or discontinue, temporarily or permanently, all or any part of the Platform. ### 7. Intellectual property rights 7.1. The intellectual property rights in the Platform and in any text, images, video, audio or other multimedia content, software or other information or material submitted to or accessible from the Platform (Content) are owned by us and our licensors. 7.2. We and our licensors reserve all our intellectual property rights (including, but not limited to, all copyright, trademarks, domain names, design rights, database rights, patents and all other intellectual property rights of any kind) whether registered or unregistered anywhere in the world. 7.3. Nothing in these Terms grants you any legal rights in the Platform or the Content other than as necessary for you to access and use its functionality. You agree not to adjust, try to circumvent or delete any notices contained on the Platform or the Content. 7.4. We will own any feedback, suggestions, ideas, or other information or materials regarding the Platform that you provide (Feedback). ### 8. Security and sharing of information submitted to the Platform 8.1. We will use reasonable efforts to make sure that the Platform is secure. 8.2. Information supplied to us through the Platform may be made available to other users of the Platform where necessary to provide or receive services via the Platform. ### 9. Content Disclaimer 9.1. Any Content is provided for general information only and is not tailored to your specific requirements. It does not constitute: * 9.1.1. An offer to purchase or subscribe for any investment, product or service; or * 9.1.2. Technical, financial or legal advice or any other type of advice. ### 10. Our liability to you 10.1. Our liability under these Terms will not exceed the greater of $10,000 or the total fees you have paid to us in the twelve-month period before the event giving rise to the claim. 10.2. We are not liable for: * 10.2.1. Consequential, indirect or special loss; or * 10.2.2. Direct or indirect loss including: * (a) Loss of profit; * (b) Loss of revenue; * (c) Loss or corruption of data; * (d) Loss or corruption of software or systems; * (e) Loss of commercial opportunity; * (f) Loss of unrealised gain; * (g) Loss of savings, discount or rebate; * (h) Harm to reputation or loss of goodwill; * (i) Loss of business; * (j) Wasted expenditure; * (k) Other losses such as: * (i) Acts or omissions of Platform users; * (ii) Losses related to Content; * (iii) User negligence including unsupported cryptocurrencies, wrong transfers, security failures; * (iv) Fiat currency fluctuations; * (v) Court-ordered fund remittance. 10.3. Nothing excludes or limits our liability for death, personal injury, fraud or other non-excludable liabilities. 10.4. You cannot double-recover losses already covered under Other Agreement(s). 10.5. You are responsible for conducting your own checks and approvals. ### 11. Warranties 11.1. We warrant reasonable care and skill in the design and operation of the Platform. 11.2. All other warranties, conditions and terms are excluded to the extent permitted by law. ### 12. Events beyond our control We are not liable for failure to comply with these Terms due to events beyond our reasonable control. ### 13. Confidentiality 13.1. Both parties agree to maintain confidentiality. 13.2. Breaches must be notified immediately. 13.3. Confidentiality exceptions include: * 13.3.1. Public blockchain information; * 13.3.2. Public domain information; * 13.3.3. Lawful third-party disclosures; * 13.3.4. Independent developments; * 13.3.5. Legal disclosure requirements. ### 14. Your privacy and personal information Personal information is handled under our Privacy Policy at onre.finance. ### 15. No third party rights No third party has rights under these Terms. ### 16. Variation 16.1. Terms changes must be agreed in writing unless clause 16.2 applies. 16.2. We may update Terms from time to time, and your continued use constitutes acceptance. 16.3. These Terms were last updated on 23 April 2025. ### 17. Assignment and subcontracting 17.1. You cannot transfer your rights without our consent. 17.2. We may transfer our rights and obligations without your consent. ### 18. Severance Invalidity of any provision does not affect the rest. ### 19. No waiver No waiver of rights if we do not act immediately. ### 20. Misrepresentation You acknowledge no reliance on statements outside these Terms. ### 21. Governing law and jurisdiction 21.1. Bermuda law governs these Terms. 21.2. Disputes are subject to the exclusive jurisdiction of Bermuda courts. # Privacy Policy Materials are for informational purposes only and not legal, financial, tax, or investment advice. Participation in OnRe involves risk. Seek independent advice before engaging. ### 1. Introduction Welcome to On Re. We provide the technical and regulatory infrastructure through which (re)insurance market participants come together to conduct crypto-compatible (re)insurance. We are licensed in Bermuda for all activity within or via our platform. Please read this privacy policy carefully as it contains important information on why we collect, store, use and share your personal information. It also explains your rights in relation to your personal information and how to contact us in the event you have a complaint. We may not be the party who initially collected your personal information—please see Section 4. (How your personal information is collected) below for more information about how you can identify who initially collected your personal information. If you provide personal information to us regarding other individuals, you agree: (a) to inform the individual about the content of this privacy policy; and (b) to obtain any legally-required consent for use of personal information about the individual in accordance with this privacy policy. ### 2. Key terms | Personal information | means any information relating to an identified or identifiable individual | | -------------------- | ---------------------------------------------------------------------------- | | We, us, our | means On Re SAC Ltd., Crawford House, 50 Cedar Avenue, Hamilton HM11 Bermuda | | You, your | means the individual to whom the personal information relates. | ### 3. Personal information we collect about you The personal information we collect about you depends on the particular services we provide to you or which otherwise concern you. We may collect and use the following personal information about you: | General data | includes your name, date of birth, marital status, country of residence/citizenship and your relationships to other people | | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Contact data | includes your address, telephone number and e-mail address | | Identification data | includes government issued identification numbers e.g. your national insurance number, passport number, driving licence number and other identifiers | | Policy data | includes information about insurance quotations, policies and claims and any other information relevant to an insurance policy, including claims history | | Claims data | includes information about the claim collected from you and relevant third parties | | Fraud and sanctions related data | includes information obtained as a result of our investigations, e.g. carrying out checks of publicly available sources and information obtained from checks of fraud databases and sanctions lists such as relationships/close associations with politically exposed persons | | Education and employment-related data | includes your education, vocational and professional qualifications, employment status, job title, employment and educational history, disciplinary/grievance history and investigations into professional conduct and compliance with professional standards | | Financial data | includes credit and payment card numbers, bank or crypto asset account details, payment information, tax information, details of income and assets including digital assets | | Credit assessment data | includes information received from credit agencies | | Authentication data | includes account log-in information, passwords and memorable data for accessing our services | | Telephone recordings and online chat transcripts | includes information obtained during recordings of telephone calls or online chats with our representatives | | Marketing and communication preferences, promotion entries and customer feedback | includes marketing and communication preferences, information relating to promotions, responses to surveys, complaints and details of your customer experience | | Device data | includes mobile device number, device type, operating system, browser, MAC address, IP address, location and account activity obtained through our use of cookies | | Special category personal information | includes details of existing and previous physical or mental health conditions, health status, test results, medical diagnosis and treatment | | Criminal data | includes details of criminal convictions | We collect and use this personal information for the purposes described in Section 5. (How and why we use your personal information) below. If you do not provide personal information we ask for, it may delay or prevent us from providing services to you or which otherwise concern you. ### 4. How your personal information is collected We collect personal information directly from you—in person, by email and/or via our website and platform. However, we may also collect information from: * insurance brokers or one of our business partners where an insurance policy has been distributed through one of these third parties; * third parties who provide you with services relating to an insurance policy; * third parties who provide us, or a third party relevant to an insurance policy or claim, with services e.g. loss adjusters, claims handlers, legal advisers and experts; * third parties involved in a policy or claim, e.g. other insurers, brokers, claimants, defendants and witnesses to an incident; * employees of the policyholder; * credit reference agencies; * financial crime or fraud agencies, databases and sanctions lists; * government agencies and regulatory bodies including the police and the courts; * regulators who regulate how we operate including the Bermuda Monetary Authority; * third parties who provide us with details of individuals who have expressed an interest in hearing about insurance products; * third parties that help us maintain the accuracy of our data e.g. payment card providers who provide us with updated payment card details; * other third party suppliers including actuaries, auditors and other professional service firms and sanctions checking service providers; * data suppliers; * publicly available sources including internet searches, news articles, online marketplaces and social media sites, apps and networks; * providers of marketing and advertising services; and * third parties in connection with any acquisition of a business by us. You can find out the identity of the party who initially collected your personal information in the following ways: * where another organisation took out an insurance policy for your benefit: you should contact the organisation that took out the insurance policy who should provide you with details of the insurer or intermediary to whom they provided your personal information and you should contact their data protection officer who can advise you on the identities of other organisations to whom they have passed your personal information; * ​​​​where you took out the insurance policy: the insurer and, if purchased through an intermediary, the intermediary will be the party who initially collected your personal information and their data protection officer can advise you on the identities of other organisations to whom they have passed your personal information; * where you are not a policyholder: you should contact the organisation that collected your personal information who should provide you with details of the relevant organisation’s data protection officer. ### 5. How and why we use your personal information Under data protection law we can only use your personal information if we have a lawful basis, including: * to comply with our legal and regulatory obligations; * for the performance of a contract with you or to take steps at your request before entering into a contract; * for our legitimate interests or those of a third party; or * where you have given consent. A legitimate interest is when we have a business or commercial reason to use your personal information, so long as this is not overridden by your own rights and interests. The table below explains what we use your personal information for and why. | What we use your personal information for |

Our reasons and lawful basis


| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Communicating with you and others |

To perform our contract with you or to take steps at your request before entering into a contract


For our legitimate interests


Compliance with a legal/regulatory obligation

| | Providing services to you |

To perform our contract with you or to take steps at your request before entering into a contract


For our legitimate interests

| | Evaluating insurance applications or renewals or to provide a quote |

To take steps at your request before entering into a contract


For our legitimate interests

| |

Provision and administration of a policy including taking payment


|

To perform our contract with you or to take steps at your request before entering into a contract


For our legitimate interests


Compliance with a legal/regulatory obligation

| |

Managing third party relationships e.g. brokers


|

To perform our contract with you or to take steps at your request before entering into a contract


For our legitimate interests

| |

Claims assessment and management of claims


|

To perform our contract with you


For our legitimate interests


Compliance with a legal/regulatory obligation

| | Preventing and detecting fraud against you or us |

For our legitimate interest


Compliance with a legal/regulatory obligation

| |

Conducting checks to identify our customers and verify their identity


Screening for financial and other sanctions or embargoes


Other activities necessary to comply with legal and regulatory obligations that apply to our business

|

For our legitimate interests


Compliance with a legal/regulatory obligation

| | To enforce legal rights or defend or undertake legal proceedings |

Depending on the circumstances:

  • to comply with our legal and regulatory obligations;
  • in other cases, for our legitimate interests, i.e. to protect our business, interests and rights
| | Gathering and providing information required by or relating to audits, enquiries or investigations by regulatory bodies | Compliance with a legal/regulatory obligation | | Ensuring business policies are adhered to, e.g. policies covering security | For our legitimate interests, i.e. to make sure we are following our own internal procedures so we can deliver the best service | | Operational reasons, such as improving efficiency, training and quality control | For our legitimate interests, i.e. to be as efficient as we can so we can deliver the best service | | Ensuring the confidentiality of commercially sensitive information |

Depending on the circumstances:

  • for our legitimate interests, i.e. to protect trade secrets and other commercially valuable information;
  • to comply with our legal and regulatory obligations
| | Statistical analysis to help us manage our business, e.g. in relation to our financial performance, customer base, service performance or other efficiency measures | For our legitimate interests, i.e. to be as efficient as we can so we can deliver the best service | | Preventing unauthorised access and modifications to systems |

Depending on the circumstances:

  • for our legitimate interests, i.e. to prevent and detect criminal activity that could be damaging for you and/or us;
  • to comply with our legal and regulatory obligations
| | Protecting the security of systems and data used to provide the services |

To comply with our legal and regulatory obligations.


We may also use your personal information to ensure the security of systems and data to a standard that goes beyond our legal obligations, and in those cases our reasons are for our legitimate interests, i.e. to protect systems and data and to prevent and detect criminal activity that could be damaging for you and/or us

| | Updating and enhancing customer records |

Depending on the circumstances:

  • to perform our contract with you or to take steps at your request before entering into a contract;
  • to comply with our legal and regulatory obligations;
  • for our legitimate interests, e.g. making sure that we can keep in touch with our customers about our services
| | Statutory returns | Compliance with a legal/regulatory obligation | | Ensuring safe working practices, staff administration and assessments |

Depending on the circumstances:

  • to comply with our legal and regulatory obligations;
  • for our legitimate interests, e.g. to make sure we are following our own internal procedures and working efficiently so we can deliver the best service to you
| |

Marketing our services and those of selected third parties to:

  • existing and former customers;
  • third parties who have previously expressed an interest in our services;
  • third parties with whom we have had no previous dealings
| For our legitimate interests, i.e. to promote our business to existing and former customers | |

To share your personal information with members of our group and third parties that will or may take control or ownership of some or all of our business (and professional advisors acting on our or their behalf) in connection with a significant corporate transaction or restructuring, including a merger, acquisition, asset sale, initial public offering or in the event of our insolvency.


In such cases information will be anonymised where possible and only shared where necessary

|

Depending on the circumstances:

  • to comply with our legal and regulatory obligations;
  • in other cases, for our legitimate interests, i.e. to protect, realise or grow the value in our business and assets


| ### 6. How and why we use your personal information—special category personal information In order to provide insurance cover and deal with insurance claims, in certain circumstances we may need to process special categories of personal information, such as health data. Your consent for this processing of special categories of personal information may be necessary. You may withdraw your consent to such processing at any time. However, if you withdraw your consent this may impact our ability to provide insurance or pay claims. ### 7. Whom we share your personal information with In connection with Section 5. (How and why we use your personal information) above we will sometimes share your personal information with third parties including: * insurance brokers and business partners who help us arrange, manage and underwrite insurance policies and who provide insurance services; * other insurers; * our insurers or reinsurers (either directly or through insurance brokers), who provide (re)insurance services to us and each other in respect of risks underwritten by us; * the policyholder, where you are covered under an insurance policy held by a third party; * third parties who provide you with services relating to a policy; * third parties who provide us, or a third party insurer relevant to the policy or claim, with services, e.g. loss adjusters, claims handlers and experts; * legal advisers, accountants, auditors, financial institutions and professional service firms who act on our or your behalf, or who represent a third-party claimant; * data analysts and providers of data services who support us with developing our services and measuring the effectiveness of marketing; * third parties that help us maintain the accuracy of our data; * financial crime detection agencies, sanctions checking providers and third parties who maintain fraud detection databases or provide assistance with investigation in cases of suspected fraud; * regulators who regulate how we operate, including the Bermuda Monetary Authority and Bermuda Privacy Commissioner; * government agencies and regulatory bodies including the police; * credit reference agencies; * service providers, including those who help operate our IT and back office systems, underwriting and claims processes and our information security controls, and card payment processors; * research agencies and providers of market research services, including customer feedback surveys; * providers of marketing and advertising services, including delivering and administering marketing, ensuring you receive marketing content that’s relevant to you and in accordance with your preferences and analysing marketing campaigns. These may include media agencies, fulfilment partners, social media and other online platforms and advertising technology companies. You can find further information about this in Section 10. (Marketing) below; * third parties in connection with any sale, transfer or disposal of our business. If you would like more information about whom we share our data with and why, please contact us (see Section 17. (How to contact us) below). ### 8. Where your personal information is held Personal information may be held at our offices and those of our third party agencies, service providers and representatives as described above in Section 7. (Whom we share your personal information with). Some of these third parties may be based outside of Bermuda. For more information, including on how we safeguard your personal information when this happens, see below - Section 11. (Transferring your personal information internationally). ### 9. How long your personal information will be kept We will not keep your personal information for longer than we need it for the purposes explained in this privacy policy. We also keep records—which may include personal information—to meet legal, regulatory, tax or accounting needs. For example, we are required to retain an accurate record of your dealings with us so we can respond to any complaints or challenges you or others might raise later. We will also retain files if we reasonably believe there is a prospect of litigation. The specific retention period for your personal information will depend on your relationship with us and the reasons we hold your personal information. If you would like more information about data retention, please [contact us](https://www.aviva.co.uk/services/about-our-business/products-and-services/privacy-policy/commercial-privacy-policy/#contacting-aviva) (see Section 17. (How to contact us below)). ### 10. Marketing We will use your personal information to send you updates about our services, including exclusive offers, promotions or new services. We have a legitimate interest in using your personal information for marketing purposes (see Section 5. (How and why we use your personal information) above). This means we do not usually need your consent to send you marketing information. If we change our marketing approach in the future so that consent is needed, we will ask for this separately and clearly. You have the right to opt out of receiving marketing communications at any time by: * contacting us (see Section 17. (How to contact us below)); or * using the ‘unsubscribe’ link in emails. We may ask you to confirm or update your marketing preferences if you ask us to provide further services in the future, or if there are changes in the law, regulation, or the structure of our business. ### 11. Transferring your personal information internationally Countries have different data protection laws, some of which may provide lower levels of protection of privacy than the country in which you reside. It is sometimes necessary for us to transfer your personal information internationally. In those cases we will comply with applicable laws designed to ensure the privacy of your personal information. This might include transfers to countries that are recognised to provide adequate levels of data protection for your personal information or putting appropriate contractual obligations in place with the party to whom we are sending information. ## 12. Your rights You have the following rights, which you can exercise free of charge: | Access | The right to be provided with a copy of your personal information | | --------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Rectification | The right to require us to correct any mistakes in your personal information | | Erasure | The right to require us to delete your personal information in certain situations | | Restriction of processing | The right to require us to restrict processing of your personal information in certain circumstances, e.g. if you contest the accuracy of the data | | Data portability | The right to receive the personal information you provided to us, in a structured, commonly used and machine-readable format and/or transmit that data to a third party in certain situations | | To object |

The right to object:

  • at any time to your personal information being processed for direct marketing (including profiling);
  • in certain other situations to our continued processing of your personal information, e.g. processing carried out for the purpose of our legitimate interests unless there are compelling legitimate grounds for the processing to continue or the processing is required for the establishment, exercise or defence of legal claims
| | Not to be subject to automated individual decision making |

The right not to be subject to a decision based solely on automated processing (including profiling) that produces legal effects concerning you or similarly significantly affects you.


This right does not apply if the decision is:

  • necessary for the purposes of a contract between us and you;
  • authorised by law (e.g. to prevent fraud); or
  • based on your explicit consent.


You do however have a right to request human intervention, express your view and challenge the decision.

| | The right to withdraw consent |

If you have provided us with a consent to use your personal information you have a right to withdraw that consent easily at any time.


Withdrawing a consent will not affect the lawfulness of our use of your personal information in reliance on that consent before it was withdrawn.

| We may not always be able to do what you have asked. This is because your rights will not always apply, e.g. if it would impact the duty of confidentiality we owe to others, or if the law allows us to deal with your personal information in a different way. We will always explain to you how we are dealing with your request. In some circumstances (such as the right to erasure or withdrawal of consent), exercising a right might mean that we can no longer provide our services to you. If you would like to exercise any of the rights set out above, please contact us (see Section 17. (How to contact us below)). ### 13. Keeping your personal information secure We have appropriate security measures to prevent personal information from being accidentally lost, or used or accessed unlawfully. We limit access to your personal information to those who have a genuine business need to access it. Those processing your personal information will do so only in an authorised manner and are subject to a duty of confidentiality. We also have procedures to deal with any suspected data security breach. We will notify you and any applicable regulator of a suspected data security breach where we are legally required to do so. ### 14. Cookies We use cookies and similar tracking technologies to track the activity on our website and platforms. Cookies are files with a small amount of data which may include an anonymous unique identifier. Cookies are sent to your browser from a website and stored on your device. Other tracking technologies are also used such as beacons, tags and scripts to collect and track information and to improve and analyse our services. You can instruct your browser to refuse all cookies or to indicate when a cookie is being sent. However, if you do not accept cookies, you may not be able to use some of our services. Examples of cookies we use include: * session cookies: we use session cookies in the operation of our services; * preference cookies: we use preference cookies to remember your preferences and various settings; * security cookies: we use security cookies for security purposes; * advertising cookies: we use advertising cookies to provide advertisements that may be relevant to you and your interests. ### 15. How to complain Please contact us if you have any queries or concerns about our use of your personal information (see Section 17. (How to contact us below)). We hope we will be able to resolve any issues you may have. You may also have a right to lodge a complaint with the Privacy Commissioner for Bermuda. ### 16. Changes to this privacy policy This privacy policy was last updated on 23 April 2025. We may change this privacy policy from time to time and so please check our website for the current version. ### 17. How to contact us Our Data Protection Officer is Matthew Wixon. If you have any questions about this privacy policy, the information we hold about you, to exercise a right under data protection law or to make a complaint, you can contact us and/or our Data Protection Officer by email at .