> For the complete documentation index, see [llms.txt](https://docs.onre.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.onre.finance/security-and-verification/independent-risk-analysis.md).

# 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://allez.xyz/factsheet/onyc)                                     |
| ONyc Asset Risk Assessment | [2026 July](https://allez.xyz/reports/onre/ONyc_Asset_Risk_Assessment_260731.pdf) |

***

### ONyc DeFi Risk Dashboard

Allez’s independent view of where ONyc is deployed, the yield it earns, and the onchain risks created by leverage, through an interactive transparency dashboard.

View here: <https://allez.xyz/dashboards/onre/onyc>

### 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.


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