RWA 比较
ONyc 与 AUTO：收益背后的支持资产是什么？
仅按证据域比较。无总冠军。 · 可发布
ONyc · OnRe ONyc
- 再保险支持
- 受益权益
- 再保险保费
- Solana
AUTO · Hastra AUTO
- 消费信贷
- 封装权利
- 消费贷款利息
- Solana
主要结构差异
- 收益来源不同：ONyc 的收益源自再保险保费收入与担保品收益；AUTO 的收益则经由一条包装请求权链（质押 wYLDS → 程式化出借至 Democratized Prime Auto Pool），源自消费者汽车贷款利息。
- 法律请求权类型不同：ONyc 是对百慕达受监管隔离帐户（ONyc SA）的受益权；AUTO 则是 Hastra AUTO 资金池的份额，属于叠加于 wYLDS→YLDS→Auto Pool 之上的包装／质押请求权。
- 双方的优先亏损（first-loss）结构现皆有文件记载：ONyc 的机制为在百慕达 SAC 隔离保护下，由 ONyc SA 资本支付承保理赔；AUTO 的机制则为一个储备帐户（至本金约 2.5%），加上 Figure 提供的 2,500 万美元股权缓冲，优先于垫款率（advance-rate）的阶段性下调。
- 双方现皆有明确的结构性揭露：ONyc 通过百慕达 SPI／BMA 的隔离机制；AUTO 则通过德拉瓦州法定信托（statutory trust）加上 MRA 的破产隔离安排。
披露
- AUTO 的优先亏损分配机制现已整理完成（储备帐户＋Figure 股权缓冲＋垫款率机制）——不再如前一版本中列为未知。
- ONyc 行销所称的目标年化收益率数字，本文不将其记录为保证利率；依 OnRe 自身揭露，ONyc 的主要风险为承保风险。
- AUTO 属于双层包装的请求权（AUTO→wYLDS→YLDS→Auto Pool）；请勿将 AUTO 描述为直接持有汽车贷款。
域比较
法律请求权
ONyc · OnRe ONyc受益权益 — 在百慕达受监管的隔离帐户公司（SAC）分帐户中按比例享有的受益权，该分帐户承保／参与再保险风险——并非银行存款，亦非基金份额。
AUTO · Hastra AUTO封装权利 — AUTO 代表通过质押 wYLDS 所建立的 Hastra AUTO 资金池份额：质押行为会触发一项程式化指令，将支持该 wYLDS 的 YLDS 出借至 Figure Democratized Prime Auto Pool。这属于程式化的资金池出借风险敞口——并非直接持有个别汽车贷款——且 wYLDS 与 YLDS 并非相同的金融工具。
收益来源
ONyc · OnRe ONyc再保险保费 + 抵押品回报 (浮动)
AUTO · Hastra AUTO消费贷款利息 (浮动)
底层
ONyc · OnRe ONyc再保险承保风险敞口，以百慕达 SAC 分帐户（ONyc SA）内持有的资本作为担保；支持该资本的担保品池由稳定币、现金等价物及为流动性与资本效率所持有的短期国库券（T-Bill）风险敞口组成。
AUTO · Hastra AUTO以车辆（新车及二手车）作为担保的近优级（部分为次级）消费者汽车贷款，由 Agora Data 发放，并通过 Figure Forge 结构化为标准化的贷款参与代币，再纳入 Figure Democratized Prime Auto Pool。
损失承担方
ONyc · OnRe ONycUnderwriting claims / reserving against the ONyc segregated account (ONyc SA) — claims are paid from that account's own capital, not from a pool shared across other OnRe programs.
AUTO · Hastra AUTOA reserve account (sinking fund) builds to approximately 2.5% of outstanding principal over time and absorbs realized credit losses before any loss reaches AUTO/wYLDS holders; Figure separately commits a $25M equity stub / seed capital to the auto loan trust as first-loss protection alongside that reserve.
赎回
ONyc · OnRe ONycRedemption against the SAC cell NAV via the OnRe protocol mechanism.
AUTO · Hastra AUTOUnstake/redeem AUTO for underlying wYLDS/YLDS exposure per Hastra vault mechanics.
投资者资格
ONyc · OnRe ONycUNKNOWN — eligibility criteria not fully structured this pass.
AUTO · Hastra AUTOUNKNOWN
托管
ONyc · OnRe ONycCapital backing ONyc is held in legally segregated accounts (ONyc SA / collateralised programme accounts under the Bermuda SAC Act) — not held in smart contracts, and not reachable through contract-level exploits.
AUTO · Hastra AUTOUnderlying auto loan receivables are pledged into a Delaware statutory trust under a Master Repurchase Agreement (MRA) between Agora and the trust — a bankruptcy-remote structure with an independent trust administrator whose only non-discretionary powers, in a default scenario, are to sell trust assets and remit proceeds to Democratized Prime lenders.
费用
ONyc · OnRe ONycManagement / performance fee: UNKNOWN — not published as a fixed rate in this pack. Fee parameter updates are gated by the OnRe protocol administration 3-of-6 multisig, not set unilaterally.
AUTO · Hastra AUTOplatform fee: 50 bps (0.50%) Hastra platform fee, netted out of the Democratized Prime pool rate before distribution to AUTO holders.
到期 / 久期
ONyc · OnRe ONyc浮动收益 · 赎回时点：UNKNOWN
AUTO · Hastra AUTO浮动收益 · 赎回时点：UNKNOWN
审计 / 鉴证
ONyc · OnRe ONyc智能合约审计 (Quantstamp; 已核验已结构化)
AUTO · Hastra AUTO智能合约审计 (—; 已核验未结构化)
代币控制
ONyc · OnRe ONycMint authority is a Program Derived Address (PDA) only — issuance can only occur through program logic; 运营主体或私钥不得在既定规则之外铸币。
AUTO · Hastra AUTOAUTO is minted by the vault-stake-auto program when wYLDS is staked; the AUTO/wYLDS exchange rate is maintained via Chainlink Data Streams and updated periodically by rewards administrators (verify_price).
监管结构
ONyc · OnRe ONycThe risk-bearing cell operates as a Special Purpose Insurer (SPI) segregated account regulated by the Bermuda Monetary Authority. The ONyc token itself is not represented as a licensed security in this pass.
AUTO · Hastra AUTONo single securities/lending license instrument located for the AUTO wrapper token itself this pass; the underlying YLDS layer is a separately SEC-registered face-amount certificate (see YLDS record).
证据时效
ONyc · OnRe ONyc2026-08-30
AUTO · Hastra AUTO2026-08-30
仅本地比较。禁用词：safer、better、best、recommended、best yield、winner。Day-7：不部署。