VENUEVERITAS

RWA / 收益情报

ONyc OnRe ONyc

再保险支持受益权益

Solana 代币，代表在百慕达特殊目的保险公司（SPI）隔离帐户（segregated account）分帐户中按比例享有的受益权，其价值随承保与担保品表现而增减。

比较 RWA查看证据

收益从何而来？

追溯经济上的支付方。公示 APY 不是保证回报。

  1. Cedant pays reinsurance premium

    Premium flows into the SAC cell (ONyc SA)

  2. Cell underwrites/participates in treaties
  3. Premium + collateral invested per SAC policy

    Collateral pool: stablecoins, cash equivalents, T-Bill exposure

  4. Insured event occurs
  5. Claim validation

    Claims are validated against policy terms before payment

  6. Claim paid from ONyc SA capital

    Paid from segregated account capital — ring-fenced from other OnRe programs

  7. NAV updated to reflect paid claims, reserves, premium, and collateral yield

    No periodic coupon; value moves with NAV

  8. Marketing target APY is descriptive, not guaranteed

    Not stored as a dated rate here

一级来源
再保险保费
二级来源
抵押品回报
经济上的支付方
Reinsurance cedants (premium) and the investment/collateral portfolio backing the SAC cell (collateral return).
浮动 / 固定
浮动
毛收益 / 净收益
未确定
带日期的收益快照
未知

Yield blends underwritten reinsurance premium (net of claims) with investment return on posted collateral inside the SAC cell. Value accrues into NAV — there is no fixed coupon. Any marketing 'target APY' describes the mechanism, not a guaranteed rate, and is not stored here as a dated figure.

已核验已结构化 · 来源

收益如何分配

机制
净值累积
备注
No periodic token distribution; value accrues into the ONyc exchange rate against SAC cell NAV.

底层是什么？

仅基于一级证据的底层资产与策略。

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。

  • Reinsurance treaties
  • Stablecoins
  • Cash equivalents
  • T-Bill exposure

Collateral pool composition (stablecoins vs. cash equivalents vs. T-Bills) may vary over time; this pack does not assert a fixed dated allocation percentage.

已核验已结构化 · 来源

出问题时会发生什么？

结构性损失路径——不是风险评分。未知保护保持 Unknown。

谁首先承担损失
Underwriting 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.
已记录的保护安排
Bermuda SAC Act statutory segregation: assets of one segregated account cannot be used to meet the liabilities of another account of the same company. Collateral backing ONyc is held in legally segregated accounts, outside of smart contracts, so contract-level exploits cannot access reserves.
投资者敞口
If claims exceed premium income (and collateral return), ONyc NAV may decline — including in extreme or correlated loss scenarios. Per OnRe's own disclosure, the primary risk is underwriting risk, not smart-contract risk.

Loss path: insured event occurs → claim is validated against policy terms → claim is paid from program/ONyc SA capital → NAV is updated to reflect paid claims, reserves, premium income, and collateral yield. Bermuda SAC ring-fencing is designed to prevent cross-program contamination — a loss inside a different OnRe segregated account cannot reach ONyc SA capital.

已核验已结构化 · 来源

如何拿回资金？

一级赎回 ≠ 二级 DEX 流动性。资格是有范围的。

合格投资者
UNKNOWN — eligibility criteria not fully structured this pass.
一级赎回
Redemption against the SAC cell NAV via the OnRe protocol mechanism.
时点
UNKNOWN
结算资产
UNKNOWN
最低额
UNKNOWN
限制
UNKNOWN
二级流动性
Any secondary market trading on Solana is not issuer redemption.

已研究未确定 · 来源

谁持有底层资产？

分别梳理资产托管、现金托管、加密资产托管与代币控制。

资产托管
Capital 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.
现金托管
Cash equivalents and T-Bill exposure within the segregated collateral pool; named cash custodian not itemized this pass.
加密资产托管
Stablecoin holdings within the segregated collateral pool are held outside of smart contracts per OnRe's control principles; composition may vary over time.

Mint authority is a Program Derived Address (PDA); administrative actions require multisig approval.

已核验已结构化 · 来源

费用

毛收益与净收益不是一回事。不按 APY 排名。

  • Management / performance feeUNKNOWN — 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.已研究未确定 · 来源
  • Underwriting / ceding commissionUNKNOWN — not published as a fixed rate in this pack.已研究未确定 · 来源

监管

授权按实体 × 法域 × 工具界定——不是品牌标签。

The 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.

实体
OnRe segregated account cell (SPI)
法域
Bermuda
工具
SPI segregated account
授权 / 注册
Bermuda Monetary Authority (BMA)

已核验已结构化 · 来源

审计 / 鉴证

智能合约审计不等于基金审计或贷款审计。没有合并的「已审计」徽章。

  • 智能合约审计Quantstamp2026-01 · Independent smart-contract audit of ONyc program code. A smart-contract audit verifies contract logic only — it is NOT a substitute for underwriting/reserving validation of the underlying reinsurance risk.已核验已结构化 · 来源
  • 储备鉴证Apex Group2026-08-30 · Monthly independent attestation supporting NAV, reserve, and portfolio composition reporting.已核验已结构化 · 来源

智能合约 / 代币控制

运营控制——不是去中心化评分。

铸造
Mint 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。
销毁
Burn/redemption is executed via program instruction, enforced by contract logic using NAV-based pricing.
暂停
Designated admin accounts can activate a kill switch to pause specific operations during abnormal activity.
冻结 / 黑名单
SPL freeze authority exists; freezing and reactivation following a kill switch event require protocol admin multisig approval.
升级
Program upgrades, mint authority management, and max-supply configuration are governed by a publicly viewable 3-of-6 protocol administration multisig.
白名单
KYC/AML policy gates mint/redeem participation; a separate 3-of-6 multisig governs the segregated liquidity reserve supporting redemptions.

已核验已结构化 · 来源

代币化层

链
Solana
官方所有权记录
Onchain SPL token balance on Solana mint 5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5.
转让限制
UNKNOWN

Token represents a beneficial interest in the SAC cell rather than a wrapped external asset.

已核验已结构化 · 来源

研究维度

  • ONyc 代表什么？

    代表在百慕达受监管的 SPI 隔离帐户分帐户中按比例享有的受益权，该分帐户承受再保险保费收入与担保品收益的风险——并非存款或基金份额。

    已核验已结构化 · 来源

  • 若承保损失超过保费收入会发生什么情况？

    ONyc 的净资产价值（NAV）会下降。理赔请求经验证后，将由 ONyc SA 自身的隔离资本（储备、保费收入及担保品收益）支付；依 OnRe 自身的揭露，主要风险为承保风险，包括在极端或相关性损失情境下亦然。超出此分帐户层级机制之外的转再保（retrocession／再保险的再保险）细节仍属未确认。

    已核验已结构化 · 来源

  • 行销所称的 ONyc 年化收益率（APY）是否为保证收益？

    并非保证收益。行销文字中提到的目标年化收益率是用于描述承保／担保品机制，并非保证或固定利率，本文亦不将其记录为特定日期的数字。

    已核验已结构化 · 来源

  • 从一项保险损失到 ONyc 价值变动的确切路径是什么？

    保险事故发生 → 理赔请求依保单条款进行验证 → 理赔款项由 ONyc SA 专案资本支付 → 净资产价值（NAV）随即更新，以反映已支付的理赔、储备、保费收入及担保品收益。百慕达 SAC 法案的隔离保护机制（ring-fencing）可防止 OnRe 其他隔离帐户内的损失波及 ONyc SA 的资本。

    已核验已结构化 · 来源

哪些环节必须持续运转？

仅列重大依赖。数量不是风险评分。

  • RegulatorBermuda Monetary AuthoritySPI 隔离账户授权
  • Legal StructureBermuda SAC cellRisk-bearing legal structure
  • CounterpartyReinsurance cedantsPremium inflow
  • 其他Collateral / investment managementCollateral return component
  • ChainSolana networkToken issuance / settlement
  • 协议OnRe protocolNAV computation and token mechanics

证据域

  • Entity / issuer已核验已结构化

    SPI/SAC cell + protocol named

  • Legal claim已核验已结构化

    Beneficial interest, not deposit or fund share

  • Yield source已核验已结构化

    Reinsurance premium + collateral return

  • Yield waterfall已核验已结构化
  • Loss waterfall已研究未确定

    First-loss detail unresolved

  • Underlying assets已研究未确定

    Treaty/collateral composition not itemized

  • Distribution mechanism已核验已结构化

    NAV accretion

  • Redemption已研究未确定

    Redemption mechanics thin

  • Fees已研究未确定
  • Custody已研究未确定

    Named custodian not located

  • Regulation已核验已结构化

    BMA SPI framework

  • Assurance / audit已研究未确定

    No audit located

  • Token control已研究未确定

    Mint address known; rest unresolved

  • Tokenization / chain已核验已结构化

    Solana SPL token

  • Dependencies已核验已结构化
  • Geographic / eligibility restrictions已研究未确定

    Investor eligibility unresolved

未决缺口

  • 具名分保公司（cedant）／交易对手名单
  • 管理费／绩效费费率未以固定数字公布（费率变更需经协议管理多重签名核准）
  • 铸造／赎回白名单所需的确切 KYC／AML 资格条件
  • 时间锁（Timelock）机制仍在实作中（依系统完整性总览页面，尚未上线）
  • 两组 3-of-6 多重签名（流动性储备与协议管理）背后的具名个人签署人

一级来源

RWA／收益资产情报。无评分。无 APY 排名。未解决状态保持未解决。