RWA 比較
ONyc 與 AUTO：收益背後的支持資產是什麼？
僅按證據域比較。無總冠軍。 · 可發布
ONyc · OnRe ONyc
- 再保險支持
- 受益權益
- 再保險保費
- Solana
AUTO · Hastra AUTO
- 消費信貸
- 封裝權利
- 消費貸款利息
- Solana
主要結構差異
- 收益來源不同：ONyc 的收益源自再保險保費收入與擔保品收益；AUTO 的收益則經由一條包裝請求權鏈（質押 wYLDS → 程式化出借至 Democratized Prime Auto Pool），源自消費者汽車貸款利息。
- 法律請求權類型不同：ONyc 是對百慕達受監管隔離帳戶（ONyc SA）的受益權；AUTO 則是 Hastra AUTO 資金池的份額，屬於疊加於 wYLDS→YLDS→Auto Pool 之上的包裝／質押請求權。
- 雙方的優先虧損（first-loss）結構現皆有文件記載：ONyc 的機制為在百慕達 SAC 隔離保護下，由 ONyc SA 資本支付承保理賠；AUTO 的機制則為一個準備金帳戶（至本金約 2.5%），加上 Figure 提供的 2,500 萬美元股權緩衝，優先於墊款率（advance-rate）的階段性下調。
- 雙方現皆有明確的結構性揭露：ONyc 透過百慕達 SPI／BMA 的隔離機制；AUTO 則透過德拉瓦州法定信託（statutory trust）加上 MRA 的破產隔離安排。
揭露
- AUTO 的優先虧損分配機制現已整理完成（準備金帳戶＋Figure 股權緩衝＋墊款率機制）——不再如前一版本中列為未知。
- ONyc 行銷所稱的目標年化收益率數字，本文不將其記錄為保證利率；依 OnRe 自身揭露，ONyc 的主要風險為承保風險。
- AUTO 屬於雙層包裝的請求權（AUTO→wYLDS→YLDS→Auto Pool）；請勿將 AUTO 描述為直接持有汽車貸款。
域比較
法律請求權
ONyc · OnRe ONyc受益權益 — 在百慕達受監管的隔離帳戶公司（SAC）分帳戶中按比例享有的受益權，該分帳戶承保／參與再保險風險——並非銀行存款，亦非基金份額。
AUTO · Hastra AUTO封裝權利 — AUTO 代表透過質押 wYLDS 所建立的 Hastra AUTO 資金池份額：質押行為會觸發一項程式化指令，將支持該 wYLDS 的 YLDS 出借至 Figure Democratized Prime Auto Pool。這屬於程式化的資金池出借風險敞口——並非直接持有個別汽車貸款——且 wYLDS 與 YLDS 並非相同的金融工具。
收益來源
ONyc · OnRe ONyc再保險保費 + 抵押品回報 (浮動)
AUTO · Hastra AUTO消費貸款利息 (浮動)
底層
ONyc · OnRe ONyc再保險承保風險敞口，以百慕達 SAC 分帳戶（ONyc SA）內持有的資本作為擔保；支持該資本的擔保品池由穩定幣、現金等價物及為流動性與資本效率所持有的短期國庫券（T-Bill）風險敞口組成。
AUTO · Hastra AUTO以車輛（新車及二手車）作為擔保的近優級（部分為次級）消費者汽車貸款，由 Agora Data 發放，並透過 Figure Forge 結構化為標準化的貸款參與代幣，再納入 Figure Democratized Prime Auto Pool。
損失承擔方
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.
贖回
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.
投資者資格
ONyc · OnRe ONycUNKNOWN — eligibility criteria not fully structured this pass.
AUTO · Hastra AUTOUNKNOWN
託管
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.
費用
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 / 存續期
ONyc · OnRe ONyc浮動收益 · 贖回時點：UNKNOWN
AUTO · Hastra AUTO浮動收益 · 贖回時點：UNKNOWN
審計 / 鑑證
ONyc · OnRe ONyc智慧合約審計 (Quantstamp; 已核驗已結構化)
AUTO · Hastra AUTO智慧合約審計 (—; 已核驗未結構化)
代幣控制
ONyc · OnRe ONycMint authority is a Program Derived Address (PDA) only — issuance can only occur through program logic; 營運主體或私鑰不得在既定規則之外鑄幣。
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).
監管結構
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).
證據時效
ONyc · OnRe ONyc2026-08-30
AUTO · Hastra AUTO2026-08-30
僅本地比較。禁用詞：safer、better、best、recommended、best yield、winner。Day-7：不部署。