VENUEVERITAS

RWA / 收益情報

ONyc OnRe ONyc

再保險支持受益權益

Solana 代幣，代表在百慕達特殊目的保險公司（SPI）隔離帳戶（segregated account）分帳戶中按比例享有的受益權，其價值隨承保與擔保品表現而增減。

比較 RWA查看證據

收益從何而來？

追溯經濟上的支付方。公示 APY 不是保證回報。

  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

一級來源
再保險保費
二級來源
抵押品回報
經濟上的支付方
Reinsurance cedants (premium) and the investment/collateral portfolio backing the SAC cell (collateral return).
浮動 / 固定
浮動
毛收益 / 淨收益
未確定
帶日期的收益快照
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.

已核驗已結構化 · 來源

收益如何分配

機制
淨值累積
備註
No periodic token distribution; value accrues into the ONyc exchange rate against SAC cell NAV.

底層是什麼？

僅基於一級證據的底層資產與策略。

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。

  • 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.

已核驗已結構化 · 來源

出問題時會發生什麼？

結構性損失路徑——不是風險評分。未知保護保持 Unknown。

誰首先承擔損失
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.
已記錄的保護安排
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.
投資者敞口
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.

已核驗已結構化 · 來源

如何拿回資金？

一級贖回 ≠ 二級 DEX 流動性。資格是有範圍的。

合格投資者
UNKNOWN — eligibility criteria not fully structured this pass.
一級贖回
Redemption against the SAC cell NAV via the OnRe protocol mechanism.
時點
UNKNOWN
結算資產
UNKNOWN
最低額
UNKNOWN
限制
UNKNOWN
二級流動性
Any secondary market trading on Solana is not issuer redemption.

已研究未確定 · 來源

誰持有底層資產？

分別梳理資產託管、現金託管、加密資產託管與代幣控制。

資產託管
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.
現金託管
Cash equivalents and T-Bill exposure within the segregated collateral pool; named cash custodian not itemized this pass.
加密資產託管
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.

已核驗已結構化 · 來源

費用

毛收益與淨收益不是一回事。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.已研究未確定 · 來源
  • Underwriting / ceding commissionUNKNOWN — not published as a fixed rate in this pack.已研究未確定 · 來源

監管

授權按實體 × 法域 × 工具界定——不是品牌標籤。

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.

實體
OnRe segregated account cell (SPI)
法域
Bermuda
工具
SPI segregated account
授權 / 註冊
Bermuda Monetary Authority (BMA)

已核驗已結構化 · 來源

審計 / 鑑證

智慧合約審計不等於基金審計或貸款審計。沒有合併的「已審計」徽章。

  • 智慧合約審計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.已核驗已結構化 · 來源
  • 準備金鑑證Apex Group2026-08-30 · Monthly independent attestation supporting NAV, reserve, and portfolio composition reporting.已核驗已結構化 · 來源

智慧合約 / 代幣控制

營運控制——不是去中心化評分。

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

已核驗已結構化 · 來源

代幣化層

鏈
Solana
官方所有權紀錄
Onchain SPL token balance on Solana mint 5Y8NV33Vv7WbnLfq3zBcKSdYPrk7g2KoiQoe7M2tcxp5.
轉讓限制
UNKNOWN

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

已核驗已結構化 · 來源

研究維度

  • ONyc 代表什麼？

    代表在百慕達受監管的 SPI 隔離帳戶分帳戶中按比例享有的受益權，該分帳戶承受再保險保費收入與擔保品收益的風險——並非存款或基金份額。

    已核驗已結構化 · 來源

  • 若承保損失超過保費收入會發生什麼情況？

    ONyc 的淨資產價值（NAV）會下降。理賠請求經驗證後，將由 ONyc SA 自身的隔離資本（準備金、保費收入及擔保品收益）支付；依 OnRe 自身的揭露，主要風險為承保風險，包括在極端或相關性損失情境下亦然。超出此分帳戶層級機制之外的轉再保（retrocession／再保險的再保險）細節仍屬未確認。

    已核驗已結構化 · 來源

  • 行銷所稱的 ONyc 年化收益率（APY）是否為保證收益？

    並非保證收益。行銷文字中提到的目標年化收益率是用於描述承保／擔保品機制，並非保證或固定利率，本文亦不將其記錄為特定日期的數字。

    已核驗已結構化 · 來源

  • 從一項保險損失到 ONyc 價值變動的確切路徑是什麼？

    保險事故發生 → 理賠請求依保單條款進行驗證 → 理賠款項由 ONyc SA 專案資本支付 → 淨資產價值（NAV）隨即更新，以反映已支付的理賠、準備金、保費收入及擔保品收益。百慕達 SAC 法案的隔離保護機制（ring-fencing）可防止 OnRe 其他隔離帳戶內的損失波及 ONyc SA 的資本。

    已核驗已結構化 · 來源

哪些環節必須持續運轉？

僅列重大依賴。數量不是風險評分。

  • RegulatorBermuda Monetary AuthoritySPI 隔離帳戶授權
  • Legal StructureBermuda SAC cellRisk-bearing legal structure
  • CounterpartyReinsurance cedantsPremium inflow
  • 其他Collateral / investment managementCollateral return component
  • ChainSolana networkToken issuance / settlement
  • 協議OnRe protocolNAV computation and token mechanics

證據域

  • Entity / issuer已核驗已結構化

    SPI/SAC cell + protocol named

  • Legal claim已核驗已結構化

    Beneficial interest, not deposit or fund share

  • Yield source已核驗已結構化

    Reinsurance premium + collateral return

  • Yield waterfall已核驗已結構化
  • Loss waterfall已研究未確定

    First-loss detail unresolved

  • Underlying assets已研究未確定

    Treaty/collateral composition not itemized

  • Distribution mechanism已核驗已結構化

    NAV accretion

  • Redemption已研究未確定

    Redemption mechanics thin

  • Fees已研究未確定
  • Custody已研究未確定

    Named custodian not located

  • Regulation已核驗已結構化

    BMA SPI framework

  • Assurance / audit已研究未確定

    No audit located

  • Token control已研究未確定

    Mint address known; rest unresolved

  • Tokenization / chain已核驗已結構化

    Solana SPL token

  • Dependencies已核驗已結構化
  • Geographic / eligibility restrictions已研究未確定

    Investor eligibility unresolved

未決缺口

  • 具名分保公司（cedant）／交易對手名單
  • 管理費／績效費費率未以固定數字公佈（費率變更需經協議管理多重簽名核准）
  • 鑄造／贖回白名單所需的確切 KYC／AML 資格條件
  • 時間鎖（Timelock）機制仍在實作中（依系統完整性總覽頁面，尚未上線）
  • 兩組 3-of-6 多重簽名（流動性準備金與協議管理）背後的具名個人簽署人

一級來源

RWA／收益資產情報。無評分。無 APY 排名。未解決狀態保持未解決。