OnRe vs R25: reinsurance yield or curated vaults (2026)

OnRe and R25 both sit in the real-world-asset category, but they offer different ways to access yield. OnRe centers on ONyc, a Solana asset described as backed by reinsurance premiums. The intended income source is therefore narrower and tied to off-chain underwriting results. R25 is infrastructure for curated vaults. Its strategies can combine real-world credit, treasuries, staking and arbitrage, with third-party curators responsible for individual vaults.

Their scale and chain support also differ. OnRe reports about $307.5 million in TVL on Solana. R25 reports about $196.6 million across Pharos and Sui. Neither has a token listed. TVL is a measure of deposited value, not a guarantee of returns, liquidity or safety. The more useful distinction is whether you want a single reinsurance-linked asset or a selection of curator-run strategies.

Neither project publishes its fees. OnRe does not disclose deposit, redemption, management or performance charges, if any. Since ONyc yield comes from reinsurance premiums, check whether any yield shown in its dashboard is before or after fees. Solana network fees also apply to transactions.

R25 does not publish management, performance, deposit, withdrawal or curator fees. Its costs may vary by vault, so review the terms for the specific vault before depositing. Pharos or Sui network gas also applies. Without published fee schedules, you cannot make a reliable net-return comparison from headline yields alone. Check the dashboard or vault terms for applicable charges and withdrawal conditions, and do not treat a projected or displayed yield as a guaranteed return.

OnRe has two audits listed, but the auditors, scope and findings are not public. Its risks are not limited to smart contracts: returns depend on reinsurance underwriting and off-chain arrangements. Counterparty, custody, legal and catastrophe-loss risks may affect outcomes, while public details about how losses are handled are lacking. Redemption terms and eligibility restrictions are also not stated.

No audits are listed for R25. Its site links an audit page and says its AI Skills modules are audited, but it does not name auditors, scope or findings. R25 also describes a guard layer with 24 Guard Points and 12-point validation; these are project claims, not a substitute for independently verifiable audit details. Vault risk varies with the curator and strategy, and real-world credit brings off-chain risk. Withdrawal terms, custody and regulatory status are not described publicly. Both projects have unanswered diligence questions; neither audit claims nor TVL removes investment risk.

OnRe’s dashboard is built around depositing into and redeeming ONyc, with position tracking alongside those actions. That focused flow may suit someone who wants one asset rather than choosing among multiple strategies. However, redemption rules and limits are not described publicly, so check the terms before committing funds.

R25 offers users access to curated vaults and gives eligible curators a code-free Studio for deploying strategies. Its modular design and broad strategy menu make it more flexible, but the added choice means users need to assess each vault and its curator. R25 describes 100+ strategies and 9 plug-and-play modules, though those figures cannot be independently confirmed from public details. Neither product has published fees, so ease of access should not be mistaken for clarity about costs or withdrawals.

Choose OnRe if you use Solana and specifically want exposure to an asset tied to reinsurance premiums. Its dashboard is focused, and it has a higher reported TVL than R25, but you must be comfortable with off-chain underwriting risk and the lack of public fee and redemption details.

Choose R25 if you want to compare different curator-run approaches, such as credit, treasury, staking and arbitrage strategies, and are comfortable using Pharos or Sui. Its vault variety and curator tools are the stronger fit for users who value choice, but each vault carries its own risks and R25 has no audits listed. For either protocol, review the relevant product terms, costs, withdrawal conditions and risk disclosures before depositing. Neither is a clear choice for someone who requires fully published fees and detailed public audit information.