Real-World Assets · Review
ActiveOnRe Review 2026: Reinsurance-Backed Yield on Solana
OnRe is a Solana protocol that tokenizes exposure to reinsurance premiums as ONyc, a yield-bearing asset. It holds about $307.5 million in TVL, but key terms such as fees and redemption rules are not public.
By the DappsAtlas editorial team · Updated
DappsAtlas score
7.0/10
Good
Our verdict on OnRe
7.0/10OnRe suits crypto users who want yield from a non-crypto source, such as reinsurance premiums, and who are comfortable with Solana. Its main strength is that distinct income stream, backed by about $307.5 million in TVL and two listed audits. The main caveat is transparency: fees, redemption terms, underwriting details and loss handling are not described, and the returns depend on off-chain insurance outcomes. Read the documentation and start small.
Score breakdown
How OnRe scores
- Security
- 6.5/10
- Ease of use
- 7.0/10
- Fees
- n/a
- Features
- 6.5/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is OnRe?
OnRe is a real-world asset protocol on Solana. Its stated aim is to connect on-chain capital to reinsurance risk, offering returns that are stable and uncorrelated with crypto markets while remaining liquid and composable.
The product is ONyc, which the homepage describes as a stable asset backed by reinsurance premiums. Users deposit, redeem and track ONyc through the OnRe dashboard.
DefiLlama has tracked the protocol since July 2025 and reports about $307.5 million in TVL, up 0.6% over seven days. It lists two audits and no separate protocol token.
How OnRe works
OnRe connects on-chain capital to real-world reinsurance risk. Reinsurers take on part of the risk that primary insurers hold, and they earn premiums in return. OnRe packages exposure to those premiums into ONyc, which users can hold on Solana.
According to the homepage, users deposit into the protocol, receive ONyc, and can later redeem it through the dashboard. The yield is described as stemming from reinsurance premiums rather than from crypto trading or token emissions.
The project does not specify how the underlying reinsurance exposure is held, who underwrites it, or how ONyc is valued against deposits. Readers should look for this in the project's documentation before relying on the product.
6 features
Key features
01
Deposit and redeem dashboard
Users can deposit into and redeem ONyc from the OnRe dashboard, which is the main app interface.
02
Reinsurance-backed asset
ONyc is described as a stable asset backed by reinsurance premiums, giving on-chain exposure to a non-crypto income source.
03
Uncorrelated yield target
The protocol aims to offer returns that are uncorrelated with typical crypto market cycles, according to its DefiLlama description.
04
Solana composability
ONyc is built for Solana DeFi, and the project describes it as liquid and composable.
05
Listed audits
DefiLlama lists two audits for the protocol, though the details are not public.
06
Position tracking
The dashboard lets users track their ONyc position alongside deposits and redemptions.
Pros and cons
What we like
- Offers exposure to reinsurance premiums, an income source separate from crypto trading yields.
- Substantial TVL of about $307.5 million suggests meaningful adoption since its July 2025 listing.
- Two audits are listed on DefiLlama.
- Built natively on Solana and described as composable with other DeFi.
- Simple dashboard flow for deposit, redeem and tracking.
Watch out for
- Yield depends on reinsurance underwriting results, which sit off-chain and are hard for a DeFi user to verify independently.
- Redemption terms, limits and any eligibility checks are not described.
- Fees are not published publicly, so the net return to holders is unclear.
- Reinsurance losses from large catastrophe events could reduce returns, and public sources give no detail on how losses are handled.
- Only Solana is listed, so users on other chains need to bridge first.
- Its homepage available is minimal, so documentation, team and custody details could not be confirmed here.
OnRe fees
OnRe's fees are not published publicly available. Deposit, redemption, management or performance fees, if any, would appear in the dashboard or the project's documentation.
Because ONyc yield comes from reinsurance premiums, users should also check whether any quoted yield is shown before or after fees. Normal Solana network fees apply to transactions.
Is OnRe safe?
DefiLlama lists two audits for OnRe, but the auditors, scope and findings are not public. No hacks or incidents are mentioned publicly, though the protocol has a short track record since mid-2025.
Risk goes beyond smart contracts. Returns depend on reinsurance underwriting and off-chain arrangements, so users also take on counterparty, custody, legal and catastrophe-loss risk. The regulatory status and any eligibility restrictions are not stated publicly. Check these in the official documentation before depositing.
6 steps
How to get started with OnRe
- 1
Confirm that using the product is permitted where you live and that you meet any eligibility requirements.
- 2
Set up a Solana wallet and fund it with the asset accepted for deposit, plus a small amount of SOL for network fees.
- 3
Open the OnRe dashboard through the official link and connect your wallet.
- 4
Read the details on how ONyc is backed, how yield accrues and the redemption terms before depositing.
- 5
Start with a small deposit to learn the flow, then track your ONyc position on the dashboard.
- 6
Review redemption steps in advance so you know how to exit.
Who OnRe is for
OnRe is for Solana users and DeFi investors looking to diversify into real-world yield tied to reinsurance rather than crypto market activity. It suits readers who are comfortable researching off-chain risk and checking eligibility rules. It is less suited to people who want a fully on-chain, fully transparent yield source.
OnRe FAQs
What is ONyc?
ONyc is the asset users deposit into and redeem from through the OnRe dashboard. The site describes it as a stable asset backed by reinsurance premiums, aimed at delivering institutional-grade yield to Solana DeFi.
Which blockchain does OnRe use?
OnRe runs on Solana according to DefiLlama. No other chains are listed publicly.
Does OnRe have a token?
DefiLlama shows no governance or protocol token for OnRe. The token listed publicly is ONyc, which is the product asset rather than a separate token ticker.
Is OnRe audited?
Public sources list two audits on DefiLlama but do not name the auditors or findings. Audits reduce smart-contract risk but do not remove the risk tied to reinsurance performance or off-chain structures.
Where does the yield come from?
The yield is described as coming from reinsurance premiums. The project does not give a current rate, so check the dashboard for the figure and how it is calculated.
What are the main risks?
Reinsurance returns can be affected by claims, particularly after large catastrophe events. Users should also consider smart-contract, custody and counterparty risk. This is not financial advice.
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How we checked
Sources
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