OnRe

OnRe receives a C+ risk grade (40/100) from Hindenrank, where lower scores indicate lower risk. OnRe is a genuinely novel protocol bringing regulated reinsurance on-chain. The concept is sound but early-stage, with opaque off-chain risk and incentive-inflated yields. Suitable for sophisticated investors who understand insurance risk, not retail yield-seekers chasing APY. OnRe is a Bermuda-licensed on-chain reinsurance company that lets you deposit crypto (currently sUSDe from Ethena) into pools that back real-world reinsurance contracts. You earn yield from insurance premiums, collateral returns, and token incentives. Think of it as investing in an insurance company, but on the blockchain.

The key risks identified for OnRe are: (1) Your money backs real insurance claims — if a major disaster hits, you could lose capital (2) The high 30-40% projected yields are partly from token incentives that may not last (3) The reinsurance portfolio is managed off-chain, so you can't see exactly what risks you're exposed to

OnRe scores 40/100 across eight risk dimensions: Mechanism Novelty: 8/15, Interaction Severity: 8/20, Oracle Surface: 3/10, Documentation Gaps: 3/10, Track Record: 4/15, Scale Exposure: 5/10, Regulatory Risk: 8/10, Vitality Risk: 1/10. The highest risk area is Regulatory Risk at 8/10.

Among 72 rated RWA protocols on Hindenrank, OnRe ranks #43 by safety (lowest risk score = safest). Its 40/100 risk score and C+ grade place it in the middle tier of RWA protocols.

OnRe scores 4/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.