Solana-Backed OnRe Launches ONe Token to Tap $750B Reinsurance Market
Blockchain just found its latest real-world use case — and it’s aiming straight at a $750 billion industry. OnRe, a regulated onchain reinsurance platform, is launching its ONe token and yield-generating pool on Solana, backed by heavy hitters like Ethena Labs, Solana Foundation, and RockawayX.
But this isn’t just another DeFi yield farm. OnRe is tapping into the reinsurance market — a traditionally closed-door, institutional playground — to open up stable, uncorrelated returns to crypto users worldwide.
Let’s unpack what OnRe is building, how it works, and why this could be one of the most unique opportunities in DeFi right now.
What Is OnRe and Why Does It Matter?
OnRe is bringing reinsurance — the business of insurance for insurers — onchain.
Here’s the catch: reinsurance isn’t like betting on meme coins or trading NFTs. It’s a time-tested, trillion-dollar industry that thrives on real-world risk: hurricanes, life expectancy, accidents. Stuff that doesn’t move in sync with the S&P 500 or Bitcoin.
That’s exactly why it’s so attractive.
“Reinsurance returns are attractive because they’re based on event-driven risks… not market cycles,” the OnRe team explained in a blog post.
By putting this onchain, OnRe gives DeFi users access to a low-correlation, yield-generating asset class — something many in crypto have been looking for since the end of the last bull market.
How the ONe Token Works
The ONe token is a Solana-native structured yield product built using Ethena’s synthetic stablecoin system.
Key Mechanics:
- Users deposit sUSDe, a staked version of Ethena’s USDe stablecoin
- Deposits go into a diversified reinsurance pool regulated in Bermuda
- Returns are generated from:
- Reinsurance premiums
- Yield from sUSDe collateral
- ONRE protocol incentives
According to OnRe, in bull markets, the ONe pool could yield 30%+, while bear markets might still produce a solid 8% return.
And because the yield is from real-world premiums — not speculative DeFi loops — it adds a layer of sustainability rarely seen in crypto-native protocols.
Institutional Oversight & Transparency
This isn’t some anonymous DeFi farm. OnRe operates as a licensed Bermuda insurer, with oversight from a five-member insurance committee, including:
- Two in-house actuaries
- An actuary from Willis Towers Watson (one of the world’s top insurance brokers)
This structure provides a layer of regulatory and actuarial assurance that you rarely find in DeFi — or even TradFi structured products for that matter.
ONe vs. Traditional Finance
OnRe claims it can generate the same income from $10 million TVL as a $500 million money market fund — a bold statement that reflects the efficiency of using DeFi rails and Solana’s high-speed, low-fee blockchain.
“By contributing TVL today into the ONe pool, you’re contributing to an efficient business model that eventually returns revenue to the ONRE token,” said Samantha Bohbot, Chief Growth Officer at RockawayX.
Ethena’s Role and sUSDe Utility
Ethena Labs, creators of the USDe synthetic stablecoin, sees OnRe as a real-world use case that enhances utility and demand for sUSDe.
“OnRe provides the perfect use case for sUSDe… allowing stable capital to earn meaningful yield,” said Ethena founder Guy Young.
So while USDe and sUSDe remain restricted to KYC-compliant and whitelisted users, ONe opens up broader DeFi exposure through secondary pools on Orca and soon on Kamino.
Access and Participation: How to Get Involved
To mint ONe directly, users need to complete KYC, as required by Bermuda’s insurance laws. But for those looking to get involved in a permissionless way, the team is launching secondary pools on:
- Orca (already live)
- Kamino (coming soon)
These pools will allow users to earn incentives and gain exposure to the OnRe ecosystem without direct KYC (though they won’t be eligible for minting ONe directly).
What’s Next? The Bigger Vision for ONRE Token
While today’s launch is all about ONe, the real story is ONRE, the future governance and revenue-sharing token of the OnRe protocol.
“Early contributors to ONe TVL will receive allocation and incentives in the ONRE token,” Bohbot confirmed.
This means ONe isn’t just a yield token — it’s your gateway to becoming a stakeholder in the future of onchain reinsurance.
OnRe plans to launch more pools, offering access to diversified reinsurance strategies. Over time, the ONRE token will represent ownership and governance rights, including revenue participation.
Why It Matters: Real-World Yield Meets DeFi Liquidity
With crypto entering a more mature phase in 2025, the spotlight is now on structured products, real-world assets (RWA), and DeFi 2.0 — the protocols that generate yield from real value, not hype.
OnRe hits all three:
✅ Real-world risk (reinsurance premiums)
✅ Real yield (sUSDe and ONRE incentives)
✅ Onchain liquidity (Solana pools)
And with $6 billion in stable capital potentially flowing through Ethena’s ecosystem, the runway for growth is real.
FAQs
Q: What is the ONe token?
A: ONe is a Solana-native token that earns yield from a regulated reinsurance pool using sUSDe collateral and ONRE incentives.
Q: Do I need KYC to participate?
A: KYC is required to mint ONe directly. However, you can access exposure via Orca and Kamino pools without KYC.
Q: What kind of returns can I expect?
A: OnRe projects over 30% in bull markets and around 8% in bear markets, based on historical reinsurance data and incentives.
Q: How is this different from other DeFi yield products?
A: ONe is backed by real-world reinsurance premiums, not speculative lending or trading. It offers non-correlated returns.
Final Thoughts
Solana-backed OnRe isn’t just another DeFi protocol — it’s a bold play to bridge real-world finance and onchain liquidity in one of the most profitable and stable markets around: reinsurance.
As DeFi matures, and structured products like sUSDe and ONe go live, the line between TradFi and crypto continues to blur.
If you’re looking for real yield in a real sector, OnRe might be the most underrated launch of the year.
