Solana-backed OnRe Targets Reinsurance Market with New Token

OnRe, a blockchain reinsurance firm, is introducing a new token named ONe, backed by Ethena Labs and Solana Ventures. The token is developed using Ethena's synthetic dollar protocol and aims to increase the utility of the USDe stablecoin while providing returns to its users. Licensed in Bermuda, OnRe delves into the reinsurance industry, offering decentralized finance (DeFi) exposure. A collaboration with Ethena allows users to deposit a variant of the USDe coin into a Solana-based reinsurance pool. Managed by a committee of insurance experts, OnRe is expected to yield significant returns, particularly due to its unique risk model in the reinsurance space. The platform is designed to be resilient to economic fluctuations, leveraging event-driven risks that are unrelated to market cycles. Open to limited investors through strict compliance measures, OnRe is expanding its pool options and planning further developments.