Highlights

As capital became increasingly selective, we saw growing demand for assets backed by transparent structures, real economic activity, and durable cash flows rather than purely reflexive yield dynamics.

April was one of the toughest months in DeFi history, marked by major exploits and hundreds of millions exiting the ecosystem. Despite the losses, OnRe grew.

What began as validation is now taking shape as our thesis plays out in real time.

As adoption accelerated in February, demand for real world, uncorrelated yield continued to build. The growth of ONyc reflects a broader shift: reinsurance is emerging as liquid infrastructure for internet capital markets.

January validated our thesis: historically inaccessible assets can be transformed into liquid, composable, and productive yield infrastructure onchain.

December closed out the year with real momentum across growth, adoption, and onchain activity, marking OnRe’s biggest month yet.

In November, OnRe crossed $40M in AUM, up 22% month over month, as ONyc continues to cement itself as a core piece of Solana DeFi.

October was Uptober for OnRe. AUM climbed to new highs on the back of rising holder growth, permissionless minting, and expanding DeFi integrations.