Post by Sfddhsd about OnRe Tokenized Reinsurance ($ONyc)

$ONyc NAV is a fixed 11.02% curve. Where do claims show up?

I pulled OnRe's NAV feed (core.api.onre.finance/data/nav, 501 daily rows) and checked it against the docs.

NAV follows a set rate, not a valuation. Since 19 Sep 2026 every daily step is exactly x1.00028645, which annualises to 11.02% and matches live-apy (0.1102). Early September gives 11.54%. That fits the Token Configuration page (NAV = base price + annual rate + time). But the FAQ says NAV moves with "claims, reserving", and also that excess claims are absorbed in APY "while NAV stays protected". The feed shows four NAV drops in July 2025 and none since 1 Aug 2025. So in practice, losses only show up as rate cuts. Who sets the annual rate, and what caused the cut from 11.54% to 11.02%? A public log of pricing-vector changes, with reasons, would help lenders like Kamino price this risk.

Mint supply over RPC is 253,321,198 ONyc, but the API reports 247,969,168 circulating. A 5.35M gap (~$6.2M). The integration guide mentions a "circulating-supply excluded balance" PDA but doesn't say which accounts it covers.

One docs page calls app redemptions atomic with no queue. The integration guide calls them request-based and asynchronous, and its link to the Redemptions page is a dead "broken://" link.

What I checked: docs, NAV/APY/TVL API, Solana RPC mint reads. No deposit or redemption made.