OnRe ONYC airdrop step by step tutorial

OnRe is an onchain reinsurance company that links digital asset capital to the reinsurance market through a structured product. Its homepage presents the product as a new source of yield that ties to regulated, revenue-generating underwriting instead of token emissions or governance. OnRe states that the Bermuda Monetary Authority regulates it and that it operates as a Segregated Accounts Company.

Its flagship product is ONyc, a dollar-denominated token that rests on several kinds of collateral and draws its backing from reinsurance premiums, according to OnRe's announcement. ONyc is built to work as collateral in lending, borrowing and structured onchain strategies, and the announcement describes it as a collateral asset on Solana.

The app offers two access modes. Open Access is for individuals, DeFi users and non-US users who want permissionless yield. Institutional mode is for entities that need regulated access and direct redemption.

In the OnRe app, you pay USDC and receive ONyc. The app is an interface to permissionless smart contracts, and holding ONyc through it gives you no legal claim on the company behind it, On Re SAC Ltd., or its affiliates.

The OnRe Points Program rewards ONyc that is put to work. Each position is measured once a day, using the amount of ONyc, how long it was held, and the venue and strategy involved. The base rate is 1 point per ONyc per day, and OnRe-defined multipliers raise it for lending, looping, providing liquidity and holding yield tokens. OnRe may also run limited-time campaigns, and the announcement says bonus campaigns will add rewards tied to social engagement and partnership launches.

Points already earned stay with the wallet, and selling or withdrawing ONyc only affects future accrual. The daily leaderboard snapshot is taken at midnight UTC. A referral program adds a 10% bonus for the referrer and 5% for the referred wallet once that wallet reaches 100 ONyc of exposure.