Built on Solana, ONe represents fractional ownership in a regulated (re)insurance underwriting pool backed by Ethena’s yield-bearing stablecoin, sUSDe. It delivers consistent, uncorrelated returns sourced from real-world risk transfer in the $750B+ global reinsurance market. ONe combines three drivers of performance: reinsurance income (~12%), passive sUSDe collateral yield (4–20%), and upside via protocol incentives (~20%). The token is redeemable quarterly for eligible, KYC’d sophisticated investors, and tradable 24/7 through secondary liquidity pools. Designed for full composability across DeFi, ONe enables capital-efficient strategies like lending, borrowing, and collateralization—bridging stable digital assets with scalable real-world performance.