# Table of Contents - [QuickStart Guide | Protocol](#quickstart-guide-protocol) - [FAQs | Protocol](#faqs-protocol) - [How Collateralized Reinsurance Earns Returns | Protocol](#how-collateralized-reinsurance-earns-returns-protocol) - [What is Reinsurance? | Protocol](#what-is-reinsurance-protocol) - [How the Re Protocol Works | Protocol](#how-the-re-protocol-works-protocol) - [Introduction to the Re Protocol | Protocol](#introduction-to-the-re-protocol-protocol) - [What is reUSD? | Protocol](#what-is-reusd-protocol) - [Connect with Us | Protocol](#connect-with-us-protocol) - [Investor Protections and Risk Management | Protocol](#investor-protections-and-risk-management-protocol) - [Disclaimers | Protocol](#disclaimers-protocol) - [Governance Model | Protocol](#governance-model-protocol) - [Security and Audits | Protocol](#security-and-audits-protocol) - [Insurance Capital Layer ( ICL ) | Protocol](#insurance-capital-layer-icl-protocol) - [What is reUSDe ? | Protocol](#what-is-reusde-protocol) - [Use Cases for the Re Protocol | Protocol](#use-cases-for-the-re-protocol-protocol) - [reUSDe FAQ | Protocol](#reusde-faq-protocol) - [Smart Contract Addresses | Protocol](#smart-contract-addresses-protocol) - [Fee Splits for Cell Managers and Risk Pools | Protocol](#fee-splits-for-cell-managers-and-risk-pools-protocol) - [Redemption Process and Liquidity | Protocol](#redemption-process-and-liquidity-protocol) - [Integration with the DeFi Ecosystem | Protocol](#integration-with-the-defi-ecosystem-protocol) - [Cells, Cell Managers, and Risk Pools | Protocol](#cells-cell-managers-and-risk-pools-protocol) - [Email Protection | Cloudflare](#email-protection-cloudflare) --- # QuickStart Guide | Protocol [PreviousFAQs](/) [NextIntroduction to the Re Protocol](/getting-started-with-re/introduction-to-the-re-protocol) Last updated 8 days ago The Re Protocol is designed with user accessibility in mind, ensuring a straightforward process for participants to engage with the platform and benefit from its unique opportunities in the reinsurance market. Follow this step-by-step guide to get started. #### [](#id-1.-visit-the-platform) 1\. Visit the Platform * **Go to:** This is your gateway to engaging with the Re Protocol. * * * #### [](#id-2.-connect-your-wallet) 2\. Connect Your Wallet * **Choose a Compatible Wallet:** Connect a wallet like MetaMask that supports the necessary networks. * **Ensure You’re Funded:** Make sure your wallet contains one of the approved tokens (e.g., USDC, DAI, USDe, or sUSDe) for staking. * * * #### [](#id-3.-stake-your-tokens) 3\. Stake Your Tokens * **Select Your Token:** Decide which approved token you want to stake. * **Enter the Amount:** Input the desired amount; the platform will calculate the equivalent protocol tokens you will eventually receive (reUSD for traditional stablecoins, reUSDe for Ethena’s synthetic dollars). * * * #### [](#id-4.-accept-terms-and-fee-schedule) 4\. Accept Terms & Fee Schedule * **Review the Fee Schedule:** After staking, you will be presented with the fee schedule outlining any costs associated with the token purchase. * **Agree to the Token Purchase Agreement:** If you accept the fee schedule, you must then agree to the token purchase agreement. _This agreement confirms your understanding of the process, including fees, token minting, and escrow conditions._ * * * #### [](#id-5.-tokens-enter-escrow) 5\. Tokens Enter Escrow * **Escrow Placement:** Once you’ve agreed to the purchase terms, your staked tokens are tokenized and securely placed into an escrow contract. * **Pending KYC:** At this stage, your tokens await completion of the KYC process. * * * #### [](#id-6.-complete-the-kyc-process) 6\. Complete the KYC Process * **Submit KYC Documentation:** You will be prompted to complete a KYC process. Follow the on-screen instructions to submit the required information. * **KYC Outcomes:** * **Pass:** Upon successful verification, your protocol tokens (reUSD or reUSDe) will be minted and sent to your wallet. * **Fail:** If your KYC fails, you can request a refund to have your tokens returned from escrow. * **Additional Information:** If further details are needed, you will be prompted to provide additional documentation to proceed. * * * #### [](#id-7.-get-started-with-your-protocol-tokens) 7\. Get Started with Your Protocol Tokens * **Holding Your Tokens:** Retain your minted tokens to benefit from yield generation and potential appreciation through the Insurance Capital Layer (ICL) and Risk Pools. * **Explore DeFi Opportunities:** Use your tokens in decentralized finance applications for lending, borrowing, or additional staking to maximize returns. By following these simple steps, you can seamlessly join the Re Protocol and gain exposure to the stable, uncorrelated returns of the reinsurance market. The QuickStart Guide ensures that participants can onboard efficiently while benefiting from the protocol’s innovative features and robust security measures. [re.xyz](https://re.xyz) --- # FAQs | Protocol [NextQuickStart Guide](/getting-started-with-re/quickstart-guide) Last updated 3 days ago #### [](#id-1.-what-is-the-re-protocol) 1\. What is the Re Protocol? The Re Protocol is a decentralized platform that leverages reinsurance contracts to generate yield on staked capital. It allows users to deposit stablecoins—such as USDC, DAI, USDe, and sUSDe—into Risk Pools. These funds are then deployed into a diversified portfolio of reinsurance contracts managed by qualified Cell Managers. In return, users earn yield that is uncorrelated with typical market volatility. * * * #### [](#id-2.-how-does-the-protocol-work) 2\. How Does the Protocol Work? * **Staking and Capital Deployment:** Users deposit approved stablecoins to mint protocol tokens (reUSD or reUSDe) that represent their share in the Insurance Capital Layer (ICL). * **Yield Generation:** The deposited funds are allocated to Risk Pools, where they are invested in diversified reinsurance contracts to generate yield. * **Dual Yield Benefit (for reUSDe):** For Ethena’s USDe and sUSDe users, any idle assets continue to earn sUSDe staking yield, while deployed funds generate reinsurance returns. * **Risk Management:** Collateral is maintained in Trust Accounts to cover claims in case a Risk Pool underperforms, helping to protect token holders. * * * #### [](#id-3.-what-tokens-can-i-stake) 3\. What Tokens Can I Stake? The protocol accepts a select group of stablecoins, including: * **Conventional Stablecoins:** USDC, DAI etc * **Ethena Tokens:** USDe and sUSDe For the most up-to-date list of admitted tokens, please refer to the staking section on our . * * * #### [](#id-4.-what-is-the-difference-between-reusd-and-reusde) 4\. What is the Difference Between reUSD and reUSDe? Both reUSD and reUSDe provide exposure to reinsurance yield, yet they serve different communities and employ distinct strategies for managing unallocated assets: * **reUSD:** * **Accepted Collateral:** Primarily accepts traditional stablecoins (e.g., USDC, DAI). * **Yield Strategy on Unallocated Assets:** Unallocated assets are automatically swapped into the best yield available in the market. This dynamic strategy maximizes returns on all idle capital. * **Target Audience:** General stablecoin holders looking for optimized yield opportunities through reinsurance investments. * **reUSDe:** * **Accepted Collateral:** Exclusively accepts Ethena’s synthetic dollars—USDe and sUSDe. * **Yield Strategy on Unallocated Assets:** Unallocated assets are retained in sUSDe to consistently match the yield available through Ethena, ensuring users continue to benefit from Ethena’s staking rewards. * **Target Audience:** Ethena community members who want to leverage their USDe or sUSDe holdings for reinsurance yield while preserving Ethena-specific benefits. * * * #### [](#id-5.-what-should-i-do-if-my-kyc-fails) 5\. What Should I Do If My KYC Fails? If your Know Your Customer (KYC) verification fails: * Your funds remain securely held in escrow. * Please contact our support team at [\[email protected\]](/cdn-cgi/l/email-protection) with your details. * Our team will assist you in resolving the issue or process a refund. Typically, you can expect a response within 2–3 business days. * * * #### [](#id-6.-who-can-participate-in-the-protocol) 6\. Who Can Participate in the Protocol? Participation is open to non-U.S. individuals and entities that successfully complete our KYC/AML verification processes. However, the following jurisdictions are prohibited: * United States, Iran, North Korea, Syria, South Sudan, Sudan, Cuba, Russia, Belarus, Afghanistan, Burma (Myanmar), Central African Republic, Democratic Republic of the Congo, Ethiopia, Iraq, Lebanon, Libya, Mali, Nicaragua, Somalia, Yemen, and any other jurisdiction where participation would violate applicable laws or regulations. * * * #### [](#id-7.-how-are-risk-pools-and-cell-managers-structured) 7\. How Are Risk Pools and Cell Managers Structured? * **Risk Pools:** These are the investment vehicles into which staked capital is allocated. Funds are deployed into a diversified portfolio of reinsurance contracts designed to generate yield. * **Cell Managers:** * **Selection Process:** Cell Managers are rigorously vetted and approved by the Resilience Foundation. * **Role:** They oversee and manage the Risk Pools, ensuring that the investments are sound and that risks are effectively managed. * * * #### [](#id-8.-what-happens-if-a-risk-pool-underperforms) 8\. What Happens If a Risk Pool Underperforms? If a Risk Pool underperforms, collateral held in Trust Accounts is used to cover claims. This risk management mechanism is designed to minimize potential losses for reUSD holders and maintain the overall financial stability of the protocol. * * * #### [](#id-9.-are-catastrophic-events-covered) 9\. Are Catastrophic Events Covered? No, the protocol does not underwrite catastrophic risk contracts—such as those related to major fires or hurricanes. Instead, it focuses on low-volatility, short-duration program business to maintain stable and consistent returns. * * * #### [](#id-10.-when-and-how-can-i-redeem-my-tokens) 10\. When and How Can I Redeem My Tokens? * **Quarterly Redemptions:** Redemption events for reUSD and reUSDe are currently evaluated on a quarterly basis. Redemptions are only offered when sufficient returns from Risk Pools have been realized, ensuring the protocol’s long-term financial stability. * **Early Redemptions Coming Soon:** To provide users with faster access to their funds, the protocol is partnering with decentralized exchanges (DEXs) to enable early redemptions. * **Initial Partnership with Curve:** Our first collaboration is with Curve, a leading DEX known for its stablecoin liquidity. This partnership will allow users to redeem their tokens earlier than the standard quarterly schedule. * **Redemption Process:** When early redemptions are enabled via Curve, you’ll be able to exchange your protocol tokens for the underlying stablecoins directly on the DEX. Further details and instructions will be provided as the feature is rolled out in the coming weeks. * * * #### [](#id-11.-how-soon-will-i-start-earning-yield) 11\. How Soon Will I Start Earning Yield? * **Yield Accrual:** Yield generation begins once your funds are deployed into Risk Pools or other yield-bearing assets. * **Timeline:** For reinsurance investments, returns typically start being distributed around 18 months after deployment into a Risk Pool. For reUSDe, idle capital continues to earn sUSDe staking yield immediately. * * * #### [](#id-12.-i-dont-see-my-tokens-in-my-wallet-what-should-i-do) 12\. I Don’t See My Tokens in My Wallet – What Should I Do? If your reUSD or reUSDe tokens are not visible in your wallet, you may need to add them manually using the token contract addresses: **reUSD Token Addresses:** **reUSDe Token Address (Ethereum):** **Steps to Add a Custom Token:** 1. Open your wallet application and navigate to the “Add Token” option. 2. Enter the relevant token contract address. 3. Ensure you’re on the correct network (Ethereum, Avalanche, or Arbitrum). 4. The wallet should auto-populate the token symbol and decimals; if not, enter them manually. * * * #### [](#id-13.-how-does-price-accrual-work) 13\. How Does Price Accrual Work? * **Daily Price Updates:** Every day at UTC 0, the protocol recalculates the projected Net Asset Value (NAV) for all Insurance Capital Layer tokens (reUSD and reUSDe). This daily update reflects both realized earnings and projected returns. * **Projected NAV Explained:** Periodically, the protocol updates the projected NAV to account for anticipated earnings from assets deployed in reinsurance risk contracts. This projection estimates the future price of the token based on expected yield. * **Impact on Unallocated Assets:** * **For reUSD:** Unallocated assets are swapped into the best yield available in the market. The projected NAV for reUSD factors in these dynamic yield opportunities. * **For reUSDe:** Unallocated assets remain in sUSDe, ensuring that the projected NAV consistently reflects the yield available through Ethena. * **Daily Price Impact:** When assets are moved into reinsurance risk contracts, the potential earnings from these contracts are included in the projected NAV calculation. This means the daily price update reflects both current earnings and anticipated future returns. * **Transparency:** Users can view these updates on the protocol’s dashboard to monitor how projected earnings impact the token price over time. **Ethereum:** **Avalanche:** **Arbitrum:** [official app](https://app.re.xyz) [0x5086bf358635B81D8C47C66d1C8b9E567Db70c72](https://etherscan.io/address/0x5086bf358635B81D8C47C66d1C8b9E567Db70c72) [0x180aF87b47Bf272B2df59dccf2D76a6eaFa625Bf](https://snowtrace.io/token/0x180aF87b47Bf272B2df59dccf2D76a6eaFa625Bf?chainid=43114) [0x76cE01F0Ef25AA66cC5F1E546a005e4A63B25609](https://arbiscan.io/address/0x76ce01f0ef25aa66cc5f1e546a005e4a63b25609) [0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a](https://etherscan.io/address/0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a) --- # How Collateralized Reinsurance Earns Returns | Protocol Collateralized reinsurance is a structure where capital providers supply collateral to back insurance policies, earning returns in the process. By doing so, capital providers assume risk in exchange for a premium, which becomes their profit after claims are paid and obligations are met. **Re Protocol’s Focus** Initially, the Re Protocol will focus exclusively on backing non-catastrophic, low-volatility, and short-duration program business. This conservative approach ensures stable returns and mitigates high-risk exposure. These programs generally include: * Automobile insurance portfolios * Commercial general liability coverage * Property insurance with limited catastrophic exposure **Profit Timeline** * Collateral Release: Reinsurance programs typically start releasing collateral back to the protocol after 18 months. * Profit Realization: As collateral is released, Risk Pools begin to pay out profits to the protocol and its participants. * Steady Returns: This timeline provides predictable cash flows, ensuring reUSD holders benefit from consistent, transparent earnings. By leveraging this model, the Re Protocol offers participants access to a secure and stable revenue stream, while maintaining robust protections against high-impact events. [PreviousWhat is Reinsurance?](/reinsurance/what-is-reinsurance) [NextInvestor Protections and Risk Management](/investor-protections-and-risk-management) Last updated 2 months ago --- # What is Reinsurance? | Protocol Reinsurance, often referred to as "insurance for insurance companies," is a financial mechanism that plays a critical role in stabilizing and strengthening the global insurance ecosystem. At its core, reinsurance is a contract in which one insurance company (the cedent) transfers part or all of its risk portfolio to another insurance entity (the reinsurer). This transfer allows insurance companies to mitigate exposure to large losses, stabilize their balance sheets, and continue to underwrite policies without interruption. **A Brief History of Reinsurance** The concept of reinsurance can be traced back several centuries, with early forms emerging in maritime insurance during the 14th century in Genoa and other trading hubs. These agreements were designed to spread the risk of cargo losses during long and perilous sea voyages. Over time, as economies and industries expanded, the reinsurance industry evolved to cover more diverse and complex risks, including property, casualty, life, and health insurance. By the 19th century, reinsurance became formalized with the establishment of dedicated reinsurance companies such as Munich Re in 1880 and Swiss Re in 1863. These entities pioneered modern reinsurance practices, offering innovative risk-sharing solutions to insurers worldwide. Today, the industry encompasses a broad range of risk management strategies, including proportional and non-proportional treaties, facultative agreements, and collateralized reinsurance. **The Role of Reinsurance Today** In the 21st century, reinsurance has become indispensable for managing the risks associated with natural disasters, pandemics, and other large-scale events. It enables insurance companies to: * **Diversify Risk:** By transferring portions of their portfolios to reinsurers, cedents can reduce their exposure to concentrated risks, such as catastrophic weather events or high-value property claims. * **Enhance Capital Efficiency:** Reinsurance allows insurers to free up capital, enabling them to underwrite more policies and grow their businesses. * **Stabilize Loss Ratios:** Reinsurers absorb losses from extraordinary events, reducing volatility in the financial performance of cedents. **Challenges in the Current Reinsurance Industry** While reinsurance remains a cornerstone of global risk management, the industry faces challenges such as limited transparency, reliance on intermediaries, and high barriers to entry for capital providers. These issues have created inefficiencies that restrict the flow of capital and hinder innovation. Re Protocol seeks to address these challenges by introducing a decentralized framework that enhances transparency, efficiency, and access. Reinsurance is not just a financial tool; it is a fundamental component of societal resilience, enabling communities and economies to recover quickly from unforeseen events. By leveraging blockchain technology, the Re Protocol is poised to transform how capital flows into this essential industry, creating new opportunities for insurers and investors alike. [PreviousWhat is reUSDe ?](/ethena-icl/what-is-reusde) [NextHow Collateralized Reinsurance Earns Returns](/reinsurance/how-collateralized-reinsurance-earns-returns) Last updated 2 months ago --- # How the Re Protocol Works | Protocol The Re Protocol is a decentralized framework designed to allocate on-chain capital efficiently and transparently to reinsurance contracts. By leveraging blockchain technology, the protocol transforms traditional reinsurance operations, eliminating inefficiencies and introducing a more streamlined, accessible approach for participants. **Key Mechanisms** 1. **Capital Staking:** Participants stake admitted assets such as USDC into the Insurance Capital Layer (ICL). These assets are pooled and tokenized as reUSD or reUSDe, providing participants with proportional claims on the protocol’s capital base and its returns. 2. **Intelligent Deployment:** The capital within the ICL is allocated to vetted Risk Pools managed by expert Cell Managers. These Risk Pools represent specific reinsurance agreements or portfolios of agreements, ensuring that capital is deployed with precision and oversight. 3. **Transparent Reporting:** All transactions and allocations are recorded on-chain, providing participants with real-time visibility into the protocol’s operations and performance. **Tokenization and reUSD or reUSDe** * **Representation of Value:** reUSD and reUSDe tokens serve as a liquid, fungible representation of a participant’s stake in the protocol. As the underlying reinsurance contracts generate returns, the value of reUSD and reUSDe appreciates, reflecting the performance of the protocol’s contracts. * **Integration with DeFi:** reUSD and reUSDe can interact seamlessly with the broader DeFi ecosystem, enabling participants to leverage their holdings for lending, borrowing, or other yield-generating activities. **Efficient Risk Management** The protocol employs a rigorous vetting process to ensure that only the most reliable Cell Managers and reinsurance agreements are onboarded. Key measures include: * **Know Your Business (KYB):** Cell Managers undergo thorough KYB and AML checks before being approved to manage Risk Pools. * **Collateralization:** All reinsurance agreements are fully collateralized, reducing counterparty risk and ensuring that claims can be paid without delay. **Benefits for Participants** * **Access to the Reinsurance Market:** Historically reserved for large institutions, the protocol democratizes access to this stable, uncorrelated asset class. * **Simplified Participation:** Through intuitive interfaces and blockchain automation, participants can engage with the protocol without requiring extensive industry knowledge. * **Compounding Returns:** By holding reUSD, participants benefit from compounding growth driven by reinsurance returns and strategic capital management. **Example Workflow** 1. **Staking:** A participant deposits $10,000 USDC into the ICL. In return, they receive reUSD tokens representing their share of the pooled capital. 2. **Deployment:** The ICL allocates $1 million to a Risk Pool covering a portfolio of automobile insurance policies. 3. **Returns:** After 18 months, the Risk Pool generates a 15% return. The participant’s reUSD tokens increase in value accordingly, reflecting the realized gains. The Re Protocol is designed to bridge the gap between DeFi and the global reinsurance industry, offering participants a unique opportunity to engage with this critical market through a secure, transparent, and efficient platform. [PreviousInvestor Protections and Risk Management](/investor-protections-and-risk-management) [NextInsurance Capital Layer ( ICL )](/protocol/insurance-capital-layer-icl) Last updated 3 days ago --- # Introduction to the Re Protocol | Protocol The Re Protocol is a groundbreaking innovation that bridges the gap between traditional insurance markets and decentralized finance (DeFi). Built on blockchain technology, Re Protocol introduces an unprecedented level of transparency, efficiency, and accessibility to the global reinsurance market—a multi-trillion-dollar industry historically characterized by opacity and reliance on intermediaries. At its core, Re Protocol facilitates direct, efficient capital allocation to reinsurance contracts. This is achieved through a network of interconnected smart contracts and an architecture designed for auditable, secure operations. Participants in the protocol gain exposure to the returns of the reinsurance sector without the traditional barriers of entry, while simultaneously benefiting from the transparency and automation enabled by blockchain. **Key Features:** * **Tokenized Access to Reinsurance:** By issuing reUSD tokens, Re Protocol provides a simple yet powerful way to participate in reinsurance-backed contracts. These tokens reflect the value of the underlying insurance capital and its returns. * **Risk-Adjusted Growth:** With a targeted 15% annual growth rate above the risk-free rate, the protocol offers uncorrelated returns backed by real-world assets, independent of traditional equity or crypto markets. * **Strategic Partnerships:** Re Protocol begins its journey in partnership with CoverRe.com, an established Cayman-based reinsurer. This ensures stability and operational expertise during the protocol’s initial phase. * **Gradual Decentralization:** While initially governed by a centralized council of experts, Re Protocol is designed to transition into a decentralized autonomous organization (DAO) to empower community-driven decision-making. By combining the strengths of blockchain technology with the stability of the reinsurance market, Re Protocol is positioned to redefine the way capital is deployed and managed in the insurance industry. [PreviousQuickStart Guide](/getting-started-with-re/quickstart-guide) [NextWhat is reUSD?](/what-is-reusd) Last updated 3 days ago --- # What is reUSD? | Protocol [PreviousIntroduction to the Re Protocol](/getting-started-with-re/introduction-to-the-re-protocol) [NextConnect with Us](/connect-with-us) Last updated 3 days ago **reUSD** is the proprietary token of the Re Protocol, representing your ownership and claim on the returns generated within the. By bridging traditional reinsurance with decentralized finance (DeFi), reUSD provides participants with transparent, auditable access to a stable yet innovative financial sector. * * * ### [](#key-features-of-reusd) Key Features of reUSD * **Tokenized Ownership:** Each reUSD token signifies a proportional claim on the assets and returns within the . * **Dynamic Yield Generation:** * **Active Capital:** Funds deployed into reinsurance risk contracts generate targeted returns, contributing to the token’s appreciation. * **Optimized Yield on Idle Assets:** Unallocated funds are automatically swapped into the best available yield options in the market, ensuring maximum efficiency. * **Daily NAV Updates:** The protocol recalculates the projected Net Asset Value (NAV) for reUSD every day at UTC 0. This update reflects both realized earnings and anticipated returns from ongoing reinsurance contracts. * **Seamless DeFi Integration:** As an ERC-20 token, reUSD can be easily used across multiple DeFi platforms for lending, borrowing, staking, and other applications. * * * ### [](#how-is-the-value-of-reusd-determined) How is the Value of reUSD Determined? The value of reUSD is derived from the NAV of the ICL, which is updated daily and calculated on a quarterly basis. Key components include: * **Risk Pool Returns:** Profits from funds deployed into reinsurance risk contracts are factored into the NAV. * **Yield from Unallocated Assets:** Idle funds are actively swapped into the best yield-generating instruments available, dynamically boosting the token’s value. * **Collateralized Assets:** The total value of fully collateralized assets held within the protocol also contributes to the overall NAV. Balances and NAV calculations are transparently published, enabling participants to manually verify holdings via the following blockchain addresses: * **Ethereum:** * **Avalanche:** * **Arbitrum:** * * * ### [](#redemption-process) Redemption Process * **Quarterly Redemption Windows:** reUSD holders can redeem tokens during designated quarterly redemption events. Redemptions occur only when sufficient returns have been realized, ensuring financial stability and fairness. * **Early Redemptions Coming Soon:** In the coming weeks, the protocol is partnering with decentralized exchanges—starting with Curve—to offer early redemption options for added flexibility. * **Redemption Mechanics:** 1. **NAV Calculation:** The protocol determines available capital based on the quarterly NAV. 2. **Redemption Queue:** Requests are processed on a first-come, first-served basis. Any unfulfilled requests roll over to the next period. * * * ### [](#earning-yield-with-reusd) Earning Yield with reUSD * **Yield Accrual:** Yield generation begins once funds are deployed into reinsurance risk contracts or dynamically swapped to capture the best available market yield. * **Long-Term Growth:** Returns from reinsurance contracts typically start to be realized approximately 18 months after capital deployment. Over time, this generates stable, predictable growth in the value of reUSD. [Insurance Capital Layer (ICL)](/protocol/insurance-capital-layer-icl) [ICL](/protocol/insurance-capital-layer-icl) [0x5086bf358635B81D8C47C66d1C8b9E567Db70c72](https://etherscan.io/address/0x5086bf358635B81D8C47C66d1C8b9E567Db70c72) [0x180aF87b47Bf272B2df59dccf2D76a6eaFa625Bf](https://snowtrace.io/token/0x180aF87b47Bf272B2df59dccf2D76a6eaFa625Bf?chainid=43114) [0x76cE01F0Ef25AA66cC5F1E546a005e4A63B25609](https://arbiscan.io/address/0x76cE01F0Ef25AA66cC5F1E546a005e4A63B25609) --- # Connect with Us | Protocol [PreviousWhat is reUSD?](/what-is-reusd) [NextreUSDe FAQ](/ethena-icl/reusde-faq) Last updated 2 months ago Stay updated and engaged with the Re Protocol community: * Website: * Telegram: * Discord: * X (Twitter): * LinkedIn: [re.xyz](https://re.xyz) [t.me/re\_protocol](https://t.me/re_protocol) [discord.gg/tP2qDjzE](https://discord.gg/tP2qDjzE) [@re](https://x.com/re) [linkedin.com/company/re-protocol](https://www.linkedin.com/company/re-protocol/) --- # Investor Protections and Risk Management | Protocol The Re Protocol is designed with robust investor protections and comprehensive risk management strategies to safeguard participant funds while ensuring sustainable growth. By leveraging blockchain technology and industry best practices, the protocol minimizes risk exposure and maximizes transparency. **Core Investor Protections** 1. **Fully Collateralized Funds:** * All assets in the Insurance Capital Layer (ICL) and Risk Pools are fully collateralized, ensuring that claims and obligations can be met promptly and reliably. 2. **Segregated Accounts:** * Participant funds are held in segregated accounts, preventing commingling of assets and maintaining clear financial accountability. 3. **Independent Audits:** * Regular third-party audits are conducted to ensure the security, integrity, and compliance of the protocol. These audits include detailed reviews of smart contracts and financial operations. 4. **Transparent Reporting:** * All transactions, asset holdings, and performance metrics are recorded on-chain, allowing participants to verify data in real time through the protocol’s dashboard. **Comprehensive Risk Management Strategies** 1. **Conservative Contract Focus:** * Initially, the protocol prioritizes non-catastrophic, low-volatility, short-duration program business to ensure predictable and stable returns. 2. **Rigorous Vetting of Cell Managers:** * Cell Managers undergo a thorough Know Your Business (KYB) and Anti-Money Laundering (AML) screening process before being approved to manage Risk Pools. 3. **Collateralized Risk Pools:** * All Risk Pools are fully collateralized to mitigate counterparty risk and ensure that capital is available to cover claims. 4. **Controlled Growth:** * The protocol carefully scales operations, onboarding new Cell Managers and expanding Risk Pools only when governance structures and operational capacity can support growth. **Emergency Protections** * **Pause Mechanism:** * In the event of a security breach or other emergency, the protocol includes a mechanism to immediately pause operations and safeguard funds. Assets can be transferred to recovery wallets as a precautionary measure. * **Recovery Wallets:** * Each Insurance Capital Layer has its own designated recovery wallet for secure storage during emergencies. For example, the recovery wallet for the initial ICL is: 0xDf6bF2713b5c7CA724E684657280bC407938F447. **Governance Oversight** * **Expert-Led Council:** * During its initial phase, the protocol is governed by a council of industry and DeFi experts who oversee capital allocation, risk management, and participant protections. * **Transition to Decentralization:** * As the protocol matures, governance will transition to a decentralized autonomous organization (DAO), empowering participants to play an active role in decision-making. By embedding these protections and risk management practices into its design, the Re Protocol ensures that participant funds are safeguarded and that the platform remains resilient and transparent. This commitment to security and accountability underpins the long-term success of the protocol. [PreviousHow Collateralized Reinsurance Earns Returns](/reinsurance/how-collateralized-reinsurance-earns-returns) [NextHow the Re Protocol Works](/protocol/how-the-re-protocol-works) Last updated 3 days ago --- # Disclaimers | Protocol The information provided in this document is for informational purposes only and does not constitute financial, legal, tax, or investment advice. Participation in the Re Protocol carries inherent risks, including but not limited to the loss of principal. Participants should consult with their own financial, legal, and tax advisors before making any decisions regarding the protocol. The Re Protocol is not available to persons or entities in restricted jurisdictions, including but not limited to the United States, Iran, North Korea, Syria, Sudan, Cuba, Russia, Belarus, and any other jurisdiction where participation in the protocol would be prohibited by law. Participants must complete Know Your Customer (KYC) and Anti-Money Laundering (AML) processes to ensure compliance with applicable regulations. By participating in the protocol, users acknowledge and accept the risks associated with blockchain technology, including but not limited to smart contract vulnerabilities, market volatility, regulatory uncertainty, and potential security breaches. While the Re Protocol employs rigorous security measures, no system is entirely immune to risk. The Resilience Foundation reserves the right to amend the terms and conditions governing the protocol, including these disclaimers, at its sole discretion. Participants are encouraged to review the latest version of the protocol documentation regularly to stay informed of updates and changes. [PreviousSecurity and Audits](/security-and-audits) Last updated 2 months ago --- # Governance Model | Protocol The governance structure of the Re Protocol is designed to ensure transparency, accountability, and adaptability as the platform grows. By starting with a centralized model and transitioning to a decentralized autonomous organization (DAO), the protocol creates a balanced framework for decision-making and community engagement. **Phase 1: Centralized Governance** During its initial phase, the protocol is governed by a council of industry experts, blockchain professionals, and reinsurance specialists. This centralized approach ensures stability, efficient decision-making, and effective oversight as the protocol establishes its foundational operations. Key Responsibilities of the Council: 1. **Capital Allocation:** * Approving Risk Pool proposals and ensuring efficient deployment of funds from the Insurance Capital Layer (ICL). 2. **Operational Oversight:** * Monitoring Cell Managers and Risk Pool performance to maintain high standards of risk management. 3. **Policy Development:** * Establishing protocols for participant protection, fee structures, and compliance. **Phase 2: Transition to Decentralized Governance** As the protocol matures, governance will transition to a DAO model, empowering participants to take an active role in shaping the platform’s future. Key Features of DAO Governance: 1. **Participant Voting:** * The community members will gain voting rights proportional to their holdings, enabling them to influence key decisions such as fee structures, new Risk Pools, and protocol upgrades. 2. **Proposal System:** * Any participant can submit governance proposals, which will be subject to community review and voting. 3. **Transparency and Inclusivity:** * All governance decisions and voting outcomes will be recorded on-chain, ensuring full transparency. **Governance Mechanisms** * **Smart Contract Automation:** * Governance actions, such as approving proposals or updating parameters, will be executed through smart contracts, eliminating the need for manual intervention and reducing the risk of errors. **Ensuring Stability During Transition** To maintain stability during the transition from centralized to decentralized governance, the council will oversee the gradual implementation of DAO features. This phased approach allows for the development of robust systems and processes, ensuring the DAO’s long-term success. **Long-Term Vision** The ultimate goal of the Re Protocol’s governance model is to create a fully decentralized, community-driven platform. By empowering participants to take ownership of the protocol’s direction, Re Protocol fosters innovation, accountability, and alignment with the interests of its stakeholders. The governance model ensures that the Re Protocol remains adaptable, resilient, and inclusive, setting the stage for sustainable growth and long-term success in the global reinsurance market. [PreviousFee Splits for Cell Managers and Risk Pools](/protocol/fee-splits-for-cell-managers-and-risk-pools) [NextIntegration with the DeFi Ecosystem](/integration-with-the-defi-ecosystem) Last updated 2 months ago --- # Security and Audits | Protocol [PreviousUse Cases for the Re Protocol](/use-cases-for-the-re-protocol) [NextDisclaimers](/disclaimers) Last updated 8 days ago Security is the cornerstone of the Re Protocol’s design, ensuring participant trust and the resilience of the platform. By employing rigorous security measures and conducting regular audits, the protocol safeguards its operations, funds, and smart contract integrity. **Independent Audits** The Re Protocol undergoes regular third-party audits to ensure the safety and functionality of its smart contracts and infrastructure. These audits include detailed reviews of the protocol’s codebase to identify and mitigate vulnerabilities. * **Hacken Audit:** * The protocol’s initial audit was conducted by Hacken, a globally recognized cybersecurity firm specializing in blockchain security. * Hacken’s report verified the robustness of the protocol’s smart contracts, highlighting their compliance with industry best practices. * Latest Audit Reports: **Emergency Mechanisms** 1. **Pause Functionality:** * In the event of an emergency, the protocol includes a mechanism to immediately halt all transactions and operations. This feature ensures that funds are protected while the issue is resolved. 2. **Recovery Wallets:** * Each Insurance Capital Layer (ICL) is equipped with a designated recovery wallet to securely store funds during emergencies. * For the initial ICL, the recovery wallet address is: 0xDf6bF2713b5c7CA724E684657280bC407938F447. **Secure Infrastructure** 1. **Smart Contract Security:** * All smart contracts are designed with redundancy and fail-safes to minimize risks and prevent unauthorized access. * Multi-signature (multi-sig) wallets are used for critical operations to ensure that no single entity can execute high-impact actions. 2. **Blockchain Transparency:** * The protocol’s operations are fully transparent, with all transactions recorded on-chain. This allows participants to independently verify fund movements and smart contract activities. **Compliance and Risk Mitigation** 1. **KYC and AML Processes:** * The protocol employs rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, powered by trusted third-party services like Parallel Markets and Chainalysis. 2. **Ongoing Monitoring:** * Continuous monitoring of wallet activities and risk profiles ensures that all participants comply with regulatory requirements. **Participant Assurance** * **Real-Time Reporting:** * Participants can monitor their assets and the protocol’s performance through detailed, real-time dashboards. * **Insurance for Custodial Risks:** * The protocol is exploring partnerships to provide additional layers of protection against custodial and operational risks. By prioritizing security and compliance, the Re Protocol creates a safe and transparent environment for participants to engage with the reinsurance market. These measures reinforce trust, enabling the protocol to operate as a resilient and reliable platform for capital allocation. [https://hacken.io/audits/re-protocol/](https://hacken.io/audits/re-protocol/) --- # Insurance Capital Layer ( ICL ) | Protocol The Insurance Capital Layer (ICL) is the financial foundation of the Re Protocol. It acts as the initial deposit and staging area for participant funds before they are allocated to Risk Pools. By securely holding, strategically managing, and transparently deploying assets, the ICL maximizes capital efficiency and enhances participant returns. * * * ### [](#purpose-and-role-of-the-icl) Purpose and Role of the ICL * **Asset Aggregation:** The ICL collects admitted assets from participants, including USDC, DAI, USDe, sUSDe, and other supported tokens, securely storing them until deployment. * **Yield Optimization:** While awaiting deployment into Risk Pools, idle assets are actively reallocated: * **Dynamic Yield Capture:** For reUSD, idle funds are automatically swapped into the best yield-bearing opportunities available in the market. * **Ethena-Specific Strategy:** For reUSDe (and future Ethena-dedicated ICLs), idle assets remain in sUSDe to align with Ethena’s yield offerings. * **Capital Deployment:** Funds are strategically allocated to Risk Pools managed by vetted Cell Managers, ensuring efficient and targeted use of capital in reinsurance contracts. * **Transparency:** Participants enjoy full visibility into ICL holdings and operations, with real-time updates on-chain and regular NAV reporting. * * * ### [](#structure-and-features) Structure and Features * **ICL Tokenization:** Each ICL has its own proprietary token (e.g., reUSD, reUSDe) that represents ownership and claim on the underlying assets and returns. Future ICLs will follow this model, each with tailored yield strategies and risk profiles. * **Full Collateralization:** All funds in the ICL are fully collateralized, reducing counterparty risk and ensuring that participant obligations are met. * **Dynamic NAV Calculations:** * **Daily Updates:** The protocol recalculates each ICL’s projected Net Asset Value (NAV) daily at UTC 0. * **Quarterly Performance:** A comprehensive NAV is also calculated quarterly to reflect the realized earnings from deployed capital and the projected returns from active reinsurance contracts. * **Dual Yield Components:** Each ICL’s NAV incorporates both the yield from idle assets and the returns from Risk Pool contracts, accruing value at its own rate based on its unique strategy. * **Future ICL Expansion:** As the Re Protocol evolves, additional ICLs will be introduced to cater to specific asset strategies. This allows participants to select their preferred asset types and expected return profiles—whether that be dynamic yield swapping for optimal returns (as seen with reUSD) or Ethena-specific yield retention (as seen with reUSDe). * * * ### [](#how-the-icl-works) How the ICL Works 1. **Deposit:** Participants stake their assets into the ICL via the Re Protocol platform. 2. **Yield Generation:** Undeployed funds are actively managed: * For reUSD, idle assets are reallocated to the best yield-bearing instruments. * For reUSDe, idle funds remain in sUSDe, ensuring yield consistency through Ethena’s ecosystem. 3. **Risk Pool Deployment:** Once approved, funds are allocated to Risk Pools managed by qualified Cell Managers, where they are invested in diversified reinsurance contracts. 4. **NAV and Reporting:** The performance and value of the ICL are monitored through daily projected NAV updates and detailed quarterly calculations. This dual approach ensures transparent and real-time insight into capital performance. * * * The Insurance Capital Layer is not just a holding mechanism; it is the engine powering the Re Protocol’s ability to connect decentralized capital with real-world reinsurance opportunities. By combining yield optimization with strategic capital allocation, the ICL ensures stability, transparency, and robust growth for all protocol participants. [PreviousHow the Re Protocol Works](/protocol/how-the-re-protocol-works) [NextCells, Cell Managers, and Risk Pools](/protocol/cells-cell-managers-and-risk-pools) Last updated 3 days ago --- # What is reUSDe ? | Protocol **Earn Reinsurance Yield with USDe or sUSDe** * * * ### [](#overview) Overview reUSDe is a new token from the Re Protocol created in partnership with **Ethena**, explicitly designed for holders of **USDe** and **sUSDe**. This innovative product allows users to access high-yield reinsurance contracts without giving up the benefits of the Ethena ecosystem. When users deposit **USDe** or **sUSDe**, they receive **reUSDe** in return. The deposited capital is deployed into a diversified portfolio of on-chain reinsurance contracts, similar to Re Protocol's core pools. Any assets not actively deployed into contracts will continue to earn **sUSDe yield**, maximizing capital efficiency. * * * ### [](#key-benefits) Key Benefits * **Dual Yield Exposure** * **Active Capital** earns targeted **mid-teens to mid-twenties** returns through reinsurance yield. * **Idle Capital** continues to earn the **sUSDe staking yield** via Ethena’s yield engine. * **Capital Efficiency** reUSDe is designed to make every dollar work. Unused capital doesn’t sit idle—it earns yield via sUSDe. * **Access to On-Chain Reinsurance** Ethena users gain exposure to an alternative, uncorrelated yield source by participating in real-world insurance markets through Re Protocol. * * * ### [](#how-it-works) How It Works 1. **Deposit USDe or sUSDe** Users can deposit either stablecoin to mint reUSDe. sUSDe deposits retain their underlying yield. 2. **Mint reUSDe** In exchange for your deposit, you receive reUSDe—a token that represents your position in the Insurance Capital Layer. 3. **Yield Accrual** Your reUSDe balance benefits from: * sUSDe’s native staking yield (for idle capital) * Re Protocol’s reinsurance yield (for active capital) 4. **Redemption** You can redeem your reUSDe for USDe or sUSDe, subject to any vesting terms or liquidity windows defined by the protocol. * * * ### [](#why-reusde) Why reUSDe? reUSDe is designed for users who want to: * Earn attractive, real-world yields uncorrelated with DeFi market volatility. * Continue benefiting from Ethena’s synthetic dollar yield. * Put idle assets to work in a capital-efficient, compliant, and transparent insurance layer. * * * ### [](#use-cases) Use Cases * **Yield Seekers**: Looking for higher returns than standard stablecoin staking. * **Ethena Users**: Holding USDe/sUSDe and want to maintain exposure while gaining access to a new yield source. * **Diversification**: Seeking returns not tied to traditional crypto lending or trading activity. * * * ### [](#smart-contract-addresses) Smart Contract Addresses For transparency and ease of access, here are the specific smart contract addresses associated with reUSDe: * * This contract manages the pool where reUSDe collateral is held and deployed into reinsurance contracts. * * This is the ERC-20 token contract for reUSDe, governing the minting, burning, and transfer of reUSDe tokens. * * * ### [](#risks-and-considerations) Risks and Considerations * **Reinsurance Risk**: Capital is exposed to underwriting risk via reinsurance contracts. * **Liquidity Risk**: reUSDe may be subject to liquidity windows or redemption conditions. * **Smart Contract Risk**: As with all DeFi protocols, users assume smart contract and integration risk. * * * [PreviousreUSDe FAQ](/ethena-icl/reusde-faq) [NextWhat is Reinsurance?](/reinsurance/what-is-reinsurance) Last updated 3 days ago **reUSDE (ICL) Address**: **reUSDe Token Contract Address**: [0xE1886BE2bA8B2496c2044a77516F63a734193082](https://etherscan.io/address/0xE1886BE2bA8B2496c2044a77516F63a734193082) [0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a](https://etherscan.io/address/0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a) --- # Use Cases for the Re Protocol | Protocol The Re Protocol provides a revolutionary platform that bridges the gap between the traditional reinsurance industry and decentralized finance (DeFi). Its flexibility, transparency, and efficiency unlock a broad range of use cases for both institutional and retail participants. Below are some key scenarios where the protocol can create value: **For Investors** 1. **Access to Stable, Uncorrelated Returns:** * By participating in the reinsurance market, investors gain exposure to a stable, real-world asset class with returns that are uncorrelated with traditional equity, fixed-income, and crypto markets. * reUSD tokens provide a simple, transparent way to access these returns. 2. **Yield Generation Through Staking:** * Participants can stake admitted assets such as USDC into the Insurance Capital Layer (ICL), earning yield through both reinsurance contract returns and the performance of yield-bearing assets. 3. **Liquidity and Composability:** * reUSD tokens can be traded or used in DeFi applications, offering liquidity and additional yield opportunities through lending, borrowing, and staking. 4. **Portfolio Diversification:** * Investors can diversify their portfolios with an asset class that is historically stable and essential to the global financial system, reducing overall risk exposure. **For Insurance Companies (Cedents)** 1. **Efficient Access to Capital:** * The protocol provides a transparent and scalable source of collateralized capital for insurance companies, enabling them to underwrite more policies and expand their operations. 2. **Cost Reduction:** * By eliminating traditional intermediaries, the Re Protocol lowers the cost of accessing reinsurance capital, improving profitability for cedents. 3. **Flexible Risk Pool Structures:** * Cedents can engage with customized Risk Pools that meet specific underwriting needs, from automobile insurance to short-term property coverage. **For Cell Managers** 1. **Enhanced Capital Access:** * Cell Managers gain access to a global pool of decentralized capital, enabling them to manage larger and more diversified portfolios of reinsurance agreements. 2. **Performance-Based Incentives:** * The protocol’s fee structure rewards Cell Managers for successful Risk Pool management, aligning their interests with those of participants. 3. **Transparency and Trust:** * On-chain reporting ensures that Cell Managers can provide transparent updates to participants, enhancing trust and accountability. **Broader Implications** 1. **Democratization of Reinsurance:** * By tokenizing reinsurance contracts and allowing fractional ownership, the Re Protocol makes this asset class accessible to a broader audience, including retail investors. 2. **Innovation in Risk Management:** * The protocol’s modular structure and programmable smart contracts enable the creation of innovative risk transfer solutions tailored to specific market needs. 3. **Global Financial Resilience:** * By increasing capital efficiency and transparency, the Re Protocol strengthens the global reinsurance market, which plays a critical role in societal and economic resilience during disasters and crises. **Future Use Cases** * **Expansion to New Insurance Lines:** * The protocol plans to explore additional lines of insurance, such as trade finance and specialty insurance, further diversifying its Risk Pools. * **Institutional Adoption:** * The protocol’s scalability and transparency make it an attractive option for institutional investors seeking exposure to alternative asset classes. * **Automated Risk Transfer:** * Advanced smart contracts will enable more sophisticated risk-sharing agreements, providing new opportunities for innovation in the insurance industry. The Re Protocol is not just a tool for investors and insurers—it is a transformative platform that has the potential to reshape the way capital flows into the reinsurance market. By leveraging blockchain technology, the protocol democratizes access, enhances efficiency, and creates new opportunities for innovation in one of the world’s most critical industries. [PreviousIntegration with the DeFi Ecosystem](/integration-with-the-defi-ecosystem) [NextSecurity and Audits](/security-and-audits) Last updated 2 months ago --- # reUSDe FAQ | Protocol [PreviousConnect with Us](/connect-with-us) [NextWhat is reUSDe ?](/ethena-icl/what-is-reusde) Last updated 3 days ago [](#reusde-faq) reUSDe FAQ ------------------------------- Welcome to the reUSDe FAQ page. Here you’ll find answers to common questions about our partnership with Ethena, the staking process, yield generation, risks, and more. This guide is designed to help USDe holders quickly understand how reUSDe works and how you can benefit from onchain reinsurance yield. * * * #### [](#id-1.-what-is-the-partnership-between-re-and-ethena) 1\. What is the partnership between Re and Ethena? **Answer:** Re has partnered with Ethena to empower USDe holders by allowing them to stake their tokens and earn yield through onchain reinsurance. This collaboration leverages Ethena’s yield-bearing asset, sUSDe, to provide consistent returns from both idle capital (by retaining yield in sUSDe) and from actively deployed funds in reinsurance contracts. In essence, reUSDe enables USDe holders to participate in a real-world yield generation mechanism that is uncorrelated with traditional DeFi strategies. * * * #### [](#id-2.-how-can-i-stake-my-usde-tokens-with-re) 2\. How can I stake my USDe tokens with Re? **Answer:** Staking your USDe tokens with Re is simple and user-friendly. Follow these steps: 1. **Connect Your Wallet:** * Visit and connect a compatible wallet (e.g., MetaMask). * Ensure your wallet is funded with USDe or sUSDe. 2. **Initiate Staking:** * Navigate to the staking section and select USDe as your chosen token. * Enter the amount you wish to stake. 3. **Accept Terms and Fee Schedule:** * Review the fee schedule and token purchase agreement, then confirm your acceptance. 4. **Deposit & Escrow:** * Your USDe tokens will be tokenized and placed in an escrow contract pending KYC. 5. **Complete KYC:** * Follow the on-screen prompts to complete your KYC process. Once approved, your reUSDe tokens will be minted and sent to your wallet. 6. **View Rewards:** * Use the platform dashboard to monitor your staked balance, accrued yield, and other performance metrics. _Screenshots and detailed visual guides are available on the platform’s documentation page for your convenience._ * * * #### [](#id-3.-what-kind-of-yield-can-i-expect-by-staking-usde-with-re) 3\. What kind of yield can I expect by staking USDe with Re? **Answer:** The yield on reUSDe is generated from two primary sources: * **Reinsurance Premiums:** Returns generated by deploying capital into diversified reinsurance risk pools. * **Idle Asset Optimization:** USDe funds that are not actively deployed are maintained in sUSDe, capturing liquid staking rewards and other yield opportunities. APY can vary based on market conditions and the performance of reinsurance contracts. Typically, returns are targeted in the mid-teens to mid-twenties percentage range. Detailed yield projections, along with historical performance data, are updated on the protocol’s dashboard. * * * #### [](#id-4.-is-there-a-lock-up-period-for-staking-usde) 4\. Is there a lock-up period for staking USDe? **Answer:** Yes, there is a minimum holding period. Participants must hold reUSDe for at least 40 days before they become eligible to submit a redemption request. This commitment period helps ensure the stability of the Insurance Capital Layer (ICL) and the smooth operation of yield generation. * * * #### [](#id-5.-what-risks-should-i-be-aware-of-when-staking-usde-with-re) 5\. What risks should I be aware of when staking USDe with Re? **Answer:** As with any financial protocol, there are inherent risks involved: * **Smart Contract Risk:** Potential vulnerabilities in the code, though our contracts are rigorously audited. * **Underwriting Risk:** Risk associated with reinsurance contracts and the performance of deployed capital. * **Protocol-Specific Risks:** Market volatility and unforeseen changes in yield strategies can affect returns. We advise users to review our detailed risk disclosure on the documentation page for a comprehensive understanding of all associated risks. * * * #### [](#id-6.-where-does-my-staked-usde-go) 6\. Where does my staked USDe go? **Answer:** When you stake USDe with Re, your tokens are converted into reUSDe and placed into the dedicated Insurance Capital Layer (ICL) for Ethena assets. Within the ICL: * **Active Funds:** A portion is allocated to reinsurance risk pools managed by vetted Cell Managers. * **Idle Funds:** Unallocated assets remain in sUSDe to capture yield from Ethena’s liquid staking rewards. * * * #### [](#id-7.-how-does-re-generate-yield-for-usde-stakers) 7\. How does Re generate yield for USDe stakers? **Answer:** Yield generation for reUSDe comes from: * **Onchain Reinsurance:** Capital is deployed into reinsurance contracts, generating returns from premiums and other reinsurance revenue. * **Optimized Yield on Idle Assets:** Idle assets are dynamically managed—swapped into yield-bearing instruments (for reUSD) or retained in sUSDe (for reUSDe)—ensuring that every deposited token is working to maximize returns. The protocol’s daily projected NAV updates reflect both realized and anticipated earnings, providing transparency on yield generation. * * * #### [](#id-8.-can-i-view-the-performance-of-my-staked-usde) 8\. Can I view the performance of my staked USDe? **Answer:** Yes. The Re Protocol will soon provide a dashboard where you can monitor: * Total Value Locked (TVL) * Accrued yields * Payout history * Real-time NAV updates * Detailed analytics on both deployed and idle asset performance This transparency enables you to track the performance of your staked USDe and reUSDe tokens easily. * * * #### [](#id-9.-what-fees-are-associated-with-staking-usde-on-re) 9\. What fees are associated with staking USDe on Re? **Answer:** Fees associated with staking include: * **Management Fees:** A small percentage may be deducted for protocol maintenance and operations. * **Performance Fees:** A fee may be applied on the yield generated, depending on the reinsurance contract performance. * **Gas Fees:** Standard network fees for blockchain transactions. All fees are clearly outlined in the token purchase agreement during the staking process. * * * #### [](#id-10.-how-is-re-different-from-other-defi-yield-protocols) 10\. How is Re different from other DeFi yield protocols? **Answer:** Re stands apart by providing: * **Uncorrelated Returns:** Yield generation via onchain reinsurance, which is independent of typical DeFi market dynamics. * **Real-World Underwriting:** Exposure to reinsurance premiums, which traditionally have low correlation with crypto market volatility. * **Dynamic Yield Optimization:** Intelligent management of idle assets to capture the best available yields. * **Transparency:** Daily NAV updates and robust reporting ensure complete transparency in performance. * * * #### [](#id-11.-is-re-audited-and-secure) 11\. Is Re audited and secure? **Answer:** Yes, security is a top priority. Re’s smart contracts undergo rigorous audits by reputable firms. Additionally, the protocol employs best practices in risk management and collateralization, and the Insurance Capital Layer (ICL) ensures that all participant funds are fully collateralized. For further details, please refer to our audit reports on the documentation page. * * * #### [](#id-12.-can-i-stake-other-tokens-besides-usde) 12\. Can I stake other tokens besides USDe? **Answer:** Currently, the focus is on USDe (and sUSDe) as the primary assets for reUSDe. However, as the protocol evolves, additional ICLs may be introduced for other supported tokens. USDe is central to our strategy, but future expansions will allow broader capital sourcing opportunities. * * * #### [](#id-13.-when-is-the-usde-staking-program-going-live) 13\. When is the USDe staking program going live? **Answer:** The USDe staking program is set to launch soon. Detailed timelines, launch dates, and early participation incentives will be announced on our official channels. Stay tuned to our website and community forums for the latest updates. [re.xyz](https://re.xyz) [Audit Report](/security-and-audits) --- # Smart Contract Addresses | Protocol [PreviousRedemption Process and Liquidity](/protocol/redemption-process-and-liquidity) [NextFee Splits for Cell Managers and Risk Pools](/protocol/fee-splits-for-cell-managers-and-risk-pools) Last updated 8 days ago The Re Protocol operates on multiple blockchain networks, including Ethereum, Avalanche, and Arbitrum to ensure scalability, accessibility, and interoperability. The protocol’s smart contracts have been carefully designed and audited to optimize security and functionality. Below is a comprehensive list of smart contract addresses used across both networks. **Ethereum Network** * **Insurance Capital Layer (ICL):** * **reUSDE (ICL) Address**: * **Deposit Token Registry:** * **Pool Registry:** * **KYC Registry:** * **Decentralized Fund:** * **Share Price Calculator:** * **reUSD:** * **reUSDe Token Contract Address**: * **Prestaking Contract:** **Avalanche Network** * **Insurance Capital Layer (ICL):** * **Deposit Token Registry:** * **Pool Registry:** * **KYC Registry:** * **Decentralized Fund:** * **Share Price Calculator:** * **reUSD** * **Prestaking Contract:** **Arbitrum Network** **Insurance Capital Layer (ICL)** **Deposit Token Registry** **Pool Registry** **KYC Registry** **Decentralized Fund** **Share Price Calculator** **reUSD** **Prestaking Contract** [0x4691C475bE804Fa85f91c2D6D0aDf03114de3093](https://etherscan.io/address/0x4691c475be804fa85f91c2d6d0adf03114de3093) [0xE1886BE2bA8B2496c2044a77516F63a734193082](https://etherscan.io/address/0xE1886BE2bA8B2496c2044a77516F63a734193082) [0x73d37A98C0fCBd049BfFFfe67Bf9af36d603c0F6](https://etherscan.io/address/0x73d37a98c0fcbd049bffffe67bf9af36d603c0f6) [0xCbd8DbcBDDe849188BACbF19313043d102413985](https://etherscan.io/address/0xcbd8dbcbdde849188bacbf19313043d102413985) [0x82F1806AEab5Ecb9a485eb041d5Ed4940b123995](https://etherscan.io/address/0x82f1806aeab5ecb9a485eb041d5ed4940b123995) [0xF04422E68f55E7C25724128692C3063A775472f2](https://etherscan.io/address/0xf04422e68f55e7c25724128692c3063a775472f2) [0xd1D104a7515989ac82F1AFDa15a23650411b05B8](https://etherscan.io/address/0xd1d104a7515989ac82f1afda15a23650411b05b8) [0x5086bf358635B81D8C47C66d1C8b9E567Db70c72](https://etherscan.io/address/0x5086bf358635b81d8c47c66d1c8b9e567db70c72) [0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a](https://etherscan.io/address/0xdDC0f880ff6e4e22E4B74632fBb43Ce4DF6cCC5a) [0x5BFEFB1638A12b0a0A5edc4B4aD33A14F41C1496](https://etherscan.io/address/0x5bfefb1638a12b0a0a5edc4b4ad33a14f41c1496) [0xb22a8533e6cd81598f82514a42F0B3161745fbe1](https://snowtrace.io/address/0xb22a8533e6cd81598f82514a42F0B3161745fbe1) [0x8CB96010A05CaB68FAECbD650830f4ac400F5C24](https://snowtrace.io/address/0x8CB96010A05CaB68FAECbD650830f4ac400F5C24) [0xe8Ec51566BA555d59cdc75caF2b3d1BF81C8D4Bc](https://snowtrace.io/address/0xe8Ec51566BA555d59cdc75caF2b3d1BF81C8D4Bc) [0x2723d4063765223E40d21d02d9D8685511BEdB19](https://snowtrace.io/address/0x2723d4063765223E40d21d02d9D8685511BEdB19) [0x0937Df35E95E8ed2d2ECD66AF3426c669d64F281](https://snowtrace.io/address/0x0937Df35E95E8ed2d2ECD66AF3426c669d64F281) [0xdC481e538125a8542D3eC262d40415328f1b16C0](https://snowtrace.io/address/0xdC481e538125a8542D3eC262d40415328f1b16C0) [0x180aF87b47Bf272B2df59dccf2D76a6eaFa625Bf](https://snowtrace.io/token/0x180aF87b47Bf272B2df59dccf2D76a6eaFa625Bf?chainid=43114) [0xF79e51598146e7A579e6f51be3529E825DC668aC](https://snowtrace.io/address/0xF79e51598146e7A579e6f51be3529E825DC668aC) [0x802eDbB1Ec20548A4388ABC337E4011718eb0291](https://arbiscan.io/address/0x802eDbB1Ec20548A4388ABC337E4011718eb0291) [0x9E2e05799966FD79852525368C201ED1624e09f4](https://arbiscan.io/address/0x9E2e05799966FD79852525368C201ED1624e09f4) [0xF4842cF4A30e363919B0d31F4186235f6F54a189](https://arbiscan.io/address/0xF4842cF4A30e363919B0d31F4186235f6F54a189) [0x6825d9441e022ef3E7e97dcee75b30dda758f392](https://arbiscan.io/address/0x6825d9441e022ef3E7e97dcee75b30dda758f392) [0x9cf2Bb61666221Aeb028CF0eb27c282eAd25Fa4e](https://arbiscan.io/address/0x9cf2Bb61666221Aeb028CF0eb27c282eAd25Fa4e) [0x5cD24d20E2F3C6742Be752Cb0f8c2531cA3b7425](https://arbiscan.io/address/0x5cD24d20E2F3C6742Be752Cb0f8c2531cA3b7425) [0x76cE01F0Ef25AA66cC5F1E546a005e4A63B25609](https://arbiscan.io/address/0x76cE01F0Ef25AA66cC5F1E546a005e4A63B25609) [0x1C2cb2D07a73bc48CF4c6785EA1Bc66e6c244898](https://arbiscan.io/address/0x1C2cb2D07a73bc48CF4c6785EA1Bc66e6c244898) --- # Fee Splits for Cell Managers and Risk Pools | Protocol The Re Protocol ensures a transparent and equitable fee structure to incentivize all stakeholders, including Cell Managers, the protocol treasury, and participants. This approach aligns the interests of all parties, fostering a sustainable and efficient ecosystem. **Fee Allocation** 1. **Cell Managers:** * **Management Fees:** * Cell Managers receive a fixed percentage of the capital allocated to their Risk Pools as compensation for their expertise and oversight. * These fees are designed to cover administrative costs and incentivize active, high-quality management of Risk Pools. * **Performance Fees:** * Additional incentives are tied to the profitability of their Risk Pools. A percentage of the net profits generated by the Risk Pool is allocated to the Cell Manager. 2. **Protocol Treasury:** * A portion of fees from each Risk Pool is directed to the protocol’s treasury to support ongoing development, operational costs, and governance. * This allocation ensures the protocol remains self-sustaining and can fund future initiatives. 3. **Participants (reUSD / reUSDe Holders):** * The majority of Risk Pool profits are distributed to participants holding reUSD or reUSDe tokens, proportional to their contributions to the Insurance Capital Layer (ICL). * This structure prioritizes participant returns while maintaining sufficient incentives for Cell Managers and the protocol treasury. **Example Fee Distribution** * **Management Fee:** 2% of deployed capital annually. * **Performance Fee:** 10% of net profits generated by the Risk Pool. * **Participant Allocation:** 88% of net profits distributed to reUSD holders. **Incentivizing High-Quality Management** By tying a significant portion of Cell Manager compensation to performance, the protocol ensures that only the most skilled and diligent managers are incentivized to participate. This aligns the success of Cell Managers with the success of the protocol and its participants. **Governance and Transparency** * **Fee Adjustments:** * As governance transitions to a DAO model, participants will have the ability to propose and vote on fee structures to ensure they remain competitive and fair. * **On-Chain Reporting:** * All fees, distributions, and allocations are transparently recorded on-chain, allowing participants to verify the integrity of the process. The Re Protocol’s fee structure is designed to create a balanced ecosystem that rewards expertise, funds innovation, and prioritizes participant returns. By maintaining transparency and fairness, the protocol ensures long-term trust and sustainability. [PreviousSmart Contract Addresses](/protocol/smart-contract-addresses) [NextGovernance Model](/protocol/governance-model) Last updated 8 days ago --- # Redemption Process and Liquidity | Protocol The Re Protocol offers a transparent and structured redemption process to ensure fair access to liquidity while safeguarding the stability of the Insurance Capital Layer (ICL). This process balances participant needs with the protocol’s financial health by tying redemption opportunities to both realized and projected returns from Risk Pools. * * * ### [](#how-the-redemption-process-works) How the Redemption Process Works #### [](#daily-and-quarterly-nav-evaluation) Daily and Quarterly NAV Evaluation * **Daily Projected NAV Updates:** Every day at UTC 0, the protocol recalculates the projected Net Asset Value (NAV) for each ICL token. This projection reflects current earnings, anticipated returns from active reinsurance contracts, and yield from idle assets that are dynamically reallocated to the best yield-bearing opportunities. * **Quarterly NAV Calculation:** At the end of each quarter, a comprehensive NAV is calculated. This quarterly review incorporates realized returns from Risk Pools, yield from undeployed assets, and the overall collateralized value within the ICL. A redemption window is only opened when this NAV confirms that sufficient capital is available to support a redemption event. * **Redemption Triggers:** Redemptions are enabled only when both realized and projected returns validate the financial capacity of the ICL, ensuring sustainability for all participants. #### [](#redemption-windows-and-request-processing) Redemption Windows and Request Processing * **Designated Redemption Windows:** Redemption opportunities are evaluated quarterly. During a valid redemption window, participants can submit their redemption requests. * **Submission and Queue Management:** Requests are processed on a first-come, first-served basis. If there is insufficient capital to fulfill all requests, unfulfilled requests roll over to the next redemption period, maintaining the participant’s place in line. * **Holding Period:** A minimum holding period (e.g., 40 days) is required before tokens become eligible for redemption, promoting long-term stability. * * * ### [](#early-liquidity-via-dex-partnerships) Early Liquidity via DEX Partnerships * **Early Redemption Options:** Recognizing the need for faster liquidity access, the protocol is partnering with decentralized exchanges (DEXs) to enable early redemptions. Our initial DEX partner is Curve, a leader in stablecoin liquidity. * **Mechanism for Early Liquidation:** The protocol will leverage early returns and designated portions of the ICL to facilitate early redemptions through Curve pools. This mechanism allows participants to access liquidity ahead of the quarterly schedule while maintaining the overall stability of the ICL. * **Seamless Integration:** Early liquidity via Curve is integrated with our existing redemption framework. This ensures that even when tokens are redeemed early, the daily and quarterly NAV calculations continue to reflect both realized and projected earnings accurately. * * * ### [](#key-considerations) Key Considerations * **Liquidity Management:** The protocol prioritizes maintaining adequate liquidity to honor redemptions without compromising the financial health of the ICL. * **Transparency and Reporting:** Participants can monitor real-time data on the projected and realized NAV, redemption status, and other key metrics through the protocol’s dashboard, ensuring complete transparency. * **Equity and Fairness:** The first-come, first-served system for redemption requests, along with the roll-over mechanism, ensures that all participants have equal opportunities to redeem their tokens under fair conditions. * * * This enhanced Redemption Process and Liquidity framework not only maintains robust financial stability but also offers participants flexible liquidity options through both scheduled redemptions and early liquidity mechanisms via Curve. [PreviousCells, Cell Managers, and Risk Pools](/protocol/cells-cell-managers-and-risk-pools) [NextSmart Contract Addresses](/protocol/smart-contract-addresses) Last updated 8 days ago --- # Integration with the DeFi Ecosystem | Protocol The Re Protocol is designed to seamlessly integrate with the broader decentralized finance (DeFi) ecosystem, enhancing its utility and accessibility for participants. By leveraging the composability of blockchain technology, the protocol connects traditional reinsurance opportunities with the innovative capabilities of DeFi. **Key Integration Features** 1. **Composability of reUSD:** * reUSD tokens are fully fungible ERC-20 tokens, enabling seamless interaction with DeFi platforms for lending, borrowing, staking, and yield farming. * This flexibility allows participants to maximize the utility of their reUSD holdings within the DeFi ecosystem. 2. **Cross-Chain Compatibility:** * The protocol is deployed on multiple blockchain networks, including Ethereum and Avalanche, ensuring accessibility and scalability for a global user base. * Cross-chain bridges enable the transfer of reUSD and other assets across supported networks, enhancing liquidity and interoperability. 3. **Yield Optimization:** * Participants can utilize their reUSD holdings in DeFi protocols to generate additional yields while benefiting from the underlying returns of the reinsurance market. * This dual-income potential provides a compelling incentive for participants to engage with the protocol. 4. **Integration with Stablecoins:** * The protocol accepts stablecoins such as USDC for staking, providing a familiar and stable entry point for participants. * Stablecoin integration ensures low volatility and simplifies onboarding for both institutional and retail users. **Benefits of DeFi Integration** 1. **Enhanced Liquidity:** * By enabling reUSD to participate in DeFi protocols, the protocol creates additional liquidity avenues, ensuring participants can easily access and utilize their holdings. 2. **Increased Accessibility:** * DeFi integration lowers barriers to entry, allowing a wider range of participants to engage with the protocol and benefit from its offerings. 3. **Improved Capital Efficiency:** * Participants can leverage their reUSD holdings across DeFi platforms to enhance capital efficiency and generate additional returns. **Use Cases for DeFi Integration** 1. **Collateralization:** * reUSD can be used as collateral in lending protocols, allowing participants to borrow other assets while retaining exposure to reinsurance returns. 2. **Staking and Yield Farming:** * Participants can stake their reUSD tokens in DeFi platforms to earn rewards and optimize returns. 3. **Token Swaps and Trading:** * reUSD tokens can be traded on decentralized exchanges (DEXs), providing participants with additional liquidity and trading opportunities. **Future Plans for DeFi Integration** * **Partnerships with DeFi Protocols:** * The protocol aims to establish partnerships with leading DeFi platforms to enhance reUSD utility and adoption. * **Layer 2 Solutions:** * Integration with Layer 2 scaling solutions will reduce transaction costs and improve the user experience for participants. * **Enhanced Cross-Chain Bridges:** * Future upgrades will focus on seamless interoperability across multiple blockchain ecosystems, further increasing accessibility. The Re Protocol’s integration with the DeFi ecosystem bridges the gap between traditional reinsurance and decentralized finance, creating a unique opportunity for participants to engage with a stable, uncorrelated asset class while leveraging the innovative potential of blockchain technology. [PreviousGovernance Model](/protocol/governance-model) [NextUse Cases for the Re Protocol](/use-cases-for-the-re-protocol) Last updated 2 months ago --- # Cells, Cell Managers, and Risk Pools | Protocol The Re Protocol’s modular structure relies on Cells, Cell Managers, and Risk Pools to ensure efficient and scalable deployment of capital into reinsurance opportunities. This innovative framework allows for specialization, accountability, and transparency at every stage of the capital deployment process. **What Are Cells?** Cells are the foundational units of the Re Protocol, each representing a distinct portfolio of reinsurance contracts. These portfolios are managed and governed independently through their own smart contracts, ensuring operational segregation and risk isolation. Key Characteristics of Cells: * **Segregation:** Each Cell operates independently, with its own financials and risk parameters. * **Transparency:** Cell-specific data, including capital allocation and performance metrics, is available for participants to review on-chain. * **Flexibility:** Cells can be customized to cater to different types of reinsurance agreements and risk profiles. **The Role of Cell Managers** Cell Managers are experienced reinsurance professionals or entities responsible for originating and managing Risk Pools within their designated Cells. They play a critical role in ensuring the profitability and sustainability of the protocol. Key Responsibilities: * **Risk Pool Creation:** Cell Managers propose and structure Risk Pools based on their expertise and market opportunities. * **Capital Deployment:** They manage the allocation of capital from the Insurance Capital Layer into approved Risk Pools. * **Reporting:** Cell Managers are required to provide regular updates and actuarial reports on the performance of their Risk Pools. **Initial Cell Manager Partnership** To ensure stability during its initial phase, the Re Protocol has partnered with **CoverRe.com**, an established Cayman-based reinsurer with a proven track record. This partnership guarantees adherence to best practices in underwriting and capital management. Additional Cell Managers will be onboarded as the protocol transitions toward decentralized governance. **What Are Risk Pools?** Risk Pools are collections of reinsurance agreements within a Cell, designed to diversify and optimize risk exposure. Each Risk Pool is structured to meet specific market needs and maximize returns for participants. Key Features of Risk Pools: * **Customizable Structures:** Risk Pools can be tailored to cover specific insurance lines, such as automobile or commercial property risks. * **Collateralization:** All Risk Pools are fully collateralized to ensure claims can be paid promptly. * **Performance Monitoring:** Real-time tracking of Risk Pool performance is available to participants through the protocol’s dashboard. **Workflow Overview** 1. **Cell Creation:** A Cell Manager establishes a new Cell and defines its scope and objectives. 2. **Risk Pool Proposal:** The Cell Manager submits a proposal outlining the terms and capital requirements of a new Risk Pool. 3. **Approval and Funding:** The protocol reviews and approves the Risk Pool, allocating capital from the ICL. 4. **Execution:** The Cell Manager oversees the execution of reinsurance agreements and monitors performance. The modular design of Cells, Cell Managers, and Risk Pools ensures that the Re Protocol remains flexible, transparent, and scalable. By leveraging this structure, the protocol can efficiently connect capital providers with high-quality reinsurance opportunities while maintaining rigorous oversight and accountability. [PreviousInsurance Capital Layer ( ICL )](/protocol/insurance-capital-layer-icl) [NextRedemption Process and Liquidity](/protocol/redemption-process-and-liquidity) Last updated 2 months ago --- # Email Protection | Cloudflare Please enable cookies. Email Protection ================ You are unable to access this email address re.xyz -------------------------------------------------- The website from which you got to this page is protected by Cloudflare. Email addresses on that page have been hidden in order to keep them from being accessed by malicious bots. **You must enable Javascript in your browser in order to decode the e-mail address**. 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