> For the complete documentation index, see [llms.txt](https://docs.re.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.re.xyz/transparency-and-data-show-me-the-receipts/how-to-read-the-dashboard.md).

# How to read the dashboard

The headline numbers look simple. The meaning behind them is where the work is. This section walks through how to read what you're seeing.

## The four top-line numbers

Both dashboards open with the same four cards:

* **Total Value Locked (TVL)**: onchain capital + offchain capital + premium receivable. It's the total economic footprint of the protocol.
* **Onchain Capital**: the dollar value of stablecoins and LP positions backing reUSD and reUSDe, held in smart contracts across Ethereum, Base, Arbitrum and Avalanche. This is verifiable onchain by anyone, in real time.
* **Offchain Capital:** the fiat held in regulated bank and trust accounts (including Reg 114 trusts) backing the reinsurance contracts. Balances are verified daily by The Network Firm and published through Chainlink. The Network Firm also performs custody ownership checks on protocol wallets, not just balance checks.
* **Premium Receivable**: premiums owed under active reinsurance contracts but not yet collected. These are contractual payments that will flow to Re as policies continue to earn. Think of it as accounts receivable from the reinsurance programs. This number is regularly audited.

Onchain Capital is what's liquid and instantly verifiable. Offchain Capital is what's deployed as regulatory collateral. Premium Receivable is what has been earned but is still inbound. TVL is the sum.

## Premiums vs. losses

The fundamental question for any reinsurance business is whether premiums collected exceed the sum of losses paid plus expenses. If yes, the book is profitable. If no, it's not.

The Treaty Performance chart on the Capital Strategy page shows ceded premium by line of business over time, from Re's first treaties in 2022 through the current year. This is your view of how the premium base has grown and how the business mix has evolved.

For the loss side of the equation, look at the Treaty Performance table directly below the chart. Each active treaty shows its ceded premium and its combined ratio, which is the standard way insurance companies express losses plus expenses as a percentage of premiums.

## Combined ratio

The combined ratio is the single most important number in reinsurance. It tells you whether underwriting is profitable. It is calculated in percentage form as:

```
Combined Ratio = (Losses + Expenses) ÷ Premiums
```

* Below 100% means the treaty is profitable (premiums exceed claims plus expenses).
* Above 100% means the treaty is losing money (claims plus expenses exceed premiums).
* A ratio of 90%, for example, means that 10 cents of every premium dollar is underwriting profit.

The treaty table shows two combined ratio columns for each contract:

* **Combined Ratio at Inception** — what the treaty was projected to produce when written. It reflects the underwriting assumptions at binding.
* **Latest Combined Ratio** — the current number based on actual claims experience to date. Comparing the two tells you whether a treaty is tracking better, worse, or in line with expectations.

## Reserves and buffers

Reserves are the protocol's ability to absorb volatility and meet claim redemption requests. There are several layers, and the dashboards surface all of them.

**Total Protocol Reserves.** Onchain Capital plus offchain Capital, as shown in the top cards. This is the full capital base backing the tokens. Onchain is verifiable onchain. Offchain is attested daily by The Network Firm and published via Chainlink.

**Onchain Reserves Breakdown.** The reserves table on the Metrics page lists every onchain asset the protocol holds, broken out by chain and by token. Each line shows the token balance, the USD value, and its percentage of the total onchain portfolio. You can verify every line by checking the contract addresses on the relevant block explorer.

**Redemption Reserves by Chain.** A dedicated section of the same table shows how much capital is available for instant reUSD redemptions on each network. If you're about to redeem and want to know whether your chain has instant capacity, this is where you look.

**Redemptions.** reUSD is built to be redeemable on demand. The protocol holds a dedicated buffer of liquid onchain reserves set aside for redemptions, so most of the time you can redeem reUSD and receive USDC or sUSDe in a single transaction.

***

<sub>*For educational and informational purposes only. Nothing on this Site is investment, financial, legal, or tax advice, or an offer, solicitation, or recommendation to buy, sell, or hold any digital asset, including reUSD and reUSDe. Yields are not guaranteed and all figures are illustrative, not a promise of return; past performance is not a reliable indicator of future results. Digital assets involve significant risk, including total loss of principal — the Tokens are not bank deposits and are not insured by any government agency. The Tokens are available only to eligible non-U.S. persons in permitted jurisdictions and are subject to KYC/AML requirements. The binding terms of the applicable agreements govern and prevail over this summary. See our full*</sub> [<sub>*Disclosures*</sub>](https://re.xyz/disclosure) <sub>*for important additional information.*</sub>\
\ <sub>*Cover Re SPC is unaffiliated with Resilience Foundation. The protocol governs token issuance and capital routing. The reinsurer operates independently under CIMA oversight.*</sub>