ReFi model enters structural upgrade period: ORA's transparency path sparks industry follow.

ReFi experienced rapid expansion from 2024 to 2025, becoming one of the most densely funded zones in on-chain finance. However, as the scale rises, structural issues of traditional ReFi models began to emerge: insufficient transparency, excessive incentive pressure, and unclear cash flow sources. The recently launched ORA, with its combination of “transparency + cash flow solidification + deflationary model,” is considered a landmark project marking the structural upgrade period for the ReFi track.

The limitations of the first-generation ReFi model are gradually becoming apparent.

The first generation of ReFi, represented by the Lafi Protocol, achieved rapid growth through incentive-driven mechanisms. However, as the user base expands, the unverifiability of the mechanisms brings a certain level of uncertainty. Industry articles generally point out that to attract a broader range of users, ReFi must shift from “story-driven” to “structure-driven.”

ORA takes transparency as its core breakthrough.

The emergence of ORA is regarded as a structural upgrade to the first-generation model. Its transparent dashboard covers all on-chain data, including: tax fee paths, main coin destruction, sub-coin burning, LP injection sources, reserve proofs, and more. Transparency not only facilitates user supervision but also helps institutions assess risk and return models.

Industry analysis points out: “The transparency of ORA is not partial disclosure, but mechanism-level transparency,” which gives it stronger auditability.

Cash flow solidification into protocols brings stability.

The cash flow of ORA is composed of transaction tax and profit tax, both of which are automatically executed and solidified in the contract. Compared to the old model that relies on incentive diffusion, verifiable cash flow has become one of the key advantages of ORA. Analysts believe that the transparency of the structure reduces the evaluation costs for participants, establishing a foundation for the long-term operation of the protocol.

Deflationary ORAC provides a new supply logic

The model features of the sub-token ORAC include:

Daily Fixed Burn

Cannot buy in the secondary market

Sell and burn

No possibility of issuance increase

This structure creates strong constraints on the supply side, making ORAC inherently scarce. Research institutions indicate that this type of structure is suitable for integration into real usage scenarios, rather than relying solely on incentives to maintain traffic.

Industry Trends: From Incentive Competition to Structural Competition

Multiple research articles point out that ReFi is about to enter the “structured competition” phase. Factors related to system robustness, including transparency, deflationary structure, cash flow pathways, ecological expansion capabilities, and contract autonomy, will become the new evaluation criteria for the industry.

The design of ORA is considered to align with this trend, thus gaining higher attention.