// the evidence
Claims, and where each one stands.
Every claim on this page carries its evidence tier. Nothing is smoothed over, and nothing a project told me is presented as something I checked.
The homepage describes tokenized assets and infrastructure on Canton, and says onRails builds and operates asset infrastructure for Canton and its institutional ecosystem. It also states Powered by Digital Asset, Member of Canton Foundation, and Audited by Consensys Diligence.
onrails.finance homepageThe About page restates that onRails builds and operates asset infrastructure for Canton, and that open markets need trusted rails to move value across institutions.
onrails.finance/aboutceth.network describes cETH as a 1:1 representation of ETH on Canton, designed for Canton workflows.
ceth.network homepageThe cETH whitepaper presents a lock/mint and burn/release model coordinated by an off-chain relayer, with deterministic processing and recoverability.
ceth.network/whitepaperThe integration page states cETH is a tokenized Ether asset on Canton, issued by OnRails and powered by Digital Asset, that each cETH is backed 1:1 by ETH held in custody.
ceth.network/integrationThe transparency page states cETH is minted 1:1 against ETH locked in protocol-controlled smart contracts, and that locked ETH balances and cETH token supply are independently verifiable on-chain. It also states it is not a formal audit or attestation.
ceth.network/transparencyConsensys Diligence public audits index lists an entry titled cETH dated April 2026.
diligence.security/auditsHomepage and About pages present Member of Canton Foundation as an onRails claim. Until the Foundation's own register names onRails, that membership line stays announced.
onrails.finance project claimNo onRails project token statement was located on the homepage, About, cETH home, whitepaper, transparency, or integration pages. cETH is framed as a wrapped ETH representation under CIP-56, not as an onRails project token.
onrails.finance and ceth.network pages// what would move the score
Catalysts.
Each one names what I am watching and what would prove me wrong.
The product site still states cETH is a 1:1 representation of ETH on Canton.
Falsified if: ceth.network drops that 1:1 claim, or 404s.
The Consensys Diligence index still lists a cETH audit dated April 2026.
Falsified if: that listing is removed without a dated replacement.
// what I could not verify
Gaps.
These are findings, not omissions. I looked and state what I found.
Leadership names. About footer names onRails Ltd. No named founders or executives were located on the homepage, About, or cETH pages.
Institutional counterparty. None found on the own-surface pages and none claimed here.
Independent reserve attestation. The transparency page publishes on-chain verification pointers and states it is not a formal audit or attestation. No named regulated custodian confirmation of ETH reserves is cited here.
Named backers. No backers named by onRails with third-party verification on the pages.
Integration counterparties. Earlier coverage named HandlPay and Rocky Wallet integrations. Those counterparty pages were not re-cited, so those integration lines are not repeated here.
// open to the project
Sections onRails can fill.
These stay empty until the project supplies them. Anything supplied is labeled as supplied, dated, and never rendered as something I verified. Declining changes nothing else on this page.
Architecture
How the product is built, in the team's own words.
Audit
Any audit, review or internal security practice not published today.
Roadmap
What ships next and when, so the catalysts above can carry real dates.
Usage figures
Published usage with a methodology, so a count can move off announced tier.
// conflicts
Position.
Position disclosure. I hold $CC and $CNTN. This page covers a Canton-native product, which triggers disclosure under my map. onRails itself is not a holding of mine. The full conflicts register is on the disclosure page. onRails has no commercial relationship with Canton Catalyst, and nothing here was requested, reviewed or paid for.
// corrections
Correction log.
No corrections recorded. First published 16 September 2026.