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We study 31 luminous, rapidly evolving optical transients (REOTs), and usethe magnetar model and the ejecta--circumstellar-matter (CSM) interaction (CSI)model to fit their multiband light curves. We find that 28 events can be fittedby the magnetar model. and the derived masses ($\sim0.05$--5.58\,M$_\odot$) areconsistent with that of stripped and ultrastripped core-collapse supernovae(CCSNe). On the other hand, the CSI model can fit 25 events; the derived ejectamasses are $\sim 3$--30\,M$_\odot$, consistent with that of SNe~Ibn. Theresults, together with the fact that many luminous REOTs have been confirmed tobe luminous SNe~IIb/Ib/c or Ibn/IIn, suggest that at least a fraction ofluminous REOTs spectroscopically unclassified might be rapidly evolvingSNe~Ib/Ic or Ibn. Three events in the sample cannot be explained by the twomodels we use. We expect that future intense photometry, spectroscopicclassifications, and systematic light-curve modeling of luminous REOTs willshed more light on their nature.

The Magnetar Model and the Ejecta--Circumstellar-Matter Interaction Model for 31 Luminous, Rapidly Evolving Optical Transients