RoycoPharos Risk
Book status

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At least one source feed is aging. Check Health before relying on the ranking.

Mapped34/38Unrated4Low confidence2Methodologyv0.7

38 tranches across 19 markets, rated risk-first.

Safety combines base asset, exposure, and tranche structure into one score.

Start with Safety
Staked Cap USD SeniorstcUSD
Safety90Opp00.0%current APY

Highest Safety score in the book, the protected seat with the most cushion.

Use this as the conservative starting point, then verify the evidence and limits.

Base assetPharos 71 BPeg A+ExposureCUSD100% upstream weightSeat structureJunior-bufferedBuffer 0.98x
Inspect paid risk
Staked Avant USD SeniorsavUSD
Safety26Opp3817.5%current APY

Opportunity is 12 points above Safety: yield stands out relative to a lower Safety score.

Higher yield is compensation for lower Safety, not a safer seat.

Base assetPharos 42 DPeg A+ExposureavUSD100% upstream weightSeat structureJunior-bufferedBuffer 0.23x
Royco Stale 873h agoPharos Stale 873h agoScores Behind 873h ago

Informational only. A higher score is not a recommendation, insurance, or a guarantee of principal, liquidity, APY, or redemption.

Safety vs Opportunity

Higher is better on both axes. Highlighted markers match the homepage signal seats.

34 shown
Opportunity score →
Staked Cap USDSenior, protectedSafetyAOppFTVL$1Morpho Smokehouse USDCSenior, protectedSafetyAOppDTVL$0Staked Neutrl USDSenior, protectedSafetyAOppDTVL$2.2kStaked Neutrl USD (old)Senior, protectedSafetyAOppFTVL$2.2kMaple Finance syrupUSDCSenior, protectedSafetyAOppDTVL$2.5MAuto Finance autoUSDSenior, protectedSafetyBOppDTVL$737Staked USDaiSenior, protectedSafetyBOppDTVL$0Auto Finance autoUSD (old)Senior, protectedSafetyBOppFTVL$191Staked Cap USDSenior, protectedSafetyBOppETVL$2.4MStaked USDaiSenior, protectedSafetyBOppFTVL$587k(Test) sNUSDSenior, protectedSafetyBOppFTVL$1Staked Cap USDJunior, first-lossSafetyCOppFTVL$47Morpho Smokehouse USDCJunior, first-lossSafetyCOppETVL$0Staked Neutrl USDJunior, first-lossSafetyCOppETVL$6.6kStaked Neutrl USD (old)Junior, first-lossSafetyCOppFTVL$1.4kStaked Cap USDJunior, first-lossSafetyCOppETVL$90.0kMaple Finance syrupUSDCJunior, first-lossSafetyDOppETVL$184kStaked Avant USD (old)Senior, protectedSafetyDOppFTVL$1.9kPareto AA FalconXUSDCSenior, protectedSafetyDOppFTVL$2.6M(Test) sNUSDJunior, first-lossSafetyDOppFTVL$1Staked USDaiJunior, first-lossSafetyDOppETVL$0Securitize ACREDSenior, protectedSafetyDOppFTVL$0Staked USDaiJunior, first-lossSafetyDOppFTVL$99.8kAuto Finance autoUSDJunior, first-lossSafetyDOppFTVL$103kAuto Finance autoUSD (old)Junior, first-lossSafetyDOppFTVL$144Staked Avant USDSenior, protectedSafetyDOppDTVL$4.8MPareto AA FalconXUSDCJunior, first-lossSafetyEOppFTVL$102kEmber eEarnSenior, protectedSafetyEOppETVL$924kSecuritize ACREDJunior, first-lossSafetyEOppFTVL$0Staked Avant USD (old)Junior, first-lossSafetyEOppFTVL$1.7kStaked Avant USDJunior, first-lossSafetyEOppETVL$1.4MApyx apyUSDSenior, protectedSafetyEOppFTVL$2.4MEmber eEarnJunior, first-lossSafetyFOppFTVL$128kApyx apyUSDJunior, first-lossSafetyFOppFTVL$1.1M
Safety score →
Scatter of 34 visible tranches by Safety and Opportunity score. Largest gap: Staked Avant USD senior, Safety 26, Opportunity 38.
TrancheSeatSafety scoreOpportunity scoreTVL
Staked Cap USDsenior900$1
Morpho Smokehouse USDCsenior8640$0
Staked Neutrl USDsenior8227$2.2k
Staked Neutrl USD (old)senior730$2.2k
Maple Finance syrupUSDCsenior7329$2.5M
Auto Finance autoUSDsenior6927$737
Staked USDaisenior6733$0
Auto Finance autoUSD (old)senior630$191
Staked Cap USDsenior5722$2.4M
Staked USDaisenior5610$587k
(Test) sNUSDsenior560$1
Staked Cap USDjunior490$47
Morpho Smokehouse USDCjunior4522$0
Staked Neutrl USDjunior4114$6.6k
Staked Neutrl USD (old)junior410$1.4k
Staked Cap USDjunior4120$90.0k
Maple Finance syrupUSDCjunior3916$184k
Staked Avant USD (old)senior390$1.9k
Pareto AA FalconXUSDCsenior380$2.6M
(Test) sNUSDjunior350$1
Staked USDaijunior3419$0
Securitize ACREDsenior340$0
Staked USDaijunior3110$99.8k
Auto Finance autoUSDjunior2912$103k
Auto Finance autoUSD (old)junior280$144
Staked Avant USDsenior2638$4.8M
Pareto AA FalconXUSDCjunior230$102k
Ember eEarnsenior2314$924k
Securitize ACREDjunior230$0
Staked Avant USD (old)junior150$1.7k
Staked Avant USDjunior1323$1.4M
Apyx apyUSDsenior1011$2.4M
Ember eEarnjunior810$128k
Apyx apyUSDjunior00$1.1M
Largest gapssavUSDSenior · +12 gap · 17.5% APYsavUSDJunior · +10 gap · 21.5% APYeEARNJunior · +2 gap · 0.0% APY

Grade book

34 rated
Grade A · 5Grade B · 6Grade C · 5Grade D · 10Grade E · 6Grade F · 2Not rated · 4

Royco markets, ranked

Ordered risk-first and grouped by Royco market, Senior above Junior. Each row keeps Pharos base-asset evidence beside Royco seat mechanics.

Showing 38 of 38 tranches in default risk-first order.

Vault ledger grouped by market. Each market summary row is followed by tranche rows with APY, coverage headroom, utilization, and Royco scores.
Asset / trancheAPYCoverage headroomUtilizationRoyco scores
Staked Cap USDethereumNormalPharos safetyB71stcUSDMarket TVL$47Junior buffer0.98x
stcUSDStablecoin basket / indexSeniorjunior-bufferedThin liquidity0.0%7d 0.0%882.1%10.2%limit 90.0%900Why?
stcUSDStablecoin basket / indexJuniorfirst-lossThin liquidity0.0%7d 0.0%882.1%10.2%limit 90.0%490Why?
Morpho Smokehouse USDCethereumNormalPharos safetyB68bbqUSDCMarket TVL$0Junior buffer0.36x
bbqUSDCCurated Morpho lending vaultSeniorjunior-bufferedThin liquidity0.0%7d 5.6%415.5%19.4%limit 90.0%8640Why?
bbqUSDCCurated Morpho lending vaultJuniorfirst-lossThin liquidity0.0%7d 6.0%415.5%19.4%limit 90.0%4522Why?
Staked Neutrl USDethereumNormalPharos safetyC64sNUSDMarket TVL$8.8kJunior buffer0.75x
sNUSDDelta-neutral basisSeniorjunior-bufferedThin liquidity4.0%7d 4.0%978.5%9.3%limit 90.0%8227Why?
sNUSDDelta-neutral basisJuniorfirst-lossThin liquidity4.3%7d 4.4%978.5%9.3%limit 90.0%4114Why?
Staked Neutrl USD (old)ethereumNormalPharos safetyC64sNUSDMarket TVL$3.6kJunior buffer0.39x
sNUSDDelta-neutral basisSeniorjunior-bufferedThin liquidity0.0%7d 0.0%285.6%25.9%limit 90.0%730Why?
sNUSDDelta-neutral basisJuniorfirst-lossThin liquidity0.0%7d 0.0%285.6%25.9%limit 90.0%410Why?
Maple Finance syrupUSDCethereumNormalPharos safetyC60syrupUSDCMarket TVL$2.6MJunior buffer0.07x
syrupUSDCInstitutional private creditSeniorjunior-buffered4.8%7d 4.9%248.7%28.7%limit 90.0%7329Why?
syrupUSDCInstitutional private creditJuniorfirst-loss5.0%7d 5.0%248.7%28.7%limit 90.0%3916Why?
Auto Finance autoUSDethereumNormalPharos safetyC51autoUSDMarket TVL$104kJunior buffer0.99x
autoUSDAutomated on-chain vaultSeniorjunior-bufferedThin liquidity4.7%7d 7.9%892.9%10.1%limit 90.0%6927Why?
autoUSDAutomated on-chain vaultJuniorfirst-loss4.8%7d 7.9%892.9%10.1%limit 90.0%2912Why?
Staked USDaiarbitrumNormalPharos safetyC58sUSDaiMarket TVL$0Junior buffer0.39x
sUSDaiReal-world compute lendingSeniorjunior-bufferedThin liquidity5.8%7d 5.8%285.3%26.0%limit 90.0%6733Why?
sUSDaiReal-world compute lendingJuniorfirst-lossThin liquidity6.9%7d 6.9%285.3%26.0%limit 90.0%3419Why?
Auto Finance autoUSD (old)ethereumNormalPharos safetyC51autoUSDMarket TVL$335Junior buffer0.43x
autoUSDAutomated on-chain vaultSeniorjunior-bufferedThin liquidity0.0%7d 0.0%330.0%23.3%limit 90.0%630Why?
autoUSDAutomated on-chain vaultJuniorfirst-lossThin liquidity0.0%7d 0.0%330.0%23.3%limit 90.0%280Why?
Staked Cap USDethereumNormalPharos safetyB71stcUSDMarket TVL$2.5MJunior buffer0.04x
stcUSDStablecoin basket / indexSeniorjunior-buffered4.7%7d 4.6%20.0%83.3%limit 90.0%5722Why?
stcUSDStablecoin basket / indexJuniorfirst-lossThin liquidity5.9%7d 5.6%20.0%83.3%limit 90.0%4120Why?
Staked USDaiarbitrumNormalPharos safetyC58sUSDaiMarket TVL$687kJunior buffer0.15x
sUSDaiReal-world compute lendingSeniorjunior-buffered2.2%7d 3.1%107.7%48.2%limit 90.0%5610Why?
sUSDaiReal-world compute lendingJuniorfirst-lossThin liquidity3.9%7d 8.0%107.7%48.2%limit 90.0%3110Why?
(Test) sNUSDethereumNormalPharos safetyC64sNUSDMarket TVL$2Junior buffer0.38x
sNUSDDelta-neutral basisSeniorjunior-bufferedThin liquidity0.0%7d 0.0%90.9%52.4%limit 90.0%560Why?
sNUSDDelta-neutral basisJuniorfirst-lossThin liquidity0.0%7d 0.0%90.9%52.4%limit 90.0%350Why?
Staked Avant USD (old)avalancheNormalPharos safetyD42savUSDMarket TVL$3.5kJunior buffer0.48x
savUSDConcentrated yield wrapperSeniorjunior-bufferedThin liquidity0.0%7d 0.0%137.8%42.0%limit 90.0%390Why?
savUSDConcentrated yield wrapperJuniorfirst-lossThin liquidity0.0%7d 0.0%137.8%42.0%limit 90.0%150Why?
Pareto AA FalconXUSDCethereumNormalPharos safetyC52AA_FalconXUSDCMarket TVL$2.7MJunior buffer0.04x
AA_FalconXUSDCSenior credit tranche (market-maker financing)Seniorjunior-buffered0.0%7d 0.0%24.7%80.2%limit 90.0%380Why?
AA_FalconXUSDCSenior credit tranche (market-maker financing)Juniorfirst-loss0.0%7d 0.0%24.7%80.2%limit 90.0%230Why?
Securitize ACREDethereumNormalPharos safetyC56ACREDMarket TVL$0Junior buffer0.00x
ACREDTokenized private credit fundSeniorjunior-bufferedThin liquidity0.0%7d 0.0%-100.0%0.0%limit 90.0%340Low ConfidenceUncertainty penalties appliedWhy?
ACREDTokenized private credit fundJuniorfirst-lossThin liquidity0.0%7d 0.0%-100.0%0.0%limit 90.0%230Low ConfidenceUncertainty penalties appliedWhy?
Staked Avant USDavalancheNormalPharos safetyD42savUSDMarket TVL$6.2MJunior buffer0.23x
savUSDConcentrated yield wrapperSeniorjunior-buffered17.5%7d 7.5%13.0%88.5%limit 90.0%2638Why?
savUSDConcentrated yield wrapperJuniorfirst-loss21.5%7d 9.2%13.0%88.5%limit 90.0%1323Why?
Ember eEarnethereumNormalPharos safetyF38eEARNMarket TVL$1.1MJunior buffer0.12x
eEARNYield aggregatorSeniorjunior-buffered0.0%7d 7.5%21.9%82.0%limit 90.0%2314Why?
eEARNYield aggregatorJuniorfirst-loss0.0%7d 14.7%21.9%82.0%limit 90.0%810Why?
Apyx apyUSDethereumNormalPharos safetyF9apyUSDMarket TVL$3.5MJunior buffer0.33x
apyUSDWrapped yield vault (ERC-4626)Seniorjunior-buffered13.7%7d 175.0%116.8%46.1%limit 90.0%1011Why?
apyUSDWrapped yield vault (ERC-4626)Juniorfirst-loss18.2%7d -80.8%116.8%46.1%limit 90.0%00Why?
Staked USNbaseNormalPharos safetyNRNRsUSNMarket TVL$121kJunior buffer1.00x
sUSNExposure unknownSeniorjunior-bufferedUnmappedThin liquidity0.0%7d 5.1%900.0%10.0%limit 90.0%NRNRNRUnderlying score missingWhy?
sUSNExposure unknownJuniorfirst-lossUnmapped0.0%7d 5.9%900.0%10.0%limit 90.0%NRNRNRUnderlying score missingWhy?
Dialectic MGlobal DMGethereumNormalPharos safetyNRNRDMGMarket TVL$680kJunior buffer0.11x
DMGExposure unknownSeniorjunior-bufferedUnmapped0.0%7d 0.0%10.3%90.7%limit 90.0%NRNRNRUnderlying score missingWhy?
DMGExposure unknownJuniorfirst-lossUnmappedThin liquidity0.0%7d 0.0%10.3%90.7%limit 90.0%NRNRNRUnderlying score missingWhy?
Staked Cap USDethereumNormal2 seats
Pharos safetyB71Market TVL$47Junior buffer0.98x
stcUSD SeniorStablecoin basket / index · junior-buffered0.0%APYSafety90Opp0Thin liquidityHeadroom882.1%Utilization10.2%stcUSD JuniorStablecoin basket / index · first-loss0.0%APYSafety49Opp0Thin liquidityHeadroom882.1%Utilization10.2%
Morpho Smokehouse USDCethereumNormal2 seats
Pharos safetyB68Market TVL$0Junior buffer0.36x
bbqUSDC SeniorCurated Morpho lending vault · junior-buffered0.0%APYSafety86Opp40Thin liquidityHeadroom415.5%Utilization19.4%bbqUSDC JuniorCurated Morpho lending vault · first-loss0.0%APYSafety45Opp22Thin liquidityHeadroom415.5%Utilization19.4%
Staked Neutrl USDethereumNormal2 seats
Pharos safetyC64Market TVL$8.8kJunior buffer0.75x
sNUSD SeniorDelta-neutral basis · junior-buffered4.0%APYSafety82Opp27Thin liquidityHeadroom978.5%Utilization9.3%sNUSD JuniorDelta-neutral basis · first-loss4.3%APYSafety41Opp14Thin liquidityHeadroom978.5%Utilization9.3%
Staked Neutrl USD (old)ethereumNormal2 seats
Pharos safetyC64Market TVL$3.6kJunior buffer0.39x
sNUSD SeniorDelta-neutral basis · junior-buffered0.0%APYSafety73Opp0Thin liquidityHeadroom285.6%Utilization25.9%sNUSD JuniorDelta-neutral basis · first-loss0.0%APYSafety41Opp0Thin liquidityHeadroom285.6%Utilization25.9%
Maple Finance syrupUSDCethereumNormal2 seats
Pharos safetyC60Market TVL$2.6MJunior buffer0.07x
syrupUSDC SeniorInstitutional private credit · junior-buffered4.8%APYSafety73Opp29Headroom248.7%Utilization28.7%syrupUSDC JuniorInstitutional private credit · first-loss5.0%APYSafety39Opp16Headroom248.7%Utilization28.7%
Auto Finance autoUSDethereumNormal2 seats
Pharos safetyC51Market TVL$104kJunior buffer0.99x
autoUSD SeniorAutomated on-chain vault · junior-buffered4.7%APYSafety69Opp27Thin liquidityHeadroom892.9%Utilization10.1%autoUSD JuniorAutomated on-chain vault · first-loss4.8%APYSafety29Opp12Headroom892.9%Utilization10.1%
Staked USDaiarbitrumNormal2 seats
Pharos safetyC58Market TVL$0Junior buffer0.39x
sUSDai SeniorReal-world compute lending · junior-buffered5.8%APYSafety67Opp33Thin liquidityHeadroom285.3%Utilization26.0%sUSDai JuniorReal-world compute lending · first-loss6.9%APYSafety34Opp19Thin liquidityHeadroom285.3%Utilization26.0%
Auto Finance autoUSD (old)ethereumNormal2 seats
Pharos safetyC51Market TVL$335Junior buffer0.43x
autoUSD SeniorAutomated on-chain vault · junior-buffered0.0%APYSafety63Opp0Thin liquidityHeadroom330.0%Utilization23.3%autoUSD JuniorAutomated on-chain vault · first-loss0.0%APYSafety28Opp0Thin liquidityHeadroom330.0%Utilization23.3%
Staked Cap USDethereumNormal2 seats
Pharos safetyB71Market TVL$2.5MJunior buffer0.04x
stcUSD SeniorStablecoin basket / index · junior-buffered4.7%APYSafety57Opp22Headroom20.0%Utilization83.3%stcUSD JuniorStablecoin basket / index · first-loss5.9%APYSafety41Opp20Thin liquidityHeadroom20.0%Utilization83.3%
Staked USDaiarbitrumNormal2 seats
Pharos safetyC58Market TVL$687kJunior buffer0.15x
sUSDai SeniorReal-world compute lending · junior-buffered2.2%APYSafety56Opp10Headroom107.7%Utilization48.2%sUSDai JuniorReal-world compute lending · first-loss3.9%APYSafety31Opp10Thin liquidityHeadroom107.7%Utilization48.2%
(Test) sNUSDethereumNormal2 seats
Pharos safetyC64Market TVL$2Junior buffer0.38x
sNUSD SeniorDelta-neutral basis · junior-buffered0.0%APYSafety56Opp0Thin liquidityHeadroom90.9%Utilization52.4%sNUSD JuniorDelta-neutral basis · first-loss0.0%APYSafety35Opp0Thin liquidityHeadroom90.9%Utilization52.4%
Staked Avant USD (old)avalancheNormal2 seats
Pharos safetyD42Market TVL$3.5kJunior buffer0.48x
savUSD SeniorConcentrated yield wrapper · junior-buffered0.0%APYSafety39Opp0Thin liquidityHeadroom137.8%Utilization42.0%savUSD JuniorConcentrated yield wrapper · first-loss0.0%APYSafety15Opp0Thin liquidityHeadroom137.8%Utilization42.0%
Pareto AA FalconXUSDCethereumNormal2 seats
Pharos safetyC52Market TVL$2.7MJunior buffer0.04x
AA_FalconXUSDC SeniorSenior credit tranche (market-maker financing) · junior-buffered0.0%APYSafety38Opp0Headroom24.7%Utilization80.2%AA_FalconXUSDC JuniorSenior credit tranche (market-maker financing) · first-loss0.0%APYSafety23Opp0Headroom24.7%Utilization80.2%
Securitize ACREDethereumNormal2 seats · 2 flagged
Pharos safetyC56Market TVL$0Junior buffer0.00x
ACRED SeniorTokenized private credit fund · junior-buffered0.0%APYSafety34Opp0Low ConfidenceThin liquidityWhy: Uncertainty penalties appliedHeadroom-100.0%Utilization0.0%ACRED JuniorTokenized private credit fund · first-loss0.0%APYSafety23Opp0Low ConfidenceThin liquidityWhy: Uncertainty penalties appliedHeadroom-100.0%Utilization0.0%
Staked Avant USDavalancheNormal2 seats · 2 flagged
Pharos safetyD42Market TVL$6.2MJunior buffer0.23x
savUSD SeniorConcentrated yield wrapper · junior-buffered17.5%APYSafety26Opp38Why: Utilization near limitHeadroom13.0%Utilization88.5%savUSD JuniorConcentrated yield wrapper · first-loss21.5%APYSafety13Opp23Why: Utilization near limitHeadroom13.0%Utilization88.5%
Ember eEarnethereumNormal2 seats
Pharos safetyF38Market TVL$1.1MJunior buffer0.12x
eEARN SeniorYield aggregator · junior-buffered0.0%APYSafety23Opp14Headroom21.9%Utilization82.0%eEARN JuniorYield aggregator · first-loss0.0%APYSafety8Opp10Headroom21.9%Utilization82.0%
Apyx apyUSDethereumNormal2 seats
Pharos safetyF9Market TVL$3.5MJunior buffer0.33x
apyUSD SeniorWrapped yield vault (ERC-4626) · junior-buffered13.7%APYSafety10Opp11Headroom116.8%Utilization46.1%apyUSD JuniorWrapped yield vault (ERC-4626) · first-loss18.2%APYSafety0Opp0Headroom116.8%Utilization46.1%
Staked USNbaseNormal2 seats · 2 flagged
Pharos safetyNRNRMarket TVL$121kJunior buffer1.00x
sUSN SeniorExposure unknown · junior-buffered0.0%APYSafetyNROppNRNRUnmappedThin liquidityWhy: Underlying score missingHeadroom900.0%Utilization10.0%sUSN JuniorExposure unknown · first-loss0.0%APYSafetyNROppNRNRUnmappedWhy: Underlying score missingHeadroom900.0%Utilization10.0%
Dialectic MGlobal DMGethereumNormal2 seats · 2 flagged
Pharos safetyNRNRMarket TVL$680kJunior buffer0.11x
DMG SeniorExposure unknown · junior-buffered0.0%APYSafetyNROppNRNRUnmappedWhy: Underlying score missingHeadroom10.3%Utilization90.7%DMG JuniorExposure unknown · first-loss0.0%APYSafetyNROppNRNRUnmappedThin liquidityWhy: Underlying score missingHeadroom10.3%Utilization90.7%

What changed recently

Movement between the two most recent observations.

No material changes between the last two observations, or history is still accumulating.

Senior can still lose value if losses exceed the Junior buffer, market mechanics fail, data is stale, or the underlying asset deteriorates. Coverage is a snapshot metric, not insurance or a guarantee of principal, liquidity, APY, or redemption.