Senior · junior-buffered
Losses reach this seat only after the Junior buffer is gone, and the yield trails the risk.
Pareto AA FalconXUSDC
Base asset AA_FalconXUSDCSenior credit tranche (market-maker financing)EthereumPeg A+
StatusNormal
Market TVL$2.7M
Data freshnessas of 875h ago
Junior · first-loss
This seat takes the first loss, and the yield trails the risk.
How the risk stacks
Pharos rates the base asset; this Royco view scores the exposure and the seat structure on top of it. Each layer feeds the next, down to the Safety score for your seat.
Pharos base52after exposure44Senior 38Junior 23
Layer 1
Base asset
Pharos, shown verbatimAA_FalconXUSDCPareto FalconX Credit Vault
Pharos Safety
52base 59
Peg stability93A
no active depeg · 3 depeg events · yield-bearing (appreciation excluded)
Pharos dimensions
- Peg Stability93A
Detail
Peg reference (USDC): 93/100. 3 depeg events. worst deviation: -1211 bps (yield-bearing — expected price appreciation excluded)
- Peg reference (USDC)93/100
- Depeg events3
- worst deviation-1211 bps
- AdjustmentYield-bearing
- LiquidityNRNR
Detail
DEX liquidity unavailable. Redemption route is configured but not used for Safety Score liquidity (eventual-only route)
- LiquidityDEX liquidity unavailable. Redemption route is configured but not used for Safety Score liquidity (eventual-only route)
- Resilience63C
Detail
Collateral: High risk (25). Custody: Fully on-chain (100). Blacklist: Upstream (descriptive only)
- CollateralHigh risk
- CustodyFully on-chain
- BlacklistUpstream
- Decentralization35F
Detail
Governance: Wrapper (inherits upstream) (35). Wrapped asset: usdc-circle (parent 40 - 5)
- GovernanceWrapper (inherits upstream)
- Wrapped assetusdc-circle
- Dependency Risk71B
Detail
Upstream: 1 upstream dep (100% weight) (76). Declared dependency weight: 100%. Self-backed: Partially centralized (75). Ceiling: wrapper dependency ceiling (71)
- Upstream1 upstream dep (100% weight) (76)
- Declared dependency weight100%
- Self-backedPartially centralized (75)
- Ceilingwrapper dependency ceiling (71)
Backed by
- USD CoinUSDC100% weightPharos 76 B+Wrapper
Layer 2
Exposure
curated reference dataSenior credit tranche (market-maker financing)exposure score 49 → base −8.1 pts
Yield sourceCredit lines extended to trading firms (FalconX)
What breaks itCredit-line default and monthly exit gating
Exit mechanicsMonthly exit window
Layer 3
Tranche structure
Each seat starts from the base score, then loses points for exposure and seat mechanics down to its final Safety. Hover a segment for the factor behind it.
Senior
junior-buffered · immediate redemptionJunior
first-loss · immediate redemptionComposite Safety = Pharos base score minus exposure haircut plus the tranche-structure effect. Senior protection can lift the score; first-loss structure can pull it down.
Loss waterfall
Where this Royco seat sits in the loss order, and how much cushion stands between a loss and the Senior seat.
Senior is exposed only after the Junior buffer is gone.
Junior buffer (first-loss)0.04x
Required floor 0.03x. Headroom +24.7% over that floor.
Utilization80.2%
Limit 90.0%.
Drawdown0.0%No drawdowns recorded.
30-day history
Read from the published snapshot. Short series show a collecting-history state.
Coverage ratio
0.04xUtilization
80.2%Senior APY
0.0%Junior APY
0.0%Market TVL
$2.7MSenior versus Junior
Same exposure, two seats. Junior earns more because it stands in front of the loss; the spread below is what that extra risk pays.
Senior, junior-buffered
- APY
- 0.0%
- Net (risk-adj.) yield
- 0.0%
Junior, first-loss
- APY
- 0.0%
- Net (risk-adj.) yield
- 0.0%
+0.00%APY spreadExtra yield Junior earns over Senior.
+12.6 ptsExtra haircutJunior's added first-loss structural cost.
These grades describe principal risk, not a recommendation. A first-loss Junior tranche can lose capital before the Senior seat is touched. Yields are variable and the underlying exposures carry their own redemption and market risk. Read the methodology before acting on any grade.