RoycoPharos Risk
Back to Royco overview

Ember eEarn

Base asset eEARNYield aggregatorEthereumPeg A+

StatusNormal
Market TVL$1.1M
Data freshnessas of 875h ago
Safety23Opp14
Senior · junior-buffered

Losses reach this seat only after the Junior buffer is gone, and the yield trails the risk.

Safety8Opp10
Junior · first-loss

This seat takes the first loss, and the yield broadly pays for it.

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 base38after exposure29Senior 23Junior 8
Layer 1

Base asset

Pharos, shown verbatim
eEARNEmber Earn
Pharos· as of 875h ago
Pharos Safety
38base 40
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
  • Liquidity0F
    Detail

    Effective exit score: 0/100. DEX liquidity unavailable. 0 pools across 0 chains. Redemption backstop 69/100. Stablecoin redeem. immediate capacity 0.0% of supply

    • Effective exit score0/100
    • DEX liquidityunavailable
    • Pools0 across 0 chains
    • Redemption backstop69/100
    • RedemptionStablecoin redeem
    • Immediate capacity0.0% of supply
  • 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). Bridge route: Single-chain or issuer-native route (100/100) (0)

    • GovernanceWrapper (inherits upstream)
    • Wrapped assetusdc-circle
    • Bridge routeSingle-chain or issuer-native route (100/100)
  • 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
Supply $3.2MBridge route Single-chain or issuer-native route (100)Strategy Vault · NAV tokenOpen Pharos dossier
Layer 2

Exposure

curated reference data
Yield aggregatorexposure score 45 → base −8.8 pts
Yield sourceRouted across multiple yield strategies
What breaks itStrategy dependency risk
Exit mechanicsVault redemption
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 redemption
Pharos vault38F+2 Senior cushionTranche anchor40minus 16.7 pointsFinal Safety23
Loss risk
  • Yield aggregator-6.2
  • Senior buffer (junior cushion)-2.5
  • Utilization pressure-4.6
Liquidity friction
  • Withdrawal friction-0.9
  • Tranche TVL-0.8
Access friction
  • Venue tier-1.7
  • info
  • watch
  • warning
  • critical

Junior

first-loss · immediate redemption
Pharos vault38FTranche anchor38minus 29.8 pointsFinal Safety8
Loss risk
  • Yield aggregator-5.7
  • Junior first-loss (buffer-scaled)-7.9
  • Utilization pressure-8.6
Liquidity friction
  • Withdrawal friction-1.6
  • Tranche TVL-3.6
Access friction
  • Venue tier-2.4
  • info
  • watch
  • warning
  • critical

Composite 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.

required 0.10xSenior seatJunior buffer0.12x · first-losstotal loss

Senior is exposed only after the Junior buffer is gone.

Junior buffer (first-loss)0.12x
Required floor 0.10x. Headroom +21.9% over that floor.
Utilization82.0%
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

0.12x
Collecting history

Utilization

82.0%
Collecting history

Senior APY

0.0%
Collecting history

Junior APY

0.0%
Collecting history

Market TVL

$1.1M
Collecting history

Senior 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
1.7%

Junior, first-loss

APY
0.0%
Net (risk-adj.) yield
1.2%
+0.00%APY spreadExtra yield Junior earns over Senior.
+12.2 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.