RoycoPharos Risk
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Morpho Smokehouse USDC

Base asset bbqUSDCCurated Morpho lending vaultEthereumPeg A+

StatusNormal
Market TVL$0
Data freshnessas of 875h ago
Safety86Opp40
Senior · junior-buffered

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

Safety45Opp22
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 base68after exposure60Senior 86Junior 45
Layer 1

Base asset

Pharos, shown verbatim
bbqUSDCSmokehouse USDC
Pharos· as of 875h ago
Pharos Safety
68base 70
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
  • Liquidity90A
    Detail

    Effective exit score: 90/100. DEX liquidity unavailable. 0 pools across 0 chains. Redemption backstop 90/100. Stablecoin redeem. immediate capacity 72.4% of supply

    • Effective exit score90/100
    • DEX liquidityunavailable
    • Pools0 across 0 chains
    • Redemption backstop90/100
    • RedemptionStablecoin redeem
    • Immediate capacity72.4% 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 $18MBridge route Single-chain or issuer-native route (100)Strategy Vault · NAV tokenOpen Pharos dossier
Layer 2

Exposure

curated reference data
Curated Morpho lending vaultexposure score 47 → base −8.5 pts
Yield sourceAllocator-managed USDC lending markets on Morpho
What breaks itBorrower-market selection, allocator controls, and thin secondary liquidity
Exit mechanicsVault redemption (underlying-dependent)
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 vault68B+32 Senior cushionTranche anchor100minus 13.5 pointsFinal Safety86
Loss risk
  • Curated Morpho lending vault-5.9
Liquidity friction
  • Withdrawal friction-0.9
  • Tranche TVL-5.0
Access friction
  • Venue tier-1.7
  • info
  • watch
  • warning
  • critical

Junior

first-loss · immediate redemption
Pharos vault68BTranche anchor68minus 22.5 pointsFinal Safety45
Loss risk
  • Curated Morpho lending vault-5.5
  • Junior first-loss (buffer-scaled)-6.9
Liquidity friction
  • Withdrawal friction-1.6
  • Tranche TVL-6.1
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 0.07xSenior seatJunior buffer0.36x · first-losstotal loss

Senior is exposed only after the Junior buffer is gone.

Junior buffer (first-loss)0.36x
Required floor 0.07x. Headroom +415.5% over that floor.
Utilization19.4%
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

0.36x
Collecting history

Utilization

19.4%
Collecting history

Senior APY

0.0%
Collecting history

Junior APY

0.0%
Collecting history

Market TVL

$0
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
4.8%

Junior, first-loss

APY
0.0%
Net (risk-adj.) yield
2.7%
+0.00%APY spreadExtra yield Junior earns over Senior.
+8.0 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.