RoycoPharos Risk
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Dialectic MGlobal DMG

Ethereum

StatusNormal
Market TVL$680k
Data freshnessas of 875h ago
SafetyNROppNR
Senior · junior-buffered

Losses reach this seat only after the Junior buffer is gone. Not rated yet.

SafetyNROppNR
Junior · first-loss

This seat takes the first loss. Not rated yet.

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 baseNRafter exposureNRSenior NRJunior NR
Layer 1

Base asset

Pharos, shown verbatim
Layer 2

Exposure

curated reference data
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

Missing underlying Pharos Safety Score

Junior

first-loss · immediate redemption

Missing underlying Pharos Safety Score

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 buffer0.11x · first-losstotal loss

Senior is exposed only after the Junior buffer is gone.

Junior buffer (first-loss)0.11x
Required floor 0.10x. Headroom +10.3% over that floor.
Utilization90.7%
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

0.11x
Collecting history

Utilization

90.7%
Collecting history

Senior APY

0.0%
Collecting history

Junior APY

0.0%
Collecting history

Market TVL

$680k
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
NR

Junior, first-loss

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