RoycoPharos Risk
Back to Royco overview

Apyx apyUSD

Base asset apyUSDWrapped yield vault (ERC-4626)EthereumPeg Fdepeg

StatusNormal
Market TVL$3.5M
Data freshnessas of 875h ago
Safety10Opp11
Senior · junior-buffered

Losses reach this seat only after the Junior buffer is gone, and the yield broadly pays for it.

Safety0Opp0
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 base9after exposure1Senior 10Junior 0
Layer 1

Base asset

Pharos, shown verbatim
apyUSDapyUSD
Pharos· as of 875h ago
Pharos Safety
9base 35
Peg stability3F

active depeg 3159 bps · 2 depeg events · yield-bearing (appreciation excluded)

Pharos dimensions
  • Peg Stability3F
    Detail

    Peg reference (apxUSD): 3/100. active depeg. 2 depeg events. worst deviation: -3159 bps (yield-bearing — expected price appreciation excluded)

    • Peg reference (apxUSD)3/100
    • Peg statusActive depeg
    • Depeg events2
    • worst deviation-3159 bps
    • AdjustmentYield-bearing
  • Liquidity67B
    Detail

    Effective exit score: 67/100. DEX liquidity 67/100. 39 pools across 2 chains. high concentration (HHI: 0.65). Redemption route configured but currently impaired. Output asset impairment: parent apxUSD has an active severe downside depeg of 3159 bps started 2026-06-16; wrapper redemption requires current live-open evidence before it can score.

    • Effective exit score67/100
    • DEX liquidity67/100
    • Pools39 across 2 chains
    • high concentration (HHI0.65)
    • Redemption route configured but currently impaired
    • Output asset impairmentparent apxUSD has an active severe downside depeg of 3159 bps started 2026-06-16; wrapper redemption requires current live-open evidence before it can score.
  • Resilience40D
    Detail

    Collateral: High risk (25). Custody: Regulated custodian (55). Blacklist: Yes (descriptive only)

    • CollateralHigh risk
    • CustodyRegulated custodian
    • BlacklistYes
  • Decentralization15F
    Detail

    Governance: Wrapper (inherits upstream) (15). Wrapped asset: apxusd-apyx (parent 20 - 5). Bridge route: Single-chain or issuer-native route (100/100) (0)

    • GovernanceWrapper (inherits upstream)
    • Wrapped assetapxusd-apyx
    • Bridge routeSingle-chain or issuer-native route (100/100)
  • Dependency Risk5F
    Detail

    Upstream: 1 upstream dep (100% weight) (15). Declared dependency weight: 100%. Self-backed: Centralized (95). Penalty: 1 weak dep below 75 (-10). Ceiling: wrapper dependency ceiling (10)

    • Upstream1 upstream dep (100% weight) (15)
    • Declared dependency weight100%
    • Self-backedCentralized (95)
    • Penalty1 weak dep below 75 (-10)
    • Ceilingwrapper dependency ceiling (10)
Backed by
  • apxUSDapxUSD100% weightPharos 15 FWrapper
Supply $151MBridge route Single-chain or issuer-native route (100)Strategy Vault · NAV tokenOpen Pharos dossier
Layer 2

Exposure

curated reference data
Wrapped yield vault (ERC-4626)exposure score 48 → base −8.4 pts
Yield sourceWrapped vault yield
What breaks itIssuer and governance watch items
Exit mechanicsERC-4626 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 vault9F+10 Senior cushionTranche anchor19minus 8.7 pointsFinal Safety10
Loss risk
  • Wrapped yield vault (ERC-4626)-5.8
  • Utilization pressure-0.3
Liquidity friction
  • Withdrawal friction-0.9
Access friction
  • Venue tier-1.7
  • info
  • watch
  • warning
  • critical

Junior

first-loss · immediate redemption
Pharos vault9F+14 Senior cushionTranche anchor23minus 22.9 pointsFinal Safety0
Loss risk
  • Wrapped yield vault (ERC-4626)-5.4
  • Junior first-loss (buffer-scaled)-6.9
  • Utilization pressure-6.6
Liquidity friction
  • Withdrawal friction-1.6
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 0.15xSenior seatJunior buffer0.33x · first-losstotal loss

Senior is exposed only after the Junior buffer is gone.

Junior buffer (first-loss)0.33x
Required floor 0.15x. Headroom +116.8% over that floor.
Utilization46.1%
Limit 90.0%.
Drawdown0.0%5 recorded.

30-day history

Read from the published snapshot. Short series show a collecting-history state.

Coverage ratio

0.33x
Collecting history

Utilization

46.1%
Collecting history

Senior APY

13.7%
Collecting history

Junior APY

18.2%
Collecting history

Market TVL

$3.5M
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
13.7%
Net (risk-adj.) yield
1.4%

Junior, first-loss

APY
18.2%
Net (risk-adj.) yield
0.0%
+4.46%APY spreadExtra yield Junior earns over Senior.
+13.2 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.