Senior · junior-buffered
Losses reach this seat only after the Junior buffer is gone, and the yield trails the risk.
Staked Neutrl USD (old)
Base asset NUSDDelta-neutral basisEthereumPeg A+
StatusNormal
Market TVL$3.6k
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 base64after exposure55Senior 73Junior 41
Layer 1
Base asset
Pharos, shown verbatimNUSDNeutrl USD
Pharos Safety
64base 65
Peg stability99A
no active depeg · 5 depeg events
Pharos dimensions
- Peg Stability99A
Detail
Peg score: 99/100. 5 depeg events. worst deviation: -197 bps
- Peg score99/100
- Depeg events5
- worst deviation-197 bps
- Liquidity70B
Detail
Effective exit score: 70/100. DEX liquidity 70/100. 1 pool across 1 chain. high concentration (HHI: 1.00). Redemption backstop 69/100. Queue redeem. not used for Safety Score uplift (eventual-only route). eventual redeemability modeled; immediate buffer not separately quantified
- Effective exit score70/100
- DEX liquidity70/100
- Pools1 across 1 chain
- high concentration (HHI1.00)
- Redemption backstop69/100
- RedemptionQueue redeem
- not used for Safety Score uplift (eventual-only route)
- eventual redeemability modeled; immediate buffer not separately quantified
- Resilience56C
Detail
Collateral: Medium risk (57). Custody: Regulated custodian (55). Blacklist: Yes (descriptive only)
- CollateralMedium risk
- CustodyRegulated custodian
- BlacklistYes
- Decentralization48D
Detail
Governance: Multisig governance (55). Mint authority: 35/100 (Concentrated) (-7)
- GovernanceMultisig governance
- Mint authority35/100 (Concentrated)
- Dependency Risk75B
Detail
Self-backed: Partially centralized (75)
- Self-backedPartially centralized
Backed by
Pharos reports no upstream dependencies for this asset.
Layer 2
Exposure
curated reference dataDelta-neutral basisexposure score 46 → base −8.6 pts
Yield sourceHedged funding-rate (basis) capture
What breaks itBasis blowout and redemption gating
Exit mechanicsRedemption 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)0.39x
Required floor 0.10x. Headroom +285.6% over that floor.
Utilization25.9%
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
0.39xUtilization
25.9%Senior APY
0.0%Junior APY
0.0%Market TVL
$3.6kSenior 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.
+8.8 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.