RoycoPharos Risk
Back to Royco overview

Maple Finance syrupUSDC

Base asset syrupUSDCInstitutional private creditEthereumPeg A+

StatusNormal
Market TVL$2.6M
Data freshnessas of 875h ago
Safety73Opp29
Senior · junior-buffered

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

Safety39Opp16
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 base60after exposure53Senior 73Junior 39
Layer 1

Base asset

Pharos, shown verbatim
syrupUSDCMaple syrupUSDC
Pharos· as of 875h ago
Pharos Safety
60base 62
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
  • Liquidity60C
    Detail

    Effective exit score: 60/100. DEX liquidity 47/100. 15 pools across 4 chains. Redemption backstop 62/100. Queue redeem. immediate capacity 1.7% of supply

    • Effective exit score60/100
    • DEX liquidity47/100
    • Pools15 across 4 chains
    • Redemption backstop62/100
    • RedemptionQueue redeem
    • Immediate capacity1.7% of supply
  • Resilience75B
    Detail

    Collateral: Medium risk (50). Custody: Fully on-chain (100). Blacklist: Yes (descriptive only)

    • CollateralMedium risk
    • CustodyFully on-chain
    • BlacklistYes
  • Decentralization33F
    Detail

    Governance: Wrapper (inherits upstream) (35). Wrapped asset: usdc-circle (parent 40 - 5). Bridge route: External validated network (65/100) (0). Mint authority: 29/100 (Exposed) (-2)

    • GovernanceWrapper (inherits upstream)
    • Wrapped assetusdc-circle
    • Bridge routeExternal validated network (65/100)
    • Mint authority29/100 (Exposed)
  • 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 $1407MBridge route External validated network (65)Strategy Vault · NAV tokenOpen Pharos dossier
Layer 2

Exposure

curated reference data
Institutional private creditexposure score 55 → base −7.2 pts
Yield sourceFixed-term lending to vetted institutional borrowers
What breaks itBorrower concentration and FIFO withdrawal queue
Exit mechanicsFIFO withdrawal queue
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 vault60C+20 Senior cushionTranche anchor80minus 7.2 pointsFinal Safety73
Loss risk
  • Institutional private credit-4.6
Liquidity friction
  • Withdrawal friction-0.9
Access friction
  • Venue tier-1.7
  • info
  • watch
  • warning
  • critical

Junior

first-loss · immediate redemption
Pharos vault60C+1 Senior cushionTranche anchor61minus 21.5 pointsFinal Safety39
Loss risk
  • Institutional private credit-4.3
  • Junior first-loss (buffer-scaled)-6.7
  • Utilization pressure-2.2
Liquidity friction
  • Withdrawal friction-1.6
  • Tranche TVL-4.2
Access friction
  • Venue tier-2.5
  • 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 0.02xSenior seatJunior buffer0.07x · first-losstotal loss

Senior is exposed only after the Junior buffer is gone.

Junior buffer (first-loss)0.07x
Required floor 0.02x. Headroom +248.7% over that floor.
Utilization28.7%
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

0.07x
Collecting history

Utilization

28.7%
Collecting history

Senior APY

4.8%
Collecting history

Junior APY

5.0%
Collecting history

Market TVL

$2.6M
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
4.8%
Net (risk-adj.) yield
3.5%

Junior, first-loss

APY
5.0%
Net (risk-adj.) yield
1.9%
+0.13%APY spreadExtra yield Junior earns over Senior.
+13.1 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.