RoycoPharos Risk
Back to Royco overview

Auto Finance autoUSD (old)

Base asset autoUSDAutomated on-chain vaultEthereumPeg A+

StatusNormal
Market TVL$335
Data freshnessas of 875h ago
Safety63Opp0
Senior · junior-buffered

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

Safety28Opp0
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 base51after exposure42Senior 63Junior 28
Layer 1

Base asset

Pharos, shown verbatim
autoUSDAuto Finance autoUSD
Pharos· as of 875h ago
Pharos Safety
51base 52
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
  • Liquidity38F
    Detail

    Effective exit score: 38/100. DEX liquidity unavailable. 0 pools across 0 chains. Redemption backstop 75/100. Stablecoin redeem. immediate capacity 2.3% of supply

    • Effective exit score38/100
    • DEX liquidityunavailable
    • Pools0 across 0 chains
    • Redemption backstop75/100
    • RedemptionStablecoin redeem
    • Immediate capacity2.3% 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 $8.7MBridge route Single-chain or issuer-native route (100)Strategy Vault · NAV tokenOpen Pharos dossier
Layer 2

Exposure

curated reference data
Automated on-chain vaultexposure score 43 → base −9.2 pts
Yield sourceAutomated routing across on-chain vault strategies
What breaks itExecution venue and thin tranche 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 vault51C+26 Senior cushionTranche anchor77minus 14.2 pointsFinal Safety63
Loss risk
  • Automated on-chain vault-6.6
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 vault51CTranche anchor51minus 23.3 pointsFinal Safety28
Loss risk
  • Automated on-chain vault-6.1
  • Junior first-loss (buffer-scaled)-6.9
  • Utilization pressure-0.3
Liquidity friction
  • Withdrawal friction-1.6
  • Tranche TVL-6.0
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 0.10xSenior seatJunior buffer0.43x · first-losstotal loss

Senior is exposed only after the Junior buffer is gone.

Junior buffer (first-loss)0.43x
Required floor 0.10x. Headroom +330.0% over that floor.
Utilization23.3%
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

0.43x
Collecting history

Utilization

23.3%
Collecting history

Senior APY

0.0%
Collecting history

Junior APY

0.0%
Collecting history

Market TVL

$335
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
0.0%

Junior, first-loss

APY
0.0%
Net (risk-adj.) yield
0.0%
+0.00%APY spreadExtra yield Junior earns over Senior.
+8.2 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.