RoycoPharos Risk
Back to Royco overview

Staked USDai

Base asset sUSDaiReal-world compute lendingArbitrumPeg A+

StatusNormal
Market TVL$687k
Data freshnessas of 875h ago
Safety56Opp10
Senior · junior-buffered

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

Safety31Opp10
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 base58after exposure49Senior 56Junior 31
Layer 1

Base asset

Pharos, shown verbatim
sUSDaiStaked USDai
Pharosfallback· as of 875h ago
Pharos Safety
58base 58
Peg stability100A

no active depeg · 0 depeg events · yield-bearing (appreciation excluded)

Pharos dimensions
  • Peg Stability100A
    Detail

    Peg reference (USDai): 100/100. No depeg events recorded (yield-bearing — expected price appreciation excluded)

    • Peg reference (USDai)100/100
    • Depeg eventsNone recorded
    • AdjustmentYield-bearing
  • Liquidity71B
    Detail

    Effective exit score: 71/100. DEX liquidity 71/100. 13 pools across 4 chains. Redemption backstop 70/100. Queue redeem. not used for Safety Score uplift (eventual-only route). eventual redeemability modeled; immediate buffer not separately quantified

    • Effective exit score71/100
    • DEX liquidity71/100
    • Pools13 across 4 chains
    • Redemption backstop70/100
    • RedemptionQueue redeem
    • not used for Safety Score uplift (eventual-only route)
    • eventual redeemability modeled; immediate buffer not separately quantified
  • Resilience48D
    Detail

    Collateral: Low risk (66). Custody: Unregulated custodian (30). Blacklist: Upstream (descriptive only)

    • CollateralLow risk
    • CustodyUnregulated custodian
    • BlacklistUpstream
  • Decentralization44D
    Detail

    Governance: Multisig governance (55). Chain: Ethereum mainnet (third-party bridge) (-10). Bridge route: External lock/mint bridge (40/100) (-1)

    • GovernanceMultisig governance
    • ChainEthereum mainnet (third-party bridge)
    • Bridge routeExternal lock/mint bridge (40/100)
  • Dependency Risk58C
    Detail

    Upstream: 2 upstream deps (100% weight) (68). Declared dependency weight: 100%. Self-backed: Partially centralized (75). Penalty: 1 weak dep below 75 (-10). Ceiling: wrapper dependency ceiling (58)

    • Upstream2 upstream deps (100% weight) (68)
    • Declared dependency weight100%
    • Self-backedPartially centralized (75)
    • Penalty1 weak dep below 75 (-10)
    • Ceilingwrapper dependency ceiling (58)
Backed by
  • PayPal USDPYUSD82% weightPharos 75 B+Collateral
  • USD.AIUSDai100% weightPharos 63 C+Wrapper
Supply $317MBridge route External lock/mint bridge (40)Strategy Vault · NAV tokenOpen Pharos dossier
Layer 2

Exposure

curated reference data
Real-world compute lendingexposure score 44 → base −8.9 pts
Yield sourceInterest on GPU/compute-backed loans
What breaks itLoan performance and queued exits
Exit mechanicsQueued 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 vault58C+9 Senior cushionTranche anchor67minus 10.7 pointsFinal Safety56
Loss risk
  • Real-world compute lending-6.3
  • Utilization pressure-0.9
Liquidity friction
  • Withdrawal friction-0.9
  • Tranche TVL-0.9
Access friction
  • Venue tier-1.7
  • info
  • watch
  • warning
  • critical

Junior

first-loss · immediate redemption
Pharos vault58CTranche anchor58minus 27.2 pointsFinal Safety31
Loss risk
  • Real-world compute lending-5.9
  • Junior first-loss (buffer-scaled)-6.0
  • Utilization pressure-6.0
Liquidity friction
  • Withdrawal friction-1.6
  • Tranche TVL-5.3
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 0.07xSenior seatJunior buffer0.15x · first-losstotal loss

Senior is exposed only after the Junior buffer is gone.

Junior buffer (first-loss)0.15x
Required floor 0.07x. Headroom +107.7% over that floor.
Utilization48.2%
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

0.15x
Collecting history

Utilization

48.2%
Collecting history

Senior APY

2.2%
Collecting history

Junior APY

3.9%
Collecting history

Market TVL

$687k
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
2.2%
Net (risk-adj.) yield
1.3%

Junior, first-loss

APY
3.9%
Net (risk-adj.) yield
1.2%
+1.69%APY spreadExtra yield Junior earns over Senior.
+15.5 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.