RoycoPharos Risk
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Staked Avant USD

Base asset savUSDConcentrated yield wrapperAvalanchePeg A+

StatusNormal
Market TVL$6.2M
Data freshnessas of 875h ago
Safety26Opp38
Senior · junior-buffered

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

Safety13Opp23
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 base42after exposure33Senior 26Junior 13
Layer 1

Base asset

Pharos, shown verbatim
savUSDAvant Staked USD
Pharos· as of 875h ago
Pharos Safety
42base 42
Peg stability99A

no active depeg · 5 depeg events · yield-bearing (appreciation excluded)

Pharos dimensions
  • Peg Stability99A
    Detail

    Peg reference (avUSD): 99/100. 5 depeg events. worst deviation: -321 bps (yield-bearing — expected price appreciation excluded)

    • Peg reference (avUSD)99/100
    • Depeg events5
    • worst deviation-321 bps
    • AdjustmentYield-bearing
  • Liquidity70B
    Detail

    Effective exit score: 70/100. DEX liquidity 35/100. 7 pools across 4 chains. Redemption backstop 70/100. Queue redeem. immediate capacity 100.0% of supply

    • Effective exit score70/100
    • DEX liquidity35/100
    • Pools7 across 4 chains
    • Redemption backstop70/100
    • RedemptionQueue redeem
    • Immediate capacity100.0% of supply
  • Resilience28F
    Detail

    Collateral: High risk (25). Custody: Unregulated custodian (30). Blacklist: Upstream (descriptive only)

    • CollateralHigh risk
    • CustodyUnregulated custodian
    • BlacklistUpstream
  • Decentralization15F
    Detail

    Governance: Wrapper (inherits upstream) (15). Wrapped asset: avusd-avant (parent 20 - 5). Bridge route: External lock/mint bridge (40/100) (0)

    • GovernanceWrapper (inherits upstream)
    • Wrapped assetavusd-avant
    • Bridge routeExternal lock/mint bridge (40/100)
  • Dependency Risk37F
    Detail

    Upstream: 1 upstream dep (100% weight) (47). Declared dependency weight: 100%. Self-backed: Partially centralized (75). Penalty: 1 weak dep below 75 (-10). Ceiling: wrapper dependency ceiling (42)

    • Upstream1 upstream dep (100% weight) (47)
    • Declared dependency weight100%
    • Self-backedPartially centralized (75)
    • Penalty1 weak dep below 75 (-10)
    • Ceilingwrapper dependency ceiling (42)
Backed by
Supply $91MBridge route External lock/mint bridge (40)Strategy Vault · NAV tokenOpen Pharos dossier
Layer 2

Exposure

curated reference data
Concentrated yield wrapperexposure score 41 → base −9.4 pts
Yield sourceSingle concentrated yield strategy
What breaks itIssuer and strategy concentration
Exit mechanicsWrapper 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 vault42D+1 Senior cushionTranche anchor43minus 17.1 pointsFinal Safety26
Loss risk
  • Concentrated yield wrapper-6.8
  • Senior buffer (junior cushion)-2.6
  • Utilization pressure-5.1
Liquidity friction
  • Withdrawal friction-0.9
Access friction
  • Venue tier-1.7
  • info
  • watch
  • warning
  • critical

Junior

first-loss · immediate redemption
Pharos vault42DTranche anchor42minus 29.1 pointsFinal Safety13
Loss risk
  • Concentrated yield wrapper-6.3
  • Junior first-loss (buffer-scaled)-9.0
  • Utilization pressure-9.8
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 0.20xSenior seatJunior buffer0.23x · first-losstotal loss

Senior is exposed only after the Junior buffer is gone.

Junior buffer (first-loss)0.23x
Required floor 0.20x. Headroom +13.0% over that floor.
Utilization88.5%
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

0.23x
Collecting history

Utilization

88.5%
Collecting history

Senior APY

17.5%
Collecting history

Junior APY

21.5%
Collecting history

Market TVL

$6.2M
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
17.5%
Net (risk-adj.) yield
4.5%

Junior, first-loss

APY
21.5%
Net (risk-adj.) yield
2.8%
+4.04%APY spreadExtra yield Junior earns over Senior.
+11.1 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.