what's Royco Dawn?
Royco Dawn is an onchain risk-tranching protocol built on top of yield sources such as DeFi vaults, money markets, and RWA funds. It transforms each yield source into two perpetual products: a Senior Tranche that earns the underlying yield with downside protection provided by first-loss Junior capital up to a defined coverage percentage, and a Junior Tranche that supplies this first-loss protection in exchange for a risk premium from Seniors. This design unlocks precise control over onchain capital deployment, allowing investors to match specific risk/return profiles without relying on speculative yields or incentives. By tranching yield opportunities, it creates tailored products for risk-averse LPs seeking protected yield and those willing to bear first-loss for higher premiums.
Royco Dawn offers 14.25% APR on Curve frxUSD pool; junior tranches pay 5.6-10.41% APY.
Links
x.com/roycoprotocolOffers Vault strategy with Curve pool, frxUSD, boosted on StakeDAO and Convex, 14.25% APR as of April 13, 2026.
sNUSD junior tranche is paying 10.41% APY.
savUSD junior tranche is paying 5.6% APY.
Built by the original founder of Rari Capital.
Achieved trailing 24-hour APY above 5.8% as of April 7, 2026.
Received the first deposit exceeding $1 million in pairing with frxUSD.
Launched version 2.1 on March 13th, 2026, adding a Morpho tranched vault (Senior 5.6% APY, Junior 7% coverage, $241,500 capacity), app redesign, self-liquidation protection for seniors, instant withdrawals, and a public featured integration section showing active markets and yield opportunities.
Senior Vault processed a withdrawal of $100,000.
Provides 34.12% APY on autoUSD junior tranche with low capacity, including risk premium from senior participants.
Reached $172K in deposits into SavUSD's Junior Tranche.
Received a single deposit of $2M into the Royco Senior Vault.
Joined the Immunefi security ecosystem with a $250,000 bug bounty program.
Rebalanced $400k into savUSD's Senior Tranche via the Royco Senior Vault with 4% coverage layer protection and 6.95% current yield.
TVL sits at $18.97M, includes three vaults over $1M each during private access phase, largest (Avant Protocol's savUSD Senior tranche) at $4.3M.
Integrated srRoyUSDC across Morpho and Curve, enabling as borrowable collateral for pmUSD (a precious metals-backed stablecoin from Raac Finance) with $2M capacity, retaining 5% APY yield.
Audit competition with $50,000 prize pool runs from January 20 to January 27, 2026.
Launched February 10, 2026, transitioning to public access April 30, 2026. Offers risk-tranching, splitting assets into Senior/Junior tranches, with six products providing 15% APR on Neutrl junior tranche, a first-loss protection mechanism, and a vault launched February 16, 2026.