What happens when Senior Tranches reach lending markets? I think this will be one of the biggest catalysts for @roycoprotocol. Senior Tranches are still a new concept, and it takes time for lending markets and curators to get comfortable with them. Take @EmberProtocol 's eEARN looped on Sui as an example. It's a yield-bearing vault currently generating around 47% base APR (roughly 55% including incentives in @CurrentSUI). The strategy is attractive, but like any yield source, it can experience drawdowns. That's where Senior Tranches become interesting. By adding first-loss protection, lenders can underwrite the asset with greater confidence, unlocking higher LTVs without giving up competitive yields: > Higher LTVs mean more capital efficiency. > More capital efficiency means safer and more profitable looping strategies. That's the flywheel. Once major lending curators start supporting Senior Tranches for assets like these, I think adoption could accelerate quickly. Tranching is still early. But once the market understands its value, the growth potential is enormous.