Ember's eEarn vault is growing fast. On Royco it splits into two: a covered side with 10% drawdown protection, and a first-loss side earning a premium. - Ember vault (60d): 9% APY - Senior, since inception: 7.2% APY - Junior, since inception: 16.3% APY Which side are you?

Senior Tranches are getting more composable. You can now use @CapApp stcUSD and @maplefinance syrupUSDC Senior Tranches as collateral on @TermMaxFi. Borrow at a fixed cost. Earn protected yield. Lock in your spread. - $1M borrow liquidity per market - 51-day maturity

Look at these numbers. On the homepage now: underlying, Senior, and Junior yields. A small premium buys Senior drawdown protection. Junior earns the upside for backing it. Fascinating to see it all together.

New tranches only matter if they unlock something. It's not about launching more products. It's about structuring risk to attract new deposits, scaling Royco and partners together. That's why we care so much about synergy. @jaibhavnani on what actually fits 👇

This chart says more than words. Despite the recent apyUSD drawdown, Senior has held its value in dollar terms. @jaibhavnani explains why, and why actual coverage matters more than the minimum. Watch the clip below👇

16%+ APY. Zero impact events. That's what @EmberProtocol Junior has delivered since launch. Senior earned 6.6% APY over the same period, backed by a 10% minimum coverage. You can verify both in Royco's Since Inception view.

apyUSD Senior became more capital efficient. Thanks to @hyperithm, borrowers can now access the market at around a 2.6% borrow rate, making apyUSD Senior more attractive as collateral.

sUSDai is live on Royco Dawn. You can now deposit into Senior and Junior tranches of @USDai_Official 's yield bearing synthetic dollar, backed by real GPU hardware powering the AI economy.

The numbers on apyUSD on Pendle are wild. jrRoyAPYUSD is the Junior tranche of @apyx_fi 's stablecoin. Now you can: 🔸 Fix it at 21.21% APY 🔸 LP it at 40.78% APY 21% fixed for six months. A rate this high, locked in this long, is hard to find anywhere else.

Frax brings liquidity to srRoyUSDC. @fraxfinance operates one of DeFi's most sophisticated stablecoin ecosystems. frxUSD is its primary dollar-pegged instrument, fully backed by tokenized U.S. Treasuries from leading institutions such as BlackRock and WisdomTree. Frax has paired frxUSD with srRoyUSDC and is directing incentives to the pool. srRoyUSDC brings covered yield, while Frax’s 100% yield-forwarding system ensures value flows directly to partners. For Dawn, this means deeper secondary market liquidity for the Senior Vault. Depositors get a more liquid path in and out of their position. Yield, coverage, and now liquidity. Royco keeps getting stronger.

Royco Dawn has tranched liUSD from infiniFi. The most profitable trade in traditional finance: borrow short, deploy long, pocket the spread. That margin has historically belonged to institutions. @infiniFi puts it on-chain. The protocol issues iUSD, a 1:1 stablecoin receipt, split into two tranches: siUSD (liquid: Aave, Morpho, Spark) and liUSD (locked: Pendle principal tokens, Ethena, basis positions). liUSD holders lock capital for a fixed duration and sit in first-loss position. If strategies take a hit, they absorb it first. In exchange, they earn the highest yield in the system. siUSD holders stay liquid, sit behind liUSD, and earn a lower but more stable return. The sequence is hardcoded: liUSD first, then siUSD, then base iUSD. Dawn tranches liUSD-4w, infiniFi's four-week locked deposit token with 100% deployment into fixed-duration positions. These holders already accepted illiquidity and first-loss exposure for a higher rate. That tradeoff is what makes it worth tranching. Senior depositors earn liUSD-4w's yield with a contract-enforced Junior buffer in front of them. Junior depositors provide that buffer and capture a premium for the coverage they bring. infiniFi already built loss absorption into their protocol. Dawn adds another layer, making liUSD-4w accessible to capital that previously couldn't enter, and more liquid than the underlying position itself.