This is the first market like this on Royco.
@Syntetika breaks down what Royco adds on top of hBTC, and what the SLP unlocks here specifically.
This one's worth your time.
Tranching Explained: What Royco Adds to hBTC
Tranching is older than DeFi. @roycoprotocol brought it onchain, and hBTC is now available through it in three forms. This is what each one does, and doesn't.