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.