Royco Dawn

Royco is a non-custodial, perpetual risk-tranching protocol. Its smart contracts divide yield opportunities into senior and junior tranches. The senior tranche is protected, at a minimum, from a preset market-defined drawdown percentage in the underlying investment, with the junior tranche serving as first-loss capital. In exchange, the junior tranche receives a portion of the senior yield as a risk premium, in addition to earning its own.