# This Week at Royco #1 - Doors Open 

> Closed testing is over. The protocol is starting to open to the public.

**Published by:** [Royco](https://blog.royco.org/)
**Published on:** 2026-05-05
**Categories:** royco, dawn, defi, tranching, apyx, microstrategy, strc, risk, management, weekly, update, farming
**URL:** https://blog.royco.org/this-week-at-royco-1-doors-open

## Content

TL:DR Apyx is live, with 28.72% APR for junior participants and $1.66M in TVL within 24 hours. Nine more markets are in the pipeline. In response to the DeFi scares, we published our eight-layer security stack. First Public Market Live: Apyx apyUSD pays 12.22% APY, backed by dividends from MicroStrategy and Strive. Royco splits that yield in two: Seniors are earning 9.32% APY with 15% drawdown protection. Juniors are earning 28.72%, the premium for absorbing losses before Senior is touched. More than double the underlying yield, in exchange for sitting at the front of the risk. $1.68M flowed in during the first 24 hours. The Initial Cohort We announced nine more markets coming soon. The list covers yield-bearing stables, market-neutral synthetics, structured credit, tokenized real-world assets, and GPU-secured lending. Security Stack Goes Public The full eight-layer security stack is now public, with a dedicated section on our website: Sanctions and compliance screening. 24-hour settlement queue on every withdrawal. Continuous on-chain monitoring by Hypernative Labs. Timelocks and Security Council with instant-pause authority. Formal verification by Certora. Independent audits from Hexens, Cantina, and Certora. $250k bug bounty on Immunefi. App and infrastructure hardening. Tranching, Risk, and the Aave Question Jai Bhavnani, cofounder of Waymont and Royco contributor, joined an X Space this week with other builders. The conversation covered: Aave's rescue after the Kelp incident. The real price of risk in DeFi. Where tranching fits in the next cycle. The need to source yield outside DeFi and bring it onchain. Worth listening. Link to the Space here: 2Lambroz 🐑 (🧑‍🍳🥩🤌) @2lambro Is it a grim future for DeFi? Or is it actually full of hope? with @jaibhavnani and @SaulCapital x.com/i/broadcasts/1… 18 2:36 AM • Apr 28, 2026 Royco is just getting started.

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