# This Week at Royco #4 - Still Expanding

*Two more markets opened to the public this week. Six markets have crossed $1M in TVL. And our podcast with Certora is live.*

By [Royco](https://blog.royco.org) · 2026-05-24

royco, defi, tranching, weekly, apyx, security, microstrategy, pendle

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**TL;DR**
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*   Two new markets opened: Cap and Ember. Eight markets are now live.
    
*   New podcast with Armen from Certora on formal verification and the audit work behind Royco.
    
*   Apyx Season 2 started on May 23, with multipliers across all Senior and Junior positions: holding, LPing on Pendle, or holding YT.
    

* * *

**Two More Markets Live**
=========================

[**Cap**](https://x.com/CapApp) **(stcUSD):** a yield-bearing dollar backed by a credit marketplace. Underwriters post collateral as a guarantee, adding a layer most depositors don't usually have.

[**Ember Protocol**](https://x.com/EmberProtocol) **(eEARN):** a multi-strategy stablecoin vault. Three rotating strategies and an allocation that shifts to whatever offers the best risk-adjusted return in current conditions.

![](https://storage.googleapis.com/papyrus_images/08fa7aee47962efaaca63bcde2f8e98cfa44371b95b3ec1997f0a7d8947cfa76.png)

* * *

**The Certora Conversation**
============================

[Armen](https://x.com/@teryanarmenn) from [Certora](https://x.com/Certora) joined the pod with [Shiv](https://x.com/ShivaanshKapoor) and [Ankur](https://x.com/ankurdubey521) from Royco’s engineering team to talk about formal verification: what it is, how it differs from a traditional audit, and what Certora's full engagement on Royco Dawn actually covered.

For anyone curious about how Royco built the security stack it has today, this is the conversation to listen to.

[![User Avatar](https://storage.googleapis.com/papyrus_images/f8bb26fec8b9f4e8e7d0d778b91ad4323d4c1e3754677c48798e2e15bb9080a1.jpg)](https://twitter.com/roycoprotocol)

[Royco](https://twitter.com/roycoprotocol)

[@roycoprotocol](https://twitter.com/roycoprotocol)

[](https://twitter.com/roycoprotocol/status/2057202699305681097)

Why did Royco get multiple audits and formal verification?  
  
We sat down with [@teryanarmenn](https://twitter.com/teryanarmenn) from [@Certora](https://twitter.com/Certora) to break it down. Certora completed a comprehensive audit and formal verification engagement on Royco Dawn, further fortifying its security stack.  
  
Watch it now.

![](https://pbs.twimg.com/amplify_video_thumb/2057201244930789376/img/RwXP3yZiQj6TQAuJ.jpg)

[37](https://twitter.com/roycoprotocol/status/2057202699305681097)[

8:51 PM • May 20, 2026

](https://twitter.com/roycoprotocol/status/2057202699305681097)

**Apyx Season 2 Started Yesterday**
===================================

**T**his last Saturday, [Apyx](https://x.com/apyx_fi) [Season 2](https://blog.apyx.fi/season-2-is-here-new-multipliers-a-loyalty-boost-even-more-tokens-up-for-grabs/) kicks off, with 6% of total APYX supply distributed to participants.

Royco's Senior and Junior tranches of apyUSD are part of the program, with multipliers that depend on how you hold:

**\- Holding Senior or Junior: 4x**

**\- LP on Pendle for either tranche: 32x**

**\- YT on Pendle for either tranche: 52x**

Shiv from Royco joined the Apyx pod this week to talk about tranching, risk profiles, and programmable credit.

apyUSD is also running at 0% fees on Royco. The yields have never looked better.

[![User Avatar](https://storage.googleapis.com/papyrus_images/7cbb224cc36c82df62ee371a07625d814396879af94931af0a01bfad0a5a7cf2.png)](https://twitter.com/apyx_fi)

[Apyx](https://twitter.com/apyx_fi)

[@apyx\_fi](https://twitter.com/apyx_fi)

[](https://twitter.com/apyx_fi/status/2056062332074352896)

We're going LIVE w/ [@roycoprotocol](https://twitter.com/roycoprotocol) tomorrow (May 18) @ 4PM UTC to discuss onchain digital credit yield tranching.  
  
We’ll cover:  
![🔴](https://abs-0.twimg.com/emoji/v2/72x72/1f534.png) Why tranching matters for onchain credit  
![🔴](https://abs-0.twimg.com/emoji/v2/72x72/1f534.png) Senior vs. junior risk profiles  
![🔴](https://abs-0.twimg.com/emoji/v2/72x72/1f534.png) Programmable digital credit reshaping DeFi  
[x.com/i/spaces/1RJZz…](https://t.co/IdCc83gP9N)

[53](https://twitter.com/apyx_fi/status/2056062332074352896)[

5:20 PM • May 17, 2026

](https://twitter.com/apyx_fi/status/2056062332074352896)

* * *

**By the Numbers**
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![](https://storage.googleapis.com/papyrus_images/5e3f2a7a4f37c7509960899bbf41956e3438390c07662450e1de45547bd515c2.png)

* * *

**What's Next**
===============

More conversations, more articles, more markets, more integrations across every corner of DeFi.

Still expanding.

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*Originally published on [Royco](https://blog.royco.org/this-week-at-royco-4-still-expanding)*