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This Week at Royco #5 - Security as Priority

Security is our paramount priority, and this week made it visible. Audits, an ecosystem subsidy earned, and the work underneath every market.

TL;DR

  • Three independent security reviews of Royco Dawn completed with Hexens.

  • Royco accepted into the Ethereum Security Subsidy Program.

  • New article and podcast with Redstone on fundamental oracles, with Accountable on the verification side.

  • Shiv on Portals.fi, walking through the full Royco Dawn architecture.

  • A first hint at Royco Dusk: the next version of the protocol.

Three Reviews with Hexens

We published a writeup on the three independent security reviews of Royco Dawn completed with Hexens. 

No Critical or High findings across any round. Every fix re-validated before finalization.

What matters isn't one audit. It's three in sequence, each confirming the previous fixes held.

Accepted into the Ethereum Security Subsidy Program

Royco has been accepted into the Ethereum Security Subsidy Program.

A real honor, and a vote of confidence in how we're building. Encouraging to see security getting the backing it needs.

Pricing Risk with Verified Truth

A new piece walking through how Royco prices its Neutrl and Cap markets, using Redstone for on-chain delivery and Accountable for verified solvency.

The short version: tranching only makes sense if the protocol prices on what the asset is, not on what the market thinks it's worth right now.

What Oracles Actually Do

Mike Massari from Redstone got into it with Shiv from Royco engineering. What market and fundamental oracles do. Why Royco prices its tranches on fundamentals. And where the liquidity gap sits for the RWAs coming on-chain.

The full episode is up.

Dawn, End to End

Shiv from Royco engineering joined Portals.fi for the clearest walkthrough of Royco Dawn to date.

Tranching. The adaptive rate model. The Observation Period. The srRoyUSDC vault. And an early look at what's coming next.

A First Look at Dusk

Royco Dawn solved one part of the problem: tranching transforms the risk profile of any yield source.

The next version, Royco Dusk, extends that thinking to liquidity. The Senior tranche becomes a tradeable asset, bringing liquidity to yield sources that have never had it. 

The Dusk design was finalized this week in collaboration with Tomer Ganor from Certora with an emphasis on simplicity and security.

More on what Dusk unlocks soon.

What's Next

One thing we want to make absolutely clear: security is our paramount priority. Every piece this week is a reflection of that.

What's coming next is close.