# 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.

**Published by:** [Royco](https://blog.royco.org/)
**Published on:** 2026-06-01
**Categories:** royco, defi, tranching, weekly, security, oracles, hexens, certora, yield, farming
**URL:** https://blog.royco.org/this-week-at-royco-5-security-as-priority

## Content

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. Royco @roycoprotocol x.com/i/article/2058… 24 8:16 PM • May 25, 2026 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. Findlay @0xboo 1/ We've teamed up with @ethereumfndn Trillion Dollar Security Initative, @nethermind, and @chainlinklabs to bring $1m in audit subsidies to @ethereum builders! The Ethereum Security Subsidy Program is a joint initiative with top-tier audit providers, anchored by an Expert 262 3:06 PM • Apr 14, 2026 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. Royco @roycoprotocol x.com/i/article/2059… 52 7:36 PM • May 27, 2026 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. Royco @roycoprotocol What's the difference between a market oracle and a fundamental oracle? @mkmassari from @redstone_defi got into it with @ShivaanshKapoor from Royco engineering, and into why Royco prices its tranches on fundamentals. Watch the full episode 17 9:36 PM • May 29, 2026 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. Portals.fi | DeFi Explorer @portals_fi "Dawn senior tranches are the immaculate collateral. A better version of the underlying asset from a risk point of view." @roycoprotocol DeFi Drop @ShivaanshKapoor, Head of Engineering: Why they pivoted from incentives to Dawn TradFi waterfall credit And more... 4 4:31 PM • May 27, 2026 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.

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