Royco

Royco is a non-custodial DeFi risk-tranching protocol that splits any yield source into two distinct tranches — Senior and Junior — allowing users to choose their preferred risk profile. Senior tranche depositors receive first-loss coverage from Junior tranche participants, who in turn accept greater risk in exchange for a larger share of variable yield. The protocol has facilitated over $5 billion in transaction volume and reached $3 billion in total value locked at its peak, serving more than 155,000 users through its structured on-chain yield marketplace.