# Royco

- [Royco Overview](https://docs.royco.org/royco-overview.md): Royco is a non-custodial risk and liquidity tranching protocol that splits any yield source into Senior, Junior, and Senior Liquidity Provider tranches, letting depositors choose their risk and liquidity profile.
- [How Royco Works](https://docs.royco.org/how-royco-works.md): How Royco tranches a single yield source: JT provides loss coverage, SLP provides secondary liquidity, and ST receives protection/liquidity.
- [Senior Tranche (ST)](https://docs.royco.org/senior-tranche.md): The Senior Tranche (ST) earns protected, liquid yield, paying a premium to both the JT and SLP.
- [Junior Tranche (JT)](https://docs.royco.org/junior-tranche.md): The Junior Tranche (JT) earns boosted yield as first-loss capital, absorbing losses before Senior and collecting a risk premium in return.
- [Senior Liquidity Provider (SLP)](https://docs.royco.org/liquidity-provider-tranche.md)
- [Vaults Overview](https://docs.royco.org/how-the-vaults-work.md)
- [Senior Vault (srRoyUSDC)](https://docs.royco.org/vault-products.md): srRoyUSDC is a managed USDC vault that allocates across Royco Senior Tranches for diversified, coverage-backed senior yield.
- [Royco ETH (roywstETH)](https://docs.royco.org/royco-eth-roywst-eth.md): roywstETH lets wstETH holders earn Royco yield on top of staking rewards by borrowing USDC against their wstETH and deploying into srRoyUSDC.
- [Market Dynamics](https://docs.royco.org/market-dynamics.md)
- [Deposits and Withdrawals](https://docs.royco.org/deposits-and-withdrawals.md)
- [Governance and Fees](https://docs.royco.org/governance-and-fees.md): Royco's per-market parameters and protocol fee structure.
- [Risks](https://docs.royco.org/risk-framework.md)
- [For Liquidity Providers](https://docs.royco.org/for-lps.md): Choose your yield. Get liquid, protected yield (Senior), high-yield (Junior), or market-making (SLP) exposure, all based on the same underlying strategy.
- [For Issuers](https://docs.royco.org/for-issuers.md): Vault providers & strategy managers
- [Security and Audits](https://docs.royco.org/security-and-audits.md): Royco's audit history, formal verification, and security practices, including audited contracts and verification partners.
- [EntryPoint](https://docs.royco.org/roycoentrypoint.md): The EntryPoint contract is the single interface for tranche operations across Royco markets.
- [Market Deployment](https://docs.royco.org/market-deployment.md): Learn how to deploy a Royco market
- [Frequently Asked Questions](https://docs.royco.org/faq.md): Common questions about Royco's tranches, coverage, secondary liquidity, yields, and how to participate.
- [Glossary](https://docs.royco.org/glossary.md): Definitions of Royco terms: Senior, Junior, and SLP tranches, utilization, coverage, risk and liquidity premiums, observation period, and more.
- [Key Addresses](https://docs.royco.org/key-addresses.md): Deployed Day contract addresses for the protocol scaffolding, core market contract implementations, and yield distribution models.
- [API Reference](https://docs.royco.org/api-reference.md): Programmatic access to Royco vault data.
- [1. Overview](https://docs.royco.org/royco-dawn/overview.md): Royco Dawn is a non-custodial risk-tranching protocol. It takes a given yield source: a lending market, a staking deposit, or tokenized RWA, and splits it into two risk tranches:
- [2. How Dawn Works](https://docs.royco.org/royco-dawn/how-dawn-works.md)
- [3. Vault Products](https://docs.royco.org/royco-dawn/vault-products.md): Royco offers two key Vault products, managed by an external curator: Dialectic.
- [4. Governance and Fees](https://docs.royco.org/royco-dawn/governance-and-fees.md)
- [5. Deposits and Withdrawals](https://docs.royco.org/royco-dawn/deposits-and-withdrawals.md)
- [6. Risk Framework](https://docs.royco.org/royco-dawn/risk-framework.md): This section describes the primary risk categories, organized by where they apply: risks inherent to Dawn markets (affecting both Senior and Junior tranche depositors directly), risks specific to vaults that aggregate across markets, and operational risks that span the protocol.
- [7. Security and Audits](https://docs.royco.org/royco-dawn/security-and-audits.md)
- [8. EntryPoint](https://docs.royco.org/royco-dawn/roycoentrypoint.md)
- [9. Frequently Asked Questions](https://docs.royco.org/royco-dawn/faq.md)
- [10. Key Addresses](https://docs.royco.org/royco-dawn/key-addresses.md)
- [Legacy Deployment](https://docs.royco.org/royco-dawn/legacy-deployment.md): Status and known accounting limitations of the Royco Dawn deployment.