Royco

Back to Explore Royco | Royco is a non-custodial yield structuring protocol that splits any yield source into Senior, Junior, and Senior Liquidity Provider tranches, letting depositors choose their risk and liquidity profile. Senior Tranche (ST): earns the least yield but benefits from seniority and secondary liquidity. Junior Tranche (JT): earns the highest yield by serving as first-loss capital and receives a risk premium paid by Senior, in addition to the base asset yield. Senior Liquidity Provider (SLP): earns a premium and trading fees by providing secondary liquidity for the Senior tranche. Yield flows from the ST to both JT and SLP, paying for Senior’s coverage and liquidity. ETH Arbitrum Base Avalanche Defi Solidity JavaScript Typescript Maximum Bounty $250,000 Live Since 17 February 2026 Last Updated 12 August 2026 PoC Required KYC required Submit a Bug Information Scope Resources Rewards Royco provides rewards in USDC on Ethereum , denominated in USD. Rewards by Threat Level Smart Contract Critical Max: $250,000 Min: $50,000 Primacy of Impact Critical Reward Calculation Mainnet assets: Reward amount is 10 % of the funds directly affected up to a maximum of: $250,000 Minimum reward to discourage security researchers from withholding a bug report: $50,000 Websites and Applications Critical Max: $10,000 Min: $2,000 Primacy of Impact Rewards Body Reward Calculation for Critical Level Reports For critical smart contract bugs, the reward amount is 10% of the funds directly affected up to a maximum of USD 250 000 . The calculation of the amount of funds at risk is based on the time and date the bug report is submitted. However, a minimum reward of USD 50 000 is to be rewarded in order to incentivize security researchers against withholding a critical bug report. For critical web/apps bugs, reports will be rewarded with USD 10 000 , only if the impact leads to: A loss of funds involving an attack that does not require any user action Private key or private key generation leakage leading to unauthorized access to user funds All other impacts that would be classified as Critical would be rewarded a flat amount of USD 2 000 . The rest of the severity levels are paid out according to the Impact in Scope table. Repeatable Attack Limitations If the smart contract where the vulnerability exists can be upgraded or paused, only the initial attack will be considered for a reward. The amount of funds at risk will be calculated with the impact of the first attack being at 100% and then a reduction of 25% from the amount of the first attack for every [300 blocks] the attack needs for subsequent attacks from the first attack, rounded down. Reward Payment Terms Payouts are handled by the Royco Dawn team directly and are denominated in USD. However, payments are done in USDC on Ethereum. The calculation of the net amount rewarded is based on the average price between CoinMarketCap.com and CoinGecko.com at the time the bug report was submitted. No adjustments are made based on liquidity availability. View impacts in scope Program Overview Royco is a non-custodial yield structuring protocol that splits any yield source into Senior, Junior, and Senior Liquidity Provider tranches, letting depositors choose their risk and liquidity profile. Senior Tranche (ST): earns the least yield but benefits from seniority and secondary liquidity. Junior Tranche (JT): earns the highest yield by serving as first-loss capital and receives a risk premium paid by Senior, in addition to the base asset yield. Senior Liquidity Provider (SLP): earns a premium and trading fees by providing secondary liquidity for the Senior tranche. Yield flows from the ST to both JT and SLP, paying for Senior’s coverage and liquidity. For more information about Royco, please visit https://www.royco.org/ . Royco Dawn provides rewards in USDC on Ethereum, denominated in USD. For more details about the payment process, please view the Rewards by Threat Level section further below. Responsible Publication Royco Dawn adheres to Category 3: Approval Required . This Policy determines what information researchers are allowed to make public from their submitted bug reports. For more information about the category selected, please refer to our Responsible Publication page. Primacy of Impact vs Primacy of Rules Royco Dawn adheres to the Primacy of Impact for the following impacts: Smart Contract — Critical Website & Application — Critical Primacy of Impact means that the impact is prioritized rather than a specific asset. This encourages security researchers to report on all bugs with an in-scope impact, even if the affected assets are not in scope. For more information, please see Best Practices: Primacy of Impact When submitting a report on Immunefi’s dashboard, the security researcher should select the Primacy of Impact asset placeholder. If the team behind this project has multiple programs, those other programs are not covered under Primacy of Impact for this program. Instead, check if those other projects have a bug bounty program on Immunefi. Exclusions to Primacy of Impact: Testnet assets, mock files, and dev environments are not covered under Primacy of Impact. Deprecated or legacy domains/subdomains (including, but not limited to, app.royco.org and terminal.royco.org ) are unmaintained and strictly out of scope . For the avoidance of doubt, out-of-scope domain exclusions control over the Primacy of Impact provision. All other impacts are considered under the Primacy of Rules, which means that they are bound by the terms and conditions set within this program. Proof of Concept (PoC) Requirements A PoC, demonstrating the bug's impact, is required for this program and has to comply with the Immunefi PoC Guidelines and Rules . Previous Audits Royco's completed audit reports can be found at https://github.com/roycoprotocol/royco-day/tree/main/audit and https://github.com/roycoprotocol/royco-dawn/tree/main/audit . Any unfixed vulnerabilities mentioned in these reports are not eligible for a reward. Audits Auditor Link Completed at All audits │ https://github.com/roycoprotocol/royco-dawn/tree/main/audit │ 17 February 2026 Royco Day audits │ https://github.com/roycoprotocol/royco-day/tree/main/audit │ 11 August 2026 Auditor All audits Link https://github.com/roycoprotocol/royco-dawn/tree/main/audit Completed at 17 February 2026 Auditor Royco Day audits Link https://github.com/roycoprotocol/royco-day/tree/main/audit Completed at 11 August 2026 KYC required The submission of KYC information is a requirement for payout processing. Participants must adhere to the Eligibility Criteria. Proof of Concept Proof of concept is always required for all severities. Responsible Publication Category 3: Approval Required Prohibited Activities Default prohibited activities Any testing on mainnet or public testnet deployed code; all testing should be done on local-forks of either public testnet or mainnet Any testing with pricing oracles or third-party smart contracts Attempting phishing or other social engineering attacks against our employees and/or customers Any testing with third-party systems and applications (e.g. browser extensions) as well as websites (e.g. SSO providers, advertising networks) Any denial of service attacks that are executed against project assets Automated testing of services that generates significant amounts of traffic Public disclosure of an unpatched vulnerability in an embargoed bounty Any other actions prohibited by the Immunefi Rules Feasibility Limitations The project may be receiving reports that are valid (the bug and attack vector are real) and cite assets and impacts that are in scope, but there may be obstacles or barriers to executing the attack in the real world. In other words, there is a question about how feasible the attack really is. Conversely, there may also be mitigation measures that projects can take to prevent the impact of the bug, which are not feasible or would require unconventional action and hence, should not be used as reasons for downgrading a bug's severity. Therefore, Immunefi has developed a set of feasibility limitation standards which by default states what security researchers, as well as projects, can or cannot cite when reviewing a bug report. Chain Rollbacks Pre-Impact Bug Monitoring Attack Investment Amount Attacks With A Financial Risk To The Attacker When Is An Impactful Attack Downgraded To Griefing? Submit a Bug Total Assets in Scope 10