Royco Dawn tranches sNUSD from Neutrl.
@Neutrl is a market-neutral synthetic dollar protocol that generates on-chain yield through hedged trading strategies. sNUSD is its yield-bearing token.
Neutrl primarily generates its yield through three mechanisms: OTC arbitrage via exclusive deal flow, delta-neutral hedging in perpetual futures markets, and basis and funding arbitrage. OTC arbitrage is the largest yield driver and performs across all funding rate conditions.
Dawn adds a new layer. sNUSD holders today absorb the full risk profile of Neutrl's strategy mix. Dawn lets them choose how much of that risk they actually want to carry.
Senior depositors access Neutrl's market-neutral yield with a contract-enforced minimum Junior buffer standing in front of them at all times. Junior depositors step into first-loss exposure with a premium for holding that exposure.
Market-neutral yield at this level of sophistication has never been easily accessible on-chain. Dawn makes it possible.