The Security Dossier · Royco Dawn
Security isn't a feature.
It's the foundation.
DeFi keeps suffering from exploits. This is an unacceptable outcome for users. Royco is built differently: multiple audits from tier-one security firms, formally verified, continuously monitored, and employs robust operational practices because security is our paramount priority.
$250K
Bug Bounty
Active via Immunefi
5
Independent Audits
With Formal Verification
24h
Min Settlement Delay
On every withdrawal
24/7
Monitoring
Via Hypernative
CantinaCertoraHexensHypernativeImmunefiNethermind
Security you can verify,
not just believe.
Independent audits, continuous monitoring, on-chain enforcement. Every layer leaves a public trail, no trust required.
Always-on · Public
Approach
Eight layers of defense
A failure in any single layer is caught by the next. Formally verified, continuously monitored, and guarded by a 24-hour min settlement delay on every withdrawal.
3 / 5 · Timelocked
Governance
3-of-5 multisig + timelocks
No single party can move funds or upgrade contracts. Every privileged action passes through a timelock before execution.
Response
Pre-rehearsed incident plan
On-call rotation, <15m target MTTR, public post-mortem within 7 days. Security Council can pause any contract instantly.
§ 01 · Architecture
Eight defenses.
Each a backstop for the others.
Most DeFi protocols stop at audits. We stack eight independent defenses so a failure in any one is caught by the next — sanctions at the edge, formal proofs at the core, and humans in the loop for everything between.

Oracle policy

Royco does not depend on any oracle tied to secondary liquidity — every price is either a fundamental oracle or a manually-maintained rate, updated based on an assessment of the underlying asset. This makes the protocol resistant to an entire class of price-manipulation attacks that have drained other DeFi systems.

§ 02 · Transparency
Complete audit history.
With every finding, nothing redacted.
Security claims mean nothing without evidence. Here is every audit report, competition, and formal-verification engagement Royco has undergone,
including the ones that found problems.
Certora
[ Coming soon ]
Formal Verification
Core Invariants, Ongoing Specification Coverage
Ongoing
WatchPug
View
Pendle Integration
Royco Tranches Pendle SY
Apr 2026
Certora
View
Full Protocol Audit
Core Protocol Contracts and Entry Point
Apr 2026
Hexens
View
Pendle Integration
Royco Tranches Pendle SY
Apr 2026
Hexens
View
Entry Point and Integrations
Entry Point and New Markets
Apr 2026
Nethermind
View
Royco Makina Strategy
Bridge between Concrete Earn v2 and Makina
Mar 2026
Hexens
View
Full Protocol Audit
Core Protocol Contracts
Mar 2026
Cantina
View
Competitive Audit
Public Competition from Whitelist Perspective
Feb 2026
Hexens
View
Whitelist Review
Core Protocol from Whitelist Perspective
Jan 2026
Hexens
View
Full Protocol Audit
Core Protocol Contracts
Jan 2026
External Audits
ConcreteMakina
§ 03 · Governance
No hot wallet. No single signer.
No instant upgrades.
Every privileged action — upgrades, parameter changes, signer rotations — moves through a predictable, on-chain procedure depositors can watch in real time.
01Proposed
02Signed(3-of-5 Multisig)
03Timelocked(24h-7d Timelock)
04Executed
Breakdown of every privileged action by delay
Contract Upgrades48 hours
Oracle Swap24 hours
Risk Parameters48 hours
Fee Changes48 hours
Pausing/UnpausingInstant

Pause is the only instant action — it can only stop activity, never move value. Every other action sits in public for at least 24 hours before it can execute.

§ 04 · Emergency Response
Hope is not a plan.
We drilled for this way before.
We plan for failure. A security incident on Royco triggers a pre-rehearsed, on-call response — not a Slack thread at 3am.
Roster
Royco War Room

Hand-picked security engineers, and council members, — named, on-call, and rehearsed. When the alarm trips, the room is already live. No hunting for who’s on-call. No improvising the chain of command.

T + 0s
Detection24/7
On-call rotation

Hypernative or the security council detects an anomaly. On-call rotation is paged immediately.

T + 2m
Triage

Incident commander convenes the on-call engineers, and security council on a dedicated channel.

T + 15m
Containment<15m
Target MTTR

If the anomaly is confirmed, the security council executes an instant pause. Queue settlement halts.

T + 1h
Communication

A public post-to-known-channels status update is issued. Depositors are informed before markets are.

T + 24h
Post-mortem<7d
Public write-up

A written post-mortem is prepared and published within 7 days of containment.

§ 05 · Open Source
The source is the truth.
Fork it. Read it. Break it.
Every contract, test, and deployment script is public — the same files the auditors reviewed are the ones running in production.
roycoprotocol / royco-dawn
Core contracts, tests, and deployment scripts for Royco Dawn.
§ 06 · Backed By
Investors who read reports.
Not just pitch decks.
We chose our investors as carefully as they chose us — funds with a long record of backing protocols that take security seriously.
Backed By
Electric CapitalNFXCoinbase Ventures
+ angels & operators
§ 07 · Curated Vaults
Vaults with nothing hidden.
Managed in public, not in private.
Alongside the core protocol, Royco offers curated vaults, a separate product with its own security surface. Here's exactly how it's built, and exactly who's accountable for what.
01Vault Tokens
srRoyUSDCSenior Royco USDC
02Managed byDialectic on Makina
ManagerDialectic
ContractsMakina, Concrete
Multisig3-of-5 (separate Safe)
Timelock48h on allocation changes
Upgrade GateConcrete 3-of-5 whitelist
03Allocated Across
Royco senior tranches
+ venues selected by Dialectic
04AccountabilityWho owns what
Royco ProtocolGovernanceThe eight layers above.
DialecticAllocation PolicyWithdrawal queue, vault allocations and rebalancing.
MakinaVault Contracts (Internal)Internal vault infrastructure, deployments and scripts for managing positions.
ConcreteVault Contracts (User Facing)User facing vault infrastructure and upgrades.
CounterpartiesDownstream VenuesRoyco senior tranches and venues selected by Dialectic — each has its own security surface.
Every allocation is on-chain and public — so you can always see exactly where your deposit sits.Deposit into Royco Senior USDC Vault
Deposit with confidence.
You've read the dossier. The contracts, the audits, the timelocks, the queue. From here, it's your call.
Explore DawnRead the docs
[note]

This page documents the full security posture of Royco Dawn at public launch. The timelocks, queue delays, multisig, and monitoring described above become active the moment Dawn goes live for a public release. Specific parameters and implementation details remain subject to change until launch.