Royco Dawn

Royco is a non-custodial, perpetual risk-tranching protocol. Its smart contracts divide yield opportunities into senior and junior tranches. The senior tranche is protected, at a minimum, from a preset market-defined drawdown percentage in the underlying investment, with the junior tranche serving as first-loss capital. In exchange, the junior tranche receives a portion of the senior yield as a risk premium, in addition to earning its own.

Program Overview

For more information about Royco Dawn, please visit https://www.royco.org/

Royco Dawn provides rewards in USDC on Ethereum, denominated in USD.

Rewards

Royco Dawn provides rewards in USDC on Ethereum, denominated in USD.

Rewards by Threat Level

Smart Contract

Critical

• Max: $250,000
• Min: $50,000

Websites and Applications

Critical

• Max: $10,000
• Min: $2,000

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

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.

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.

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.

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.

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.

If the project has any testnet and/or mock files, those will not be covered under Primacy of Impact.

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 Dawn's completed audit reports can be found at https://github.com/roycoprotocol/royco-dawn/tree/main/audit. Any unfixed vulnerabilities mentioned in these reports are not eligible for a reward.

All audits were completed at 17 February 2026.

KYC Required

The submission of KYC information is a requirement for payout processing.

Participants must adhere to the Eligibility Criteria.

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.