Pareto FalconX Credit Vault is the 9th market on @roycoprotocol But it also has one of the most unique risk structures currently available on the platform. Unlike most Royco markets, where the underlying yield source is directly split into Senior and Junior tranches, AA_FalconXUSDC is actually a case of double-tranching. The Senior tranche on Royco is not created from the original underlying asset. Instead, it is built on top of the Senior tranche of @paretocredit FalconX Credit Vault, which is already protected by Pareto's equity buffer and FalconX's over collateralization. In other words: FalconX Credit → Pareto Senior Tranche → Royco Senior Tranche This creates two sequential layers of loss absorption before the Royco Senior tranche is affected: • Pareto's equity buffer • Royco's Junior buffer (~3%) As a result, AA_FalconXUSDC arguably offers one of the most defensive Senior tranche structures currently available on Royco, while providing exposure to institutional-grade credit rather than traditional DeFi-native yield sources.