---
title: "Hold senior, junior or liquidity provider tranches of hBTC/sr-hBTC/cbBTC on Royco"
description: "Stake in the hBTC/sr-hBTC/cbBTC senior, junior or liquidity provider tranche of a Royco Day market to earn rewards. The junior tranche absorbs losses first and earns a risk premium on senior yield; the liquidity provider tranche market-makes senior exits and earns a liquidity premium; the senior tranche is the protected leg and keeps the residual yield."
canonical: "https://app.merkl.xyz/opportunities/7338461207569733353"
chain: "Base"
protocol: "royco"
type: "ROYCO_DAY"
page: 1
items: 25
totalPages: 1
updated: 2026-09-11T17:09:26.000Z
---

# Hold senior, junior or liquidity provider tranches of hBTC/sr-hBTC/cbBTC on Royco

## Back to

- [Opportunities index (HTML)](https://app.merkl.xyz/)
- [Base chain (markdown)](https://app.merkl.xyz/chains/base.md)
- [royco protocol (markdown)](https://app.merkl.xyz/protocols/royco.md)

Stake in the hBTC/sr-hBTC/cbBTC senior, junior or liquidity provider tranche of a Royco Day market to earn rewards. The junior tranche absorbs losses first and earns a risk premium on senior yield; the liquidity provider tranche market-makes senior exits and earns a liquidity premium; the senior tranche is the protected leg and keeps the residual yield.

## Key metrics

- **Total Value Locked**: $0
- **APR**: 0.00%
- **Native APR**: —
- **Daily rewards**: $0
- **Live campaigns**: 1
- **Chain**: Base
- **Protocol**: royco

## Tokens

- [sr-hBTC/cbBTC](https://app.merkl.xyz/tokens/sr-hBTC%2FcbBTC.md)
- [hBTC](https://app.merkl.xyz/tokens/hBTC.md)

## Campaigns — page 1 of 1 (1 total)

| Campaign | Status | Reward | APR | Daily $ | Start | End |
| --- | --- | --- | --- | --- | --- | --- |
| [19106777…](https://app.merkl.xyz/opportunities/7338461207569733353/campaigns/1910677704889441195.md) | live | [hBTC](https://app.merkl.xyz/tokens/hBTC.md) | 0.00% | $0 | 2026-08-14 | 2026-10-15 |

## Participate

- [Deposit](https://dawn.royco.org/explore)

## Links

- [Open in Merkl App (HTML)](https://app.merkl.xyz/opportunities/7338461207569733353)
- [Base chain page](https://app.merkl.xyz/chains/base)
- [royco protocol page](https://app.merkl.xyz/protocols/royco)