One character, alone. Climb twenty floors of the Trials, hold the shore against today's tide, or duel another holder's character for its rating. Both pay loot, the same loot your estate builds with. Loot buys Mastery, which makes that character stronger here and in raids.
Each character climbs on its own. Clear a floor to open the next. Every run is recorded as the buttons you pressed, and the server plays it again to check it before it pays: the same fight, step for step, or nothing is paid.