Collateral
Loan denomination
Sky (Maker)
Sky Ecosystem · Ethereum · administered · on-chain since 2020-04-30
What we can see here. Rates are live, quantity is collecting, and composition is collecting. Each section below states its own case. Sections are never dropped when they are empty — an absent section and an absent number are different things.
1Structure
What kind of credit this is. Attributes, not scores — one column per structural property, factual values only, each with the contract, document or filing establishing it. Nothing here is ranked or weighted.
Oracle dependency what price the loan depends on, if any | single Sky/Maker — one `pip` per ilk (the pip address in credit_venues.markets), read through the Spotter. That pip is an Oracle Security Module wrapping a Medianizer, so the price is a median of several whitelisted feeds delayed by one hour — the delay being a deliberate governance circuit-breaker. Recorded as `single` on the same basis as any isolated market: the ilk depends on exactly one oracle address. Its internal composition is described here rather than collapsed into the enum. |
Liquidation what happens when collateral falls | threshold Sky/Maker — Dog.bark() triggers once a vault's collateralisation falls below its ilk's liquidation ratio (the Spotter's `spot`), handing the position to that ilk's Clipper (clip address in credit_venues.markets) for a Dutch auction with a declining price. |
Term whether the loan has an end date | open-ended Sky/Maker Vat — a vault has no maturity; it persists until the owner wipes the debt or it is liquidated. |
Rate certainty whether the rate can move after origination | variable Sky/Maker MCD_JUG — the stability fee is base + ilk duty, both governance parameters changed by executive spell at any time. Reconstructed history shows 39 distinct levels on WBTC-A between 2020-04-30 and 2026-07-30, so it is emphatically not fixed at origination. Note the distinction this column does NOT carry: variable here means "can change during the loan", not "set by utilisation" — that is what rate_mechanism records, and Sky's is `administered`. |
Rate mechanism how the rate is set | administered Sky/Maker MCD_JUG — jug.base() + jug.ilks(ilk).duty, a per-second compounding factor in ray set by governance spell rather than by a curve: administered per v1 §8.2. |
Custody who holds the collateral | protocol-custodial Sky/Maker GemJoin adapter per ilk (the join address in credit_venues.markets) — collateral is transferred into the adapter and accounted in the Vat; the vault owner controls the position but not the asset. |
Collateral what secures the borrowing | WBTC (direct_wrapped) via ilks WBTC-A, WBTC-B, WBTC-C credit_venues.markets — three WBTC ilks resolved through the IlkRegistry 0x5a464C28D19848f44199D003BeF5ecc87d090F87, each with its own gem, join, clip and pip. They differ in liquidation ratio and stability fee, not in collateral: all three take the same WBTC. |
Recourse whether liability stops at the collateral | non-recourse Sky/Maker — the vault owner's liability is bounded by the collateral in that vault. A shortfall after a Clipper auction becomes protocol bad debt (the Vow's `sin`), covered by the surplus buffer and ultimately by governance-token dilution, rather than pursued against the owner. |
2Rates
What it costs to borrow here, and what it pays to lend, both sides never conflated. Rates are normalised to a continuously compounded annual figure so venues quoting four different ways are comparable.
live
This venue’s rate is published in the cross-venue comparison rather than duplicated here, so the figures on both surfaces cannot drift apart. See it beside every other venue.
3Quantity
Collateral locked and debt outstanding, and the origination, repayment and net flow behind them.
collecting
Stability-fee history replayed from 736 MCD_JUG governance events and gated by exact integer equality against the live read on all three ilks and the global base — 2,283 days on WBTC-A from 2020-04-30. Quantity is 7 days of ungated venue-level snapshot and composition needs loan-level ingestion that has not started; both stay collecting.
4Composition
Who owes it and on what terms: LTV distribution, how long positions actually reside, position-size concentration, and liquidation incidence by origination-LTV cohort.
collecting
Stability-fee history replayed from 736 MCD_JUG governance events and gated by exact integer equality against the live read on all three ilks and the global base — 2,283 days on WBTC-A from 2020-04-30. Quantity is 7 days of ungated venue-level snapshot and composition needs loan-level ingestion that has not started; both stay collecting.
5Markets
The individual markets this venue runs in scope. A venue is usually a family — one row per (collateral representation, debt asset, chain).
3 markets are resolved for this venue; the per-market list is not published on this page yet.
6Policy-rate history
Specific to how this venue sets its rate — administered. Every venue of the same mechanism class gets the same panel.
The stability fee as a step chart, because it is a policy rate and should look like one, plus debt-ceiling headroom.
Contract addresses, reserve lists and market identifiers are resolved from this venue’s own on-chain registry rather than taken from its documentation, and re-checked whenever the registry changes. Where documentation and chain disagreed, the chain won and the disagreement is recorded. Last resolved 2026-07-24. The deepest backfill available anywhere in the set — WBTC-A dates to 2020-04-30. Enumerating the IlkRegistry returned exactly WBTC-A/B/C, confirming the documented set rather than contradicting it, which is why the ilk list can now be trusted without re-derivation. Trap: IlkRegistry.info() returns an empty join adapter for all three; the join addresses above come from the direct join(bytes32) accessor. R6 decodes vault events through those adapters, so it must use the individual accessors, not the composite struct.