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Sky Protocol (MakerDAO) - Ilk Report

Block: 24340363 Timestamp: 2026-01-29T11:58:59.000Z Chainlog Version: 1.20.10

System Overview

Metric Value
Total System Debt 11,039,590,057.21 DAI
Total Bad Debt (Vice) 354,700,540.31 DAI
Global Debt Ceiling 13,344,213,830.25 DAI
Ceiling Utilization 82.73%
DAI Total Supply (ERC-20) 4,364,606,900.85 DAI
Jug Base Rate APY 0.0000%
Spotter Par 1000000000000000000000000000

System Overview Glossary

  • Total System Debt: The sum of all DAI minted across every ilk (collateral type) in the VAT. Read from vat.debt() which returns a rad (10^45 precision) value. Displayed by dividing by 10^45. This includes both DAI in circulation and DAI held internally by system contracts.

  • Total Bad Debt (Vice): Unbacked DAI debt in the system, typically created during vault liquidations when collateral doesn't fully cover the debt. Read from vat.vice() (rad). When a vault is liquidated via grab(), the seized debt becomes sin assigned to the Vow. Vice is the sum of all sin across the system.

  • Global Debt Ceiling (Line): The maximum total DAI that can exist across all ilks combined. Read from vat.Line() (rad). Governance sets this value. No new DAI can be minted (via frob()) if it would cause total debt to exceed this ceiling.

  • Ceiling Utilization: Calculated as (Total System Debt / Global Debt Ceiling) * 100. Indicates how close the system is to its global borrowing limit.

  • DAI Total Supply (ERC-20): The circulating supply of the DAI ERC-20 token on Ethereum mainnet. Read from dai.totalSupply(). This differs from Total System Debt because some DAI exists only as internal VAT balances (e.g., in the surplus buffer, DSR, or pending auction proceeds) and has not been converted to the external ERC-20 token via DaiJoin.

  • Jug Base Rate APY: A global base stability fee rate added on top of every ilk's individual duty. Read from jug.base() (ray, 10^27 precision). The effective per-second rate for an ilk = base + duty. Currently 0.0000%, meaning the base contributes nothing and all fees come from individual ilk duties.

  • Spotter Par: The internal reference price of DAI in the system. Read from spotter.par() (ray). A value of 1e27 means 1 DAI = 1 unit of account (USD). This is used in price calculations: spot = (oracle_price * par) / mat. Changing par would revalue DAI relative to its peg target.

Surplus Buffer (Vow)

Metric Value
Actual Surplus -263,057,399.95 DAI
Surplus Target (hump) 115,792,089,237,316,200,000,000,000,000,000.00 DAI
Queued Debt (Sin) 224,164,777.22 DAI
Debt on Auction (Ash) 0 DAI
Surplus Lot Size (bump) 0 DAI
Debt Lot Size (dump) 0 MKR
Debt Auction Bid (sump) 115,792,089,237,316,200,000,000,000,000,000.00 DAI
Sin Queue Wait (wait) 561600 seconds

Surplus Buffer Glossary

  • Actual Surplus: Calculated as vat.dai(vow) - vat.sin(vow) - Sin - Ash. The net DAI surplus available in the system after accounting for all queued and auctioning debt. When this exceeds hump, governance can trigger a surplus (flap) auction to buy and burn MKR.

  • Surplus Target (hump): The governance-set surplus buffer size. Read from vow.hump() (rad). The system will not trigger surplus auctions until the actual surplus exceeds this amount. Acts as a safety cushion against future bad debt.

  • Queued Debt (Sin): Total unbacked debt queued in the Vow, waiting to mature. Read from vow.Sin() (rad). When vaults are liquidated, seized debt enters a time-locked queue. After wait seconds, it can be processed via flog().

  • Debt on Auction (Ash): Total unbacked debt currently being auctioned via debt (flop) auctions. Read from vow.Ash() (rad). Debt auctions mint new MKR to cover bad debt.

  • Surplus Lot Size (bump): Fixed DAI amount sold per surplus (flap) auction. Read from vow.bump() (rad). Each surplus auction sells exactly this much DAI for MKR, which is then burned.

  • Debt Lot Size (dump): Initial MKR amount minted per debt (flop) auction. Read from vow.dump() (wad). This is the starting MKR offer; bidders compete by accepting less MKR for the fixed sump DAI.

  • Debt Auction Bid (sump): Fixed DAI amount each debt auction attempts to raise. Read from vow.sump() (rad). Bad debt is chunked into sump-sized lots for auctioning.

  • Sin Queue Wait (wait): Time in seconds that seized debt must wait before it can be processed. Read from vow.wait(). Provides a delay before bad debt triggers MKR minting, allowing time for collateral auctions to cover the debt first.

DAI Savings Rate (Pot)

Metric Value
DSR APY 1.2500%
Total DAI in DSR 256,354,910.63 DAI
Normalized Deposits (Pie) 218,846,513.45
Rate Accumulator (chi) 1171391339954675020706106756
Last Drip (rho) 1769687063

DSR Glossary

  • DSR APY: The annualized yield earned by DAI deposited in the Pot (DAI Savings Rate). Read from pot.dsr() (ray, per-second rate). Converted to APY: ((dsr / 10^27) ^ 31536000 - 1) * 100. Governance sets this rate to influence DAI demand.

  • Total DAI in DSR: Total DAI accruing savings interest. Calculated as Pie * chi / 10^27. Represents the current value of all DSR deposits including accumulated interest. This DAI exists only as internal VAT balances, not as ERC-20 tokens.

  • Normalized Deposits (Pie): Total normalized DAI deposited in DSR. Read from pot.Pie() (wad). When users deposit DAI, it's normalized by dividing by chi. The actual DAI owed = Pie * chi.

  • Rate Accumulator (chi): The accumulated DSR multiplier. Read from pot.chi() (ray). Starts at 1e27 and grows each time drip() is called. chi = chi_prev * (dsr ^ (now - rho)). Depositors' DAI = their_pie * chi.

  • Last Drip (rho): Unix timestamp of the last pot.drip() call. Read from pot.rho(). Between drips, interest accrues but isn't reflected in chi until the next drip.

USDS & Sky Savings

Token Symbol Total Supply Extra
USDS USDS 6,102,291,618.63 Stablecoin
sUSDS sUSDS 3,939,436,766.63 SSR APY: 4.0000%
stUSDS stUSDS 144,278,806.30 Staked USDS

USDS & Sky Savings Glossary

  • USDS: The Sky Protocol stablecoin, successor/complement to DAI. USDS is minted via the USDS Join adapter and is 1:1 convertible with DAI. Read from the USDS ERC-20 contract at the USDS chainlog key.

  • sUSDS: Staked USDS — a yield-bearing wrapper for USDS. Users deposit USDS and earn the Sky Savings Rate (SSR). Similar in concept to the Pot (DSR) but for USDS. The SSR is read from susds.ssr() (ray, per-second rate) and susds.chi() tracks the accumulated rate.

  • SSR APY: The Sky Savings Rate annualized. Governance sets this to incentivize USDS savings deposits.

  • stUSDS: An additional staked USDS variant tracked in the chainlog. Read from the STUSDS chainlog key.

VAT Internal Balances

Account DAI Balance Sin Balance
Vow (Surplus Buffer) 315,807,917.58 DAI 354,700,540.31 DAI
Pot (DSR Deposits) 256,354,910.63 DAI —
DaiJoin (ERC-20 Reserve) 4,364,606,902.81 DAI —

VAT Internal Balances Glossary

  • Vow DAI Balance: Read from vat.dai(vow) (rad). The total internal DAI credited to the Vow contract. This comes from stability fee revenue (jug.drip()) and liquidation proceeds. The Vow uses this to offset bad debt (sin) and fund surplus auctions.

  • Vow Sin Balance: Read from vat.sin(vow) (rad). The total unbacked debt assigned to the Vow. This increases when vaults are liquidated (via vat.grab()). The Vow processes this through debt auctions or offsets it against surplus DAI.

  • Pot DAI Balance: Read from vat.dai(pot) (rad). The total internal DAI held by the Pot contract for DSR depositors. This grows as pot.drip() accrues interest by minting new internal DAI.

  • DaiJoin DAI Balance: Read from vat.dai(daiJoin) (rad). The internal DAI reserve backing the ERC-20 DAI token. When users call daiJoin.exit(), internal DAI is burned and ERC-20 DAI is minted. When they call daiJoin.join(), ERC-20 DAI is burned and internal DAI is credited. This balance should closely track the ERC-20 DAI total supply.

Liquidation Engine (Dog)

Metric Value
Global Max Auctions (Hole) 150,000,000.00 DAI
Current Global Auctions (Dirt) 0 DAI

Per-Ilk Liquidation Parameters

Ilk Penalty Max Auction (hole) Current Auction (dirt) Clipper
LITE-PSM-USDC-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
ALLOCATOR-SPARK-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
ALLOCATOR-BLOOM-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
ALLOCATOR-OBEX-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
ETH-C 13.00% 35,000,000.00 DAI 0 DAI 0xc2b12567523e3f3CBd9931492b91fe65b240bc47
ETH-A 13.00% 40,000,000.00 DAI 0 DAI 0xc67963a226eddd77B91aD8c421630A1b0AdFF270
LSEV2-SKY-A 13.00% 250,000.00 DAI 0 DAI 0x836F56750517b1528B5078Cba4Ac4B94fBE4A399
RWA009-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
RWA002-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
WSTETH-A 13.00% 30,000,000.00 DAI 0 DAI 0x49A33A28C4C7D9576ab28898F4C9ac7e52EA457A
WSTETH-B 13.00% 20,000,000.00 DAI 0 DAI 0x3ea60191b7d5990a3544B6Ef79983fD67e85494A
RWA001-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
ETH-B 13.00% 15,000,000.00 DAI 0 DAI 0x71eb894330e8a4b96b8d6056962e7F116F50e06F
RWA005-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
RWA004-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
WBTC-C 0.00% 10,000,000.00 DAI 0 DAI 0x39F29773Dcb94A32529d0612C6706C49622161D1
WBTC-A 0.00% 10,000,000.00 DAI 0 DAI 0x0227b54AdbFAEec5f1eD1dFa11f54dcff9076e2C
WBTC-B 0.00% 5,000,000.00 DAI 0 DAI 0xe30663C6f83A06eDeE6273d72274AE24f1084a22
PSM-PAX-A 13.00% 0 DAI 0 DAI 0x5322a3551bc6a1b39d5D142e5e38Dc5B4bc5B3d2
PSM-GUSD-A 13.00% 0 DAI 0 DAI 0xf93CC3a50f450ED245e003BFecc8A6Ec1732b0b2
TELEPORT-FW-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000
ALLOCATOR-NOVA-A -100.00% 0 DAI 0 DAI 0x0000000000000000000000000000000000000000

Liquidation Engine Glossary

  • Global Max Auctions (Hole): Maximum total DAI that can be simultaneously on liquidation auction across all ilks. Read from dog.Hole() (rad). This caps systemic risk from cascading liquidations.

  • Current Global Auctions (Dirt): Total DAI currently being auctioned globally. Read from dog.Dirt() (rad). When Dirt approaches Hole, new liquidations are throttled.

  • Penalty (chop): Liquidation penalty applied when a vault is liquidated. Read from dog.ilks(ilk).chop (wad, where 1.13e18 = 13% penalty). The seized collateral must cover debt + penalty. Displayed as percentage above 100%.

  • Max Auction / hole: Per-ilk maximum DAI on concurrent liquidation auctions. Read from dog.ilks(ilk).hole (rad). Limits exposure to any single collateral type during a liquidation event.

  • Current Auction / dirt: Per-ilk DAI currently being auctioned. Read from dog.ilks(ilk).dirt (rad).

  • Clipper: The Dutch auction contract for this ilk. Read from dog.ilks(ilk).clip. Liquidated collateral is sold via a falling-price auction starting at a premium above market price.

Summary

  • Total Ilks: 31
  • Active Ilks: 22 (have debt or non-zero ceiling)
  • Inactive Ilks: 9

All Ilks by Debt

Ilk Debt (DAI) Ceiling (DAI) Utilization Stability Fee Liq. Ratio Status
LITE-PSM-USDC-A 4,036,886,609.21 4,432,812,095.01 91.1% 0.0000% 100.00% Active
ALLOCATOR-SPARK-A 3,295,591,802.74 3,796,623,915.51 86.8% 0.0000% 100.00% Active
ALLOCATOR-BLOOM-A 2,027,509,642.80 2,277,509,642.80 89.0% 0.0000% 100.00% Active
ALLOCATOR-OBEX-A 600,000,000.00 650,000,000.00 92.3% 0.0000% 100.00% Active
ETH-C 281,272,796.81 417,634,213.53 67.3% 7.7500% 170.00% Active
ETH-A 172,868,782.15 358,329,465.59 48.2% 8.0000% 145.00% Active
LSEV2-SKY-A 125,718,658.32 148,599,300.39 84.6% 8.9500% 120.00% Active
RWA009-A 49,615,060.51 100,000,000.00 49.6% 0.0000% 100.00% Active
RWA002-A 29,031,106.89 50,000,000.00 58.1% 7.0000% 100.00% Active
WSTETH-A 21,561,564.84 59,599,461.42 36.2% 9.0000% 150.00% Active
WSTETH-B 17,605,286.52 71,019,323.50 24.8% 8.7500% 175.00% Active
RWA001-A 15,236,645.03 15,000,000.00 101.6% 9.0000% 100.00% Active
ETH-B 5,439,612.60 25,225,728.84 21.6% 8.5000% 130.00% Active
RWA005-A 2,792,008.04 0 N/A (ceiling=0) 4.5000% 105.00% Active
RWA004-A 1,468,186.75 0 N/A (ceiling=0) 7.0000% 110.00% Active
WBTC-C 1,125,401.73 0 N/A (ceiling=0) 12.7500% 175.00% Active
WBTC-A 930,930.71 0 N/A (ceiling=0) 13.0000% 150.00% Active
WBTC-B 235,359.76 0 N/A (ceiling=0) 13.5000% 150.00% Active
PSM-PAX-A 60.92 0 N/A (ceiling=0) 0.0000% 100.00% Active
PSM-GUSD-A 0.57 0 N/A (ceiling=0) 0.0000% 100.00% Active
DIRECT-SPK-AAVE-LIDO-USDS 0 0 - 0.0000% 100.00% Inactive
DIRECT-AAVEV2-DAI 0 0 - 0.0000% 100.00% Inactive
PSM-USDC-A 0 0 - 0.0000% 100.00% Inactive
TELEPORT-FW-A 0 2,100,000.00 0.0% 0.0000% 0.00% Active
DIRECT-SPARK-DAI 0 0 - 0.0000% 100.00% Inactive
GUNIV3DAIUSDC2-A 0 0 - 0.0600% 1000.00% Inactive
ALLOCATOR-NOVA-A 0 1,000,000.00 0.0% 0.0000% 100.00% Active
GUNIV3DAIUSDC1-A 0 0 - 0.0200% 1000.00% Inactive
DIRECT-SPARK-MORPHO-DAI 0 0 - 0.0000% 100.00% Inactive
DIRECT-COMPV2-DAI 0 0 - 0.0000% 100.00% Inactive
UNIV2DAIUSDC-A 0 0 - 0.0200% 1000.00% Inactive

Column Glossary

  • Ilk: A collateral type identifier (e.g., ETH-A). Each ilk represents a unique set of risk parameters for a specific collateral asset. The same underlying token (e.g., WETH) can have multiple ilks with different risk profiles (ETH-A, ETH-B, ETH-C).

  • Debt (DAI): Total DAI minted against this ilk. Calculated as Art * rate / 10^45 where Art is the total normalized debt (wad, 10^18) from vat.ilks(ilk).Art and rate is the accumulated stability fee multiplier (ray, 10^27) from vat.ilks(ilk).rate. The rate increases over time as stability fees accrue via jug.drip(), so debt grows even without new borrowing.

  • Ceiling (DAI): Maximum DAI that can be minted against this ilk. Read from vat.ilks(ilk).line (rad, 10^45). Displayed by dividing by 10^45. Set by governance. A ceiling of 0 means the ilk is offboarded (no new borrowing allowed, but existing debt may remain).

  • Utilization: Calculated as (Debt / Ceiling) * 100. Shows how much of the ilk's borrowing capacity is in use. "N/A (ceiling=0)" means the ilk has been offboarded (ceiling set to 0) but still has outstanding debt that hasn't been repaid or liquidated.

  • Stability Fee: The annualized interest rate charged on borrowed DAI for this ilk. Read from jug.ilks(ilk).duty (ray), which is a per-second compounding rate. Converted to APY: ((duty / 10^27) ^ 31536000 - 1) * 100. The effective rate is base + duty but currently base=0. Revenue from fees accrues to the protocol surplus buffer via jug.drip().

  • Liq. Ratio (mat): The minimum collateralization ratio before a vault can be liquidated. Read from spotter.ilks(ilk).mat (ray). Displayed as a percentage (e.g., 1.5e27 = 150%). A 150% ratio means you need $150 of collateral for every $100 of DAI borrowed. The VAT spot price is derived as (oracle_price * par) / mat, so a higher mat means a lower spot and more conservative borrowing limits.

  • Status: "Active" if the ilk has outstanding debt > 0 OR a non-zero debt ceiling. "Inactive" means the ilk has been fully wound down: no debt remains and no new borrowing is allowed.

Collateral Breakdown

Ilk Symbol Locked in Join Total Supply Gem Address Join Address
ETH-C WETH 337,839.0061 2,238,431.10 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2 0xF04a5cC80B1E94C69B48f5ee68a08CD2F09A7c3E
ETH-A WETH 251,656.2228 2,238,431.10 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2 0x2F0b23f53734252Bda2277357e97e1517d6B042A
RWA009-A RWA009 1.0000 1.00 0x8b9734bbaA628bFC0c9f323ba08Ed184e5b88Da2 0xEe0FC514280f09083a32AE906cCbD2FAc4c680FA
RWA002-A RWA002 1.0000 1.00 0xAAA760c2027817169D7C8DB0DC61A2fb4c19AC23 0xe72C7e90bc26c11d45dBeE736F0acf57fC5B7152
WSTETH-A wstETH 20,016.9582 3,489,671.55 0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0 0x10CD5fbe1b404B7E19Ef964B63939907bdaf42E2
WSTETH-B wstETH 92,647.0423 3,489,671.55 0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0 0x248cCBf4864221fC0E840F29BB042ad5bFC89B5c
RWA001-A RWA001 1.0000 1.00 0x10b2aA5D77Aa6484886d8e244f0686aB319a270d 0x476b81c12Dc71EDfad1F64B9E07CaA60F4b156E2
ETH-B WETH 7,037.7263 2,238,431.10 0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2 0x08638eF1A205bE6762A8b935F5da9b700Cf7322c
RWA005-A RWA005 1.0000 1.00 0x6DB236515E90fC831D146f5829407746EDdc5296 0xA4fD373b93aD8e054970A3d6cd4Fd4C31D08192e
RWA004-A RWA004 1.0000 1.00 0x873F2101047A62F84456E3B2B13df2287925D3F9 0xD50a8e9369140539D1c2D113c4dC1e659c6242eB
WBTC-C WBTC 77.1106 124,963.49 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599 0x7f62f9592b823331E012D3c5DdF2A7714CfB9de2
WBTC-A WBTC 286.6315 124,963.49 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599 0xBF72Da2Bd84c5170618Fbe5914B0ECA9638d5eb5
WBTC-B WBTC 6.5067 124,963.49 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599 0xfA8c996e158B80D77FbD0082BB437556A65B96E0
PSM-PAX-A USDP 60.9170 45,557,425.34 0x8E870D67F660D95d5be530380D0eC0bd388289E1 0x7bbd8cA5e413bCa521C2c80D8d1908616894Cf21
PSM-GUSD-A GUSD 0.5700 47,990,327.29 0x056Fd409E1d7A124BD7017459dFEa2F387b6d5Cd 0x79A0FA989fb7ADf1F8e80C93ee605Ebb94F7c6A5
PSM-USDC-A USDC 99.3286 49,375,153,174.26 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 0x0A59649758aa4d66E25f08Dd01271e891fe52199
GUNIV3DAIUSDC2-A G-UNI 6,316.2122 6,324.13 0x50379f632ca68D36E50cfBC8F78fe16bd1499d1e 0xA7e4dDde3cBcEf122851A7C8F7A55f23c0Daf335
GUNIV3DAIUSDC1-A G-UNI 314.3220 315.07 0xAbDDAfB225e10B90D798bB8A886238Fb835e2053 0xbFD445A97e7459b0eBb34cfbd3245750Dba4d7a4
UNIV2DAIUSDC-A UNI-V2 0.0071 0.48 0xAE461cA67B15dc8dc81CE7615e0320dA1A9aB8D5 0xA81598667AC561986b70ae11bBE2dd5348ed4327

Ilks without gem data: LITE-PSM-USDC-A, ALLOCATOR-SPARK-A, ALLOCATOR-BLOOM-A, ALLOCATOR-OBEX-A, LSEV2-SKY-A, TELEPORT-FW-A, ALLOCATOR-NOVA-A

These ilks either don't have a standard Join contract in the chainlog, or their join/gem contract uses a non-standard interface.

Column Glossary

  • Symbol: The ERC-20 token symbol of the underlying collateral asset. Read from gem.symbol(). Multiple ilks can share the same gem (e.g., ETH-A, ETH-B, ETH-C all use WETH). RWA tokens typically have a total supply of 1 (they represent a single real-world position).

  • Locked in Join: The amount of collateral tokens held by the Join adapter contract. Read from gem.balanceOf(joinAddress). This represents the actual collateral backing the DAI minted against this ilk. When users open vaults, they deposit collateral into the Join contract via join(), which calls vat.slip() to credit their internal gem balance. On exit, exit() burns the internal balance and transfers real tokens back.

  • Total Supply: Total circulating supply of the collateral token across all of Ethereum, not just what's in Maker. Read from gem.totalSupply(). Comparing Locked vs Total Supply shows what fraction of the token's supply is being used as Maker collateral.

  • Gem Address: The Ethereum address of the ERC-20 collateral token contract. Read from join.gem(). This is the actual token that gets deposited/withdrawn.

  • Join Address: The adapter contract that bridges between external ERC-20 tokens and the VAT's internal accounting. Each ilk has its own Join contract. Found in the chainlog under the key MCD_JOIN_{ILK} (with hyphens replaced by underscores). The Join contract holds the real tokens and manages vat.slip() calls.

Collateral Valuation

Prices fetched from Alchemy Price API. 10 ilks priced, 5 active ilks without prices.

Ilk Symbol Locked Price (USD) Value (USD) Debt (DAI) C-Ratio
ETH-C WETH 337,839.0061 $2,926.61 $988,724,360.17 281,272,796.81 351.52%
ETH-A WETH 251,656.2228 $2,926.61 $736,500,621.31 172,868,782.15 426.05%
WSTETH-A wstETH 20,016.9582 $3,584.94 $71,759,517.83 21,561,564.84 332.81%
WSTETH-B wstETH 92,647.0423 $3,584.94 $332,133,733.95 17,605,286.52 1886.56%
ETH-B WETH 7,037.7263 $2,926.61 $20,596,708.08 5,439,612.60 378.64%
WBTC-C WBTC 77.1106 $87,463.45 $6,744,355.22 1,125,401.73 599.28%
WBTC-A WBTC 286.6315 $87,463.45 $25,069,778.46 930,930.71 2692.98%
WBTC-B WBTC 6.5067 $87,463.45 $569,097.57 235,359.76 241.80%
PSM-PAX-A USDP 60.9170 $1.00 $60.87 60.92 99.93%
PSM-GUSD-A GUSD 0.5700 $1.00 $0.57 0.57 99.74%
Total (priced) $2,182,098,234.03 501,039,796.62 435.51%

Active ilks without price data: RWA009-A (RWA009), RWA002-A (RWA002), RWA001-A (RWA001), RWA005-A (RWA005), RWA004-A (RWA004)

These tokens are not tracked by the Alchemy Price API (typically RWA tokens, LP tokens, or deprecated collateral).

Collateral Valuation Glossary

  • Price (USD): Spot price fetched from the Alchemy Price API (/prices/v1/tokens/by-address). This is an off-chain market price, not the on-chain OSM oracle price (which is permissioned and unavailable to non-whitelisted callers).

  • Value (USD): Calculated as Locked in Join * Price (USD). Total dollar value of collateral backing this ilk.

  • C-Ratio (Collateralization Ratio): Calculated as (Value USD / Debt DAI) * 100. Shows how well-collateralized the ilk is in aggregate across all vaults. A ratio above the liquidation ratio (mat) means the ilk is healthy overall. Note: individual vaults may still be under-collateralized even if the aggregate ratio is healthy.

Ilk Categories

Allocators

Allocator vaults allow governance-approved entities to mint DAI for specific purposes (e.g., Spark lending, Bloom credit, Obex market-making). They typically have 100% liquidation ratio (no over-collateralization required) and 0% stability fee, as revenue is generated through the allocated activity itself.

Total Debt: 5,923,101,445.54 DAI | Total Ceiling: 6,725,133,558.31 DAI | Utilization: 88.1% | Ilks: 4 (4 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
ALLOCATOR-SPARK-A 3,295,591,802.74 3,796,623,915.51 0.0000% 100.00% Active
ALLOCATOR-BLOOM-A 2,027,509,642.80 2,277,509,642.80 0.0000% 100.00% Active
ALLOCATOR-OBEX-A 600,000,000.00 650,000,000.00 0.0000% 100.00% Active
ALLOCATOR-NOVA-A 0 1,000,000.00 0.0000% 100.00% Active

Peg Stability Modules

PSMs allow 1:1 swapping between DAI and stablecoins (USDC, GUSD, USDP). They maintain the DAI peg by providing arbitrage opportunities. PSMs have 100% liquidation ratio and 0% fee. LITE-PSM-USDC-A is the current active PSM; older ones (PSM-USDC-A, PSM-GUSD-A, PSM-PAX-A) are deprecated.

Total Debt: 4,036,886,670.69 DAI | Total Ceiling: 4,432,812,095.01 DAI | Utilization: 91.1% | Ilks: 4 (3 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
LITE-PSM-USDC-A 4,036,886,609.21 4,432,812,095.01 0.0000% 100.00% Active
PSM-PAX-A 60.92 0 0.0000% 100.00% Active
PSM-GUSD-A 0.57 0 0.0000% 100.00% Active
PSM-USDC-A 0 0 0.0000% 100.00% Inactive

ETH Vaults

Traditional overcollateralized vaults using WETH. Different risk tiers (A/B/C) offer different liquidation ratios and fees. ETH-A (145% ratio, 8% fee) is the standard tier; ETH-B (130%, 8.5%) is higher risk/reward; ETH-C (170%, 7.75%) is the conservative option.

Total Debt: 459,581,191.56 DAI | Total Ceiling: 801,189,407.96 DAI | Utilization: 57.4% | Ilks: 3 (3 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
ETH-C 281,272,796.81 417,634,213.53 7.7500% 170.00% Active
ETH-A 172,868,782.15 358,329,465.59 8.0000% 145.00% Active
ETH-B 5,439,612.60 25,225,728.84 8.5000% 130.00% Active

wstETH Vaults

Vaults using Lido wrapped staked ETH (wstETH) as collateral. wstETH earns staking yield while being used as collateral. WSTETH-A (150%, 9%) and WSTETH-B (175%, 8.75%) offer different risk profiles.

Total Debt: 39,166,851.36 DAI | Total Ceiling: 130,618,784.92 DAI | Utilization: 30.0% | Ilks: 2 (2 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
WSTETH-A 21,561,564.84 59,599,461.42 9.0000% 150.00% Active
WSTETH-B 17,605,286.52 71,019,323.50 8.7500% 175.00% Active

WBTC Vaults

Vaults using Wrapped Bitcoin. All WBTC ilks have been offboarded (ceiling=0) due to concerns about WBTC custody changes, but existing positions remain until repaid or liquidated. Fees are elevated (12.75-13.5%) to incentivize closure.

Total Debt: 2,291,692.21 DAI | Total Ceiling: 0 DAI | Utilization: - | Ilks: 3 (3 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
WBTC-C 1,125,401.73 0 12.7500% 175.00% Active
WBTC-A 930,930.71 0 13.0000% 150.00% Active
WBTC-B 235,359.76 0 13.5000% 150.00% Active

Lockstake (LSE) Vaults

Lockstake Engine vaults allow users to stake governance tokens (SKY) as collateral. The staked tokens earn rewards while also backing DAI borrowing. LSEV2-SKY-A has a 120% liquidation ratio and 8.95% fee.

Total Debt: 125,718,658.32 DAI | Total Ceiling: 148,599,300.39 DAI | Utilization: 84.6% | Ilks: 1 (1 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
LSEV2-SKY-A 125,718,658.32 148,599,300.39 8.9500% 120.00% Active

Real World Assets

RWA ilks represent off-chain assets (loans, bonds, receivables) tokenized as single-token collateral (totalSupply=1). These are managed by real-world entities and typically have bespoke terms. Some are being wound down (ceiling=0).

Total Debt: 98,143,007.21 DAI | Total Ceiling: 165,000,000.00 DAI | Utilization: 59.5% | Ilks: 5 (5 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
RWA009-A 49,615,060.51 100,000,000.00 0.0000% 100.00% Active
RWA002-A 29,031,106.89 50,000,000.00 7.0000% 100.00% Active
RWA001-A 15,236,645.03 15,000,000.00 9.0000% 100.00% Active
RWA005-A 2,792,008.04 0 4.5000% 105.00% Active
RWA004-A 1,468,186.75 0 7.0000% 110.00% Active

Direct Deposit Modules (D3M)

D3Ms automatically supply DAI liquidity to external DeFi protocols (Aave, Compound, Spark, Morpho) based on target rates. They mint/burn DAI to keep lending rates at a governance-set target. Most are now inactive as lending has migrated to the Allocator model.

Total Debt: 0 DAI | Total Ceiling: 0 DAI | Utilization: - | Ilks: 5 (0 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
DIRECT-SPK-AAVE-LIDO-USDS 0 0 0.0000% 100.00% Inactive
DIRECT-AAVEV2-DAI 0 0 0.0000% 100.00% Inactive
DIRECT-SPARK-DAI 0 0 0.0000% 100.00% Inactive
DIRECT-SPARK-MORPHO-DAI 0 0 0.0000% 100.00% Inactive
DIRECT-COMPV2-DAI 0 0 0.0000% 100.00% Inactive

LP Vaults

Vaults using Uniswap/Gelato liquidity provider tokens as collateral. All LP vaults have been deprecated (ceiling=0) with very high liquidation ratios (1000%). These represent legacy positions.

Total Debt: 0 DAI | Total Ceiling: 0 DAI | Utilization: - | Ilks: 3 (0 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
GUNIV3DAIUSDC2-A 0 0 0.0600% 1000.00% Inactive
GUNIV3DAIUSDC1-A 0 0 0.0200% 1000.00% Inactive
UNIV2DAIUSDC-A 0 0 0.0200% 1000.00% Inactive

Teleport

Teleport enables fast DAI bridging between Ethereum and L2s. The ilk reserves capacity for in-flight bridge transfers. Currently inactive.

Total Debt: 0 DAI | Total Ceiling: 2,100,000.00 DAI | Utilization: 0.0% | Ilks: 1 (1 active)

Ilk Debt (DAI) Ceiling (DAI) Fee APY Liq. Ratio Status
TELEPORT-FW-A 0 2,100,000.00 0.0000% 0.00% Active

Category Column Glossary

The per-category tables use the same columns as the All Ilks table above. Additional category-level metrics:

  • Total Debt: Sum of debtDAI across all ilks in the category.
  • Total Ceiling: Sum of debtCeilingDAI across all ilks in the category.
  • Category Utilization: (Total Debt / Total Ceiling) * 100 for the category as a whole.

Oracle (Pip) Addresses

Ilk Oracle Address Liq. Ratio
LITE-PSM-USDC-A 0x77b68899b99b686F415d074278a9a16b336085A0 100.00%
ALLOCATOR-SPARK-A 0xc7B91C401C02B73CBdF424dFaaa60950d5040dB7 100.00%
ALLOCATOR-BLOOM-A 0xc7B91C401C02B73CBdF424dFaaa60950d5040dB7 100.00%
ALLOCATOR-OBEX-A 0xc7B91C401C02B73CBdF424dFaaa60950d5040dB7 100.00%
ETH-C 0x81FE72B5A8d1A857d176C3E7d5Bd2679A9B85763 170.00%
ETH-A 0x81FE72B5A8d1A857d176C3E7d5Bd2679A9B85763 145.00%
LSEV2-SKY-A 0x0C13fF3DC02E85aC169c4099C09c9B388f2943Fd 120.00%
RWA009-A 0xdc7D370A089797Fe9556A2b0400496eBb3a61E44 100.00%
RWA002-A 0xd2473237E20Bd52F8E7cE0FD79403A6a82fbAEC8 100.00%
WSTETH-A 0xFe7a2aC0B945f12089aEEB6eCebf4F384D9f043F 150.00%
WSTETH-B 0xFe7a2aC0B945f12089aEEB6eCebf4F384D9f043F 175.00%
RWA001-A 0x76A9f30B45F4ebFD60Ce8a1c6e963b1605f7cB6d 100.00%
ETH-B 0x81FE72B5A8d1A857d176C3E7d5Bd2679A9B85763 130.00%
RWA005-A 0x8E6039C558738eb136833aB50271ae065c700d2B 105.00%
RWA004-A 0x5eEE1F3d14850332A75324514CcbD2DBC8Bbc566 110.00%
WBTC-C 0xf185d0682d50819263941e5f4EacC763CC5C6C42 175.00%
WBTC-A 0xf185d0682d50819263941e5f4EacC763CC5C6C42 150.00%
WBTC-B 0xf185d0682d50819263941e5f4EacC763CC5C6C42 150.00%
PSM-PAX-A 0x043B963E1B2214eC90046167Ea29C2c8bDD7c0eC 100.00%
PSM-GUSD-A 0xf45Ae69CcA1b9B043dAE2C83A5B65Bc605BEc5F5 100.00%
DIRECT-SPK-AAVE-LIDO-USDS 0x9dB0EB29c2819f9AE0A91A6E6f644C35a7493E9b 100.00%
DIRECT-AAVEV2-DAI 0x634051fbA31829E245C616e79E289f89c8B851c2 100.00%
PSM-USDC-A 0x77b68899b99b686F415d074278a9a16b336085A0 100.00%
TELEPORT-FW-A None (zero address) 0.00%
DIRECT-SPARK-DAI 0xCBD53B683722F82Dc82EBa7916065532980d4833 100.00%
GUNIV3DAIUSDC2-A 0xcCBa43231aC6eceBd1278B90c3a44711a00F4e93 1000.00%
ALLOCATOR-NOVA-A 0xc7B91C401C02B73CBdF424dFaaa60950d5040dB7 100.00%
GUNIV3DAIUSDC1-A 0x7F6d78CC0040c87943a0e0c140De3F77a273bd58 1000.00%
DIRECT-SPARK-MORPHO-DAI 0xA5AA14DEE8c8204e424A55776E53bfff413b02Af 100.00%
DIRECT-COMPV2-DAI 0x0e2bf18273c953B54FE0a9dEC5429E67851D9468 100.00%
UNIV2DAIUSDC-A 0x25D03C2C928ADE19ff9f4FFECc07d991d0df054B 1000.00%

Oracle Glossary

  • Oracle Address (pip): The price feed oracle contract for this ilk. Read from spotter.ilks(ilk).pip. Each pip contract provides a price via read() (reverts if invalid) or peek() (returns validity flag). The Spotter uses this price to compute the VAT spot value: spot = (pip.read() * par) / mat. A zero address means no oracle is configured (typical for offboarded ilks or system ilks like Teleport).

Not yet fetched: We have the oracle addresses but do not yet call peek() to retrieve actual prices. With prices, we could compute collateral value in USD, per-ilk collateralization ratios, and system-wide health metrics.

Contract Addresses

Contract Address Description
VAT 0x35D1b3F3D7966A1DFe207aa4514C12a259A0492B Core accounting engine. Tracks all debt, collateral, and internal balances.
DAI 0x6B175474E89094C44Da98b954EedeAC495271d0F DAI ERC-20 token contract.
Jug 0x19c0976f590D67707E62397C87829d896Dc0f1F1 Stability fee accumulation. Calls drip() to update ilk rates.
Spotter 0x65C79fcB50Ca1594B025960e539eD7A9a6D434A3 Price feed relay. Reads oracle prices and updates VAT spot prices via poke().
ILK Registry 0x5a464C28D19848f44199D003BeF5ecc87d090F87 On-chain registry of all ilk identifiers.
Vow 0xA950524441892A31ebddF91d3cEEFa04Bf454466 Surplus buffer and debt auction manager.
Pot 0x197E90f9FAD81970bA7976f33CbD77088E5D7cf7 DAI Savings Rate (DSR) engine.
Dog 0x135954d155898D42C90D2a57824C690e0c7BEf1B Liquidation engine. Triggers vault liquidations and manages auction limits.
DaiJoin 0x9759A6Ac90977b93B58547b4A71c78317f391A28 Bridge between internal VAT DAI and ERC-20 DAI token.
USDS 0xdC035D45d973E3EC169d2276DDab16f1e407384F USDS stablecoin ERC-20 token.
sUSDS 0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD Staked USDS — yield-bearing USDS wrapper (Sky Savings Rate).
stUSDS 0x99CD4Ec3f88A45940936F469E4bB72A2A701EEB9 Staked USDS variant.

Missing / Not Yet Fetched Data

The following data is not yet included or only partially available:

  • On-chain oracle prices (pip.peek/pip.read): OSM contracts are permissioned and revert with "OSM/contract-not-whitelisted". We use the Alchemy Price API instead, which provides market prices for major tokens (WETH, WBTC, wstETH, stablecoins) but not for RWA tokens, LP tokens, or deprecated collateral.
  • Prices for non-standard tokens: RWA tokens (RWA001-009), Uniswap LP tokens (G-UNI, UNI-V2) are not tracked by the Alchemy Price API. These would require bespoke valuation (e.g., NAV reports for RWAs, on-chain pool reserves for LPs).
  • Urn (vault) data: Individual vault positions (vat.urns(ilk, usr) returns ink = collateral, art = normalized debt per user). Enumerating all urns requires the CDP Manager or event log scanning.

Inactive Ilks

These ilks have no debt and a zero ceiling. They are fully wound down and no longer accept new borrowing.

  • DIRECT-SPK-AAVE-LIDO-USDS - Fee: 0.0000% | Oracle: 0x9dB0EB29c2819f9AE0A91A6E6f644C35a7493E9b
  • DIRECT-AAVEV2-DAI - Fee: 0.0000% | Oracle: 0x634051fbA31829E245C616e79E289f89c8B851c2
  • PSM-USDC-A - Fee: 0.0000% | Oracle: 0x77b68899b99b686F415d074278a9a16b336085A0
  • DIRECT-SPARK-DAI - Fee: 0.0000% | Oracle: 0xCBD53B683722F82Dc82EBa7916065532980d4833
  • GUNIV3DAIUSDC2-A - Fee: 0.0600% | Oracle: 0xcCBa43231aC6eceBd1278B90c3a44711a00F4e93
  • GUNIV3DAIUSDC1-A - Fee: 0.0200% | Oracle: 0x7F6d78CC0040c87943a0e0c140De3F77a273bd58
  • DIRECT-SPARK-MORPHO-DAI - Fee: 0.0000% | Oracle: 0xA5AA14DEE8c8204e424A55776E53bfff413b02Af
  • DIRECT-COMPV2-DAI - Fee: 0.0000% | Oracle: 0x0e2bf18273c953B54FE0a9dEC5429E67851D9468
  • UNIV2DAIUSDC-A - Fee: 0.0200% | Oracle: 0x25D03C2C928ADE19ff9f4FFECc07d991d0df054B