Sky (Maker)

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.

Sky/Maker Vat — a vault has no maturity; it persists until the owner wipes the debt or it is liquidated.

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`.

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.

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.

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.

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.

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.