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The Stability Scope governs the management of the USDS Stablecoin. The USDS Stablecoin must be a permissionless and useful currency available to anyone. Its stability and risk must be managed to generate as much value for Sky and public good as possible.
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This Article defines temporary measures for implementing the Stability Scope during the transition to the Endgame State.
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This Section defines temporary measures to give effect to the Stability Scope during the Endgame transition.
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The Native Vault Engine will be upgraded to support Star ownership and transferred to the first Star incubated from the Incubator. It is temporarily controlled by Sky Core.While it is under the control of Sky Core, it will have a limited set of collateral types and risk parameters that the Stability Facilitators must implement according to the following subdocuments.
The Native Vault Engine risk parameters are defined in the subdocuments herein.
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A clear justification and analysis must be provided to validate any proposed changes to the parameters specified in this document. Before these changes are added to an Executive Vote, the Stability Facilitators must first propose a Governance Poll. However, in an emergency, the Stability Facilitators have the authority to bypass the Governance Poll and add the proposed parameters directly to an Executive Vote. The parameters contained herein must be regularly monitored and updated if needed.
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The Auction Price Function is the mathematical function that determines how the collateral price changes over time during a collateral auction. Collateral auctions use a falling price auction, where the price starts high and decreases according to the function defined in this parameter. The Exponential Stair Step function contains two key parameters,
cut and step, defined in and , respectively.View Provenance
The
step parameter controls the length of time between price drops. A smaller step means a smoother line; a large one means more pronounced steps. The step parameter is defined in seconds.