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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 Liquidation Penalty parameter controls the fee vault owners must pay when their position is liquidated due to insufficient collateral. For a vault holder to receive any collateral back from the liquidations process, the debt and Liquidation Penalty must be covered by the collateral auction. Each vault type has its own Liquidation Penalty that can be adjusted by Sky Governance.