Sky (Ethereum)
Takes as collateral: bitcoin and ether
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
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Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue serves 3 market rows, none flagged as a BTC market: this venue prices isolated {collateral, loan} markets and the rates payload keys each row by its LOAN asset, so BTC posted as collateral here is not flagged as a BTC market row — a shape limit in this dataset, not an absence of collateral at the venue.
Price
What does credit cost here, and how is the price formed?
| Rate formation | administeredsourceSky/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. |
|---|---|
| Term structure | open_endedsourceSky/Maker Vat — a vault has no maturity; it persists until the owner wipes the debt or it is liquidated. |
| Rate certainty | variablesourceSky/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`. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | singlesourceSky/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. |
|---|---|
| Default & liquidation | thresholdsourceSky/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. |
| Custody & backing | protocol_custodialsourceSky/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. |
| Recourse | non_recoursesourceSky/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. |
| Track record | 76 months observedsourceDerived from credit_venues.first_date (2020-04-30), the first observation this dataset holds for the venue. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | WBTC (direct_wrapped) via ilks WBTC-A, WBTC-B, WBTC-Csourcecredit_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. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: full quantity: full composition: full |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | DAI | $2.2m | 2,199,360 DAI | contract read, 2026-10-13 |
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialSky/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. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 1 incompletewhether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address- WBTC established · direct_wrapped · identified by symbolWBTC established · issuer BitGo · custodial · holders [BitGo]Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
source
issuer_docBitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- WBTC established · direct_wrapped · identified by symbol
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | collecting (not read yet) — no dollar reserve of this venue cleared the quantity gate on the latest day |
|---|---|
| Intermediation margin | not applicable — needs both a borrow and a lend rate; the lend rate is not served here |
| Trailing realised average (7/30/90d) | 7d 8.78% · 30d 8.28% · 90d 8.34% dollar loans, debt-weighted over the days observed (7 / 30 / 90 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098) |
| Rate volatility (30/90d) | 30d 0.32 pts · 90d 0.25 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above |
| Spread to the pair aggregate | +0.61 pts vs Minted · derived this venue's borrow rate minus its class's (7.67%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | +4.15 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15) |
| Origination flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | 20.1% the aggregate only — no distribution is read here |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Surveyed — no listable route. Probed for a first-party MCP endpoint; none answered. surveyed 2026-08-30
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/sky_ethereum |
|---|---|
| MCP | get_venue({ venue_id: "sky_ethereum" }) get_venue({ venue_id: "sky_ethereum", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp