Monthly Settlement Cycle (MSC) analysis for prime agents in the Sky ecosystem (formerly MakerDAO). Each prime agent mints USDS debt via the allocator framework and deploys it into yield-generating venues.
The Allocation Module is a closed system — the Vat mints debt for each agent's ilk. The MSC process settles gains between the Prime Agent (SubProxy) and Sky (Surplus Buffer).
| Agent | Ilk | Allocation venue | Status | Details |
|---|---|---|---|---|
| OBEX | ALLOCATOR-OBEX-A |
Maple syrupUSDC | Active (Nov 2025) | agents/obex/ |
| Skybase | TBD | TBD | Pending | agents/skybase/ |
| Grove | TBD | TBD | Pending | agents/grove/ |
| Spark | TBD | TBD | Pending | agents/spark/ |
| Prysm | TBD | TBD | Pending | agents/prysm/ |
| Keel | TBD | TBD | Pending | agents/keel/ |
| Contract | Address | Role |
|---|---|---|
| Vat | 0x35D1b3F3D7966A1DFe207aa4514C12a259A0492B |
Source of truth for debt (frob / ilk art) |
| USDS | 0xdC035D45d973E3EC169d2276DDab16f1e407384F |
Stablecoin (debt denomination) |
| sUSDS | 0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD |
Savings token |
| USDC | 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 |
Common intermediate token |
| Rate | Value | Description |
|---|---|---|
| SSR (Sky Savings Rate) | Variable | Base rate, set via SP-BEAM governance |
| Borrow rate | SSR + 0.30% APY | Cost of minting USDS debt |
| Agent rate (USDS) | SSR + 0.20% APY | Earned on idle USDS in subproxy |
| Agent rate (sUSDS) | 0.20% APY | Earned on sUSDS in subproxy (flat, not SSR-based) |
All rates are APY with per-second compounding. See RULES.md for the full SSR history and calculation methodology.
All agent-specific queries are parameterized — pass different addresses/ilk to run for any agent. Default parameters are set to OBEX.
| Query | ID | Local file | Parameters |
|---|---|---|---|
| SSR history | 6953056 | queries/shared/6953056_ssr_history.sql |
(none) |
| Daily debt increases | 6954382 | queries/shared/6954382_daily_debt_increases.sql |
ilk_bytes32, start_date |
| Daily utilized USDS | 6954386 | queries/shared/6954386_daily_utilized_usds.sql |
ilk_bytes32, subproxy_address, alm_proxy_address, start_date |
| Monthly sky revenue | 6954384 | queries/shared/6954384_monthly_interest.sql |
ilk_bytes32, subproxy_address, alm_proxy_address, start_date, calendar_start_date |
| Monthly PnL | 6954380 | queries/shared/6954380_monthly_pnl.sql |
+ venue_token_address |
| Subproxy USDS balance | 6954383 | queries/shared/6954383_subproxy_usds_balance.sql |
subproxy_address, start_date, calendar_start_date |
The APY already accounts for compounding. For any debt D over d days:
Interest = D * [(1 + APY)^(d / 365) - 1]
Daily interest is computed as:
daily_interest = D * [(1 + APY)^(1/365) - 1]
Dividing APY by 12 (APR approach) is incorrect — it overstates monthly cost by ignoring that compounding is already embedded in the APY.
Prime agent revenue:
- Mark-to-market change in allocation position value minus cost basis (e.g., Maple syrupUSDC yield for OBEX)
Agent rate:
- USDS in subproxy: balance × (SSR + 0.20%) APY
- sUSDS in subproxy: balance × 0.20% APY (flat, not SSR-based)
Sky revenue:
- Utilized USDS × (SSR + 0.30%) APY
- Utilized USDS = total frob debt - subproxy USDS - subproxy sUSDS - ALM proxy USDS
Monthly PnL = prime agent revenue + agent rate - sky revenue