pSTABLES / MKR–SKY RESEARCH
ECOSYSTEM R8 · 18 OCT 2026
MKR-DAO / SKY Map v0.2by mijk
PULSECHAIN · CHAIN 36918 OCT 2026 · NEW ECOSYSTEM PIN 27,828,698
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MKR-DAO / SKY · existing machineryCanonical pDAI settlement and local MKR/SKY activity are distinct from bridge reserves, market prices and the possibility of a future repair.. Select any block for its full address, evidence and feasibility assessment.01 / CANONICAL MAKERShutdown accounting and token adapter02 / SETTLEMENTExisting collateral and the tested withdrawal03 / LOCAL SKYLocal token / converter; no dollar promisejoin / burnjoin / burninternal DAIinternal DAIcash + exitcash + exitadapter exitadapter exitwithdraw nativewithdraw nativeexisting MKR inputexisting MKR inputexisting SKY inventoryexisting SKY inventoryinternal accountinginternal accountingordinary frobordinary frobCanonical pDAI · forked Dai Stablecoin 0x6b175474e89094c44da98b954eedeac495271d0f Total supply at block 27,825,918: 44,362,721,449.301388356468465935 pDAI. The successful shutdown route used one existing token and burned it through DaiJoin. ERC-20 transferability also permits a separately funded converter without ownership of Maker or restarting Vat. Neither supply, an oracle price nor a token name proves dollar backing. The DaiJoin mint adapter remained live and authorized at saved block 27,824,343; a new DAO or the local SKY token has not been shown to control a usable new issuance path. PITFALL: Transferable pDAI is not automatically a redeemable $1 claim.Canonical pDAI · forked Dai Stablecoin0x6b175474e89094c44da98b954eedeac495271d0fExisting ERC-20 pDAI: settlement works; a …!Maker End · global shutdown settlement 0x0e2e8f1d1326a4b9633d96222ce399c708b19c28 End.pack moves internal DAI from the user to Vow and increases bag. End.cash transfers internal gem from End to the user, limited by bag, per-ilk out, fixed settlement rates and available collateral. A single bag claims a basket, not a separate dollar entitlement at every adapter. Actual historical Pack/Cash receipts and the current simulated sequence both exist. PITFALL: Fixed basket settlement is not $1 redemption; one claim bag is not a new dollar claim at each adapter.Maker End · global shutdown settlement0x0e2e8f1d1326a4b9633d96222ce399c708b19c28pack() records the claim; cash() allocates…!Local SKY · Sky-style governance token 0x6400fe04cba0d72be2f2e6ece30ba7c591752c45 This local post-fork deployment was created by e121. Current supply at the pin is 2,793,851,059 SKY; e121 is an authorized ward. The initial mint has zero native value and no collateral-transfer child calls. Transfer(from=zero) is mint accounting, not zero-address authority. Official Sky sponsorship and dollar backing are not established. PITFALL: Minting local SKY and emitting Transfer(from=zero) creates neither independent reserves nor zero-address authority.Local SKY · Sky-style governance token0x6400fe04cba0d72be2f2e6ece30ba7c591752c45e121 minted 2,757,151,059 SKY to converter…!Maker DaiJoin · ERC-20 / internal DAI adapter 0x9759a6ac90977b93b58547b4a71c78317f391a28 After approval, DaiJoin.join(holder,1e18) burns one external canonical pDAI and moves corresponding internal Vat DAI from DaiJoin to the holder. This passed in the real-state continuing simulation. It is the entrance to shutdown settlement, not new borrowing and not a USD deposit. At saved block 27,824,343, DaiJoin.live=1 and canonical DAI.wards(DaiJoin)=1. Its exit path can mint ERC-20 pDAI against sufficient internal Vat DAI and caller authorization. That reverse DaiJoin.exit path was not directly simulated in the retained settlement test; new Maker/SKY mint power is not established. PITFALL: The live mint adapter is not free issuance: exit requires internal Vat DAI and permission to move it. The new Maker/SKY construct has not been shown to supply that credit.Maker DaiJoin · ERC-20 / internal DAIadapter0x9759a6ac90977b93b58547b4a71c78317f391a28join burns pDAI; authorized exit can mint …!ETH-A / ETH-B / ETH-C · collateral adapters READ-ONLY TEST The state-continuing simulation used all three real GemJoin adapters. Together they paid 0.000369041775507061 fork-WETH per 1 pDAI, before gas. The token then unwrapped to the same quantity of native PLS. This is not the complete all-ilk basket, not ETH mainnet and not a dollar quote. Click the Settlement route for every full adapter address. PITFALL: One claim covers a basket; three adapters do not mean three dollar claims.ETH-A / ETH-B / ETH-C · collateraladapters0x2f0b23f53734252bda2277357e97e1517d6b042a0x08638ef1a205be6762a8b935f5da9b700cf7322c0xf04a5cc80b1e94c69b48f5ee68a08cd2f09a7c3eThree tested components of one shutdown ba…!Local MKR-to-SKY converter 0xf616e5d28c2c6d20214fd2da65df9733bd0ca855 The mined 2 September conversion burned Ca6f's 2.314814814583333334 MKR and paid 55,555.555550000000016 existing SKY, with zero fee. SKY supply did not rise in this transaction. The converter and SKY were created by e121 on 18 August 2026. No Reserve or pDAI call appears in these two reviewed transactions. PITFALL: This conversion transfers existing SKY inventory; it does not mint SKY or demonstrate pDAI backing.Local MKR-to-SKY converter0xf616e5d28c2c6d20214fd2da65df9733bd0ca855Burn fork-MKR → transfer prefunded SKY at …!Maker Vat · core accounting ledger 0x35d1b3f3d7966a1dfe207aa4514c12a259a0492b Vat.live=0. Ordinary frob borrowing and the original PSM path are blocked; the deployed Vat has no uncage function. Settlement operations have their own permissions and balance checks rather than one universal live gate. The tested route uses internal DAI and gem credit without calling frob. Red status here applies to ordinary borrowing, not every Vat operation. This does not disable every canonical pDAI mint: DaiJoin has its own live flag and can exit sufficient authorized internal DAI. Other surviving Vat-ward capability paths were not exhaustively audited. PITFALL: Caged borrowing does not mean every settlement/accounting function is disabled.Maker Vat · core accounting ledger0x35d1b3f3d7966a1dfe207aa4514c12a259a0492bBorrowing is caged; selected shutdown acco…!Fork-WETH · inherited WETH9 wrapper 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 The fork-WETH runtime is unchanged from the fork comparison. In the full settlement simulation, withdrawing the freshly received 369041775507061 wei produced that exact native PLS value transfer to the holder. Final WETH balance equalled its initial balance, proving no pre-existing WETH was consumed. Wrapper custody and balance remain constraints. PITFALL: The native withdrawal asset on PulseChain is PLS, not Ethereum ETH.Fork-WETH · inherited WETH9 wrapper0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2withdraw() unwraps fork-WETH into native P…!Fork-MKR · inherited Maker DSToken 0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2 The successful 2 September 2026 conversion burned 2.314814814583333334 fork-MKR. Its trace calls a nonzero authority to authorize the converter. This is a concrete example of owner=0 not being the whole authorization model. Chief still uses this token. The trace does not establish official Sky operation on PulseChain. PITFALL: owner=0 is not the complete authorization path when a nonzero authority is consulted.Fork-MKR · inherited Maker DSToken0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2owner=0, but its nonzero authority permitt…!Maker PSM-USDC-A · original peg stability module 0x89b78cfa322f6c5de0abceecab66aee45393cc5a The original PSM requires Vat.frob. Both ordinary swap routes reverted Vat/not-live at the historical pin. Sending more collateral or changing the HAT does not bypass this code path. A separate externally funded converter would be a different design, with separate custody and rules. PITFALL: More collateral does not bypass Vat/not-live in the original PSM code path.Maker PSM-USDC-A · original pegstability module0x89b78cfa322f6c5de0abceecab66aee45393cc5aOriginal buyGem / sellGem revert Vat/not-l…!Native PLS · settlement output READ-ONLY TEST Native PLS has no ERC-20 contract address. Eleven successive calls passed without state overrides or broadcast. The one-pDAI test's gas charges exceed this gross return; this is not a profitable trade or a $1 redemption. Only ETH-A/B/C were included, not every possible collateral component. PLS value must be priced separately. PITFALL: The one-pDAI test’s gas cost exceeds its gross native PLS return.Native PLS · settlement outputNative asset · no contract address1 pDAI → 0.000369041775507061 PLS gross in…!Maker DSPause · legacy governance scheduler 0xbe286431454714f511008713973d3b053a2d38f3 owner=0, authority=0 and delay=0. Reconstructing 416 plot/drop/exec logs found two remaining stored plan hashes. Existing exec is public, but both plans currently revert ds-pause-delegatecall-error. There is no demonstrated working restoration plan, and Vat.wards(PauseProxy)=0. Mint-event zero addresses are unrelated to these permissions. PITFALL: Stored plans exist, but both currently fail; their existence does not prove restored governance.Maker DSPause · legacy governancescheduler0xbe286431454714f511008713973d3b053a2d38f3Two stored plans remain; both current exec…!The settlement output and local SKY operations retain their archived pins. No new governance repair or dollar-peg deployment is claimed.
Existing Maker settlement and local SKY activity. OmniBridge is shown as a separate Ethereum ↔ PulseChain system.
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