All Time HighMay 3, 2021$6,292
All Time LowMar 16, 2020$168.36
Market Cap$0
Fully Diluted Valuation$1.606b
Circ. Supply0 MKR
Max Supply1.01m MKR
How much debt can be issued against MKR as collateral across lending protocols.
Maximum possible exposure to MKR
$132,990
$2.36 (max additional borrows against MKR) + $132,988 (bad debt if MKR was hacked now)
Morpho V1
$9.84 at-risk exposure = $7.48 bad debt if hacked + $2.36 additional borrowable against MKR
Aave V3
$132,980 at-risk exposure = $132,980 bad debt if hacked + $0 additional borrowable against MKR
Showing collateral exposure for MKR on Ethereum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for MKR as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
MKR0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2 | $2.36 | $7.48 | ||
MKR0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2 | $0 | $132,980 |
Risk-management actions published about MKR by tracked risk managers and governance contributors, newest first.
Bots and large holders can suddenly convert MKR to SKY and dump it, flooding the market and amplifying SKY price drops during volatility; limiting conversions to $100k per day prevents these attacks and reduces ongoing redemption risk.
Bots target MKR when its upgrade discount hits 99%, using it to acquire and dump SKY. The proposed delay targets bot behavior rather than impacting legitimate MKR liquidity or holders.
Phase 3 MKR to SKY related parameters and calculations were evaluated in Stability Scope updates, supporting the transition and reward normalization processes.
SKY holds 38.5 million in MKR that risks devaluation if not upgraded to the new version. The proposal suggests performing the upgrade to preserve value, while leaving the 128.9 million in SKY tokens untouched.
Analysis is requested on MKR holders inactive for 3+ or 5+ years to estimate dormant supply that may not participate in an upcoming transition. Examples include a $500k holder untouched for 7+ years, highlighting challenges in manual counting due to numerous small holders.
BA Labs published an oracle benchmark report analyzing Chronicle's MKR/USD price feed for update frequency, market price deviations, and volatility responsiveness using data from August 2024 to April 2025.
A Delayed Upgrade Penalty will apply to MKR holders not upgrading to SKY by September 18, starting at 1% and increasing by 1% every 3 months, resulting in fewer SKY tokens received upon upgrade. The ability to downgrade from SKY back to MKR is being turned off, limiting liquidity fracturing and encouraging full migration away from MKR.
Governance decisions like rejecting MKR value recognition in subDAOs and initial inflationary design led to price drops due to perceived undervaluation and dilution risks, while shifts to non-inflationary mechanics and expense reductions boosted confidence and performance. Undervaluation raised concerns of acquisition risks altering project policies, though markets efficiently price in these developments as predictive signals.
MKR's collateral factor is being set to 0% as Compound v2 is deprecated, removing its ability to support borrows and aligning with the protocol's wind-down.
LSE-MKR-A vault type is introduced with specific liquidation parameters like 99% cut, 8% chop, and 3M DAI hole to support MKR as collateral in the new Seal Engine framework.
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Showing 10 of 11 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabMKR-WETH | $1.21m | 3.51% | 3.51% | 1.20% | |||||
| open in new tabMKR-WETH0.3% | $338,874 | 13.30% | 13.30% | 5.33% | |||||
| open in new tabMKR-WETH0.3% | $326,276 | 11.37% | 11.37% | 3.57% | |||||
| open in new tabSKY-MKR0.3% | $267,976 | 25.04% | 25.04% | 15.94% | |||||
| open in new tabMKR-TEL | $197,699 | < 0.0001% | < 0.0001% | < 0.0001% | |||||
| open in new tabMKR-WETH | $165,196 | 0% | 0% | 390% | |||||
| open in new tabMKR-USD | $137,237 | 0% | 0% | 0% | |||||
| open in new tabMKR | $76,970 | 0% | 0% | 0% | |||||
| open in new tabMKR | $72,067 | 0.07% | 0.07% | 0.01% | |||||
| open in new tabMKR-SIL | $13,796 | 0% | 0% | 0% |
