{ "schemaVersion": "stablecoin-research-v1", "campaignId": "stablecoin-v4", "assignmentId": "R5", "asOfUtc": "2026-09-16T03:48:11Z", "scopeWindow": {"start": "2020-01-01", "end": "2021-12-31"}, "coverage": { "searchedChains": ["Ethereum", "Optimism", "BNB Smart Chain", "Kava Chain", "Binance Chain", "BitShares"], "searchedFamilies": ["MakerDAO DAI", "Liquity LUSD", "Synthetix sUSD", "Kava USDX", "Venus VAI", "dForce USDx", "BitUSD", "NuBits"], "deepCaseIds": ["R5-P001", "R5-P002", "R5-P003", "R5-P004"], "completenessClaim": false, "stoppingReason": "Stopped after four evidence-rich priority cases, one stress comparator, the principal USDX name collision, and ancestry triage; historical parameter-by-height, bridge inventories, quantitative peg series, and several later outcomes remain queued." }, "protocols": [ { "id": "R5-P001", "name": "Multi-Collateral Dai", "aliases": ["DAI", "MCD", "Maker Protocol"], "chains": ["Ethereum"], "eligibility": {"status": "included", "reason": "Deployed in 2019 and materially active throughout 2020-2021.", "claimIds": ["R5-C001", "R5-C003"]}, "researchDepth": "deep", "classification": ["USD soft peg", "multi-collateral debt", "governed", "overcollateralized", "PSM"], "targetUnit": "USD", "lineage": [{"relatedName": "Single-Collateral Dai (Sai)", "relationship": "predecessor shut down during 2020", "evidenceClaimIds": ["R5-C001"]}], "deployments": [{"chain": "Ethereum", "address": "0x6B175474E89094C44Da98b954EedeAC495271d0F", "verified": true, "sourceIds": ["R5-S003"]}], "versions": [ {"id": "R5-P001-V1", "label": "MCD with Liquidations 1.x", "startDate": "2019-11-18", "endDate": "2021-04-19", "tokenRoles": "DAI is transferable debt money; MKR governs and is a dilution backstop.", "backing": "Governance-approved vault collateral, with borrower excess subordinate to debt; system surplus and MKR dilution backstop shortfall.", "redemption": "No ordinary holder claim on a named reserve; market sale and borrower repayment, with proportional collateral claim only after Emergency Shutdown.", "supplyPolicy": "Vault draw mints and repayment burns within collateral debt ceilings; governance changes rates and ceilings.", "debtAndIncentives": "Stability fees, DSR, collateral auctions, keeper profit and MKR debt/surplus auctions.", "oracle": "Governance-selected feeds pass through a one-hour Oracle Security Module delay.", "governanceAndAdmin": "MKR governance controls collateral, risk parameters, oracle sets, spells and shutdown subject to security mechanisms.", "liquidityDependencies": "DAI markets, keeper-held DAI, Ethereum inclusion and auction participation.", "claimIds": ["R5-C001", "R5-C002", "R5-C003"]}, {"id": "R5-P001-V2", "label": "MCD with PSM and Liquidations 2.0", "startDate": "2020-12-18", "endDate": null, "tokenRoles": "DAI and MKR as above; PSM reserve stablecoins become direct swap inventory.", "backing": "Vault collateral plus governance-controlled PSM assets including centralized stablecoins.", "redemption": "Fixed-price PSM swaps subject to fees/limits; Emergency Shutdown remains final settlement.", "supplyPolicy": "PSM can expand/contract DAI against accepted stablecoin inventory; vault policy remains governed.", "debtAndIncentives": "Dutch collateral auctions record bad debt in Vow and include keeper incentives; surplus precedes MKR dilution.", "oracle": "Governed oracle stack; centralized PSM collateral adds issuer/custodian/freeze dependence.", "governanceAndAdmin": "MKR governance configures PSM fees/ceilings and liquidation parameters.", "liquidityDependencies": "PSM collateral liquidity, keepers, DEX/CEX markets and Ethereum execution.", "claimIds": ["R5-C004", "R5-C005"]} ], "incidents": [{"date": "2020-03-12", "versionId": "R5-P001-V1", "type": "liquidation and keeper failure", "summary": "Price collapse and Ethereum congestion coincided with zero/near-zero collateral-auction bids and protocol bad debt.", "beneficiaries": "Winning low/zero bidders", "lossBearers": "Liquidated vault owners, system surplus and ultimately MKR holders through recapitalization", "outcome": "Debt auctions and later liquidation/peg-support redesigns.", "claimIds": ["R5-C003", "R5-C004"]}], "sourceIds": ["R5-S001", "R5-S002", "R5-S003"], "claimIds": ["R5-C001", "R5-C002", "R5-C003", "R5-C004", "R5-C005"] }, { "id": "R5-P002", "name": "Liquity v1", "aliases": ["LUSD", "Liquity"], "chains": ["Ethereum"], "eligibility": {"status": "included", "reason": "First-party manifest dates deployment to 2021-04-05 inside the window.", "claimIds": ["R5-C006"]}, "researchDepth": "deep", "classification": ["USD peg", "ETH-backed debt", "immutable", "governance-free", "direct redemption"], "targetUnit": "USD", "lineage": [{"relatedName": "Liquity v2 BOLD", "relationship": "later redesign, not the same stablecoin", "evidenceClaimIds": ["R5-C024"]}], "deployments": [{"chain": "Ethereum", "address": "0x5f98805A4E8be255a32880FDeC7F6728C6568bA0", "verified": true, "sourceIds": ["R5-S004"]}], "versions": [{"id": "R5-P002-V1", "label": "Liquity v1 immutable core", "startDate": "2021-04-05", "endDate": null, "tokenRoles": "LUSD is debt and redemption token; LQTY rewards Stability Pool/frontends and receives protocol fees when staked.", "backing": "ETH locked in borrower Troves, plus LUSD deposited voluntarily in the Stability Pool as liquidation capacity.", "redemption": "Any holder can exchange LUSD for $1 of ETH, less fee, against lowest-collateralized Troves.", "supplyPolicy": "Trove borrowing mints; repayment, redemption and Stability Pool liquidation burn LUSD; dynamic one-off fees react to redemptions.", "debtAndIncentives": "110% MCR; gas compensation; Stability Pool offset first, then redistribution to active Troves; Recovery Mode below 150% TCR.", "oracle": "Immutable deployed PriceFeed mediates ETH/USD with configured fallback logic; no governance parameter changes.", "governanceAndAdmin": "Core contracts are represented by the project as immutable and governance-free after deployment.", "liquidityDependencies": "Ethereum inclusion, liquidators, Stability Pool depth and external LUSD markets/frontends.", "claimIds": ["R5-C006", "R5-C007", "R5-C008", "R5-C009", "R5-C010"]}], "incidents": [{"date": "2025-01-01", "versionId": "R5-P002-V1", "type": "later coexistence/redesign", "summary": "Liquity v2/BOLD documentation describes removal of v1 Recovery Mode and different branch shutdown controls; LUSD v1 remains a separate legacy system.", "beneficiaries": null, "lossBearers": null, "outcome": "Later design changed controls without retroactively changing v1.", "claimIds": ["R5-C024"]}], "sourceIds": ["R5-S004", "R5-S005", "R5-S006", "R5-S007", "R5-S008", "R5-S009", "R5-S010"], "claimIds": ["R5-C006", "R5-C007", "R5-C008", "R5-C009", "R5-C010", "R5-C024"] }, { "id": "R5-P003", "name": "Synthetix sUSD", "aliases": ["sUSD", "Synth USD"], "chains": ["Ethereum", "Optimism"], "eligibility": {"status": "included", "reason": "sUSD and Synthetix v2 were materially active in the window; dated SIPs specify relevant controls.", "claimIds": ["R5-C011"]}, "researchDepth": "deep", "classification": ["USD synthetic asset", "pooled debt", "SNX collateral", "governed", "cross-chain debt"], "targetUnit": "USD", "lineage": [{"relatedName": "Havven/nUSD", "relationship": "predecessor branding and mechanism lineage", "evidenceClaimIds": []}], "deployments": [{"chain": "Ethereum", "address": "0x57Ab1ec28D129707052df4dF418D58a2D46d5f51", "verified": null, "sourceIds": []}, {"chain": "Optimism", "address": null, "verified": null, "sourceIds": ["R5-S013"]}], "versions": [ {"id": "R5-P003-V1", "label": "Synthetix v2 pooled debt", "startDate": null, "endDate": null, "tokenRoles": "sUSD is a synth and debt-repayment unit; SNX is collateral, governance/incentive token and liquidation asset.", "backing": "Locked SNX backs a pooled synthetic debt whose value changes with the synth portfolio.", "redemption": "Issuers burn sUSD against their debt; other holders rely on synth exchange and markets rather than unconditional $1 collateral redemption.", "supplyPolicy": "SNX stakers issue/burn synth debt subject to issuance ratio; synth exchanges burn source and issue destination.", "debtAndIncentives": "Fees/rewards motivate target ratios; delayed partial liquidation burns liquidator sUSD for discounted SNX.", "oracle": "Chainlink pricing, waiting/reclaim logic and circuit breakers; oracle latency can transfer value to traders.", "governanceAndAdmin": "Configurable ratios, penalties, fees, oracle/exchange settings and system suspension through protocol governance/owner machinery.", "liquidityDependencies": "SNX liquidity, synth AMMs, liquidators, oracle updates and exchange integrators.", "claimIds": ["R5-C011", "R5-C012", "R5-C013"]}, {"id": "R5-P003-V2", "label": "Ethereum/Optimism debt synthesis proposal", "startDate": "2021-12-16", "endDate": null, "tokenRoles": "sUSD and cross-chain debt shares.", "backing": "SNX collateral and pooled debt intended to be measured across chains.", "redemption": "No new unconditional par redemption specified.", "supplyPolicy": "Issuance relies on oracle-reported total debt and debt-share ratios across chains.", "debtAndIncentives": "Rewards and fees remain chain-sensitive while debt responsibility becomes global.", "oracle": "Common Chainlink debt synthesis oracles report cross-chain aggregates.", "governanceAndAdmin": "SIP-governed implementation and cross-chain fee-period messages.", "liquidityDependencies": "Ethereum, Optimism, common oracle availability and Optimism Messenger/cross-chain broadcaster.", "claimIds": ["R5-C014"]} ], "incidents": [{"date": "2021-06-25", "versionId": "R5-P003-V1", "type": "controlled product shutdown", "summary": "Legacy EtherCollateral loan contracts were sunset; after notice, third parties could repay debt and claim remaining collateral.", "beneficiaries": "Liquidators after deadline", "lossBearers": "Borrowers who failed to close", "outcome": "Legacy collateral products deprecated in favor of newer multicollateral loans.", "claimIds": ["R5-C025"]}], "sourceIds": ["R5-S011", "R5-S012", "R5-S013", "R5-S014"], "claimIds": ["R5-C011", "R5-C012", "R5-C013", "R5-C014", "R5-C025"] }, { "id": "R5-P004", "name": "Kava USDX", "aliases": ["USDX", "Kava Mint USDX"], "chains": ["Kava Chain", "Binance Chain"], "eligibility": {"status": "included", "reason": "Native Kava CDP stablecoin was materially active and supplies a non-Ethereum/cross-chain comparator.", "claimIds": ["R5-C015"]}, "researchDepth": "deep", "classification": ["USD loose peg", "application-chain CDP", "overcollateralized", "auction liquidations", "cross-chain collateral"], "targetUnit": "USD", "lineage": [{"relatedName": "MakerDAO Dai", "relationship": "CDP and auction-mechanism comparator, not issuer lineage", "evidenceClaimIds": ["R5-C017", "R5-C018"]}], "deployments": [{"chain": "Kava Chain", "address": "native denom: usdx", "verified": null, "sourceIds": ["R5-S015", "R5-S019"]}], "versions": [{"id": "R5-P004-V1", "label": "Kava CDP/auction modules", "startDate": null, "endDate": null, "tokenRoles": "USDX is native debt/auction coin; KAVA governs, secures consensus and is minted in debt auctions.", "backing": "Collateral locked in Kava CDPs, including representations of source-chain assets such as BNB.", "redemption": "Borrowers repay/burn USDX to unlock collateral; no general holder par redemption found.", "supplyPolicy": "CDP draw mints within debt limits; repayment and successful liquidations burn; savings and fees are governed.", "debtAndIncentives": "Collateral auctions sell seized assets for USDX; residual bad debt triggers KAVA-minting debt auctions after thresholds.", "oracle": "Pricefeed module and governance-set spot/liquidation market IDs; missing prices suspend risk-changing operations.", "governanceAndAdmin": "Kava governance controls collateral, ratios, fees, limits and auction thresholds; validators secure application-chain state.", "liquidityDependencies": "Funded USDX auction bots, Kava execution, source-chain gateways/custody, pricefeeds and secondary USDX liquidity.", "claimIds": ["R5-C015", "R5-C016", "R5-C017", "R5-C018", "R5-C019"]}], "incidents": [], "sourceIds": ["R5-S015", "R5-S016", "R5-S017", "R5-S018", "R5-S019"], "claimIds": ["R5-C015", "R5-C016", "R5-C017", "R5-C018", "R5-C019"] }, { "id": "R5-P005", "name": "Venus VAI", "aliases": ["VAI"], "chains": ["BNB Smart Chain"], "eligibility": {"status": "included", "reason": "Active in 2020-2021 and supplies a documented peg and bad-debt stress comparator.", "claimIds": ["R5-C020"]}, "researchDepth": "triaged", "classification": ["USD peg", "money-market collateral", "governed", "no evidenced hard redemption"], "targetUnit": "USD", "lineage": [], "deployments": [{"chain": "BNB Smart Chain", "address": null, "verified": null, "sourceIds": ["R5-S021"]}], "versions": [{"id": "R5-P005-V1", "label": "2020-2021 VAI", "startDate": null, "endDate": null, "tokenRoles": "VAI is borrower-minted stable debt; XVS governs and was proposed as a loss backstop.", "backing": "Venus account collateral capacity; exact deployed-version constraints not fully reconstructed.", "redemption": "Repayment and secondary markets; no unconditional $1 collateral redemption established by reviewed evidence.", "supplyPolicy": "Governed minting and later proposed stability fee; mint pause proposed in September 2021.", "debtAndIncentives": "Venus liquidators seize collateral; prospective risk-fund/XVS mechanisms address shortfall.", "oracle": "Venus price oracle; exact 2021 VAI oracle implementation unresolved.", "governanceAndAdmin": "Governance can pause minting and alter controller/fee parameters.", "liquidityDependencies": "BNB Smart Chain, liquidators, VAI venues and borrower repayment demand.", "claimIds": ["R5-C020", "R5-C021", "R5-C022"]}], "incidents": [{"date": "2021-05-18", "versionId": "R5-P005-V1", "type": "market/oracle manipulation and bad debt", "summary": "XVS price manipulation and subsequent liquidations produced a Venus shortfall; exact audited amount was not established here.", "beneficiaries": "Accounts able to borrow against inflated collateral", "lossBearers": "Protocol liquidity and, under later proposals, risk-fund/XVS stakeholders", "outcome": "Governance proposed a layered shortfall coverage framework.", "claimIds": ["R5-C021", "R5-C022"]}, {"date": "2021-09-08", "versionId": "R5-P005-V1", "type": "peg/demand imbalance", "summary": "Venus team acknowledged serious VAI oversupply and proposed halting minting.", "beneficiaries": "VAI debtors able to repurchase below par", "lossBearers": "Market buyers and liquidity providers exposed to discount", "outcome": "Mint pause and stability-fee plan discussed.", "claimIds": ["R5-C020"]}], "sourceIds": ["R5-S020", "R5-S021", "R5-S022"], "claimIds": ["R5-C020", "R5-C021", "R5-C022"] }, { "id": "R5-P006", "name": "dForce USDx", "aliases": ["USDx", "dForce USDX"], "chains": ["Ethereum"], "eligibility": {"status": "adjacent", "reason": "Historically active namesake but a basket/meta-stablecoin rather than Kava's CDP USDX; retained to prevent issuer conflation.", "claimIds": ["R5-C023"]}, "researchDepth": "triaged", "classification": ["USD basket", "meta-stablecoin", "namesake"], "targetUnit": "USD", "lineage": [{"relatedName": "dForce USX", "relationship": "later overcollateralized successor, distinct token", "evidenceClaimIds": ["R5-C023"]}], "deployments": [{"chain": "Ethereum", "address": null, "verified": null, "sourceIds": ["R5-S023"]}], "versions": [{"id": "R5-P006-V1", "label": "2020 dForce USDx basket", "startDate": "2019-01-01", "endDate": null, "tokenRoles": "USDx represented an indexed/basket stable asset.", "backing": "Constituent fiat-backed stablecoins according to project materials.", "redemption": "Constituent conversion mechanics were not fully reconstructed.", "supplyPolicy": "Basket issuance/conversion; exact 2020 contracts unresolved.", "debtAndIncentives": null, "oracle": null, "governanceAndAdmin": "Basket weights/governance described by project materials; exact powers unresolved.", "liquidityDependencies": "Constituent stablecoins, their issuers/custodians and Ethereum liquidity.", "claimIds": ["R5-C023"]}], "incidents": [], "sourceIds": ["R5-S023"], "claimIds": ["R5-C023"] }, { "id": "R5-P007", "name": "BitUSD", "aliases": ["bitUSD"], "chains": ["BitShares"], "eligibility": {"status": "ancestry", "reason": "Earlier collateralized market-issued asset; 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historical parameter timing unresolved."}, {"id":"R5-S016","url":"https://docs.kava.io/docs/cosmos/modules/cdp/concepts/","title":"Kava CDP Concepts","sourceType":"documentation","isPrimary":true,"publishedAt":null,"eventDate":null,"retrievedAt":"2026-09-16T03:48:11Z","archiveUrl":null,"commitOrVersion":null,"accessStatus":"retrieved","limitations":"Module-level concepts, not a height-pinned historical configuration."}, {"id":"R5-S017","url":"https://docs.kava.io/docs/cosmos/modules/cdp/params/","title":"Kava CDP Parameters","sourceType":"documentation","isPrimary":true,"publishedAt":null,"eventDate":null,"retrievedAt":"2026-09-16T03:48:11Z","archiveUrl":null,"commitOrVersion":null,"accessStatus":"retrieved","limitations":"Examples may not be mainnet values at a historical height."}, {"id":"R5-S018","url":"https://docs.kava.io/docs/cosmos/modules/auction/concepts/","title":"Kava Auction Concepts","sourceType":"documentation","isPrimary":true,"publishedAt":null,"eventDate":null,"retrievedAt":"2026-09-16T03:48:11Z","archiveUrl":null,"commitOrVersion":null,"accessStatus":"retrieved","limitations":"Current mutable docs."}, {"id":"R5-S019","url":"https://docs.kava.io/docs/resources/auction-bot/","title":"Kava Auction Bot","sourceType":"code","isPrimary":true,"publishedAt":null,"eventDate":null,"retrievedAt":"2026-09-16T03:48:11Z","archiveUrl":null,"commitOrVersion":null,"accessStatus":"retrieved","limitations":"Experimental client documentation; does not measure actual keeper diversity."}, {"id":"R5-S020","url":"https://community.venus.io/t/the-solution-to-re-peg-vai-is-coming/1760","title":"The solution to re-peg VAI is coming","sourceType":"governance","isPrimary":true,"publishedAt":"2021-09-08","eventDate":"2021-09-08","retrievedAt":"2026-09-16T03:48:11Z","archiveUrl":null,"commitOrVersion":null,"accessStatus":"retrieved","limitations":"Team proposal/admission; embedded market measurement not independently reproduced."}, {"id":"R5-S021","url":"https://github.com/VenusProtocol/venus-protocol/blob/develop/contracts/Tokens/VAI/VAIController.sol","title":"Venus VAIController","sourceType":"code","isPrimary":true,"publishedAt":null,"eventDate":null,"retrievedAt":"2026-09-16T03:48:11Z","archiveUrl":null,"commitOrVersion":"current develop","accessStatus":"retrieved","limitations":"Current code is not evidence of exact 2021 deployed version."}, {"id":"R5-S022","url":"https://community.venus.io/t/venus-tokenomics-proposal/1446","title":"Venus tokenomics proposal: shortfall coverage","sourceType":"governance","isPrimary":true,"publishedAt":"2021-08-06","eventDate":null,"retrievedAt":"2026-09-16T03:48:11Z","archiveUrl":null,"commitOrVersion":null,"accessStatus":"retrieved","limitations":"Prospective proposal, not proof mechanisms were funded or implemented."}, {"id":"R5-S023","url":"https://raw.githubusercontent.com/dforce-network/documents/master/white_papers/en/dForce_Whitepaper_V1.pdf","title":"dForce Whitepaper V1","sourceType":"paper","isPrimary":true,"publishedAt":"2020-01-01","eventDate":null,"retrievedAt":"2026-09-16T03:48:11Z","archiveUrl":null,"commitOrVersion":"V1","accessStatus":"retrieved","limitations":"Project paper; exact contracts and basket history not reconstructed."} ], "claims": [ {"id":"R5-C001","protocolId":"R5-P001","versionId":"R5-P001-V1","statement":"MCD DAI is a USD soft peg generated against governance-approved excess collateral; ordinary holders obtain direct collateral claims only through Emergency Shutdown.","evidenceStatus":"fact","sourceIds":["R5-S001","R5-S003"],"evidenceLocator":"Whitepaper: Price Stability Mechanisms, Emergency Shutdown; deployment output","eventDate":"2020-02-17","reasoning":"Primary design and deployment evidence align.","uncertainty":"Exact parameter history varies by governance spell."}, {"id":"R5-C002","protocolId":"R5-P001","versionId":"R5-P001-V1","statement":"MKR governance controlled risk parameters and oracle selection; surplus precedes MKR dilution as the ultimate recapitalization mechanism.","evidenceStatus":"fact","sourceIds":["R5-S001"],"evidenceLocator":"Risk Management; Key External Actors; MKR and MCD","eventDate":"2020-02-17","reasoning":"Explicit whitepaper mechanism.","uncertainty":null}, {"id":"R5-C003","protocolId":"R5-P001","versionId":"R5-P001-V1","statement":"On 2020-03-12, congestion and deficient keeper bidding allowed zero/near-zero auction outcomes and bad debt, showing liquidation execution can defeat nominal overcollateralization.","evidenceStatus":"fact","sourceIds":["R5-S002"],"evidenceLocator":"MIP45 motivation contrasts Liquidations 1.2 with redesign","eventDate":"2020-03-12","reasoning":"MIP45 establishes the auction redesign and bad-debt pathway; exact loss total intentionally omitted because no retrieved primary quantified it here.","uncertainty":"A dedicated first-party postmortem should be added for full event quantification."}, {"id":"R5-C004","protocolId":"R5-P001","versionId":"R5-P001-V2","statement":"Liquidations 2.0 uses Dog to confiscate unsafe vaults, record bad debt in Vow and initiate Dutch Clipper auctions with keeper incentives.","evidenceStatus":"fact","sourceIds":["R5-S002"],"evidenceLocator":"MIP45 Dog.bark and auction design","eventDate":null,"reasoning":"Direct specification.","uncertainty":"Per-collateral activation dates not enumerated."}, {"id":"R5-C005","protocolId":"R5-P001","versionId":"R5-P001-V2","statement":"The PSM improves fixed-price arbitrage but converts issuer, freeze and custody risk of accepted stablecoins into DAI backing risk.","evidenceStatus":"inference","sourceIds":["R5-S001","R5-S002"],"evidenceLocator":"MIP45 references PSM/stablecoin collateral; whitepaper recognizes centralized collateral control","eventDate":"2020-12-18","reasoning":"Economic inference from direct stablecoin inventory and issuer control.","uncertainty":"The exact activation spell and fee settings were not retrieved."}, {"id":"R5-C006","protocolId":"R5-P002","versionId":"R5-P002-V1","statement":"Liquity v1 deployed on Ethereum on 2021-04-05; the manifest identifies LUSD and core contract addresses and code version.","evidenceStatus":"fact","sourceIds":["R5-S004"],"evidenceLocator":"mainnet.json deploymentDate, version, addresses.lusdToken","eventDate":"2021-04-05","reasoning":"First-party deployment manifest.","uncertainty":"Explorer bytecode not independently compared."}, {"id":"R5-C007","protocolId":"R5-P002","versionId":"R5-P002-V1","statement":"Liquity v1 accepted only ETH and represented its core as immutable and governance-free.","evidenceStatus":"project_claim","sourceIds":["R5-S005","R5-S009"],"evidenceLocator":"General FAQ; repository definitions and ownership discussion","eventDate":null,"reasoning":"First-party documentation and code architecture claim.","uncertainty":"No independent authority graph was generated."}, {"id":"R5-C008","protocolId":"R5-P002","versionId":"R5-P002-V1","statement":"Any LUSD holder could redeem at face value for ETH against lowest-collateralized Troves, subject to a dynamic redemption fee.","evidenceStatus":"fact","sourceIds":["R5-S006","R5-S009"],"evidenceLocator":"Redemptions FAQ; repository Definitions: Redemption","eventDate":null,"reasoning":"Mechanism documented in two first-party sources.","uncertainty":null}, {"id":"R5-C009","protocolId":"R5-P002","versionId":"R5-P002-V1","statement":"Below 110% MCR, liquidation burns Stability Pool LUSD for ETH; uncovered debt and collateral redistribute to active Troves.","evidenceStatus":"fact","sourceIds":["R5-S007","R5-S009"],"evidenceLocator":"Stability Pool FAQ; repository Definitions: Liquidation","eventDate":null,"reasoning":"Direct mechanism description.","uncertainty":null}, {"id":"R5-C010","protocolId":"R5-P002","versionId":"R5-P002-V1","statement":"Recovery Mode activates below 150% TCR, blocks worsening borrower actions and expands liquidation eligibility.","evidenceStatus":"fact","sourceIds":["R5-S008"],"evidenceLocator":"Recovery Mode rules table","eventDate":null,"reasoning":"Direct v1 documentation.","uncertainty":null}, {"id":"R5-C011","protocolId":"R5-P003","versionId":"R5-P003-V1","statement":"sUSD was backed economically by locked SNX and pooled synthetic debt, not by an unconditional holder claim on $1 of collateral.","evidenceStatus":"fact","sourceIds":["R5-S011"],"evidenceLocator":"SIP-15 Abstract and Motivation","eventDate":null,"reasoning":"SIP explains collateral, debt, incentives and lack of prior direct redemption.","uncertainty":"Full historical debt-pool accounting code was not version-pinned."}, {"id":"R5-C012","protocolId":"R5-P003","versionId":"R5-P003-V1","statement":"SIP-15 liquidations use delayed flagging and partial sUSD burn for discounted SNX; below collateral plus penalty a shortfall can remain.","evidenceStatus":"fact","sourceIds":["R5-S011"],"evidenceLocator":"lines 204-215, 238-320","eventDate":null,"reasoning":"Implemented SIP specification.","uncertainty":"Live parameter values changed by SCCP."}, {"id":"R5-C013","protocolId":"R5-P003","versionId":"R5-P003-V1","statement":"SIP-120 combined Chainlink and Uniswap v3 prices with caps and volatility breakers and acknowledged oracle-latency strategies could profit at debt-pool expense.","evidenceStatus":"fact","sourceIds":["R5-S012"],"evidenceLocator":"lines 209-220 and 265-293","eventDate":"2021-02-24","reasoning":"Direct proposal rationale.","uncertainty":"Precise activation transaction not checked."}, {"id":"R5-C014","protocolId":"R5-P003","versionId":"R5-P003-V2","statement":"SIP-165 proposed merging Ethereum and Optimism debt pools using common Chainlink debt oracles and cross-chain messaging.","evidenceStatus":"fact","sourceIds":["R5-S013"],"evidenceLocator":"lines 195-231 and 276-285","eventDate":"2021-12-16","reasoning":"Dated implemented SIP.","uncertainty":"End-of-window proposal; deployment chronology unresolved."}, {"id":"R5-C015","protocolId":"R5-P004","versionId":"R5-P004-V1","statement":"Kava USDX is a native Kava coin minted by CDPs and described as loosely USD-pegged with price determined by markets.","evidenceStatus":"project_claim","sourceIds":["R5-S015"],"evidenceLocator":"Native assets; What is a CDP?","eventDate":null,"reasoning":"First-party documentation.","uncertainty":"Page is current and not archived to a 2020 version."}, {"id":"R5-C016","protocolId":"R5-P004","versionId":"R5-P004-V1","statement":"For BNB collateral, BNB was frozen/unfrozen on Binance Chain while representations were minted/burned on Kava.","evidenceStatus":"fact","sourceIds":["R5-S015"],"evidenceLocator":"Non-native assets section","eventDate":null,"reasoning":"Explicit gateway description.","uncertainty":"Operator/key architecture was not recovered."}, {"id":"R5-C017","protocolId":"R5-P004","versionId":"R5-P004-V1","statement":"Kava CDPs use governed liquidation ratios, fees, limits and pricefeed market IDs; absent prices suspend both liquidation and risk-changing operations.","evidenceStatus":"fact","sourceIds":["R5-S016","R5-S017"],"evidenceLocator":"CDP module interactions/dependency pricefeed; parameter table","eventDate":null,"reasoning":"Direct module documentation.","uncertainty":"Examples are not proven historical mainnet values."}, {"id":"R5-C018","protocolId":"R5-P004","versionId":"R5-P004-V1","statement":"Kava collateral auctions require USDX bidders and use forward then reverse phases, returning excess collateral to the CDP owner.","evidenceStatus":"fact","sourceIds":["R5-S018","R5-S019"],"evidenceLocator":"Auction Concepts; Auction Bot How Auctions Work","eventDate":null,"reasoning":"Direct module/client documentation.","uncertainty":"Actual bidder concentration not measured."}, {"id":"R5-C019","protocolId":"R5-P004","versionId":"R5-P004-V1","statement":"Residual CDP debt can trigger auctions that mint KAVA for USDX, making KAVA holders/governors the final dilution backstop.","evidenceStatus":"fact","sourceIds":["R5-S016","R5-S018"],"evidenceLocator":"Liquidation & Stability System; Debt Auction definition","eventDate":null,"reasoning":"Direct module documentation.","uncertainty":"No historical debt-auction execution was identified."}, {"id":"R5-C020","protocolId":"R5-P005","versionId":"R5-P005-V1","statement":"On 2021-09-08 the Venus team acknowledged serious VAI oversupply, reported USD:VAI above 1.3:1 and proposed pausing minting.","evidenceStatus":"project_claim","sourceIds":["R5-S020"],"evidenceLocator":"Opening team post","eventDate":"2021-09-08","reasoning":"Dated issuer/governance admission.","uncertainty":"Ratio not independently reproduced."}, {"id":"R5-C021","protocolId":"R5-P005","versionId":"R5-P005-V1","statement":"VAI's persistent discount despite claimed excess collateral shows collateral accounting did not provide sufficient holder-side peg demand.","evidenceStatus":"inference","sourceIds":["R5-S020"],"evidenceLocator":"Team explanation of supply exceeding demand","eventDate":"2021-09-08","reasoning":"Inference from the project's own diagnosis and lack of evidenced par redemption.","uncertainty":"A full market microstructure study was not performed."}, {"id":"R5-C022","protocolId":"R5-P005","versionId":"R5-P005-V1","statement":"Venus proposed covering shortfall first with a risk fund, then up to 10% of XVS vault deposits, unissued XVS, and finally bonds.","evidenceStatus":"project_claim","sourceIds":["R5-S022"],"evidenceLocator":"Shortfall Coverage section","eventDate":"2021-08-06","reasoning":"Direct proposal text, explicitly treated as prospective.","uncertainty":"Implementation and funding status not established."}, {"id":"R5-C023","protocolId":"R5-P006","versionId":"R5-P006-V1","statement":"dForce USDx was a 2020 Ethereum basket/meta-stablecoin and is not Kava's native CDP USDX; later dForce USX is also distinct.","evidenceStatus":"fact","sourceIds":["R5-S023"],"evidenceLocator":"Whitepaper V1 asset protocol description","eventDate":"2020-01-01","reasoning":"Issuer and mechanism differ from Kava sources.","uncertainty":"Exact basket/deployment history not reconstructed."}, {"id":"R5-C024","protocolId":"R5-P002","versionId":"R5-P002-V1","statement":"Liquity v2 documentation says v1 Recovery Mode was removed and replaced with different branch safety/shutdown controls.","evidenceStatus":"fact","sourceIds":["R5-S010"],"evidenceLocator":"Why was Recovery Mode removed?; Shutdown Mode","eventDate":null,"reasoning":"Later first-party comparison, used only as hindsight.","uncertainty":"Publication date unavailable."}, {"id":"R5-C025","protocolId":"R5-P003","versionId":"R5-P003-V1","statement":"Synthetix announced legacy EtherCollateral loan deprecation on 2021-05-25 and liquidation of remaining loans after 2021-06-25.","evidenceStatus":"fact","sourceIds":["R5-S014"],"evidenceLocator":"Full dated deprecation notice","eventDate":"2021-06-25","reasoning":"Dated first-party operational notice.","uncertainty":"Execution transactions not checked."} ], "searchLog": [ {"id":"R5-Q001","searchedAt":"2026-09-16T03:48:11Z","queryOrRoute":"Maker MCD liquidation, PSM, deployment and Black Thursday routes","chainOrFamily":"Ethereum / MakerDAO","sourceIds":["R5-S001","R5-S002","R5-S003"],"candidateNames":["DAI","Sai"],"result":"Deep-case primary design, deployment and liquidation evidence retrieved; exact PSM spell and dedicated incident postmortem remain open.","limitations":"Search results included secondary summaries that were not used as primary proof."}, {"id":"R5-Q002","searchedAt":"2026-09-16T03:48:11Z","queryOrRoute":"Liquity v1 deployment, redemption, Stability Pool, Recovery Mode and v2 comparison","chainOrFamily":"Ethereum / Liquity","sourceIds":["R5-S004","R5-S005","R5-S006","R5-S007","R5-S008","R5-S009","R5-S010"],"candidateNames":["LUSD","BOLD"],"result":"Deployment and mechanism reconstructed; non-Ethereum native deployments not found.","limitations":"Current docs are mutable; quantitative stress history not gathered."}, {"id":"R5-Q003","searchedAt":"2026-09-16T03:48:11Z","queryOrRoute":"Synthetix SIPs for liquidation, atomic exchange and cross-chain debt plus EtherCollateral shutdown","chainOrFamily":"Ethereum/Optimism / Synthetix","sourceIds":["R5-S011","R5-S012","R5-S013","R5-S014"],"candidateNames":["sUSD","SNX","EtherCollateral"],"result":"Versioned governance specifications and shutdown notice retrieved.","limitations":"Exact deployment transactions and later peg-event chronology unresolved."}, {"id":"R5-Q004","searchedAt":"2026-09-16T03:48:11Z","queryOrRoute":"Kava USDX CDP, gateway, parameters, auctions and auction bot","chainOrFamily":"Kava Chain/Binance Chain","sourceIds":["R5-S015","R5-S016","R5-S017","R5-S018","R5-S019"],"candidateNames":["USDX","KAVA"],"result":"Cross-chain collateral and loss waterfall documented.","limitations":"No height-pinned 2020/2021 parameter series or gateway authority graph."}, {"id":"R5-Q005","searchedAt":"2026-09-16T03:48:11Z","queryOrRoute":"Venus VAI 2021 peg, controller and shortfall coverage","chainOrFamily":"BNB Smart Chain / Venus","sourceIds":["R5-S020","R5-S021","R5-S022"],"candidateNames":["VAI","XVS"],"result":"Peg admission and prospective loss waterfall retrieved; deployed-version evidence incomplete.","limitations":"Current controller not silently used as 2021 code; exact incident amount omitted."}, {"id":"R5-Q006","searchedAt":"2026-09-16T03:48:11Z","queryOrRoute":"USDX stablecoin issuer/name disambiguation across Kava, dForce and current products","chainOrFamily":"cross-family","sourceIds":["R5-S015","R5-S023"],"candidateNames":["Kava USDX","dForce USDx","usdx.money USDX","usdxstable.com USDX"],"result":"Kava and dForce separated; current same-ticker products excluded by date.","limitations":"Not every obscure same-ticker token was investigated."}, {"id":"R5-Q007","searchedAt":"2026-09-16T03:48:11Z","queryOrRoute":"BitUSD and NuBits ancestry and 2020-2021 activity discovery","chainOrFamily":"BitShares/Nu","sourceIds":[],"candidateNames":["BitUSD","NuBits"],"result":"Retained as ancestry; no sufficiently retrieved primary evidence established material window activity.","limitations":"Dead end within bounded search; archival chain statistics and releases remain needed."} ], "exclusions": [ {"id":"R5-X001","name":"usdx.money USDX","reason":"Later delta-neutral same-ticker product; not shown active in 2020-2021 and not Kava USDX.","sourceIds":[],"claimIds":[]}, {"id":"R5-X002","name":"usdxstable.com USDX","reason":"Terms/risk materials date to 2025; outside historical window and distinct issuer.","sourceIds":[],"claimIds":[]}, {"id":"R5-X003","name":"Liquity BOLD","reason":"Later v2 stablecoin, used only as hindsight comparison rather than a window protocol.","sourceIds":["R5-S010"],"claimIds":["R5-C024"]} ], "uncertainties": [ {"id":"R5-U001","protocolId":"R5-P004","question":"What exact Kava collateral, ratios, ceilings, oracle feeders and gateway authorities applied at each 2020-2021 upgrade height?","whyUnresolved":"Current module docs are not a versioned mainnet parameter history.","nextEvidenceNeeded":"Archived genesis files, upgrade proposals, release commits and chain queries by height.","priority":"high"}, {"id":"R5-U002","protocolId":"R5-P005","question":"What exact VAI contracts/code and audited bad-debt ledger governed the May 2021 event?","whyUnresolved":"Current controller differs from historical deployment and retrieved governance posts are incomplete.","nextEvidenceNeeded":"Explorer-verified proxy implementations, 2021 commits, incident transactions and finalized accounting.","priority":"high"}, {"id":"R5-U003","protocolId":"R5-P001","question":"Which DAI bridges/custodians and PSM parameter changes were live on each date?","whyUnresolved":"Bounded pass did not enumerate executive spells and bridge deployments.","nextEvidenceNeeded":"Spell commits, executive transactions, bridge deployment manifests and authority graphs.","priority":"high"}, {"id":"R5-U004","protocolId":"R5-P003","question":"When exactly were SIP-120 and SIP-165 components deployed on each chain, and what later sUSD peg incidents caused realized losses?","whyUnresolved":"SIPs establish specification/status but not a complete transaction or incident chronology.","nextEvidenceNeeded":"Release manifests, deployment transactions, oracle reports and primary postmortems.","priority":"medium"}, {"id":"R5-U005","protocolId":"R5-P002","question":"Which non-Ethereum LUSD representations existed, and who controlled each bridge?","whyUnresolved":"First-party manifest proves Ethereum only; exhaustive bridge inventory not retrieved.","nextEvidenceNeeded":"Bridge contract manifests, issuer token lists, multisig/admin histories and locked-supply reconciliations.","priority":"medium"}, {"id":"R5-U006","protocolId":"R5-P007","question":"Was BitUSD materially active during 2020-2021?","whyUnresolved":"No sufficiently retrieved primary activity evidence in bounded search.","nextEvidenceNeeded":"BitShares chain statistics, releases, feed histories and settlement events for window.","priority":"low"}, {"id":"R5-U007","protocolId":"R5-P008","question":"Was NuBits materially active during 2020-2021, and under which monetary version?","whyUnresolved":"No sufficiently retrieved primary activity evidence in bounded search.","nextEvidenceNeeded":"Nu chain data, versioned releases, liquidity-operation records and contemporaneous governance motions.","priority":"low"} ] }