MakerDAO Liquidations 2.0 · interactive mechanism simulation

Unsafe vaults get bark()'d by the Dog contract, which kick()s a falling-price Dutch auction on a Clipper. Price starts above the delayed oracle feed and decays until a keeper take()s it or it resets (redo()) past cusp/tail. A Hole cap throttles how much debt can be in auction at once. Edit the parameters, or stress-test it like May 19, 2021.
Unsafe vaults collateral ratio < min Dog · bark() confiscates & kicks Oracle (OSM) delayed price feed Clipper · Dutch auction price falls: buf → cusp, or redo() Keeper / DEX take() + flash-sell DAI system debt settled: $0 penalty: $0 Hole · circuit breaker dirt: $0 / $15M cap
Vaults barked
0
Debt settled
$0
Auctions reset (redo)
0
Loss-making auctions
0
Parameters — edit me
120%
60%
40s
1.0×
$15M
Controls

Illustrative simulation. Mirrors the researched Liquidations 2.0 (MIP45) mechanism — Dog/Clipper/Abacus Dutch auctions with buf/cusp/tail resets and a Hole circuit breaker, which settled ~$41M across 177 auctions on May 19, 2021 with ~$5.1M in penalties and only ~$12K of losses — but debt sizes, timing and take decisions are randomized for visualization, not live onchain data. Part of The Onchain Experiment Atlas.