KVORUM
aaveSource: Aave governance v3 · #113

Onboard USDe Aave V3 Ethereum

executedJun 5, 2024, 02:11 PM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to add USDe (Ethena's synthetic dollar) to Aave V3 on Ethereum with specific risk parameters including 80M supply cap, 72M borrow cap, 72% LTV, and isolation mode enabled.

Type
protocol addition

Key changes

  • Add USDe token to Aave V3 on Ethereum as a borrowable and collateral-enabled asset(high)
  • Enable isolation mode for USDe with $40M debt ceiling to limit risk exposure(high)
  • Set supply cap at 80,000,000 USDe and borrow cap at 72,000,000 USDe(high)
  • Configure LTV at 72% and liquidation threshold at 75% with 8.5% liquidation bonus(high)
  • Set base variable borrow rate at 0% with variable slope 1 at 9% and slope 2 at 75%(medium)
  • Reserve factor set to 25% for protocol revenue(medium)
  • Enable USDe as borrowable in isolation mode and enable flash loans(medium)

Notable concerns

  • Isolation mode restricts use as collateral with other assets, limiting composability
  • High borrow cap of 72M USDe creates significant exposure to a relatively new synthetic asset
  • Variable slope 2 of 75% creates steep borrow rate increases at high utilization
Contracts0x22e4d16763f70c89e210f07dcfed9219298dc72d
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

272 words

Simple Summary

This proposal seek approval for the addition of USDe to Aave V3 on Ethereum

Motivation

Ethena’s synthetic dollar, USDe, provides a stable crypto-native solution for a cash and carry structured product. The staked version of USDe, sUSDe, earns yield from the protocol and has high potential for strong borrow demand.

Specification

The table below illustrates the configured risk parameters for USDe

ParameterValue
Isolation Modetrue
BorrowableENABLED
Collateral Enabledtrue
Supply Cap (USDe)80,000,000
Borrow Cap (USDe)72,000,000
Debt CeilingUSD 40,000,000
LTV72 %
LT75 %
Liquidation Bonus8.5 %
Liquidation Protocol Fee10 %
Reserve Factor25 %
Base Variable Borrow Rate0 %
Variable Slope 19 %
Variable Slope 275 %
Uoptimal80 %
Stable BorrowingDISABLED
Stable Slope19 %
Stable Slope275 %
Base Stable Rate Offset0 %
Stable Rate Excess Offset0 %
Optimal Stable To Total Debt Ratio0 %
FlashloanableENABLED
Siloed BorrowingDISABLED
Borrowable in IsolationENABLED
Oracle0x55B6C4D3E8A27b8A1F5a263321b602e0fdEEcC17

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorummedium confidenceclaude-sonnet-5
Consistent

The proposal follows Aave's standard governance pattern: a single on-chain action that calls execute() on a pre-deployed, pre-audited payload contract (referenced in the description's 'Implementation' link). The actual parameter-setting logic (LTV, LT, caps, interest rate curve, oracle address, isolation mode, etc.) is encoded inside that payload contract's bytecode, not exposed as discrete calldata arguments in this decoded action. Because of this, the granular numeric claims in the Specification table cannot be directly verified against the decoded calldata — there is only one opaque execute() call. This is expected and standard for Aave V3 listing proposals, not a red flag by itself. The high-level intent (onboard USDe with a full risk parameter configuration) is consistent with the single execute() action targeting what appears to be the listing payload contract. No value, target, or omission mismatches can be identified given the information available, but confidence is medium rather than high because the underlying parameter values are not independently visible in the provided calldata for line-by-line verification.

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

1 total
#0fallback()chain 0x1
Target
0x22e4…c72d
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

Summed from votes

Voters0
VP participating0
Outcome (current)—
Current support—

06Voters

0 total

No votes recorded yet.

07Forum

No forum thread is confidently linked to this proposal.