KVORUM
aaveSource: Aave governance v3 · #303

Onboard PT sUSDe July on Core Instance

executedMay 3, 2025, 05:22 PM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

This proposal onboards Pendle PT-sUSDe-31July2025 token as collateral on Aave V3 core instance with conservative risk parameters (0.05% LTV, 0.1% LT). The token will be non-borrowable but flashloanable, with a new E-Mode category allowing 87.4% LTV when paired with stablecoins USDC, USDT, and USDS. This is a resubmission of a previously cancelled proposal due to misconfiguration.

Type
protocol addition

Key changes

  • Onboard PT-sUSDe-31July2025 as collateral with 0.05% LTV and 0.1% LT in core mode(high)
  • Create PT-sUSDe Stablecoins E-Mode (id: 8) allowing 87.4% LTV and 89.4% LT when borrowing USDC, USDT, or USDS(high)
  • Enable flashloan functionality for PT-sUSDe token while keeping standard borrowing disabled(medium)
  • Set supply cap at 85,000,000 units and borrow cap at 1 unit(medium)
  • Configure oracle with 7.5124% annual discount rate for PT token valuation(medium)

Notable concerns

  • This is a resubmission due to prior misconfiguration, indicating implementation complexity
  • PT tokens have maturity date (31 July 2025) requiring monitoring post-expiry
  • Pendle protocol dependency and smart contract risk from external protocol
  • Conservative core mode parameters (0.05% LTV) suggest significant caution regarding asset risk
ContractsAave V3 Ethereum Core InstancePT-sUSDe-31July2025 tokenPT Capped sUSDe USDT/USD linear discount oracle
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

539 words

Simple Summary

This proposal seeks to onboard pendle PT-sUSDe-31July2025 on the Aave V3 core instance. This is a resubmission of PT-sUSDe-31July2025 listing payload of Proposal 299, which was cancelled due to a detected misconfiguration.

Motivation

Pendle allows users to split yield bearing tokens into principal (PT) and yield (YT) components. This opens the door to trading yield for the growing number of yield bearing tokens, and gives users additional options for yield farming strategies. A notable feature of the PT tokens is that at the maturity date, the value of the PT equals the value of the underlying asset and can be redeemed for the underlying. This means PT tokens, which can be bought at a discount within Pendle pools, represent the fixed rate part of a Pendle asset pair.

Pendle has seen extremely high growth this year, with current TVL of circa $4.5 billion. Along with this growth has come the desire for yield traders to borrow against their Pendle PT tokens. This represents a multi-billion dollar growth opportunity for Aave, without a large increase in risk if PT tokens are onboarded for already listed assets such as sUSDe. With this, it makes sense to onboard PT-sUSDe-31July2025 asset.

Specification

The table below illustrates the configured risk parameters for PT_sUSDE_31JUL2025:

ParameterPT_sUSDE_31JUL2025
BorrowableDISABLED
Collateral Enabledtrue
Supply Cap85,000,000
Borrow Cap1
Isolation Modefalse
Debt CeilingUSD 0
LTV0.05 %
LT0.1 %
Liquidation Bonus7.5 %
Liquidation Protocol Fee10 %
Reserve Factor20 %
Base Variable Borrow Rate0 %
Variable Slope 17 %
Variable Slope 2300 %
Uoptimal45 %
FlashloanableENABLED
Siloed BorrowingDISABLED
Borrowable in IsolationDISABLED

The following EMode categories will be created for the assets listed:

PT-sUSDe Stablecoins E-Mode (id: 8):

AssetPT-sUSDeUSDCUSDTUSDS
CollateralYesNoNoNo
BorrowableNoYesYesYes
LTV87.4%---
LT89.4%---
Liquidation Bonus4.6%---

The Pendle PT Capo with linear discount have been deployed with the following configurations:

ParameterValue
OraclePT Capped sUSDe USDT/USD linear discount 31JUL2025
Underlying OracleCapped USDT/USD
Underlying OracleChainlink USDT/USD
OracleLatestAnswer (28 April 25)USD 0.98089311
discountRatePerYear7.5124%
maxDiscountRatePerYear21.22%

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_sUSDE_31JUL2025 and its aToken.

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorum

A calldata-vs-description analysis is not generated yet. Review the decoded actions →

04Actions

1 total
#0fallback()chain 0x1
Target
0xca6b…4e2c
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

Summed from votes

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Outcome (current)—
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06Voters

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07Forum

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