aaveSource: Aave governance v3 · #314

Onboard eUSDe and eUSDe based PT token to Aave V3 Core

executedMay 26, 2025, 02:45 PM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to onboard three tokens to Aave V3 Core: eUSDe (550M supply cap), PT_USDe_31JUL2025 (40M supply cap), and PT_eUSDe_14AUG2025 (100M supply cap). All three will be enabled as collateral with similar risk parameters (0.05% LTV, 0.1% LT, 7.5% liquidation bonus), flashloan enabled, and borrowing disabled. Multiple E-mode configurations added for stablecoin and USDe pairings.

Type: protocol addition

Key changes

Onboard eUSDe as collateral with 550M supply cap, 0.05% LTV, flashloan enabled, E-mode integration with stablecoins (LTV 90%, LT 93%)(high)
Onboard PT_USDe_31JUL2025 (July 31 expiry) as collateral with 40M supply cap, 0.05% LTV, flashloan enabled, with E-mode configurations for stablecoin (LTV 88.1%) and USDe (LTV 90.1%) pairings(high)
Onboard PT_eUSDe_14AUG2025 (August 14 expiry) as collateral with 100M supply cap, 0.05% LTV, flashloan enabled, with E-mode configurations for stablecoin (LTV 87.1%) and USDe (LTV 89%) pairings(high)
Set 0xac140648435d03f784879cd789130F22Ef588Fcd as emission admin for all three tokens and their corresponding aTokens(medium)
All three tokens configured with 45% reserve factor, 10% Variable Slope 1, 300% Variable Slope 2, and 45% Uoptimal(medium)

Notable concerns

All three assets have borrowing disabled (Borrow Cap set to 1) but are enabled as collateral, limiting their utility in borrowing scenarios
Very low initial LTV (0.05%) and LT (0.1%) suggest conservative risk parameters despite E-modes offering much higher ratios
PT tokens have expiry dates (July 31, 2025 and August 14, 2025) creating time-bound risk considerations

ContractsAave V3 Core InstanceeUSDe tokenPT_USDe_31JUL2025 tokenPT_eUSDe_14AUG2025 token

Generated by Kvorum

model: claude-haiku-4-5

provider: anthropic

profile: anthropic-fast-v1

prompt: v1.0

generated: 2mo ago

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02Description

1,280 words

Simple Summary

This proposal aims to onboard the eUSDe token as well as the USDe July expiry PT tokens and eUSDe August expiry PT tokens on the Aave V3 Core Instance.

Motivation

Last month listing of various PT tokens where met with massive support from the community and growth for the protocol. To capitalize on this interest we suggest onboard two additional PT tokens to the Core instances. The two PT tokens selected are the same as previously onboarded with a later expiry date.

Specification

eUSDe

The table below illustrates the configured risk parameters for eUSDe

Parameter	Value
Isolation Mode	false
Borrowable	DISABLED
Collateral Enabled	true
Supply Cap (eUSDe)	550,000,000
Borrow Cap (eUSDe)	1
Debt Ceiling	USD 0
LTV	0.05 %
LT	0.1 %
Liquidation Bonus	7.5 %
Liquidation Protocol Fee	10 %
Reserve Factor	45 %
Base Variable Borrow Rate	0 %
Variable Slope 1	10 %
Variable Slope 2	300 %
Uoptimal	45 %
Flashloanable	ENABLED
Siloed Borrowing	DISABLED
Borrowable in Isolation	DISABLED

Pricefeed details

Parameter	Value
Oracle	Capped eUSDe / USDe / USD
BASE/USD Oracle	Chainlink USDT/USD
Ratio Provider	eUSDe
Oracle Latest Answer	(2025-05-20) USD 1.0002
min snapshot	1 day
max yearly growth	0%

eUSDe/Stablecoin E-Mode(id:15)

Asset	eUSDe	USDC	USDT	USDS
Collateral	Yes	No	No	No
Borrowable	No	Yes	Yes	Yes
LTV	90%	-	-	-
LT	93%	-	-	-
Liquidation Bonus	2%	-	-	-

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for eUSDe and the corresponding aToken.

PT_USDe_31JUL2025

The table below illustrates the configured risk parameters for PT_USDe_31JUL2025

Parameter	Value
Isolation Mode	false
Borrowable	DISABLED
Collateral Enabled	true
Supply Cap (PT_USDe_31JUL2025)	40,000,000
Borrow Cap (PT_USDe_31JUL2025)	1
Debt Ceiling	USD 0
LTV	0.05 %
LT	0.1 %
Liquidation Bonus	7.5 %
Liquidation Protocol Fee	10 %
Reserve Factor	45 %
Base Variable Borrow Rate	0 %
Variable Slope 1	10 %
Variable Slope 2	300 %
Uoptimal	45 %
Flashloanable	ENABLED
Siloed Borrowing	DISABLED
Borrowable in Isolation	DISABLED

Pricefeed details

Parameter	Value
Oracle	PT Capped USDe USDT/USD linear discount 31JUL2025
Underlying Oracle	Capped USDT/USD
Underlying Oracle	Chainlink USDT/USD
Oracle Latest Answer	(2025-05-21) USD .98398009
discountRatePerYear	8.47%
maxDiscountRatePerYear	29.21%

PT-USDe Stablecoins E-mode(id:10)

Asset	PT-USDe	USDe	USDC	USDT	USDS
Collateral	Yes	Yes	No	No	No
Borrowable	No	No	Yes	Yes	Yes
LTV	Subject to Risk Oracle	-	-	-	-
LT	Subject to Risk Oracle	-	-	-	-
Liquidation Bonus	Subject to Risk Oracle	-	-	-	-

PT-USDe USDe E-mode(id:12)

Asset	PT-USDe	USDe
Collateral	Yes	Yes
Borrowable	No	Yes
LTV	Subject to Risk Oracle	-
LT	Subject to Risk Oracle	-
Liquidation Bonus	Subject to Risk Oracle	-

Initial E-mode Risk Oracle

Parameter	Value	Value
E-Mode	Stablecoin	USDe
LTV	88.1%	90.1%
LT	91.1%	92.1%
LB	3.9%	2.8%

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_USDe_31JUL2025 and the corresponding aToken.

PT_eUSDe_14AUG2025

The table below illustrates the configured risk parameters for PT_eUSDe_14AUG2025

Parameter	Value
Isolation Mode	false
Borrowable	DISABLED
Collateral Enabled	true
Supply Cap (PT_eUSDe_14AUG2025)	100,000,000
Borrow Cap (PT_eUSDe_14AUG2025)	1
Debt Ceiling	USD 0
LTV	0.05 %
LT	0.1 %
Liquidation Bonus	7.5 %
Liquidation Protocol Fee	10 %
Reserve Factor	45 %
Base Variable Borrow Rate	0 %
Variable Slope 1	10 %
Variable Slope 2	300 %
Uoptimal	45 %
Flashloanable	ENABLED
Siloed Borrowing	DISABLED
Borrowable in Isolation	DISABLED

Pricefeed details

Parameter	Value
Oracle	PT Capped eUSDe USDT/USD linear discount 14AUG2025
Underlying Oracle	Capped USDT/USD
Underlying Oracle	Chainlink USDT/USD
Oracle Latest Answer	(2025-05-21) USD .97942094
discountRatePerYear	9.037%
maxDiscountRatePerYear	29.781%

PT-eUSDe Stablecoins E-mode(id:13)

Asset	PT-eUSDe	eUSDe	USDC	USDT	USDS
Collateral	Yes	Yes	No	No	No
Borrowable	No	No	Yes	Yes	Yes
LTV	Subject to Risk Oracle	-	-	-	-
LT	Subject to Risk Oracle	-	-	-	-
Liquidation Bonus	Subject to Risk Oracle	-	-	-	-

PT-eUSDe USDe E-mode(id:14)

Asset	PT-eUSDe	eUSDe	USDe
Collateral	Yes	Yes	No
Borrowable	No	No	Yes
LTV	Subject to Risk Oracle	-	-
LT	Subject to Risk Oracle	-	-
Liquidation Bonus	Subject to Risk Oracle	-	-

Initial E-mode Risk Oracle

Parameter	Value	Value
E-Mode	Stablecoin	USDe
LTV	87.1%	89%
LT	90.1%	91%
LB	4.1%	3.1%

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_eUSDe_14AUG2025 and the corresponding aToken.

References

Implementation: AaveV3Ethereum
Tests: AaveV3Ethereum
Snapshot: Direct-to-AIP
Discussion: eUSDe, PT-USDe-31JUL2025, PT-eUSDe-14AUG2025, EMODE for PT Collateral

Copyright

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5

Consistent

placeholder

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: 0xa84a…c5b0
Value: 0 wei
Function: fallback()
Arguments: {}
Calldata

05Tally

Summed from votes

Against0.0%0

For100.0%471.8K

Voters49

VP participating471.8K

Outcome (current)For

Current support100%

06Voters

49 total

No votes recorded yet.

07Forum

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