Onboard sUSDe September expiry PT tokens on Aave V3 Core Instance
01Summary
Proposal to onboard PT-sUSDe-25SEP2025 (Principal Token with September 2025 expiry) as collateral on Aave V3 with conservative risk parameters including 0.05% LTV, 200M supply cap, and integration into stablecoin e-mode pools.
- Type
- protocol addition
Key changes
- Onboard PT-sUSDe-25SEP2025 token as collateral asset on Aave V3 Core(high)
- Set supply cap at 200,000,000 PT-sUSDe-25SEP2025 tokens with borrow cap of 1 (effectively non-borrowable)(high)
- Configure conservative LTV of 0.05% and liquidation threshold of 0.1% for general use(high)
- Add token to stablecoin e-mode pools with higher LTV (87.7% in USDC/USDT/USDS/USDe pool, 89.1% in USDe pool)(high)
- Enable flashloan functionality for PT-sUSDe-25SEP2025(medium)
- Set reserve factor at 10% and liquidation bonus at 7.5% (general) and 3-5% (e-mode)(medium)
- Designate 0xac140648435d03f784879cd789130F22Ef588Fcd as emission admin for token and corresponding aToken(low)
Notable concerns
- Very low LTV of 0.05% in general configuration may limit collateral utility outside of e-mode
- Token has specific September 2025 expiry date requiring future migration planning
- PT token pricing depends on Pendle protocol oracle with discount rates up to 31.11%
Generated by Kvorum
02Description
Simple Summary
This AIP proposes to onboard sUSDe September expiry PT tokens on Aave V3 Core Instance.
Motivation
The previous sUSDe PT token that was onboarded brought significant inflows to Aave, in preparation for the expiry and rollover we propose to onboard the next expiry of this PT token.
We propose onboarding the 25th September 2025 expiry PT token:
- PT-sUSDE-25SEP2025
Specification
The table below illustrates the configured risk parameters for PT_sUSDe_25SEP2025
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (PT_sUSDe_25SEP2025) | 200,000,000 |
| Borrow Cap (PT_sUSDe_25SEP2025) | 1 |
| Debt Ceiling | USD 0 |
| LTV | 0.05 % |
| LT | 0.1 % |
| Liquidation Bonus | 7.5 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 10 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 6 % |
| Variable Slope 2 | 50 % |
| Uoptimal | 90 % |
| Flashloanable | ENABLED |
| Siloed Borrowing | DISABLED |
| Borrowable in Isolation | DISABLED |
Pricefeed details
| Parameter | Value |
|---|---|
| Oracle | PT Capped sUSDe USDT/USD linear discount 25SEP2025 |
| Underlying Oracle | Capped USDT/USD |
| Underlying Oracle | Chainlink USDT/USD |
| Oracle Latest Answer | (2025-06-08) USD .98358934 |
| discountRatePerYear | 7.69% |
| maxDiscountRatePerYear | 31.11% |
PT-sUSDE Stablecoins E-mode
| Asset | PT-sUSDe | USDC | USDT | USDS | USDe |
|---|---|---|---|---|---|
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |
| LTV | 87.7% | - | - | - | - |
| LT | 89.7% | - | - | - | - |
| Liquidation Bonus | 5% | - | - | - | - |
PT-sUSDE USDe E-mode
| Asset | PT-sUSDe | USDe |
|---|---|---|
| Collateral | Yes | No |
| Borrowable | No | Yes |
| LTV | 89.1% | - |
| LT | 91.1% | - |
| Liquidation Bonus | 3% | - |
Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_sUSDe_25SEP2025 and the corresponding aToken.
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot: Direct-to-AIP
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal follows Aave's standard governance pattern: a single execute() call to a dedicated payload contract whose bytecode (referenced via the linked Solidity implementation and test files) performs all the granular actions described in the prose — asset listing, risk parameter configuration, oracle wiring, e-mode additions, and emission admin assignment. The decoded calldata for this proposal is just the fallback/execute() invocation with no further decoded arguments, meaning none of the specific numeric parameters (LTV, LT, caps, rates, e-mode settings, admin address) can be independently verified against the calldata payload itself — they only exist in the linked contract source, which is outside the scope of the decoded on-chain action list provided. This is the expected and routine structure for this class of Aave proposal, not evidence of tampering or mismatch, so I do not flag a discrepancy. However, because the calldata provides no substantive detail to cross-check against the rich prose, my confidence in a full line-by-line verification is low — I can only confirm structural consistency (one payload execution matching one proposal), not exact parameter equivalence. Delegates relying on this analysis should note that verification of exact figures requires reviewing the linked source code directly, as is standard practice for Aave AIPs of this type.
Generated by Kvorum
04Actions
- Target
- 0x86b4…5052
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
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07Forum
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