KVORUM
aaveSource: Aave governance v3 · #346

Onboard USDe September expiry PT tokens on Aave V3 Core Instance

executedJul 29, 2025, 09:03 AM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

Onboard USDe September 2025 expiry PT tokens (PT_USDe_25SEP2025) on Aave V3 Core Instance with conservative risk parameters. This maintains TVL from the existing $166m July expiry USDe PT collateral by enabling users to migrate to the updated token while keeping Aave as the leading venue for PT collateral.

Type
protocol addition

Key changes

  • Add PT_USDe_25SEP2025 as collateral asset on Aave V3 with supply cap of 50,000,000 tokens(high)
  • Configure PT-USDE Stablecoins E-mode with 90.3% LTV and 92.3% LT for PT_USDe_25SEP2025(high)
  • Configure PT-USDE USDe E-mode with 91.2% LTV and 92.3% LT for PT_USDe_25SEP2025(high)
  • Set core parameters: 0.05% LTV, 0.1% LT, 7.5% liquidation bonus in normal mode(medium)
  • Enable flashloan functionality for PT_USDe_25SEP2025(low)
  • Establish pricefeed with 9.65% annual discount rate and Chainlink USDT/USD oracle backing(medium)
  • Set 0xac140648435d03f784879cd789130F22Ef588Fcd as emission admin for token and aToken(low)

Notable concerns

  • Very low base LTV (0.05%) and LT (0.1%) in standard mode limits usefulness as collateral outside E-mode
  • Borrow cap set to 1 indicating token is not borrowable, limiting liquidity mechanics
  • PT tokens expire September 25, 2025, creating time-bound utility
  • Proposal assumes majority of $166m July expiry deposits will migrate, but migration outcomes cannot be guaranteed
Contracts0x51e6f2f47cd97b56abdb3efb30e274bbb7d5e2d3PT_USDe_25SEP2025aToken (PT_USDe_25SEP2025)
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

542 words

Simple Summary

This AIP proposes to onboard USDe September expiry PT tokens on Aave V3 Core Instance.

Motivation

We propose onboarding the 25th September 2025 expiry USDe PT token. The July expiry USDe PT has $166m of collateral on Aave, the addition of the September expiry of the same will maintain this TVL and associated revenue by making it easy for users to migrate to the updated expiry and keep Aave as the leading venue for PT collateral. We expect the majority, if not all of the July expiry USDe PT deposits to migrate to the September expiry once onboarded.

Specification

The table below illustrates the configured risk parameters for PT_USDe_25SEP2025

ParameterValue
Isolation Modefalse
BorrowableDISABLED
Collateral Enabledtrue
Supply Cap (PT_USDe_25SEP2025)50,000,000
Borrow Cap (PT_USDe_25SEP2025)1
Debt CeilingUSD 0
LTV0.05 %
LT0.1 %
Liquidation Bonus7.5 %
Liquidation Protocol Fee10 %
Reserve Factor25 %
Base Variable Borrow Rate0 %
Variable Slope 110 %
Variable Slope 2300 %
Uoptimal45 %
FlashloanableENABLED
Siloed BorrowingDISABLED
Borrowable in IsolationDISABLED

Pricefeed details

ParameterValue
OraclePT Capped USDe USDT/USD linear discount 25SEP2025
Underlying OracleCapped USDT/USD
Underlying OracleChainlink USDT/USD
Oracle Latest Answer(2025-07-22) USD .98343785
discountRatePerYear9.65%
maxDiscountRatePerYear29.10%

PT-USDE Stablecoins E-mode

AssetPT-USDe-25SEP2025PT-eUSDE-14AUG2025PT-USDe-31JUL2025USDCUSDTUSDSUSDe
CollateralYesYesYesNoNoNoYes
BorrowableNoNoNoYesYesYesYes
LTV90.3%------
LT92.3%------
Liquidation Bonus3.5%------

PT-USDE USDe E-mode

AssetPT-USDe-25SEP2025PT-eUSDE-14AUG2025PT-USDe-31JUL2025USDe
CollateralYesYesYesYes
BorrowableNoNoNoYes
LTV91.2%---
LT93.2%---
Liquidation Bonus2.5%---

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_USDe_25SEP2025 and the corresponding aToken.

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5
Consistent

The proposal's decoded on-chain footprint consists of a single call to execute() on what appears to be an Aave governance payload contract, with no decoded arguments. This is the standard Aave V3 listing pattern: the executor calls execute() on a purpose-built payload contract whose bytecode contains the actual configuration logic (new asset listing, LTV/LT/caps, oracle wiring, e-mode updates, emission admin assignment). Because the decoded action exposes no parameters, I cannot directly cross-check the specific numeric values (LTV 0.05%, LT 0.1%, supply cap 50M, e-mode LTVs, oracle address, emission admin address, etc.) claimed in the description against on-chain calldata — the payload's internal logic is not visible in this decoded action. However, this opacity is expected and typical for Aave AIPs, which link to an audited, tested Solidity implementation (as this proposal does) rather than embedding parameters directly in top-level calldata. There is no evidence of a target mismatch, extra action, or omitted action at the level visible to us: the single action's target and lack of value transfer are consistent with a routine listing payload execution, and nothing in the calldata contradicts the description's stated intent to onboard the September-expiry USDe PT token. Given the inability to verify granular parameters from the calldata alone, confidence is low, but no discrepancy is flagged since nothing decodable contradicts the description.

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
0x51e6…e2d3
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

Summed from votes

Voters0
VP participating0
Outcome (current)—
Current support—

06Voters

0 total
Filter:
VoterChoice% of totalRationale
570x57ab…2922For277.3K0.00%—1y ago
B90xb933…8dd1For39.6K0.00%—1y ago
EZezr3al.eth0x8659…7d0eFor33.7K0.00%—1y ago
870x8787…ea52For25.3K0.00%—1y ago
EC0xecc2…6ac9For25.1K0.00%—1y ago
3D0x3ddc…05b0For20.2K0.00%—1y ago
8B0x8b37…2a22For10.9K0.00%—1y ago
7A0x7ae1…e585For10.4K0.00%—1y ago
2C0x2cc1…4df1For5.4K0.00%—1y ago
080x0865…24ceFor2K0.00%—1y ago
0E0x0e00…ccfcFor797.10.00%—1y ago
440x4444…34b3For752.20.00%—1y ago
B30xb356…c826For4800.00%—1y ago
A50xa54f…0f31For459.80.00%—1y ago
4D0x4d26…7017For388.60.00%—1y ago
F10xf13c…6dd3For2090.00%—1y ago
4E0x4eee…0d0dFor105.40.00%—1y ago
D00xd0be…86a0For29.80.00%—1y ago
EB0xebfe…cbcdFor21.40.00%—1y ago
7C0x7c70…60f8For14.90.00%—1y ago
430x43dd…40e0For7.60.00%—1y ago
BB0xbb86…3527For4.80.00%—1y ago
FA0xfa52…6f89For3.60.00%—1y ago
2F0x2f2f…f78aFor20.00%—1y ago
620x6276…b4e8For10.00%—1y ago
2E0x2e00…67faFor10.00%—1y ago
010x019e…2ee3For0.30.00%—1y ago
6E0x6e54…aea3For0.30.00%—1y ago
010x0100…7cc9For0.20.00%—1y ago
790x79fa…0275For0.10.00%—1y ago
290x2943…f4abFor00.00%—1y ago
CC0xcc45…c4bdFor00.00%—1y ago
Showing 32

07Forum

No forum thread is confidently linked to this proposal.