Onboard USDe September expiry PT tokens on Aave V3 Core Instance
01Summary
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
Generated by Kvorum
02Description
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
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (PT_USDe_25SEP2025) | 50,000,000 |
| Borrow Cap (PT_USDe_25SEP2025) | 1 |
| Debt Ceiling | USD 0 |
| LTV | 0.05 % |
| LT | 0.1 % |
| Liquidation Bonus | 7.5 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 25 % |
| 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 25SEP2025 |
| Underlying Oracle | Capped USDT/USD |
| Underlying Oracle | Chainlink USDT/USD |
| Oracle Latest Answer | (2025-07-22) USD .98343785 |
| discountRatePerYear | 9.65% |
| maxDiscountRatePerYear | 29.10% |
PT-USDE Stablecoins E-mode
| Asset | PT-USDe-25SEP2025 | PT-eUSDE-14AUG2025 | PT-USDe-31JUL2025 | USDC | USDT | USDS | USDe |
|---|---|---|---|---|---|---|---|
| Collateral | Yes | Yes | Yes | No | No | No | Yes |
| Borrowable | No | No | No | Yes | Yes | Yes | Yes |
| LTV | 90.3% | - | - | - | - | - | - |
| LT | 92.3% | - | - | - | - | - | - |
| Liquidation Bonus | 3.5% | - | - | - | - | - | - |
PT-USDE USDe E-mode
| Asset | PT-USDe-25SEP2025 | PT-eUSDE-14AUG2025 | PT-USDe-31JUL2025 | USDe |
|---|---|---|---|---|
| Collateral | Yes | Yes | Yes | Yes |
| Borrowable | No | No | No | Yes |
| LTV | 91.2% | - | - | - |
| LT | 93.2% | - | - | - |
| Liquidation Bonus | 2.5% | - | - | - |
Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_USDe_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'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
04Actions
- Target
- 0x51e6…e2d3
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 570x57ab…2922 | For | 277.3K | 0.00% | — | 1y ago |
| B90xb933…8dd1 | For | 39.6K | 0.00% | — | 1y ago |
| EZezr3al.eth0x8659…7d0e | For | 33.7K | 0.00% | — | 1y ago |
| 870x8787…ea52 | For | 25.3K | 0.00% | — | 1y ago |
| EC0xecc2…6ac9 | For | 25.1K | 0.00% | — | 1y ago |
| 3D0x3ddc…05b0 | For | 20.2K | 0.00% | — | 1y ago |
| 8B0x8b37…2a22 | For | 10.9K | 0.00% | — | 1y ago |
| 7A0x7ae1…e585 | For | 10.4K | 0.00% | — | 1y ago |
| 2C0x2cc1…4df1 | For | 5.4K | 0.00% | — | 1y ago |
| 080x0865…24ce | For | 2K | 0.00% | — | 1y ago |
| 0E0x0e00…ccfc | For | 797.1 | 0.00% | — | 1y ago |
| 440x4444…34b3 | For | 752.2 | 0.00% | — | 1y ago |
| B30xb356…c826 | For | 480 | 0.00% | — | 1y ago |
| A50xa54f…0f31 | For | 459.8 | 0.00% | — | 1y ago |
| 4D0x4d26…7017 | For | 388.6 | 0.00% | — | 1y ago |
| F10xf13c…6dd3 | For | 209 | 0.00% | — | 1y ago |
| 4E0x4eee…0d0d | For | 105.4 | 0.00% | — | 1y ago |
| D00xd0be…86a0 | For | 29.8 | 0.00% | — | 1y ago |
| EB0xebfe…cbcd | For | 21.4 | 0.00% | — | 1y ago |
| 7C0x7c70…60f8 | For | 14.9 | 0.00% | — | 1y ago |
| 430x43dd…40e0 | For | 7.6 | 0.00% | — | 1y ago |
| BB0xbb86…3527 | For | 4.8 | 0.00% | — | 1y ago |
| FA0xfa52…6f89 | For | 3.6 | 0.00% | — | 1y ago |
| 2F0x2f2f…f78a | For | 2 | 0.00% | — | 1y ago |
| 620x6276…b4e8 | For | 1 | 0.00% | — | 1y ago |
| 2E0x2e00…67fa | For | 1 | 0.00% | — | 1y ago |
| 010x019e…2ee3 | For | 0.3 | 0.00% | — | 1y ago |
| 6E0x6e54…aea3 | For | 0.3 | 0.00% | — | 1y ago |
| 010x0100…7cc9 | For | 0.2 | 0.00% | — | 1y ago |
| 790x79fa…0275 | For | 0.1 | 0.00% | — | 1y ago |
| 290x2943…f4ab | For | 0 | 0.00% | — | 1y ago |
| CC0xcc45…c4bd | For | 0 | 0.00% | — | 1y ago |
07Forum
No forum thread is confidently linked to this proposal.
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