Onboard sUSDe November expiry PT tokens on Aave V3 Core Instance
01Summary
Proposal to onboard sUSDe November 27, 2025 expiry PT tokens on Aave V3 Core Instance with a supply cap of 75 million tokens, configured as collateral with very low LTV (0.05%), borrowing disabled, and flashloan enabled. The token is integrated into stablecoin and USDe e-modes to support expected deposit growth from previous sUSDe PT token success.
- Type
- protocol addition
Key changes
- Onboard PT_sUSDe_27NOV2025 as collateral asset on Aave V3 Core with 75 million supply cap(high)
- Configure low risk parameters: 0.05% LTV, 0.1% LT, 7.5% liquidation bonus, 45% reserve factor(high)
- Enable flashloan functionality for PT_sUSDe_27NOV2025(medium)
- Integrate PT_sUSDe_27NOV2025 into PT-sUSDe Stablecoins E-mode with 86.1% LTV and PT-sUSDe USDe E-mode with 87.8% LTV(high)
- Disable borrowing of PT_sUSDe_27NOV2025 (borrow cap set to 1)(medium)
Notable concerns
- Very low LTV (0.05%) and LT (0.1%) indicate high risk classification for the token
- Borrowing disabled with minimal borrow cap suggests token is designed as collateral only
- Supply cap of 75 million tokens may be limiting depending on demand
- Token has November 2025 expiry date requiring future rollover or offboarding
Generated by Kvorum
02Description
Simple Summary
This AIP proposes to onboard sUSDe November expiry PT tokens on Aave V3 Core Instance.
Motivation
The previous sUSDe PT tokens that were onboarded have brought significant inflows to Aave, in preparation for the expiry and rollover we propose to onboard the next expiry of this PT token. We expect at a minimum that deposits will match those in the September expiry PT token, with sidelined demand
Specification
The table below illustrates the configured risk parameters for PT_sUSDe_27NOV2025
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (PT_sUSDe_27NOV2025) | 75,000,000 |
| Borrow Cap (PT_sUSDe_27NOV2025) | 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 sUSDe USDT/USD linear discount 27NOV2025 |
| Underlying Oracle | Capped USDT/USD |
| Underlying Oracle | Chainlink USDT/USD |
| Oracle Latest Answer | (2025-08-25) USD .97795595 |
| discountRatePerYear | 8.52% |
| maxDiscountRatePerYear | 27.90% |
PT-sUSDE Stablecoins E-mode
| Asset | PT-sUSDe-27NOV2025 | PT-sUSDe-25SEP2025 | sUSDe | USDC | USDT | USDS | USDe | USDtb |
|---|---|---|---|---|---|---|---|---|
| Collateral | Yes | Yes | Yes | No | No | No | No | No |
| Borrowable | No | No | No | Yes | Yes | Yes | Yes | Yes |
| LTV | 86.1% | - | - | - | - | - | - | - |
| LT | 88.1% | - | - | - | - | - | - | - |
| Liquidation Bonus | 5.4% | - | - | - | - | - | - | - |
PT-sUSDE USDe E-mode
| Asset | PT-sUSDe-27NOV2025 | PT-sUSDe-25SEP2025 | USDe |
|---|---|---|---|
| Collateral | Yes | Yes | No |
| Borrowable | No | No | Yes |
| LTV | 87.8% | - | - |
| LT | 89.8% | - | - |
| Liquidation Bonus | 3.4% | - | - |
The LTV, LT and LB of the previous emode will be managed by the Edge Risk Oracle.
Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_sUSDe_27NOV2025 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: the on-chain action is a single delegatecall-style execute() to a payload contract, whose address matches the implementation referenced in the description's GitHub link. The decoded calldata here provides no granular arguments, since all the actual configuration logic (reserve listing, caps, LTV/LT, oracle wiring, e-mode updates, emission admin) lives inside the payload contract's bytecode, not in the top-level calldata. This is typical for Aave AIPs and is not evidence of a mismatch — but it also means the parameters listed in the description (LTV 0.05%, supply cap 75M, e-mode configs, emission admin address, etc.) cannot be directly verified from the provided decoded action alone, since only a bare execute() call is decoded. Given the reputable, well-documented pattern (payload contract with linked source and tests matching the described asset), there's no indication of a target mismatch, omitted action, or value discrepancy that a reviewer could detect from this data. However, because the calldata is essentially opaque at this level of decoding, confidence in a full parameter-by-parameter comparison is low. I found no direct contradictions between the prose and the single decoded action, so I classify this as consistent but flag the confidence as low due to inability to verify the specific numeric parameters against the calldata itself.
Generated by Kvorum
04Actions
- Target
- 0x1bfe…88d7
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
No votes recorded yet.
07Forum
No forum thread is confidently linked to this proposal.
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