Onboard USDe November expiry PT tokens on Aave V3 Core Instance
01Summary
Proposal to onboard USDe November 27, 2025 expiry PT tokens on Aave V3 Core Instance as collateral. This follows successful July and September onboardings, with a 50M supply cap and conservative risk parameters (0.05% LTV, 0.1% LT). The token will be flashloanable and added to two E-mode categories for stablecoin pairs.
- Type
- protocol addition
Key changes
- Onboard PT_USDe_27NOV2025 as collateral with supply cap of 50,000,000 and conservative LTV of 0.05%(high)
- Add token to PT-USDE Stablecoins E-mode (LTV 87.8%, LT 89.8%, liquidation bonus 4.2%)(high)
- Add token to PT-USDE USDe E-mode (LTV 88.6%, LT 90.6%, liquidation bonus 3.2%)(high)
- Enable flashloan functionality for PT_USDe_27NOV2025(medium)
- Set emission admin for PT_USDe_27NOV2025 and corresponding aToken(low)
Notable concerns
- Very low LTV (0.05%) and LT (0.1%) in standard parameters indicate high conservatism for this token type
- Borrow cap set to 1 with borrowing disabled, restricting token utility to collateral only
- Token expiry on November 27, 2025 creates time-limited asset with degrading value
Generated by Kvorum
02Description
Simple Summary
This AIP proposes to onboard USDe November expiry PT tokens on Aave V3 Core Instance.
Motivation
We propose onboarding the 27th November 2025 expiry USDe PT token after successful July and September onboardings. The addition of the November 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 September expiry USDe PT deposits to migrate to the November expiry once onboarded.
Specification
The table below illustrates the configured risk parameters for PT_USDe_27NOV2025
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (PT_USDe_27NOV2025) | 50,000,000 |
| Borrow Cap (PT_USDe_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 USDe USDT/USD linear discount 27NOV2025 |
| Underlying Oracle | Capped USDT/USD |
| Underlying Oracle | Chainlink USDT/USD |
| Oracle Latest Answer | (2025-08-25) USD .97807106 |
| discountRatePerYear | 9.51% |
| maxDiscountRatePerYear | 28.90% |
PT-USDE Stablecoins E-mode
| Asset | PT-USDe-27NOV2025 | PT-USDe-25SEP2025 | USDC | USDT | USDS | USDe | USDtb |
|---|---|---|---|---|---|---|---|
| Collateral | Yes | Yes | No | No | No | No | No |
| Borrowable | No | No | Yes | Yes | Yes | Yes | Yes |
| LTV | 87.8% | - | - | - | - | - | - |
| LT | 89.8% | - | - | - | - | - | - |
| Liquidation Bonus | 4.2% | - | - | - | - | - | - |
PT-USDE USDe E-mode
| Asset | PT-USDe-27NOV2025 | PT-USDe-25SEP2025 | USDe |
|---|---|---|---|
| Collateral | Yes | Yes | No |
| Borrowable | No | No | Yes |
| LTV | 88.6% | - | - |
| LT | 90.6% | - | - |
| Liquidation Bonus | 3.2% | - | - |
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_USDe_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 decoded on-chain action set contains only a single generic execute() call to what appears to be the proposal's dedicated payload/executor contract, consistent with the standard Aave governance pattern where a payload contract is deployed to perform a bundle of Pool Configurator calls (listing a new reserve, setting caps, oracle, e-mode params, emission admin, etc.). The decoded data does not surface the internal calldata of that execute() function, so it is not possible to directly verify each specific numeric parameter (LTV, LT, caps, oracle address, e-mode settings, emission admin address) against the calldata. There is no evidence of a mismatch — the single action target and function signature align with the proposal's 'Implementation' reference link — but because the internal logic is opaque in this decoded view, confidence in a full line-by-line match is low rather than high. No discrepancies are flagged because nothing in the visible calldata contradicts the description; the limitation is purely a lack of decoded granularity, not an observed inconsistency. This is typical for Aave AIPs, which rely on an audited payload contract, so it does not raise a genuine red flag for reviewers, but the analysis should be labeled low confidence rather than asserting full consistency at high confidence.
Generated by Kvorum
04Actions
- Target
- 0x4d91…fe9d
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 570x57ab…2922 | For | 272.7K | 50.93% | — | 1y ago |
| EZezr3al.eth0x8659…7d0e | For | 123.5K | 23.06% | — | 1y ago |
| B90xb933…8dd1 | For | 39.6K | 7.39% | — | 1y ago |
| 870x8787…ea52 | For | 25.6K | 4.79% | — | 1y ago |
| EC0xecc2…6ac9 | For | 25.2K | 4.71% | — | 1y ago |
| 3D0x3ddc…05b0 | For | 20.2K | 3.77% | — | 1y ago |
| 8B0x8b37…2a22 | For | 10.9K | 2.04% | — | 1y ago |
| 3E0x3e32…c4d0 | For | 7.6K | 1.42% | — | 1y ago |
| 2C0x2cc1…4df1 | For | 6.7K | 1.25% | — | 1y ago |
| 0E0x0e00…ccfc | For | 806.1 | 0.15% | — | 1y ago |
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| F10xf13c…6dd3 | For | 209.4 | 0.04% | — | 1y ago |
| 080x0865…24ce | For | 149.4 | 0.03% | — | 1y ago |
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| 430x43dd…40e0 | For | 7.6 | 0.00% | — | 1y ago |
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| E80xe8ee…0877 | For | 0 | 0.00% | — | 1y ago |
07Forum
No forum thread is confidently linked to this proposal.
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