KVORUM
aaveSource: Aave governance v3 · #367

Onboard USDe November expiry PT tokens on Aave V3 Core Instance

executedSep 8, 2025, 11:18 AM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

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
ContractsAave V3 Core InstancePT_USDe_27NOV2025 token contract
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

540 words

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

ParameterValue
Isolation Modefalse
BorrowableDISABLED
Collateral Enabledtrue
Supply Cap (PT_USDe_27NOV2025)50,000,000
Borrow Cap (PT_USDe_27NOV2025)1
Debt CeilingUSD 0
LTV0.05 %
LT0.1 %
Liquidation Bonus7.5 %
Liquidation Protocol Fee10 %
Reserve Factor45 %
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 27NOV2025
Underlying OracleCapped USDT/USD
Underlying OracleChainlink USDT/USD
Oracle Latest Answer(2025-08-25) USD .97807106
discountRatePerYear9.51%
maxDiscountRatePerYear28.90%

PT-USDE Stablecoins E-mode

AssetPT-USDe-27NOV2025PT-USDe-25SEP2025USDCUSDTUSDSUSDeUSDtb
CollateralYesYesNoNoNoNoNo
BorrowableNoNoYesYesYesYesYes
LTV87.8%------
LT89.8%------
Liquidation Bonus4.2%------

PT-USDE USDe E-mode

AssetPT-USDe-27NOV2025PT-USDe-25SEP2025USDe
CollateralYesYesNo
BorrowableNoNoYes
LTV88.6%--
LT90.6%--
Liquidation Bonus3.2%--

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

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5
Consistent

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
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
0x4d91…fe9d
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

Summed from votes

Voters48
VP participating535.5K
Outcome (current)For
Current support100%

06Voters

48 total
Filter:
VoterChoice% of totalRationale
570x57ab…2922For272.7K50.93%—1y ago
EZezr3al.eth0x8659…7d0eFor123.5K23.06%—1y ago
B90xb933…8dd1For39.6K7.39%—1y ago
870x8787…ea52For25.6K4.79%—1y ago
EC0xecc2…6ac9For25.2K4.71%—1y ago
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Showing 48

07Forum

No forum thread is confidently linked to this proposal.