Raise sUSDe and USDe November expiry PT tokens caps on Aave V3 Core Instance
01Summary
Proposal to increase supply caps for sUSDe and USDe November 2025 expiry Pendle tokens on Aave V3 to allow seamless rollover from September expiry tokens, raising sUSDe-27NOV2025 cap to $1.2B and USDe-27NOV2025 cap to $1B.
- Type
- parameter change
Key changes
- Increase sUSDe November PT Supply Cap to $1.2 billion(high)
- Increase USDe November PT Supply Cap to $1 billion(high)
Notable concerns
- Supply cap increases of significant magnitude ($2.2B combined) to accommodate token rollover
- Assumes deposits will match or exceed previous September expiry PT token inflows
Generated by Kvorum
02Description
Summary
This ARFC proposes to increase supply caps on sUSDe November expiry PT tokens on Aave V3 Core Instance in anticipation of the PT rollover in September.
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. Current caps will not be able to allow for a full rollover of PT tokens in Aave to later the November expiry. This proposal suggests to raise caps accordingly to allow for a seamless transition for Aave users and mitigate capital flowing to Aave alternatives.
Specification
PT-sUSDE-27NOV2025: https://etherscan.io/address/0xe6a934089bbee34f832060ce98848359883749b3 PT-USDe-27NOV2025 https://etherscan.io/address/0x62C6E813b9589C3631Ba0Cdb013acdB8544038B7
Risk Parameters
Increase sUSDe November PT Supply Cap to $1.2b.
Increase USDe November PT Supply cap to $1b.
Useful Links
https://docs.pendle.finance/ProtocolMechanics/YieldTokenization/PT
Disclaimer
ACI is not directly affiliated with Pendle and did not receive compensation for the creation of this proposal. Some ACI employees may hold Pendle tokens.
Copyright
Copyright and related rights waived under CCO
03Mismatch analysis
The proposal describes two specific risk-parameter changes: raising the sUSDe November PT supply cap to $1.2b and the USDe November PT supply cap to $1b. The decoded on-chain action is a single call to execute() (fallback) on a payload contract address, with no decoded internal arguments. This is the standard pattern for Aave governance proposals, where the actual parameter updates (e.g., calls to a PoolConfigurator or risk-steward contract setting supply caps) are encoded inside the payload contract's bytecode and are not surfaced as separate decoded actions here. Because the decoded calldata does not expose the specific cap values or target markets being modified, I cannot directly verify that the payload matches the $1.2b and $1b figures stated in the description. There is no evidence of a mismatch, but there is also insufficient decoded detail to confirm exact alignment, so confidence is low. No red flags (e.g., unexpected recipients, fund transfers, or role grants) are visible in the single decoded action, and the pattern is consistent with typical, non-malicious Aave ARFC execution structure.
Generated by Kvorum
04Actions
- Target
- 0xe1c4…f4b6
- 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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