aaveSource: Aave governance v3 · #392
Onboard sUSDe and USDe January expiry PT tokens on Aave V3 Plasma Instance
executedOct 19, 2025, 11:24 AM UTCby570x57ab…2922
01Summary
AISummary by Kvorumclaude-haiku-4-5
Proposal to onboard two Ethena principal token (PT) contracts - PT_USDe_15JAN2026 and PT_sUSDE_15JAN2026 - on Aave V3 Plasma Instance as collateral with conservative risk parameters and E-mode configurations.
- Type
- protocol addition
Key changes
- Onboard PT_USDe_15JAN2026 as collateral with 200M supply cap, 0.05% LTV, 0.1% LT, 7.5% liquidation bonus, and flashloan enabled(high)
- Onboard PT_sUSDE_15JAN2026 as collateral with identical parameters to PT_USDe_15JAN2026(high)
- Configure E-mode for PT-USDe/Stablecoins with 85.4% LTV and PT-USDe/USDe with 86.2% LTV(medium)
- Configure E-mode for PT-sUSDe/Stablecoins with 83.9% LTV and PT-sUSDe/USDe with 84.5% LTV(medium)
- Set 0xac140648435d03f784879cd789130F22Ef588Fcd as emission admin for both PT tokens and corresponding aTokens(low)
- Both tokens have borrowing disabled with borrow cap of 1 and 0% debt ceiling(medium)
Notable concerns
- Very conservative collateral parameters (0.05% LTV, 0.1% LT) indicate significant risk recognition for these principal tokens
- Tokens expire on 15JAN2026, requiring future management decisions
- Borrowing is disabled, limiting utility as collateral for leverage
ContractsPT_USDe_15JAN2026PT_sUSDE_15JAN2026Aave V3 Plasma Instance
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
02Description
754 words
Simple Summary
This AIP proposes to onboard sUSDe and USDe January expiry PT tokens on Aave V3 Plasma Instance.
Motivation
The previous Ethena (sUSDe and USDe) PT tokens that were onboarded have brought significant inflows to Aave, given the success of the Plasma instance launch along with the significant USDe and sUSDe liquidity on this instance we believe that onboarding Ethena PT tokens there is a logical next step.
Specification
The table below illustrates the configured risk parameters for PT_USDe_15JAN2026 and PT_sUSDE_15JAN2026
| Parameter | PT_USDe_15JAN2026 | PT_sUSDE_15JAN2026 |
|---|---|---|
| Isolation Mode | false | false |
| Borrowable | DISABLED | DISABLED |
| Collateral Enabled | true | true |
| Supply Cap | 200,000,000 | 200,000,000 |
| Borrow Cap | 1 | 1 |
| Debt Ceiling | USD 0 | USD 0 |
| LTV | 0.05 % | 0.05 % |
| LT | 0.1 % | 0.1 % |
| Liquidation Bonus | 7.5 % | 7.5 % |
| Liquidation Protocol Fee | 10 % | 10 % |
| Reserve Factor | 45 % | 45 % |
| Base Variable Borrow Rate | 0 % | 0 % |
| Variable Slope 1 | 10 % | 10 % |
| Variable Slope 2 | 300 % | 300 % |
| Uoptimal | 45 % | 45 % |
| Flashloanable | ENABLED | ENABLED |
| Siloed Borrowing | DISABLED | DISABLED |
| Borrowable in Isolation | DISABLED | DISABLED |
Pricefeed details
| Parameter | PT_USDe_15JAN2026 | PT_sUSDE_15JAN2026 |
|---|---|---|
| Oracle | PT Capped USDe USDT/USD linear discount 15JAN2026 | PT Capped sUSDe USDT/USD linear discount 15JAN2026 |
| Underlying Oracle | Capped USDT/USD | Capped USDT/USD |
| Underlying Oracle | Chainlink USDT/USD | Chainlink USDT/USD |
| Oracle Latest Answer | (2025-10-08) USD .97880894 | (2025-10-08) USD .97767085 |
| discountRatePerYear | 7.96% | 8.38% |
| maxDiscountRatePerYear | 33.88% | 36.82% |
Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_sUSDE_15JAN2026, PT_USDe_15JAN2026 and the corresponding aTokens.
E-mode
PT-USDe/Stablecoins E-mode
| Asset | PT-USDe-15JAN2026 | USDT0 | USDe |
|---|---|---|---|
| Collateral | Yes | No | No |
| Borrowable | No | Yes | Yes |
| LTV | Subject to Risk Oracle | - | - |
| LT | Subject to Risk Oracle | - | - |
| Liquidation Bonus | Subject to Risk Oracle | - | - |
PT-USDe/USDe E-mode
| Asset | PT-USDe-15JAN2026 | USDe |
|---|---|---|
| Collateral | Yes | No |
| Borrowable | No | Yes |
| LTV | Subject to Risk Oracle | - |
| LT | Subject to Risk Oracle | - |
| Liquidation Bonus | Subject to Risk Oracle | - |
Initial E-mode Risk Oracle for PT-USDe-15JAN2026
| Parameter | Value | Value |
|---|---|---|
| E-Mode | Stablecoins | USDe |
| LTV | 85.4% | 86.2% |
| LT | 87.4% | 88.2% |
| LB | 4.9% | 3.9% |
PT-sUSDe/Stablecoins E-mode
| Asset | PT-sUSDe-15JAN2026 | USDT0 | USDe |
|---|---|---|---|
| Collateral | Yes | No | No |
| Borrowable | No | Yes | Yes |
| LTV | Subject to Risk Oracle | - | - |
| LT | Subject to Risk Oracle | - | - |
| Liquidation Bonus | Subject to Risk Oracle | - | - |
PT-sUSDe/USDe E-mode
| Asset | PT-sUSDe-15JAN2026 | USDe |
|---|---|---|
| Collateral | Yes | No |
| Borrowable | No | Yes |
| LTV | Subject to Risk Oracle | - |
| LT | Subject to Risk Oracle | - |
| Liquidation Bonus | Subject to Risk Oracle | - |
Initial E-mode Risk Oracle for PT-sUSDe-15JAN2026
| Parameter | Value | Value |
|---|---|---|
| E-Mode | Stablecoins | USDe |
| LTV | 83.9% | 84.5% |
| LT | 85.9% | 86.5% |
| LB | 6.0% | 5.2% |
References
- Implementation: AaveV3Plasma
- Tests: AaveV3Plasma
- Snapshot: Direct-to-AIP
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
AIMismatch analysis by Kvorum
A calldata-vs-description analysis is not generated yet. Review the decoded actions →
04Actions
0 total
This proposal carries no on-chain actions.
05Tally
Summed from votes
Against0.0%0.3
For100.0%851.3K
Voters53
VP participating851.3K
Outcome (current)For
Current support100%
06Voters
53 total
Filter:
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| EA0xea0c…6b5a | For | 333K | 39.12% | — | 1y ago |
| 570x57ab…2922 | For | 235.9K | 27.72% | — | 1y ago |
| EZezr3al.eth0x8659…7d0e | For | 136.2K | 16.00% | — | 1y ago |
| B90xb933…8dd1 | For | 39.6K | 4.65% | — | 1y ago |
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07Forum
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