KVORUM
aaveSource: Aave governance v3 · #411

Ethena PT FEB Listing

canceledby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to onboard two new Pendle Protocol (PT) tokens with February 5, 2026 expiry on Aave V3: PT-USDe-5FEB2026 and PT-sUSDe-5FEB2026. These tokens will be enabled as collateral with supply caps of 30 million each, low LTV (0.05%) and LT (0.1%) parameters, and integrated into existing E-mode categories for stablecoins and USDe. This is a rollover of previous expiries that brought significant inflows to Aave.

Type
protocol addition

Key changes

  • Onboard PT-USDe-5FEB2026 token as collateral on Aave V3 with 30M supply cap, 0.05% LTV, 0.1% LT, 7.5% liquidation penalty(high)
  • Onboard PT-sUSDe-5FEB2026 token as collateral on Aave V3 with 30M supply cap, 0.05% LTV, 0.1% LT, 7.5% liquidation penalty(high)
  • Integrate both PT tokens into E-mode categories: PT-USDe Stablecoins (88.5% LTV, 90.5% LT) and PT-USDe USDe (89.3% LTV, 91.3% LT) for USDe token; PT-sUSDe Stablecoins (87.6% LTV, 89.6% LT) and PT-sUSDe USDe (88.5% LTV, 90.5% LT)(high)
  • Set 0xac140648435d03f784879cd789130F22Ef588Fcd as emission admin for both PT tokens and their corresponding aTokens(medium)
  • Configure linear discount rate oracles with 5.5266% annual rate for PT-USDe and 6.1953% for PT-sUSDe(medium)

Notable concerns

  • Very low LTV (0.05%) and LT (0.1%) parameters indicate high risk assessment of these PT tokens
  • These are time-limited tokens expiring February 5, 2026, requiring future management or rollover
  • Disclaimer notes ACI employees may hold Pendle tokens, indicating potential conflicts of interest
Contracts0xe8483517077afa11a9b07f849cee2552f040d7b20x1f84a51296691320478c98b8d77f2bbd17d343500xac140648435d03f784879cd789130F22Ef588Fcd
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
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02Description

935 words

Simple Summary

This AIP proposes to onboard USDe and sUSDe February expiry PT tokens on Aave V3 Core Instance.

This proposal is Direct to AIP.

Motivation

The previous USDe and 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 current expiry PT token, with potentially some sidelined demand.

Specification

PT-sUSDE-5FEB2026: https://etherscan.io/address/0xe8483517077afa11a9b07f849cee2552f040d7b2

PT-USDe-5FEB2026: https://etherscan.io/address/0x1f84a51296691320478c98b8d77f2bbd17d34350

ParameterValueValue
AssetPT-USDe-5FEB2026PT-sUSDe-5FEB2026
Isolation ModeNoNo
BorrowableNoNo
Collateral EnabledYesYes
Supply Cap30,000,00030,000,000
Borrow Cap--
Debt Ceiling--
LTV0.05%0.05%
LT0.1%0.1%
Liquidation Penalty7.50%7.50%
Liquidation Protocol Fee10.00%10.00%
E-Mode CategoryPT-USDe Stablecoins, PT-USDe USDePT-sUSDe Stablecoins, PT-sUSDe USDe

PT-USDe-5FEB2026

Initial E-mode Risk Oracle

ParameterValueValue
E-ModeStablecoinsUSDe
LTV88.5%89.3%
LT90.5%91.3%
LB4.1%3.1%

Linear Discount Rate Oracle

ParameterValue
discountRatePerYear5.5266%
maxDiscountRatePerYear27.1629%

PT-USDe Stablecoins E-mode

AssetPT-USDe-5FEB2026PT-USDe-27NOV2026USDCUSDTUSDeUSDtb
CollateralYesYesNoNoNoNo
BorrowableNoNoYesYesYesYes
LTVSubject to Risk OracleSubject to Risk Oracle---
LTSubject to Risk OracleSubject to Risk Oracle---
Liquidation BonusSubject to Risk OracleSubject to Risk Oracle---

PT-USDe USDe E-mode

AssetPT-USDe-5FEB2026PT-USDe-27NOV2026USDe
CollateralYesYesNo
BorrowableNoNoYes
LTVSubject to Risk OracleSubject to Risk Oracle-
LTSubject to Risk OracleSubject to Risk Oracle-
Liquidation BonusSubject to Risk OracleSubject to Risk Oracle-

PT-sUSDe-5FEB2026

Initial E-mode Risk Oracle

ParameterValueValue
E-ModeStablecoinsUSDe
LTV87.6%88.5%
LT89.6%90.5%
LB5.1%4.1%

Linear Discount Rate Oracle

ParameterValue
discountRatePerYear (Initial)6.1953%
maxDiscountRatePerYear27.1629%

PT-sUSDe Stablecoins E-mode

AssetPT-sUSDe-5FEB2026PT-sUSDe-27NOV2026USDCUSDTUSDeUSDtb
CollateralYesYesNoNoNoNo
BorrowableNoNoYesYesYesYes
LTVSubject to Risk OracleSubject to Risk Oracle---
LTSubject to Risk OracleSubject to Risk Oracle---
Liquidation BonusSubject to Risk OracleSubject to Risk Oracle---

PT-sUSDe USDe E-mode

AssetPT-sUSDe-5FEB2026PT-sUSDe-27NOV2026USDe
CollateralYesYesNo
BorrowableNoNoYes
LTVSubject to Risk OracleSubject to Risk Oracle-
LTSubject to Risk OracleSubject to Risk Oracle-
Liquidation BonusSubject to Risk OracleSubject to Risk Oracle-

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_sUSDe_5FEB_2026 , PT_USDe_5FEB_2026 and their corresponding aTokens.

Capo adapters

ParameterPT USDe FEB 5
OraclePT Capped USDe USDT/USD linear discount 05FEB2026
USDT/USD OracleCapped USDT/USD
Oracle Latest Answer(2025-11-17) USD 0.98716883
 discountRatePerYear5.5266%
maxDiscountRatePerYear27.1629%
ParameterPT sUSDe FEB 5
OraclePT Capped sUSDe USDT/USD linear discount 05FEB2026
USDT/USD OracleCapped USDT/USD
Oracle Last AnswerUSD 0.98571889
discountRatePerYear (Initial)6.1953%
maxDiscountRatePerYear27.1629%

Useful Links

https://docs.pendle.finance/ProtocolMechanics/YieldTokenization/PT

References

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 via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorum

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04Actions

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