Onboard Strata srUSDe PT tokens to V3 Core Instance
01Summary
Proposal to onboard Strata srUSDe PT (Principal Token) with April 2026 expiry to Aave V3 Core Instance as a new collateral asset. The token will have a 50M supply cap, be flashloanable, and integrated into two E-modes for stablecoin and USDe strategies with high LTV/LT ratios (89.5%-91.5% and 91.2%-93.2% respectively). Token cannot be borrowed directly but can be used as collateral.
- Type
- protocol addition
Key changes
- Onboard PT_srUSDe_2APR2026 token with 50M supply cap and linear discount oracle (6.72% discount rate)(high)
- Enable flashloan functionality for the new PT token(medium)
- Create two E-modes: PT-srUSDe Stablecoins mode (89.5% LTV, 91.5% LT) and PT-srUSDe USDe mode (91.2% LTV, 93.2% LT)(high)
- Disable borrowing of PT token directly while keeping it as valid collateral(medium)
- Set emission admin to 0xac140648435d03f784879cd789130F22Ef588Fcd for aToken and PT token rewards(low)
Notable concerns
- Token is currently not enabled as collateral in standard mode (LTV 0%) - only usable in designated E-modes
- Borrow cap set to 1 (effectively disabled borrowing)
- Relatively new token type (PT from Pendle/Ethena ecosystem) being integrated into core Aave instance
- 50% reserve factor on potential yield generation
Generated by Kvorum
02Description
Simple Summary
This proposal seeks to onboard the Strata srUSDe PT tokens to the Aave V3 Core Instance. This specific AIP is onboarding the April expiry PT token.
Motivation
Given both the popularity of PT token collateral on Aave and the adoption of the srUSDe PT token by LPs on Pendle, we believe this would be an attractive collateral token for Aave users.
We believe that Aave users would welcome the addition of a PT token from the Ethena ecosystem with circa 50% higher yields than sUSDe PT tokens at the time of writing.
Specification
The table below illustrates the configured risk parameters for PT_srUSDe_2APR2026
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | DISABLED |
| Collateral Enabled | false |
| Supply Cap (PT_srUSDe_2APR2026) | 50,000,000 |
| Borrow Cap (PT_srUSDe_2APR2026) | 1 |
| Debt Ceiling | USD 0 |
| LTV | 0 % |
| LT | 0 % |
| Liquidation Bonus | 0 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 50 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 10 % |
| Variable Slope 2 | 300 % |
| Uoptimal | 45 % |
| Flashloanable | ENABLED |
| Siloed Borrowing | DISABLED |
| Borrowable in Isolation | DISABLED |
Oracle
Linear discount oracle
| Parameter | Value |
|---|---|
| Oracle | PT Capped srUSDe USDT/USD linear discount 02APR2026 |
| USDT/USD Oracle | Capped USDT/USD |
| discountRatePerYear | 6.72% |
| maxDiscountRatePerYear | 24.01% |
| Last Answer (Dec 31th) | 98578086 ($0.98578086) |
Emodes
PT-srUSDe Stablecoins E-mode
| Asset | PT-srUSDe-1APR2026 | sUSDe | USDT | USDe | USDC |
|---|---|---|---|---|---|
| Collateral | Yes | Yes | No | No | No |
| Borrowable | No | No | Yes | Yes | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
PT-srUSDe USDe E-mode
| Asset | PT-srUSDe-1APR2026 | sUSDe | USDe |
|---|---|---|---|
| Collateral | Yes | Yes | No |
| Borrowable | No | No | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | - |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | - |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | - |
Initial E-Mode Risk Oracle
| Parameter | Value | Value |
|---|---|---|
| E-Mode | Stablecoins | USDe |
| LTV | 89.5% | 91.2% |
| LT | 91.5% | 93.2% |
| LB | 4.5% | 2.6% |
Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_srUSDe_2APR2026 and the corresponding aToken.
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal follows the standard Aave V3 governance pattern: the on-chain action is a single delegatecall-style execute() to a pre-deployed and audited payload contract (0xc5d3...b75b8), which is the norm for Aave AIPs. All the granular specifics described in the prose (supply/borrow caps, LTV/LT, reserve factor, IR curve, oracle wiring, e-mode categories, emission admin assignment) are expected to be implemented inside that payload's execute() logic, not as separately decoded calldata actions visible here. Because the decoded action set only exposes the top-level execute() call and not the internal Aave Pool/PoolConfigurator calls the payload will make, there is no way to directly verify each numeric parameter or address claim in the description against the calldata provided. This is a routine, expected structure for Aave proposals (referencing the linked Solidity implementation and tests confirms the standard workflow), so it is not treated as a red flag. However, since the calldata itself is opaque at this level of decoding, confidence in a granular comparison is low, and no discrepancies can be substantiated from the data available — the single action is consistent with what the description implies (a governance-approved listing payload being executed).},
Generated by Kvorum
04Actions
- Target
- 0xc5d3…75b8
- 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.
08Similar proposals
- aaveexecutedListing PT Strata 25JUN202692%
- aaveexecutedListing PT Ethena May89%
- aaveexecutedOnboard PT sUSDe July on Core Instance88%
- aaveexecutedEthena PT FEB Listing88%
- aaveexecutedOnboard PT-USDG 28MAY2026 on V3 Core87%
- aavecanceledEthena PT FEB Listing86%
- aaveexecutedListing PT Ethena 18JUN202685%
- aaveexecutedListing of PT Ethena April Maturity on Plasma Instance85%
- aaveexecutedOnboard PT sUSDe July and PT eUSDe May on Core Instance84%
- aaveexecutedAsset Listing - Pendle PT-AUSD Monad79%