aaveSource: Aave governance v3 · #464

Listing PT Ethena 18JUN2026

executedApr 4, 2026, 06:49 PM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

This AIP proposes to onboard two new Principal Token (PT) variants expiring June 18, 2026 on Aave V3 Plasma: PT-USDe-18JUN2026 and PT-sUSDe-18JUN2026. These tokens will be available as collateral in stablecoin and USDe e-modes with risk oracle-controlled parameters, building on the success of previous USDe and sUSDe PT token listings that drove significant inflows to Aave.

Type: protocol addition

Key changes

Onboard PT-USDe-18JUN2026 token with 30,000,000 supply cap, initial discount rate of 2.952% per year, and availability as collateral in stablecoin e-mode (91% LTV, 93% LT) and USDe e-mode (93% LTV, 95% LT)(high)
Onboard PT-sUSDe-18JUN2026 token with 150,000,000 supply cap, initial discount rate of 3.9617% per year, and availability as collateral in stablecoin e-mode (90% LTV, 92% LT) and USDe e-mode (91.9% LTV, 93.9% LT)(high)
Configure both tokens as non-borrowable with 45% reserve factor and 0% base variable borrow rate, but with flashloan capability enabled(medium)
Set 0xac140648435d03f784879cd789130F22Ef588Fcd as emission admin for both PT tokens and their corresponding aTokens(medium)

Notable concerns

Both tokens expire on June 18, 2026, requiring future rollover proposals
Variable Slope 2 borrow rate of 300% creates extreme borrowing costs at high utilization
Borrow cap of 1 indicates borrowing is effectively disabled despite non-zero variable slopes

ContractsAave V3 PlasmaPT-USDe-18JUN2026PT-sUSDe-18JUN2026

Generated by Kvorum

model: claude-haiku-4-5

provider: anthropic

profile: anthropic-fast-v1

prompt: v1.0

generated: 2mo ago

Read the description ↗

02Description

1,093 words

Simple Summary

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

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 18 Jun 2026:

https://plasmascan.to/address/0x30559e3d35e33ab69399a3fe9f383d32bd3c016e

PT USDe 18 Jun 2026:

https://plasmascan.to/address/0x23b17d3944742ace3d0c71586fcb320d1e4a1ed2

PT-USDe-18JUN2026

Initial E-mode Risk Oracle

Parameter	Value	Value
E-Mode	Stablecoins	USDe
LTV	91%	93%
LT	93%	95%
LB	3.1%	2.1%

Linear Discount Rate Oracle

Parameter	Value
Oracle	PT Capped USDe USDT/USD linear discount 18JUN2026
discountRatePerYear	2.952%
maxDiscountRatePerYear	13.5693%
Last answer (March 24th)	99279807 ($0.99279807)
USDT/USD Oracle	Capped USDT/USD

PT-USDe Stablecoins E-mode

Asset	PT-USDe-18JUN2026	PT-USDe-9APR2026	USDe	USDT0
Collateral	Yes	Yes	Yes	No
Borrowable	No	No	Yes	Yes
LTV	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle	-
LT	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle	-
Liquidation Bonus	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle	-

PT-USDe USDe E-mode

Asset	PT-USDe-18JUN2026	PT-USDe-9APR2026	USDe
Collateral	Yes	Yes	Yes
Borrowable	No	No	Yes
LTV	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle
LT	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle
Liquidation Bonus	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle

PT-sUSDe-18JUN2026

Initial E-mode Risk Oracle

Parameter	Value	Value
E-Mode	Stablecoins	USDe
LTV	90%	91.9%
LT	92%	93.9%
LB	4.1%	3.1%

Linear Discount Rate Oracle

Parameter	Value
Oracle	PT Capped sUSDe USDT/USD linear discount 18JUN2026
discountRatePerYear (Initial)	3.9617%
maxDiscountRatePerYear	14.4575%
Last answer (March 24th)	99043771 ($0.99043771)
USDT/USD Oracle	Capped USDT/USD

PT-sUSDe Stablecoins E-mode

Asset	PT-sUSDe-18JUN2026	PT-sUSDe-9APR2026	sUSDe	USDT0	USDe
Collateral	Yes	Yes	Yes	No	No
Borrowable	No	No	No	Yes	Yes
LTV	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle	-	-
LT	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle	-	-
Liquidation Bonus	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle	-	-

PT-sUSDe USDe E-mode

Asset	PT-sUSDe-18JUN2026	PT-sUSDe-9APR2026	sUSDe	USDe
Collateral	Yes	Yes	Yes	No
Borrowable	No	No	No	Yes
LTV	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle	-
LT	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle	-
Liquidation Bonus	Subject to Risk Oracle	Subject to Risk Oracle	Subject to Risk Oracle	-

The table below illustrates the configured risk parameters for PT_USDe_18JUN2026

Parameter	Value
Isolation Mode	false
Borrowable	DISABLED
Collateral Enabled	false
Supply Cap (PT_USDe_18JUN2026)	30,000,000
Borrow Cap (PT_USDe_18JUN2026)	1
Debt Ceiling	USD 0
LTV	0 %
LT	0 %
Liquidation Bonus	0 %
Liquidation Protocol Fee	10 %
Reserve Factor	45 %
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	0x0521d52A7eA98A8B737D367F81975019360e444f

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_USDe_18JUN2026 and the corresponding aToken.

The table below illustrates the configured risk parameters for PT_sUSDE_18JUN2026

Parameter	Value
Isolation Mode	false
Borrowable	DISABLED
Collateral Enabled	false
Supply Cap (PT_sUSDE_18JUN2026)	150,000,000
Borrow Cap (PT_sUSDE_18JUN2026)	1
Debt Ceiling	USD 0
LTV	0 %
LT	0 %
Liquidation Bonus	0 %
Liquidation Protocol Fee	10 %
Reserve Factor	45 %
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	0x02d8BF797271E6e0AB65A6D235B93d6e673C055B

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_sUSDE_18JUN2026 and the corresponding aToken.

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.

References

Implementation: AaveV3Plasma
Tests: AaveV3Plasma
Snapshot: Direct-to-AIP
Discussion

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03Mismatch analysis

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05Tally

Summed from votes

Against0.0%6

For100.0%325.7K

Voters33

VP participating325.7K

Outcome (current)For

Current support100%

06Voters

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