KVORUM
aaveSource: Aave governance v3 · #466

Listing PT Strata 25JUN2026

executedApr 6, 2026, 08:26 AM UTCby570x57ab…2922

01Summary

AISummary by Kvorumclaude-haiku-4-5

This proposal onboards Strata srUSDe June PT tokens (PT_srUSDe_25JUN2026) to Aave V3 Core Instance with a 30 million supply cap, disabled borrowing, and zero collateral parameters initially. The token will use a dynamic linear discount rate oracle for pricing and be integrated into existing PT-srUSDe stablecoin and USDe e-mode categories. The proposal also includes returning 100 incorrectly transferred PT-srUSDe-2APR2026 tokens to Strata.

Type
protocol addition

Key changes

  • Onboard PT_srUSDe_25JUN2026 token to Aave V3 with supply cap of 30,000,000(high)
  • Configure risk parameters with LTV 0%, LT 0%, and disabled borrowing and collateral initially(high)
  • Implement dynamic linear discount rate oracle (4.6061% initial, 16.6634% max discount) for PT pricing against capped USDT/USD feed(high)
  • Add PT_srUSDe_25JUN2026 to existing PT-srUSDe Stablecoins e-mode (90% LTV, 92% LT) and USDe e-mode (91.2% LTV, 93.2% LT)(medium)
  • Set 0xac140648435d03f784879cd789130F22Ef588Fcd as emission admin for PT_srUSDe_25JUN2026 and corresponding aToken(medium)
  • Return 100 PT-srUSDe-2APR2026 tokens to Strata at 0x981EfbD4d3932FA750f0191F00535D7Cb586A558 (incorrectly transferred tokens)(low)

Notable concerns

  • Borrowing disabled (Borrow Cap of 1) and collateral disabled (Collateral Enabled false, LTV 0%) suggests conservative initial risk parameters pending further evaluation
  • Token has June 2026 maturity date creating time-limited asset exposure
  • PT token pricing depends on complex dynamic linear discount rate oracle implementation and capped USDT/USD Chainlink feed
ContractsAaveV3EthereumPT_srUSDe_25JUN2026Dynamic Linear Discount Rate Oracle
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

732 words

Simple Summary

This proposal seeks to onboard Strata srUSDe June PT tokens to the Aave V3 Core Instance.

Motivation

Given both the popularity of PT token collateral on Aave and the adoption of the srUSDe PT token by LPs on Pendle and successful onboarding of past srUSDe PT tokens, we believe that Aave users would welcome a renewal since new maturity is deployed.

Specification

The table below illustrates the configured risk parameters for PT_srUSDe_25JUN2026

ParameterValue
Isolation Modefalse
BorrowableDISABLED
Collateral Enabledfalse
Supply Cap (PT_srUSDe_25JUN2026)30,000,000
Borrow Cap (PT_srUSDe_25JUN2026)1
Debt CeilingUSD 0
LTV0 %
LT0 %
Liquidation Bonus0 %
Liquidation Protocol Fee10 %
Reserve Factor45 %
Base Variable Borrow Rate0 %
Variable Slope 110 %
Variable Slope 2300 %
Uoptimal45 %
FlashloanableENABLED
Siloed BorrowingDISABLED
Borrowable in IsolationDISABLED

Price Feed

For pricing PT-srUSDe-25JUN2026 on Aave, the dynamic linear discount rate oracle developed by BGD Labs is recommended, consistent with the approach used for the April maturity.

The oracle prices the PT as a zero-coupon bond against the capped USDT/USD Chainlink feed, applying a linear discount that decays to par at maturity.

Linear Discount Rate Oracle

ParameterValue
OraclePT Capped srUSDe USDT/USD linear discount 25JUN2026
initialDiscountRatePerYear4.6061%
maxDiscountRatePerYear16.6634%
Last answer (March 28th)98814596 ($0.98814596)
Capped USDT/USDCapped USDT/USD

PT-srUSDe Stablecoins E-mode

AssetPT-srUSDe-25JUN2026PT-srUSDe-2APR2026sUSDeUSDTUSDeUSDC
CollateralYesYesYesNoNoNo
BorrowableNoNoNoYesYesYes
LTVSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle---
LTSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle---
Liquidation BonusSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle---

PT-srUSDe USDe E-mode

AssetPT-srUSDe-25JUN2026PT-srUSDe-2APR2026sUSDeUSDe
CollateralYesYesYesNo
BorrowableNoNoNoYes
LTVSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle-
LTSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle-
Liquidation BonusSubject to Risk OracleSubject to Risk OracleSubject to Risk Oracle-

E-mode setups

ParameterValueValue
E-ModeStablecoinsUSDe
LTV90%91.2%
LT92%93.2%
LB4.3%3.3%

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_srUSDe_25JUN2026 and the corresponding aToken.

The Strata team initially sent the wrong seed PT (previous maturity) for this listing before sending the correct one. So, we will return their tokens in this AIP. Transfer: https://etherscan.io/tx/0x801968fb542daa6bc095d26ae507966f4f66148d9181097bdc4eb2f84728f4b2 So, the addendum to the AIP will be a transfer back to 0x981EfbD4d3932FA750f0191F00535D7Cb586A558 of the 100 PT-srUSDe-2APR2026 they transferred inadvertently to the Aave governance L1 executor smart contract.

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.

References

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

1 total
#0fallback()chain 0x1
Target
0xee1e…010b
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

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06Voters

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07Forum

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