Onboard USDe to the Aave V3 MegaETH Instance
01Summary
Proposal to onboard USDe stablecoin to Aave V3 MegaETH instance with supply cap of 50M, borrow cap of 40M, and E-Mode configuration allowing USDe as collateral at 90% LTV with 93% liquidation threshold. Asset would support stablecoin borrowing and yield-oriented strategies with yield passthrough functionality.
- Type
- protocol addition
Key changes
- Onboard USDe as borrowable asset with 50M supply cap and 40M borrow cap on MegaETH(high)
- Configure USDe in E-Mode as collateral with 90% LTV and 93% liquidation threshold for stablecoin pairs(high)
- Set reserve factor at 25% and variable rate slope parameters (4% slope 1, 12% slope 2) with 85% optimal utilization(medium)
- Implement price cap adapter with 1.04 USD cap using USDT/USD oracle(medium)
Notable concerns
- USDe will only be enabled as collateral in E-Mode, not in isolation mode or general collateral usage
- Price is capped at 1.04 USD, creating a 4% deviation tolerance from parity
Generated by Kvorum
02Description
Summary
This proposal seeks to onboard USDe to the Aave V3 MegaETH instance. The asset is already established across multiple Aave deployments, and on MegaETH it is expected to support stablecoin borrowing and yield-oriented usage with an initial onchain liquidity base already seeded for the market.
Motivation
USDe has clear user demand and strategic relevance for the MegaETH deployment. Listing it would expand the stablecoin and yield-oriented collateral set available on the instance, improve market completeness early in the market’s lifecycle, and align MegaETH more closely with assets already familiar to a broad segment of DeFi users. LlamaRisk also notes that the MegaETH setup is designed so supplied USDe offers yield passthrough, making the asset functionally similar to sUSDe exposure for looping strategies without requiring a separate sUSDe listing.
Technical Specifications
This proposal recommends onboarding the following asset to the Aave V3 MegaETH instance:
- USDe
Asset Configuration
| Parameter | USDe |
|---|---|
| Isolation Mode | No |
| Borrowable | Yes |
| Collateral Enabled | No (E-Mode only) |
| Supply Cap | 50,000,000 |
| Borrow Cap | 40,000,000 |
| Debt Ceiling | N/A |
| LTV | — |
| Liquidation Threshold | — |
| Liquidation Bonus | — |
| Liquidation Protocol Fee | 10% |
| Reserve Factor | 25% |
| Base Variable Borrow Rate | 0% |
| Variable Rate Slope 1 | 4% |
| Variable Rate Slope 2 | 12% |
| Optimal Utilization | 85% |
USDe-Stablecoins E-Mode
| Parameter | USDe | USDm | USDT0 |
|---|---|---|---|
| Collateral | Yes | No | No |
| Borrowable | No | Yes | Yes |
| Max LTV | 90% | — | — |
| Liquidation Threshold | 93% | — | — |
| Liquidation Bonus | 2.0% | — | — |
Oracle
| Parameter | Value |
|---|---|
| Contract | PriceCapAdapterStable |
| Underlying Oracle | USDT / USD |
| Capped Price | 1.04 USD |
References
- Implementation: AaveV3MegaEth
- Tests: AaveV3MegaEth
- Snapshot: Direct-to-AIP
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
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04Actions
This proposal carries no on-chain actions.
05Tally
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06Voters
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07Forum
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