KVORUM
aaveSource: Aave governance v3 · #472

Onboard PT-USDG 28MAY2026 on V3 Core

executedApr 19, 2026, 07:49 AM UTCby660x66a2…73ff

01Summary

AISummary by Kvorumclaude-haiku-4-5

Proposal to onboard PT-USDG-28MAY2026 (a Pendle yield token backed by Paxos' USDG stablecoin) as collateral on Aave V3 Core on Ethereum. The token would have an 80M supply cap, 93.5% LTV in stablecoin e-mode, and cannot be borrowed. This expands Aave's collateral options for Pendle maturity token holders.

Type
protocol addition

Key changes

  • Onboard PT-USDG-28MAY2026 as collateral asset on Aave V3 Core Ethereum with 80M supply cap(high)
  • Enable PT-USDG-28MAY2026 in stablecoin e-mode with 93.5% LTV and 95.5% liquidation threshold(high)
  • Disable borrowing of PT-USDG-28MAY2026 (borrow cap set to 1, borrowable disabled)(medium)
  • Configure Linear Discount Rate Oracle with 5.12% initial and 18.82% max discount rates per year(medium)
  • Set emission admin for PT_USDG_28MAY2026 and corresponding aToken at 0xac140648435d03f784879cd789130F22Ef588Fcd(low)

Notable concerns

  • PT-USDG has maturity date of May 28, 2026, which is a fixed-term asset requiring eventual unwinding
  • Underlying yield depends on Paxos incentives and PENDLE incentives which may change
  • LTV and liquidation parameters in e-mode are high (93.5% LTV), creating liquidation risk if USDG stablecoin depeg occurs
Contracts0x9db38D74a0D29380899aD354121DfB521aDb05480x90498d4334259FA769830ccA9114D8bcF3745F6c0xac140648435d03f784879cd789130F22Ef588Fcd
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

496 words

Simple Summary

This AIP proposes to onboard PT-USDG-28MAY2026 to the Aave V3 Core Instance on Ethereum.

Motivation

We propose onboarding PT-USDG-28MAY2026 to the Aave V3 Core Instance.

This PT token is attractive because the underlying asset is USDG, issued by Paxos, a highly regulated financial institution. This gives the market a dollar-denominated base asset with a straightforward reference point. A listing would allow users holding this Pendle maturity to access borrowing liquidity on Aave against that position, extending the utility of an already live market on Ethereum.

The relevant Pendle market is already live, which allows the asset to be evaluated against observable market activity rather than hypothetical demand. Where demand scales, onboarding can allow Aave to capture additional collateral usage and related borrowing activity around this maturity.

The underlying yield of PT-USDG has three components: a NIM rate pass-through, Paxos-denominated incentives, and PENDLE incentives. As a GDN member, Paxos passes yield to Pendle, which distributes it to YT holders via the Pendle Dashboard. PT holders capture this yield implicitly through the fixed discount at which PT is acquired, redeemable at par upon maturity.

Specification

PT-USDG-28MAY2026: https://etherscan.io/address/0x9db38D74a0D29380899aD354121DfB521aDb0548

The table below illustrates the configured risk parameters for PT_USDG_28MAY2026

ParameterValue
Isolation Modefalse
BorrowableDISABLED
Collateral Enabledtrue
Supply Cap (PT_USDG_28MAY2026)80,000,000
Borrow Cap (PT_USDG_28MAY2026)1
Debt CeilingUSD 0
LTV0 %
LT0 %
Liquidation Bonus0 %
Liquidation Protocol Fee10 %
Reserve Factor45 %
Base Variable Borrow Rate0 %
Variable Slope 110 %
Variable Slope 2300 %
Uoptimal45 %
FlashloanableDISABLED
Siloed BorrowingDISABLED
Borrowable in IsolationDISABLED
Oracle0x90498d4334259FA769830ccA9114D8bcF3745F6c

PT-USDG Stablecoins E-mode

AssetPT-USDG-28MAY2026USDTUSDeUSDCUSDG
CollateralYesNoNoNoNo
BorrowableNoYesYesYesYes
LTV93.5%----
LT95.5%----
Liquidation Bonus2.0%----

Linear Discount Rate Oracle

ParameterValue
initialDiscountRatePerYear5.12%
maxDiscountRatePerYear18.82%
Oracle0x90498d4334259FA769830ccA9114D8bcF3745F6c

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_USDG_28MAY2026 and the corresponding aToken.

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorumlow confidenceclaude-sonnet-5
Consistent

The proposal follows Aave's standard governance pattern: the on-chain payload is a single delegatecall-style execute() invocation on a dedicated payload contract, with no decoded arguments. This is the normal mechanism used for Aave asset-listing AIPs (e.g., 'AaveV3Ethereum_OnboardPTUSDG28MAY2026OnV3Core' referenced in the description), where all the specific risk parameters, oracle wiring, and emission admin assignment are encoded in the payload contract's bytecode/constructor rather than passed as calldata arguments to the governor. Because the decoded action here has no arguments (empty decoded_arguments), there is no way to directly verify the specific numeric values (LTV, LT, caps, discount rates, emission admin address) against on-chain calldata — the payload contract itself would need to be inspected (e.g., via the linked GitHub implementation) to confirm exact parameter matches. There is nothing in the decoded action that contradicts the description, and the shape of the action (single execute() call to a dedicated listing payload) is exactly what a legitimate Aave asset-onboarding proposal looks like. Given the opacity of the calldata, confidence in a detailed comparison is low, but there is no evidence of any mismatch, extra action, or misleading characterization, so the assessment is recorded as consistent rather than flagged as a discrepancy.

Generated by Kvorum
model: claude-sonnet-5
provider: anthropic
profile: anthropic-strong-v1
prompt: v1.0
generated: 2mo ago
Review the decoded actions ↗

04Actions

1 total
#0fallback()chain 0x1
Target
0x1bbe…acdc
Value
0 wei
Function
fallback()
Arguments
{}
Calldata

05Tally

Summed from votes

Voters0
VP participating0
Outcome (current)—
Current support—

06Voters

0 total

No votes recorded yet.

07Forum

No forum thread is confidently linked to this proposal.