Onboard USDe to the Aave V3 MegaETH Instance
01Summary
Proposal to add USDe (a stablecoin) as a borrowable asset to Aave V3 on MegaETH with a 50M supply cap and 40M borrow cap. USDe can serve as collateral only in E-Mode (90% LTV) and offers yield passthrough for looping strategies.
- Type
- protocol addition
Key changes
- Add USDe as a borrowable asset on MegaETH with supply cap of 50M and borrow cap of 40M(high)
- Enable USDe as E-Mode collateral against USDm and USDT0 with 90% LTV and 93% liquidation threshold(high)
- Configure interest rate parameters with 0% base rate, 4% slope 1, and 12% slope 2 at 85% optimal utilization(medium)
- Set reserve factor at 25% and liquidation protocol fee at 10%(medium)
- Implement PriceCapAdapterStable oracle with 1.04 USD price cap(medium)
Notable concerns
- USDe collateral restricted to E-Mode only, not enabled for general collateral
- Price capped at 1.04 USD which could impact liquidation mechanics if market price diverges
- Yield passthrough mechanism makes this functionally similar to sUSDe without separate listing
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
A calldata-vs-description analysis is not generated yet. Review the decoded actions →
04Actions
This proposal carries no on-chain actions.
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
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| 570x57ab…2922 | For | 158.4K | 41.28% | — | 6mo ago |
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07Forum
No forum thread is confidently linked to this proposal.
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