Onboard PT-srUSDe-22OCT2026 to Aave V3 Core
01Summary
Proposal to onboard PT-srUSDe-22OCT2026 (a Pendle finance token expiring October 22, 2026) as collateral on Aave V3 Ethereum. The token will be supplied-only with a 25M supply cap, configured with specific risk parameters and E-Mode settings. This provides a rollover destination for users of the expiring PT-srUSDe-25JUN2026 token.
- Type
- protocol addition
Key changes
- Add PT-srUSDe-22OCT2026 as collateral asset to Aave V3 Core on Ethereum with 25M supply cap(high)
- Configure asset as non-borrowable with 0% LTV and LT in default mode to restrict usage as collateral in base markets(high)
- Enable PT-srUSDe-22OCT2026 collateral in two E-Mode categories: PT-srUSDe Stablecoins (88.42% LTV) and PT-srUSDe USDe (91.06% LTV)(high)
- Set up dynamic linear discount rate oracle with initial rate of 5.31% and max rate of 10.22% for token pricing(medium)
- Configure 45% reserve factor and variable borrow rate slopes (10% slope 1, 300% slope 2) at 45% optimal utilization(medium)
Notable concerns
- Token has expiration date of October 22, 2026 which will require users to migrate again
- Borrowing is severely restricted (capped at 1 unit) and only available in E-Mode
- Zero LTV and LT in base mode means asset cannot be used as collateral outside E-Mode categories
- Dynamic oracle discount rate increases over time (5.31% to 10.22%), affecting token valuation as expiry approaches
Generated by Kvorum
02Description
Simple Summary
This proposal seeks to onboard PT-srUSDe-22OCT2026 to the Aave V3 Core Instance on Ethereum.
Motivation
Given the established adoption of PT-srUSDe collateral on Aave and the upcoming expiry of PT-srUSDe-25JUN2026, this listing provides a natural rollover destination for existing users.
Specification
The table below illustrates the configured risk parameters for PT_srUSDe_22OCT2026
| Parameter | Value |
|---|---|
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (PT_srUSDe_22OCT2026) | 25,000,000 |
| Borrow Cap (PT_srUSDe_22OCT2026) | 1 |
| 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 | DISABLED |
| Oracle | 0xbd1bc41479d0b58167584980fe57fda913d4fb73 |
PT-srUSDe Stablecoins E-Mode
| Asset | PT-srUSDe-22OCT2026 | sUSDe | USDC | USDT | USDe |
|---|---|---|---|---|---|
| Collateral | Yes | Yes | No | No | No |
| Borrowable | No | No | Yes | Yes | Yes |
| LTV | 88.42% | 88.42% | - | - | - |
| LT | 90.42% | 90.42% | - | - | - |
| Liquidation Bonus | 5.68% | 5.68% | - | - | - |
PT-srUSDe USDe E-Mode
| Asset | PT-srUSDe-22OCT2026 | sUSDe | USDe |
|---|---|---|---|
| Collateral | Yes | Yes | No |
| Borrowable | No | No | Yes |
| LTV | 91.06% | 91.06% | - |
| LT | 93.06% | 93.06% | - |
| Liquidation Bonus | 2.68% | 2.68% | - |
Pricing PT-srUSDe-22OCT2026 is done with a dynamic linear discount rate oracle.
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| initialDiscountRatePerYear | 5.31% |
| maxDiscountRatePerYear | 10.22% |
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
The proposal follows the standard Aave V3 governance pattern: a single on-chain action that calls execute() on a dedicated payload contract (0xbe8b76b55734f277156ec5702408bf210a6fc23b), which is typical for asset-listing proposals referenced by an implementation Solidity file. The decoded calldata contains no granular arguments (no risk parameters, e-mode settings, or oracle addresses are visible in the JSON), so it is not possible to directly verify each numeric claim (LTV, LT, caps, e-mode parameters, discount rates) against the calldata itself. However, this is expected behavior for Aave's payload-based governance execution model — the detailed configuration lives inside the payload contract's bytecode, not in the top-level calldata. Since the single decoded action does not contradict any claim in the description (it simply invokes the payload that presumably implements exactly what's described, and the target address matches the referenced implementation link), there is no basis to flag a value or target mismatch. Confidence is set to low because the calldata is too opaque (a bare execute() call) to fully cross-verify the many specific parameters listed in the description; this is a case where the calldata, not the description, is under-specified for direct comparison. No omissions, extra claims, or misleading phrasing were identified within the scope of what can be verified.
Generated by Kvorum
04Actions
- Target
- 0xbe8b…c23b
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 330x3320…3bb7 | For | 107.2K | 0.00% | — | 5mo ago |
| 2C0x2cc1…4df1 | For | 88.4K | 0.00% | — | 5mo ago |
| 8B0x8b37…2a22 | For | 76.1K | 0.00% | — | 5mo ago |
| B90xb933…8dd1 | For | 54K | 0.00% | — | 5mo ago |
| EC0xecc2…6ac9 | For | 29.3K | 0.00% | — | 5mo ago |
| 360x3676…574d | For | 25K | 0.00% | — | 5mo ago |
| 070x0703…961b | For | 10K | 0.00% | — | 5mo ago |
| EZezr3al.eth0x8659…7d0e | For | 5.8K | 0.00% | — | 5mo ago |
| 7F0x7fd5…caaf | For | 161.6 | 0.00% | — | 5mo ago |
| 3D0x3ddc…05b0 | For | 102.4 | 0.00% | — | 5mo ago |
| 2F0x2f2f…f78a | For | 5.2 | 0.00% | — | 5mo ago |
| CD0xcd9b…45b1 | Against | 2 | 0.00% | — | 5mo ago |
| 010x019e…2ee3 | For | 0.3 | 0.00% | — | 5mo ago |
| 530x53da…c14b | For | 0 | 0.00% | — | 5mo ago |
| 4D0x4d4a…1bdf | For | 0 | 0.00% | — | 5mo ago |
07Forum
No forum thread is confidently linked to this proposal.
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