Aave V3.7 Monad Activation
01Summary
Activate Aave V3.7 on Monad blockchain by listing 12 assets (USDT0, USDC, GHO, USDe, mUSD, AUSD, WETH, cbBTC, wstETH, weETH, syrupUSDC, sUSDe) with configured risk parameters, creating 4 eMode categories, and establishing oracle infrastructure. GHO is added as borrowable to syrupUSDC and USDe stablecoin eModes. Risk Admin role granted to Aave Risk Stewards.
- Type
- protocol addition
Key changes
- List 12 assets on Aave V3.7 Monad with configured risk parameters including supply caps, borrow caps, and LTV ratios(high)
- Create 4 eMode categories: syrupUSDC__Stablecoins, USDe_sUSDe__Stablecoins, wstETH__WETH, and weETH__WETH with optimized parameters(high)
- Implement price feed infrastructure using Chainlink SVR feeds with CAPO adapters for stable and correlated assets(high)
- Grant Risk Admin role to Aave Risk Stewards (0x98217A06721Ebf727f2C8d9aD7718ec28b7aAe34) for parameter updates within safety bounds(medium)
- Add GHO as borrowable asset to syrupUSDC__Stablecoins and USDe_sUSDe__Stablecoins eModes(medium)
- Keep pool admin on Aave Guardian during bootstrap period(medium)
Notable concerns
- wstETH, weETH, syrupUSDC, and sUSDe have 0% LTV and cannot be used as collateral for borrowing in isolation
- USDe initially listed with 0% LTV, limiting collateral utility despite enabling as borrowable
- syrupUSDC has only 1 borrow cap despite 40M supply cap, indicating restricted borrowing
- CAPO correlated asset adapters enforce maximum yearly exchange-rate growth caps (8.05%-11.17%) which may lag real market movements
- Multiple assets configured with supply/borrow cap disparity suggesting conservative initial parameters
Generated by Kvorum
02Description
Simple Summary
This proposal activates the Aave V3.7 Monad pool by completing the initial setup and listing USDT0, USDC, GHO, USDe, mUSD, AUSD, WETH, cbBTC, wstETH, weETH, syrupUSDC, and sUSDe, following the parameters recommended by the Risk Service Providers engaged with the DAO on the governance forum. GHO is also added as a borrowable asset to the syrupUSDC__Stablecoins and USDe_sUSDe__Stablecoins eModes.
Motivation
All the governance procedures for the expansion of Aave V3.7 to Monad have been completed:
- Positive signaling and approval regarding the expansion on the governance forum and Snapshot.
- Positive risk analysis and asset and parameter recommendations by the Risk Service Providers.
Monad's pipelined EVM architecture delivers high-throughput performance while remaining fully compatible with Ethereum, positioning Aave V3.7 as a core liquidity venue within the Monad ecosystem.
Specification
The proposal will do the following:
- List the following assets on Aave V3.7 Monad: USDT0, USDC, GHO, USDe, mUSD, AUSD, WETH, cbBTC, wstETH, weETH, syrupUSDC, and sUSDe.
- Create the syrupUSDC__Stablecoins, USDe_sUSDe__Stablecoins, wstETH__WETH, and weETH__WETH eModes, as detailed in the table below. GHO is added as a borrowable asset to the syrupUSDC__Stablecoins and USDe_sUSDe__Stablecoins eModes as part of the second payload.
- Complete the initial pool configuration, keeping the pool admin on the Aave Guardian during the bootstrap period, following the standard procedure for security.
- Grant the Risk Admin role to the Aave Risk Stewards (0x98217A06721Ebf727f2C8d9aD7718ec28b7aAe34), allowing risk parameter updates within the preconfigured safety bounds.
The table below illustrates the configured risk parameters for USDT0
| Parameter | Value |
|---|---|
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (USDT0) | 100,000,000 |
| Borrow Cap (USDT0) | 100,000,000 |
| LTV | 75 % |
| LT | 78 % |
| Liquidation Bonus | 7.5 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 10 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 4 % |
| Variable Slope 2 | 40 % |
| Uoptimal | 90 % |
| Flashloanable | ENABLED |
| Oracle | 0x3c187a25f0f05E009DA794069682653e40062730 |
The table below illustrates the configured risk parameters for USDC
| Parameter | Value |
|---|---|
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (USDC) | 75,000,000 |
| Borrow Cap (USDC) | 50,000,000 |
| LTV | 75 % |
| LT | 78 % |
| Liquidation Bonus | 7.5 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 10 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 4 % |
| Variable Slope 2 | 40 % |
| Uoptimal | 90 % |
| Flashloanable | ENABLED |
| Oracle | 0x787962943811D279d01eC973Bd3A15f1b3e1F0D9 |
The table below illustrates the configured risk parameters for GHO
| Parameter | Value |
|---|---|
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (GHO) | 20,000,000 |
| Borrow Cap (GHO) | 18,000,000 |
| LTV | 75 % |
| LT | 78 % |
| Liquidation Bonus | 7.5 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 10 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 4 % |
| Variable Slope 2 | 40 % |
| Uoptimal | 90 % |
| Flashloanable | ENABLED |
| Oracle | 0x26cBccD96502D2EfDb612737bD6aECe19f65109c |
The table below illustrates the configured risk parameters for USDe
| Parameter | Value |
|---|---|
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (USDe) | 60,000,000 |
| Borrow Cap (USDe) | 50,000,000 |
| LTV | 0 % |
| LT | 0 % |
| Liquidation Bonus | 0 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 25 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 4 % |
| Variable Slope 2 | 40 % |
| Uoptimal | 90 % |
| Flashloanable | ENABLED |
| Oracle | 0x3abA25B23378A84FD7638E20F9Af86A66000f090 |
The table below illustrates the configured risk parameters for mUSD
| Parameter | Value |
|---|---|
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (mUSD) | 100,000,000 |
| Borrow Cap (mUSD) | 50,000,000 |
| LTV | 0 % |
| LT | 0 % |
| Liquidation Bonus | 0 % |
| Liquidation Protocol Fee | 0 % |
| Reserve Factor | 10 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 4 % |
| Variable Slope 2 | 40 % |
| Uoptimal | 80 % |
| Flashloanable | ENABLED |
| Oracle | 0xbbb58AA3a251c9f19653771c44481c39500b71A3 |
The table below illustrates the configured risk parameters for AUSD
| Parameter | Value |
|---|---|
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (AUSD) | 20,000,000 |
| Borrow Cap (AUSD) | 18,000,000 |
| LTV | 0 % |
| LT | 0 % |
| Liquidation Bonus | 0 % |
| Liquidation Protocol Fee | 0 % |
| Reserve Factor | 10 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 4 % |
| Variable Slope 2 | 40 % |
| Uoptimal | 80 % |
| Flashloanable | ENABLED |
| Oracle | 0x6b7c151653c35845a5826b15435fc055A9Db1D0C |
The table below illustrates the configured risk parameters for WETH
| Parameter | Value |
|---|---|
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (WETH) | 40,000 |
| Borrow Cap (WETH) | 36,000 |
| LTV | 80.5 % |
| LT | 84 % |
| Liquidation Bonus | 5.5 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 15 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 2.2 % |
| Variable Slope 2 | 20 % |
| Uoptimal | 90 % |
| Flashloanable | ENABLED |
| Oracle | 0x47F1D18329Ae59341617B7a5BE59605B63f0e373 |
The table below illustrates the configured risk parameters for cbBTC
| Parameter | Value |
|---|---|
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (cbBTC) | 1,000 |
| Borrow Cap (cbBTC) | 1 |
| LTV | 73 % |
| LT | 78 % |
| Liquidation Bonus | 7 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 7 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 10 % |
| Variable Slope 2 | 300 % |
| Uoptimal | 45 % |
| Flashloanable | ENABLED |
| Oracle | 0x48692d15DA2636E1b0335344104Ce9d92f231DdA |
The table below illustrates the configured risk parameters for wstETH
| Parameter | Value |
|---|---|
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (wstETH) | 35,000 |
| Borrow Cap (wstETH) | 1 |
| LTV | 0 % |
| LT | 0 % |
| Liquidation Bonus | 0 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 5 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 10 % |
| Variable Slope 2 | 300 % |
| Uoptimal | 45 % |
| Flashloanable | ENABLED |
| Oracle | 0x7c1DbD7879C421ebd1A2dE397Ea6Bedb5D3795A5 |
The table below illustrates the configured risk parameters for weETH
| Parameter | Value |
|---|---|
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (weETH) | 30,000 |
| Borrow Cap (weETH) | 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 | ENABLED |
| Oracle | 0x53E2d62Cd8c36104DEC69bA0CB3Bb599d6D42FE1 |
The table below illustrates the configured risk parameters for syrupUSDC
| Parameter | Value |
|---|---|
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (syrupUSDC) | 40,000,000 |
| Borrow Cap (syrupUSDC) | 1 |
| LTV | 0 % |
| LT | 0 % |
| Liquidation Bonus | 0 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 10 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 10 % |
| Variable Slope 2 | 300 % |
| Uoptimal | 45 % |
| Flashloanable | ENABLED |
| Oracle | 0xB1f36c815761a3F77CE26c013F646cdCdCd06384 |
The table below illustrates the configured risk parameters for sUSDe
| Parameter | Value |
|---|---|
| Borrowable | DISABLED |
| Collateral Enabled | true |
| Supply Cap (sUSDe) | 60,000,000 |
| Borrow Cap (sUSDe) | 1 |
| LTV | 0 % |
| LT | 0 % |
| Liquidation Bonus | 0 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 10 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 10 % |
| Variable Slope 2 | 300 % |
| Uoptimal | 45 % |
| Flashloanable | ENABLED |
| Oracle | 0x99946Fe1a49D8650a31eFE0fcFee0508892742f0 |
The table below illustrates the configured E-Mode categories
| E-Mode Category | LTV | LT | Liquidation Bonus | Collaterals | Borrowables | Isolated |
|---|---|---|---|---|---|---|
| syrupUSDC__Stablecoins | 90 % | 92 % | 4 % | syrupUSDC | USDT0, USDC, mUSD, AUSD, GHO | false |
| USDe_sUSDe__Stablecoins | 90 % | 92 % | 4 % | USDe, sUSDe | USDT0, USDC, AUSD, GHO | false |
| wstETH__WETH | 94 % | 96 % | 1 % | wstETH | WETH | true |
| weETH__WETH | 93 % | 95 % | 1 % | weETH | WETH | true |
Price Feed Configuration
Each listed asset is priced through a Chainlink feed on Monad. The underlying Chainlink feeds are Smart Value Recapture (SVR) feeds, which recapture oracle-extractable value and report in 18 decimals; a USD-scaling conversion adapter normalizes them to the 8-decimal USD format the Aave oracle expects. On top of this base layer:
- Stablecoins (USDT0, USDC, USDe, AUSD) use a CAPO stable adapter that bounds the upward price deviation at $1.04. USDe is priced via the USDT0/USD feed.
- mUSD and GHO use a fixed feed pegged at $1, so there is no underlying SVR feed.
- WETH and cbBTC use the USD-scaling conversion adapter directly over the ETH/USD and cbBTC/USD feeds.
- Correlated assets (wstETH, weETH, syrupUSDC, sUSDe) use a CAPO adapter that prices the asset against its base feed and caps the exchange-rate growth, following the LlamaRisk recommendation.
| Asset | Listed Price Feed | Adapter | Underlying SVR Feed |
|---|---|---|---|
| USDT0 | 0x3c187a25f0f05E009DA794069682653e40062730 | CAPO Stable | USDT0 / USD — 0xaAF8D304F82e386f7c777bd61724B8015B087d1d |
| USDC | 0x787962943811D279d01eC973Bd3A15f1b3e1F0D9 | CAPO Stable | USDC / USD — 0x6789f81a983AfE7bd4C2a557c27084Ab705e56AB |
| GHO | 0x26cBccD96502D2EfDb612737bD6aECe19f65109c | Fixed $1 | — |
| USDe | 0x3abA25B23378A84FD7638E20F9Af86A66000f090 | CAPO Stable | USDT0 / USD — 0xaAF8D304F82e386f7c777bd61724B8015B087d1d |
| mUSD | 0xbbb58AA3a251c9f19653771c44481c39500b71A3 | Fixed $1 | — |
| AUSD | 0x6b7c151653c35845a5826b15435fc055A9Db1D0C | CAPO Stable | AUSD / USD — 0xEd21588eA25ADC77384d47A466F0F75EEa58eBf3 |
| WETH | 0x47F1D18329Ae59341617B7a5BE59605B63f0e373 | Conversion | ETH / USD — 0xcE6538287B42D833f294662edad8B3dA070C6902 |
| cbBTC | 0x48692d15DA2636E1b0335344104Ce9d92f231DdA | Conversion | cbBTC / USD — 0x1AF85c71aa71cA1138308012400cc0D784A88e8A |
| wstETH | 0x7c1DbD7879C421ebd1A2dE397Ea6Bedb5D3795A5 | CAPO Correlated | ETH / USD — 0xcE6538287B42D833f294662edad8B3dA070C6902 |
| weETH | 0x53E2d62Cd8c36104DEC69bA0CB3Bb599d6D42FE1 | CAPO Correlated | ETH / USD — 0xcE6538287B42D833f294662edad8B3dA070C6902 |
| syrupUSDC | 0xB1f36c815761a3F77CE26c013F646cdCdCd06384 | CAPO Correlated | USDC / USD — 0x6789f81a983AfE7bd4C2a557c27084Ab705e56AB |
| sUSDe | 0x99946Fe1a49D8650a31eFE0fcFee0508892742f0 | CAPO Correlated | USDT0 / USD — 0xaAF8D304F82e386f7c777bd61724B8015B087d1d |
The correlated-asset CAPO adapters enforce a maximum yearly exchange-rate growth with a 7-day snapshot delay, as recommended by LlamaRisk:
| Asset | Max Yearly Growth |
|---|---|
| sUSDe | 11.17 % |
| wstETH | 10.70 % |
| weETH | 9.53 % |
| syrupUSDC | 8.05 % |
References
- Implementation: AaveV3Monad Activation, AaveV3Monad GHO Listing
- Tests: AaveV3Monad Activation, AaveV3Monad GHO Listing
- Snapshot
- 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 | ||
|---|---|---|---|---|---|
| 330x3320…3bb7 | For | 107.2K | 28.25% | — | 4mo ago |
| 2C0x2cc1…4df1 | For | 88.2K | 23.22% | — | 4mo ago |
| 8B0x8b37…2a22 | For | 75.9K | 20.00% | — | 4mo ago |
| B90xb933…8dd1 | For | 54.2K | 14.29% | — | 4mo ago |
| EC0xecc2…6ac9 | For | 28.6K | 7.54% | — | 4mo ago |
| 360x3676…574d | For | 25K | 6.59% | — | 4mo ago |
| 7F0x7fd5…caaf | For | 161.6 | 0.04% | — | 4mo ago |
| 080x0865…24ce | For | 151.2 | 0.04% | — | 4mo ago |
| 3D0x3ddc…05b0 | For | 102.4 | 0.03% | — | 4mo ago |
| 880x88c4…2fdd | For | 11.7 | 0.00% | — | 4mo ago |
| BC0xbcf0…46a5 | Against | 6 | 0.00% | — | 4mo ago |
| BF0xbf57…0f42 | For | 4.6 | 0.00% | — | 4mo ago |
| CD0xcd9b…45b1 | For | 2 | 0.00% | — | 4mo ago |
| 160x168f…7400 | Against | 0.1 | 0.00% | — | 4mo ago |
| 530x53da…c14b | For | 0 | 0.00% | — | 4mo ago |
| A90xa97c…ccc8 | For | 0 | 0.00% | — | 4mo ago |
| A10xa1c6…55e1 | For | 0 | 0.00% | — | 4mo ago |
| CB0xcb15…a1a0 | For | 0 | 0.00% | — | 4mo ago |
07Forum
No forum thread is confidently linked to this proposal.
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