[Direct to AIP] Onboard syrupUSDG on Aave V4 Global Dollar Hub
01Summary
Deploy a dedicated Maple Spoke on Aave V4 Global Dollar Hub and onboard syrupUSDG (a yield-bearing USDG token from Maple Finance) as collateral with a 92% collateral factor, enabling users to borrow against syrupUSDG while earning yield from Maple's institutional lending operations.
- Type
- protocol addition
Key changes
- Deploy dedicated Maple Spoke on Aave V4 Global Dollar Hub for syrupUSDG collateral onboarding(high)
- Set syrupUSDG collateral factor at 92% with 4% max liquidation bonus and 10% liquidation fee(high)
- Configure syrupUSDG supply cap at 10M with 0 draw cap; USDG supply cap at 10M with 9.5M draw cap on Maple Spoke(high)
- Implement dual-layer oracle pricing: capped USDG/USD (1.04 USD cap) and syrupUSDG/USDG with 8.45% yearly ratio growth cap(high)
- Set USDG interest rates: 0% base, 4% slope 1, 35% slope 2, 90% optimal utilization, 20% liquidity fee(medium)
- Configure dynamic liquidation with 1.0277 target health factor and 0.99 health factor for max bonus(medium)
Notable concerns
- syrupUSDG is a newly launched token (July 2, 2026) with limited historical performance data
- Oracle relies on Maple's internal exchange rate mechanism which must be monitored for accuracy
- High collateral factor (92%) creates significant liquidation risk if syrupUSDG price or Maple's operations deteriorate
- Proposal depends on accurate USDG pricing from Chainlink oracle with 1.04 USD cap that may not reflect true market depegs
- No direct compensation disclosure but close relationship between protocols requiring ongoing monitoring
Generated by Kvorum
02Description
Simple Summary
This proposal deploys a dedicated Maple Spoke on the Aave V4 Global Dollar Hub and onboards syrupUSDG, a yield-bearing token from Maple Finance, as collateral. The listing follows the parameters recommended by the Risk Service Providers engaged with the DAO on the governance forum.
Motivation
syrupUSDG is a yield-bearing token issued by Maple Finance, launched on 2 July 2026. Users deposit USDG and receive syrupUSDG, a liquid and transferable token that accrues returns from Maple's institutional lending operations. The token operates through a segregated legal entity with verifiable onchain reserves.
Onboarding syrupUSDG to the Global Dollar Hub:
- It adds a yield-bearing USDG asset to the Global Dollar Hub, letting users to borrow against syrupUSDG while the underlying position continues to accrue yield from Maple's institutional lending.
- It deepens the utility of USDG within Aave, extending the Global Dollar Hub beyond the base stablecoin to its productive representations.
- It strengthens Aave's position as the primary onchain venue for Global Dollar Network assets and supports demand from institutional participants entering DeFi.
- It expands the asset-base on an already existing Aave V4 Liquidity Hub, purpose-made for USDG-related assets.
Specification
This proposal deploys a dedicated Maple Spoke on the Aave V4 Global Dollar Hub and lists syrupUSDG as a collateral asset on it.
syrupUSDG: https://etherscan.io/address/0x87b65C4aAFFA76881f9E96F3e7ED945ddFC3Cd7A
USDG Maple Spoke configuration
| Parameter | syrupUSDG | USDG |
|---|---|---|
| Collateral Factor | 92.00% | 0.00% |
| Max Liquidation Bonus | 4.00% | 0.00% |
| Liquidation Fee | 10.00% | 0.00% |
| Collateral Risk | 0.00% | 0.00% |
| Borrowable | FALSE | TRUE |
Dynamic liquidation configuration
| Parameter | Value |
|---|---|
| Target Health Factor | 1.0277 |
| Health Factor for Max Bonus | 0.99 |
| Liquidation Bonus Factor | 100.00% |
Caps
| Hub | Spoke | Reserve | Add Cap | Draw Cap |
|---|---|---|---|---|
| Global Dollar Hub | USDG Maple Spoke | syrupUSDG | 10M | 0 |
| Global Dollar Hub | USDG Maple Spoke | USDG | 10M | 9.5M |
| Global Dollar Hub | Tokenization Spoke | USDG | 1M | 0 |
USDG interest rate configuration
| Parameter | Value |
|---|---|
| Base | 0.00% |
| Slope 1 | 4.00% |
| Slope 2 | 35.00% |
| Uoptimal | 90.00% |
| Liquidity Fee | 20.00 |
Oracle configuration
syrupUSDG is priced through two stacked capped adapters, each applying its own cap.
USDG / USD
The USDG leg is a PriceCapAdapterStable over the Chainlink USDG/USD feed, so an upward USDG depeg is not passed through to the protocol. This adapter is also the price source of the USDG reserve on the USDG Maple Spoke.
| Parameter | Value |
|---|---|
| Contract | 0x83D20dEEdcd4aC1313496c8CBcAad0fa298c0CE4 |
| Underlying feed | Chainlink USDG / USD (0x14f0737d6b705259e521EA6E9E3506AC78dBd311) |
priceCap | 1.04 USD |
syrupUSDG / USDG / USD
The syrupUSDG leg is a CAPO adapter combining the Maple syrupUSDG/USDG internal exchange rate (convertToExitAssets) with the capped USDG/USD price above, capping the yearly growth of that ratio.
| Parameter | Value |
|---|---|
| Contract | 0x5A6FcB0ebc018b6FD94Fc5f5A9F0948d0D40f040 |
MINIMUM_SNAPSHOT_DELAY | 7 days |
maxYearlyRatioGrowthPercent | 8.45% |
Disclaimer
Aave Labs has no direct financial relationship with Maple Finance, Global Dollar, or any of their affiliates and has not received compensation from either party in connection with this proposal.
References
- Implementation: AaveV4Ethereum
- Tests: AaveV4Ethereum
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
placeholder
Generated by Kvorum
04Actions
- Target
- 0xbefd…2577
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
| Voter | Choice | % of total | Rationale | ||
|---|---|---|---|---|---|
| 330x3320…3bb7 | for | 107.2K | 28.10% | — | 3mo ago |
| 2C0x2cc1…4df1 | for | 89.1K | 23.33% | — | 3mo ago |
| 8B0x8b37…2a22 | for | 75.9K | 19.89% | — | 3mo ago |
| B90xb933…8dd1 | for | 53.7K | 14.08% | — | 3mo ago |
| 360x3676…574d | for | 25K | 6.55% | — | 3mo ago |
| C00xc0d6…b802 | for | 20.2K | 5.29% | — | 3mo ago |
| 070x0703…961b | for | 10K | 2.62% | — | 3mo ago |
| 7F0x7fd5…caaf | for | 164.9 | 0.04% | — | 3mo ago |
| 080x0865…24ce | for | 151.2 | 0.04% | — | 3mo ago |
| 3D0x3ddc…05b0 | for | 102.4 | 0.03% | — | 3mo ago |
| FC0xfc49…0140 | for | 66.8 | 0.02% | — | 3mo ago |
| EC0xec35…939d | for | 40.3 | 0.01% | — | 3mo ago |
| D00xd0de…eaae | against | 19.1 | 0.00% | — | 3mo ago |
| BC0xbcf0…46a5 | against | 7.2 | 0.00% | — | 3mo ago |
| 2F0x2f2f…f78a | for | 0.2 | 0.00% | — | 3mo ago |
| 160x168f…7400 | for | 0.1 | 0.00% | — | 3mo ago |
| 530x53da…c14b | for | 0 | 0.00% | — | 3mo ago |
07Forum
- [Direct to AIP] Onboard syrupUSDG on Aave V4 Global Dollar Hub ↗discourse · high confidence
Arguments for
None surfaced.
Arguments against
None surfaced.
Notable participants
- AaveLabsProposer of the syrupUSDG onboarding to Aave V4 Global Dollar Hub.
Generated by Kvorum
08Similar proposals
- aaveexecutedOnboard syrupUSDC on Base87%
- aavecanceledOnboard syrupUSDC to Aave V3 Base Instance86%
- aaveexecutedOnboard syrupUSDT to Aave V3 Core Instance85%
- aaveexecutedOnboard syrupUSDT to Aave V3 Plasma Instance82%
- aaveexecutedUSDG Listing78%
- aaveexecuted[AIP] Onboard PAXG to Aave V4 Global Dollar Hub77%
- aaveexecutedUpdate syrupUSDC liquidation protocol fee76%
- aaveexecutedAIP 6: Add Gemini USD (GUSD)73%
- aaveexecutedAdd DPI on Aave V260%