KVORUM
aaveSource: Aave governance v3 · #514

Asset Listing - Pendle PT-USDG X Layer

executedAug 29, 2026, 05:59 PM UTCby2C0x2cc1…4df1

01Summary

AISummary by Kvorumclaude-haiku-4-5

List PT-USDG-29OCT2026 (Pendle Principal Token for USDG maturing October 29, 2026) on Aave V3 X Layer as a non-borrowable collateral asset usable exclusively within two isolated eModes: PT_USDG__Stablecoins (with USDT, USDG, GHO borrowing) and PT_USDG__USDG (with USDG borrowing only).

Type
protocol addition

Key changes

  • PT-USDG-29OCT2026 listed as non-borrowable collateral asset on Aave V3 X Layer(high)
  • Two new isolated eModes created: PT_USDG__Stablecoins (LTV 92.66%, LT 94.66%) and PT_USDG__USDG (LTV 93.59%, LT 95.59%)(high)
  • Supply cap set at 35,000,000 PT-USDG tokens with linear discount oracle pricing (initial discount rate 3.106%, max 11.080% per year)(medium)
  • Asset configured as flashloanable with 20% reserve factor and 10% liquidation protocol fee(medium)

Notable concerns

  • Asset not usable as collateral outside designated eModes
  • Non-borrowable status restricts use cases to collateral-only positions
  • Maturity date of October 29, 2026 means token will expire and become valueless after that date
Contracts0x9a09a9E491DB3dd8Ada5B1B889991AC9Ad5fd3620xcFB506cb34DD340e80d3dF8764182a51876360320x1F336F899f77B084133bc14a81170837ED618D1b0x5E67C8D19EEa0Fd0d0Da35E4008b56e87C9317240x4ae46a509F6b1D9056937BA4500cb143933D2dc80x6052839E52ab454F164ee5668e5B523cF5A389Fc
Generated by Kvorum
model: claude-haiku-4-5
provider: anthropic
profile: anthropic-fast-v1
prompt: v1.0
generated: 2mo ago
Read the description ↗

02Description

454 words

Simple Summary

This AIP lists PT-USDG-29OCT2026, the Pendle Principal Token for USDG maturing on 29 October 2026, on the Aave V3 X Layer instance as a non-borrowable asset, usable as collateral exclusively within two dedicated isolated eModes (PT-USDG/stablecoins and PT-USDG/USDG).

Motivation

USDG is already a live reserve on Aave V3 X Layer, and Pendle has deployed a PT-USDG market on the network. Listing the PT enables fixed-yield USDG positions as collateral against stablecoin debt, mirroring the treatment of Pendle PT stablecoin assets on other Aave instances. X Layer is allocating incentives toward PT-USDG supplied on Aave, distributed through external incentive campaigns (no on-chain liquidity mining configuration is part of this proposal).

Final risk parameters were provided by LlamaRisk in the discussion thread, including the linear discount oracle rates: initialDiscountRatePerYear 3.106% and maxDiscountRatePerYear 11.080%. The PT is priced via the deployed linear discount oracle 0x6052839E52ab454F164ee5668e5B523cF5A389Fc (PT Capped USDG USDG/USD linear discount 29OCT2026).

Specification

FieldValue
AssetPT-USDG-29OCT2026
PT token0x9a09a9E491DB3dd8Ada5B1B889991AC9Ad5fd362
Pendle market0xcFB506cb34DD340e80d3dF8764182a5187636032
SY token0x1F336F899f77B084133bc14a81170837ED618D1b
YT token0x5E67C8D19EEa0Fd0d0Da35E4008b56e87C931724
Underlying (USDG)0x4ae46a509F6b1D9056937BA4500cb143933D2dc8
Maturity29 October 2026

New eModes (per LlamaRisk's final recommendation):

eModeCollateralBorrowableLTVLTLiq. BonusIsolated
PT_USDG__StablecoinsPT-USDG-29OCT2026USDT0, USDG, GHO92.66%94.66%2.34%Yes
PT_USDG__USDGPT-USDG-29OCT2026USDG93.59%95.59%1.34%Yes

The table below illustrates the configured risk parameters for PT_USDG_29OCT2026

ParameterPT-USDG-29OCT2026
Isolation ModeNo
BorrowableNo
Collateral EnabledNo (E-Mode only)
Supply Cap35,000,000
Borrow Cap1
Debt CeilingN/A
LTV0%
Liquidation Threshold0%
Liquidation Bonus0%
Liquidation Protocol Fee10%
Reserve Factor20%
Base Variable Borrow Rate0%
Variable Rate Slope 110%
Variable Rate Slope 2300%
Optimal Utilization45%
FlashloanableYes
Oracle0x6052839E52ab454F164ee5668e5B523cF5A389Fc

Linear Discount Rate Oracle

ParameterValue
initialDiscountRatePerYear3.106%
maxDiscountRatePerYear11.080%
Oracle0x6052839E52ab454F164ee5668e5B523cF5A389Fc

References

Copyright

Copyright and related rights waived via CC0.

03Mismatch analysis

AIMismatch analysis by Kvorum

A calldata-vs-description analysis is not generated yet. Review the decoded actions →

04Actions

0 total

This proposal carries no on-chain actions.

05Tally

Summed from votes

Voters18
VP participating381.8K
Outcome (current)for
Current support100%

06Voters

18 total
Filter:
VoterChoice% of totalRationale
330x3320…3bb7for107.2K28.09%—2mo ago
2C0x2cc1…4df1for89.3K23.38%—2mo ago
8B0x8b37…2a22for75.9K19.89%—2mo ago
B90xb933…8dd1for53.7K14.08%—2mo ago
360x3676…574dfor25K6.55%—2mo ago
C00xc0d6…b802for20.2K5.29%—2mo ago
7A0x7ae1…e585for10K2.62%—2mo ago
7F0x7fd5…caaffor169.40.04%—2mo ago
080x0865…24cefor151.20.04%—2mo ago
3D0x3ddc…05b0for108.40.03%—2mo ago
BC0xbcf0…46a5against7.20.00%—2mo ago
2F0x2f2f…f78afor0.20.00%—2mo ago
3E0x3e51…0586for0.10.00%—2mo ago
100x10c4…6069for0.10.00%—2mo ago
4C0x4ca6…7f10for0.10.00%—2mo ago
000x00b9…9787for0.10.00%—2mo ago
260x266e…9cc0for0.10.00%—2mo ago
530x53da…c14bfor00.00%—2mo ago
Showing 18

07Forum

No forum thread is confidently linked to this proposal.