Listing PT Ethena May
Listing PT Ethena May
Author
Aavechan Initiative @aci
Creator
0x57ab7ee15cE5ECacB1aB84EE42D5A9d0d8112922
Simple Summary
We propose onboarding the USDe and sUSDe May-expiry PT tokens to the Aave V3 Core instance.
Motivation
The previously onboarded USDe and sUSDe PT tokens have brought significant inflows to Aave. In preparation for their expiry and rollover, we propose onboarding the next expiry of these PT tokens. We expect deposits to at least match those of the current-expiry PT tokens, with the potential for additional sidelined demand.
Specification
PT-sUSDE-7MAY2026: https://etherscan.io/address/0x3de0ff76e8b528c092d47b9dac775931cef80f49
PT-USDe-7MAY2026: https://etherscan.io/address/0xaebf0bb9f57e89260d57f31af34eb58657d96ce0
The table below illustrates the configured risk parameters for PT_USDe_7MAY2026
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | DISABLED |
| Collateral Enabled | false |
| Supply Cap (PT_USDe_7MAY2026) | 45,000,000 |
| Borrow Cap (PT_USDe_7MAY2026) | 1 |
| Debt Ceiling | USD 0 |
| 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 |
| Siloed Borrowing | DISABLED |
| Borrowable in Isolation | DISABLED |
| Oracle | 0x0a72df02CE3E4185b6CEDf561f0AE651E9BeE235 |
Initial E-Mode Risk Oracle
| Parameter | Value | Value |
|---|---|---|
| E-Mode | Stablecoins | USDe |
| LTV | 87.2% | 88.1% |
| LT | 89.2% | 90.1% |
| LB | 4.4% | 3.4% |
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| initialDiscountRatePerYear | 4.95% |
| maxDiscountRatePerYear | 25.69% |
| address | 0x0a72df02ce3e4185b6cedf561f0ae651e9bee235 |
| Last answer | 98521492 (0.98521492 USD) |
PT-USDe Stablecoins E-Mode
| Asset | PT-USDe-7MAY2026 | PT-USDe-5FEB2026 | USDe | USDC | USDT | USDtb |
|---|---|---|---|---|---|---|
| Collateral | Yes | Yes | Yes | No | No | No |
| Borrowable | No | No | Yes | Yes | Yes | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
The table below illustrates the configured risk parameters for PT_sUSDe_7MAY2026
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | DISABLED |
| Collateral Enabled | false |
| Supply Cap (PT_sUSDe_7MAY2026) | 100,000,000 |
| Borrow Cap (PT_sUSDe_7MAY2026) | 1 |
| Debt Ceiling | USD 0 |
| 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 |
| Siloed Borrowing | DISABLED |
| Borrowable in Isolation | DISABLED |
| Oracle | 0xa0dc0249c32fa79e8B9b17c735908a60b1141B40 |
PT-sUSDe-7MAY2026
Initial E-Mode Risk Oracle
| Parameter | Value | Value |
|---|---|---|
| E-Mode | Stablecoins | USDe |
| LTV | 86.4% | 87.2% |
| LT | 88.4% | 89.2% |
| LB | 5.5% | 4.5% |
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| initialDiscountRatePerYear | 5.02% |
| maxDiscountRatePerYear | 25.67% |
| address | 0xa0dc0249c32fa79e8b9b17c735908a60b1141b40 |
| Last answer | 98502870 (0.98502870 USD) |
Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin both PTs.
Disclaimer
ACI is not directly affiliated with Pendle and did not receive compensation for the creation of this proposal. Some ACI employees may hold Pendle tokens.
The parameters are the ones recommended by risk service providers.
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot: Direct-to-AIP
- Discussion
Copyright
Copyright and related rights waived via CC0.