[ARFC] Onboard Strata srUSDe PT tokens to V3 Core Instance
Author: ACI
Date: 2025-12-01
Proposal has been updated with latest Risk Parameters by Service Providers on 2025-01-16
Summary
This proposal seeks to onboard the Strata srUSDe PT tokens to the Aave V3 Core Instance, after successful **[TEMP CHECK] Onboard Strata srUSDe January expiry PT tokens to V3 Core Instance.**
Taking into account timelines for onboarding we are targeting onboarding the next expiry after the January expiry PT token once they go live.
Motivation
Given both the popularity of PT token collateral on Aave and the adoption of the srUSDe PT token by LPs on Pendle, we believe this would be an attractive collateral token for Aave users.
We believe that Aave users would welcome the addition of a PT token from the Ethena ecosystem with circa 50% higher yields than sUSDe PT tokens at the time of writing.
Specification
Proposal has been updated with latest Risk Parameters by Service Providers on 2025-01-16
| Parameter | Value |
|---|---|
| Asset | PT-srUSDe-1APR2026 |
| Isolation Mode | No |
| Borrowable | No |
| Collateral Enabled | No |
| Supply Cap | 50,000,000 |
| Borrow Cap | - |
| Debt Ceiling | - |
| LTV | - |
| LT | - |
| Liquidation Bonus | - |
| Liquidation Protocol Fee | 10.00% |
| E-Mode Category | PT-srUSDe Stablecoins, PT-srUSDe USDe |
Initial E-Mode Risk Oracle
| Parameter | Value | Value |
|---|---|---|
| E-Mode | Stablecoins | USDe |
| LTV | 89.5% | 91.2% |
| LT | 91.5% | 93.2% |
| LB | 4.5% | 2.6% |
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| initialDiscountRatePerYear | 6.72% |
| maxDiscountRatePerYear | 24.01% |
PT-srUSDe Stablecoins E-mode
| Asset | PT-srUSDe-1APR2026 | sUSDe | USDT | USDe | USDC |
|---|---|---|---|---|---|
| Collateral | Yes | Yes | No | No | No |
| Borrowable | No | No | Yes | Yes | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
PT-srUSDe USDe E-mode
| Asset | PT-srUSDe-1APR2026 | sUSDe | USDe |
|---|---|---|---|
| Collateral | Yes | Yes | No |
| Borrowable | No | No | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | - |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | - |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | - |
Contract address to be updated once new expiry is live.
Risk Parameters
Risk parameters will be provided by Risk Service Providers and the proposal will be updated accordingly.
Useful Links
https://docs.pendle.finance/ProtocolMechanics/YieldTokenization/PT
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.
Next Steps
- Publish ARFC to get feedback from both community and Service Providers.
- if ARFC Snapshot pass, publish an AIP vote for final confirmation and enforcement of the proposal.
Copyright
Copyright and related rights waived under CC0
Off-Chain Vote
YAE
1.05M AAVE100%
NAY
8.79 AAVE0%
Abstain
2.47 AAVE0%
Timeline
Jan 16, 2026Proposal created
Jan 17, 2026Proposal vote started
Jan 20, 2026Proposal vote ended
Feb 03, 2026Proposal updated