[ARFC] Onboard eUSDe to Aave v3 Core Instance
Author: ACI
Date: 2025-04-11
2025-04-22 Risk Parameters have been updated by Risk Service Providers and ARFC has been updated accordingly.
Simple Summary:
The proposal aims to onboard eUSDe to Aave V3 on the Core Instance, after successful [TEMP CHECK] Onboard eUSDe to Aave v3 Core Instance and TEMP CHECK Snapshot.
Motivation/Background:
eUSDe represents deposits in Ethereal, the upcoming Ethena backed perpetual futures exchange. eUSDe earns Ethereal points and 30x Ethena points, providing an attractive opportunity for point farming which has been a driver of considerable demand for borrow on Aave in recent times.
Benefits of listing eUSDe PT tokens:
- Significant new opportunity, with potential for large TVL growth.
There is no expected market impact caused by listing these tokens outside of increased borrow demand which should not be destabilising.
Chain to be deployed/listed:
eUSDe will be listed on Aave V3 Core Instance.
Proof of Liquidity (POL) and Deposit Commitments:
The same amount of Ethena points will be rewarded to eUSDe deposits as are rewarded to USDe deposits.
Specification
2025-04-22 Risk Parameters have been updated by Risk Service Providers and ARFC has been updated accordingly.
| Parameter | Value |
|---|---|
| Asset | eUSDe |
| Isolation Mode | No |
| Borrowable | No |
| Collateral Enabled | Yes |
| Supply Cap | 150,000,000 |
| Borrow Cap | - |
| Debt Ceiling | - |
| LTV | 0.05% |
| LT | 0.1% |
| Liquidation Penalty | 7.50% |
| Liquidation Protocol Fee | 10.00% |
| E-Mode Category | eUSDe Stablecoins |
eUSDe/Stablecoin E-Mode
| Asset | eUSDe | USDC | USDT | USDS |
|---|---|---|---|---|
| Collateral | Yes | No | No | No |
| Borrowable | No | Yes | Yes | Yes |
| LTV | 90% | - | - | - |
| LT | 93% | - | - | - |
| Liquidation Bonus | 2% | - | - | - |
Useful Links:
- https://docs.ethereal.trade/
- https://governance.aave.com/t/arfc-onboard-pendle-pt-tokens-to-aave-v3-core-instance/20541
Disclaimer:
The Aave Chan Initiative is independent and has not received any form of compensation from related parties for the drafting of this proposal. Some ACI team members may hold tokens from the Ethena ecosystem.
Next Steps:
- Publication of a standard ARFC, collect community and service provider feedback before escalating the proposal to the ARFC Snapshot stage.
- If the ARFC Snapshot outcome is positive, publish an AIP vote for final confirmation and enforcement of the proposal.
Copyright:
Copyright and related rights waived under CC0.
Off-Chain Vote
YAE
578.07K AAVE100%
NAY
0.16 AAVE0%
Abstain
0.01 AAVE0%
Timeline
Apr 23, 2025Proposal created
Apr 23, 2025Proposal vote started
Apr 26, 2025Proposal vote ended
Feb 12, 2026Proposal updated