XG177

[TEMP CHECK] Onboard eUSDe PT Tokens to Aave v3 Core Instance

Voting ended 11 months agoSucceeded

[TEMP CHECK] Onboard eUSDe PT Tokens to Aave v3 Core Instance

Author: ACI

Date: 2025-04-01

Simple Summary:

The proposal aims to onboard eUSDe PT tokens to Aave V3 on Core Instance.

Motivation/Background:

eUSDe represents deposits in Ethereal, the upcoming Ethena backed perpetual futures exchange. These can be deposited into Pendle where the yield token (YT), and the principal token (PT) are separated from the underlying. This proposal seeks to onboard the PT portion of eUSDe tokens.

We anticipate significant demand for borrowing against these PT tokens, in the low single digit billions of dollars of value and would like to take advantage of this significant opportunity.

At ARFC stage the specific PT tokens will be outlined. In future, new expiries will be listed through an expedited process using the direct to AIP path.

Benefits of listing eUSDe PT tokens:

Significant new opportunity, with potential for large TVL growth.
As a first PT token to be deployed on Aave this opens up multiple other opportunities given process and infra development to accomodate this onboarding.

Market Impact: There may be increased demand for stablecoin borrows given the size of the PT market, however we believe that this will balance out and result in net new deposits into Aave.

Chain to be deployed/listed:

The intention is to list the eUSDe PT tokens on Core Instance.

Proof of Liquidity (POL) and Deposit Commitments:

Users will accrue 2x Ethena points for Ethereal eUSDe PT token deposits on Aave.

Useful Links:

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:

If consensus is reached on this [TEMP CHECK], escalate this proposal to the Snapshot stage.
If the Snapshot outcome is positive, this proposal will be escalated to the Aave Request for Comment [ARFC] stage.
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.

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Discussion

[TEMP CHECK] Onboard eUSDe PT Tokens to Aave v3 Core Instance

Timeline

Apr 07, 2025Proposal created

Apr 08, 2025Proposal vote started

Apr 11, 2025Proposal vote ended

Feb 12, 2026Proposal updated

Motivation/Background:

We anticipate significant demand for borrowing against these PT tokens, in the low single digit billions of dollars of value and would like to take advantage of this significant opportunity.

At ARFC stage the specific PT tokens will be outlined. In future, new expiries will be listed through an expedited process using the direct to AIP path.

Benefits of listing eUSDe PT tokens:

Significant new opportunity, with potential for large TVL growth.

As a first PT token to be deployed on Aave this opens up multiple other opportunities given process and infra development to accomodate this onboarding.

Market Impact: There may be increased demand for stablecoin borrows given the size of the PT market, however we believe that this will balance out and result in net new deposits into Aave.

Next Steps:

If consensus is reached on this [TEMP CHECK], escalate this proposal to the Snapshot stage.

If the Snapshot outcome is positive, this proposal will be escalated to the Aave Request for Comment [ARFC] stage.

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.