[AAVE] Add USDe to the sUSDe emode Category
Simple Summary
This proposal aims to add USDe as collateral to the existing sUSDe/Stablecoins emode category to improve capital efficiency and provide a more cohesive borrowing experience for users of Ethena assets on Aave.
Motivation
Currently, the sUSDe (Ethena Synthetic USD) has its own e-mode category in Aave, allowing for optimized borrowing for this specific asset. However, USDe, the native stablecoin from Ethena, is not included in this same e-mode category despite being the underlying asset for sUSDe.
Rationale
- USDe and sUSDe are intrinsically linked, with sUSDe being the staked version of USDe
- Both assets have similar risk profiles and high correlation
- Adding USDe as collateral to the same e-mode category would allow users to add USDe exposure while maintaining their leverage.
- This change would allow borrowers to use either asset as collateral more effectively
Specification
USDe will be added as collateral to the sUSDe stablecoin emode (id:2)
| Asset | Current | Proposed | | -- |
- |
- | | sUSDe | Collateral | Collateral | | USDe | None | Collateral | | USDC | Borrowable | Borrowable | | USDT | Borrowable | Borrowable | | USDS | Borrowable | Borrowable |
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot: Direct-to-AIP
- Discussion
Copyright
Copyright and related rights waived via CC0.
Off-Chain Vote
Timeline
Jul 24, 2025Proposal created
Jul 25, 2025Proposal vote started
Jul 27, 2025Proposal vote ended
Mar 17, 2026Proposal updated