[ARFC ADDENDUM] Modify E-Modes for PT Token Collateral
Author: ACI & Chaos Labs
Date: 2025-05-20
Summary
This ARFC Addendum proposes an update to the Onboard Pendle PT tokens to Aave V3 Core Instance ARFC. To facilitate rollovers for the PT tokens, we propose that the underlying asset be added to the E-mode as collateral for existing and future PT tokens. The benefit of this is that at maturity, depositors can seamlessly migrate to the underlying asset and then migrate manually to the next maturity if they would like to.
Motivation
Pendle PT tokens are unique amongst Aave collateral in that they have a maturity date. At the maturity date, the PT token converts to the underlying, and depositors are likely to want to migrate to a new maturity PT token for the same asset. To work towards smoothing this migration, we propose that the underlying PT asset be added to each of the E-modes. Depositors can then migrate to the underlying and manually move to the next PT token maturity.
Specification
We propose the following E-modes to be adjusted:
| PT | E-mode | Underlying Asset |
|---|---|---|
| eUSDE-29MAY2025 | Stablecoins | eUSDe |
| sUSDE-31JULY2025 | Stablecoins | sUSDe |
| USDE-31JULY2025 | Stablecoins | USDe |
| USDE-31JULY2025 | USDe | USDe |
| eUSDE-14AUG2025 | Stablecoins | eUSDe |
| eUSDE-14AUG2025 | USDe | eUSDe |
Moreover, we recommend an adjustment of the previously recommended supply cap for the listing of eUSDe to absorb the 500M in maturing PT supply:
| Asset | Previously Recommended Supply Cap | Recommended Supply Cap |
|---|---|---|
| eUSDe | 150,000,000 | 550,000,000 |
Disclaimer
The ACI is not presenting this ARFC on behalf of any third party and is not compensated for creating this ARFC.
Next Steps
- The Addendum will be considered canon, and the guidelines will be adopted into the Asset Onboarding Framework.
Copyright
Copyright and related rights waived via CC0.