# \[ARFC\] Launch GHO on Plasma & Set ACI as Emissions Manager for Rewards **URL:** \ **Category:** Governance\ **Created:** [August 21, 2025, 7:16pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994 "2025-08-21T19:16:40Z")\ **Posts on this page:** 9\ **Page:** 1
**Author:** ![TokenLogic](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/tokenlogic/32/8248_2.png) [@TokenLogic](https://governance.aave.com/u/TokenLogic)\ **Post date:** [August 21, 2025, 7:16pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994/1 "2025-08-21T19:16:40Z")
* * * [ARFC] Launch GHO on Plasma & Set ACI as Emissions Manager for Rewards Author: @TokenLogic Created: 2025-08-21 * * * ## Summary This ARFC proposes deploying **GHO** on the Plasma blockchain and appointing **ACI** as the Emissions Manager for both GHO and aGHO. The goal is to establish GHO as a key stablecoin within Plasma’s ecosystem from inception, facilitating reward programs, liquidity incentives, and seamless integration with the upcoming Aave deployment on Plasma. ## Motivation Plasma is a **purpose-built, EVM-compatible Bitcoin sidechain** designed specifically for stablecoin scalability, speed, and security—offering zero-fee USDT transfers, lightning-fast finality, and Bitcoin-anchored settlement. The network is quickly approahcing launch with substantial USDT liquidity and an institutional partnership with Aave, including active GHO support on the platform. Deploying GHO concurrently with the Aave instance on Plasma ensures that GHO becomes foundational to DeFi and payments infrastructure on a chain optimized for stablecoin utility. ## Specification ### Roles and Responsibilities | Service Provider | Responsibility | | --- | --- | | TokenLogic | Deploy GHO infrastructure and bridging components | | TokenLogic | Configure Facilitator, GSM, and Steward logistics | | Chaos Labs + LlamaRisk | Review initial risk parameters tailored to Plasma | | BGD + Aave Labs | Review Pull Requests ahead of voting submission | | Certora | Cold Review / Audit of Pull Requests | | ACI + TokenLogic | Design incentives and distribute emissions | | Aave Liquidity Committee | Coordinate GHO liquidity across Plasma DEXs | | GHO Stewards | Maintain risk parameters post-deployment | ACI Multi-sig Address: `0xac140648435d03f784879cd789130F22Ef588Fcd` Gho Stewards Address: `0x8513e6F37dBc52De87b166980Fa3F50639694B60` ### GHO Parameters for Aave v3 on Plasma | Parameter | Value | | --- | --- | | Asset | GHO | | Market | Plasma | | Isolation Mode | No | | Borrowable | Yes | | Collateral Enabled | No | | Supply Cap | 5,000,000 | | Borrow Cap | 4,500,000 | | Debt Ceiling | – | | LTV | – | | Liquidation Bonus | – | | Variable Base | 0% | | Variable Slope1 | 6.5% | | Variable Slope2 | 50% | | Uoptimal | 90% | | Reserve Factor | 10% | | Stable Borrowing | Disabled | | Flashloanable | Yes | | Siloed Borrowing | No | ### Facilitator & Bridging Configuration Deploy a **GhoDirectMinter** facilitator on Ethereum to enable GHO issuance for Plasma. - **Mint Cap** : 15M GHO **CCIP Bridge Configuration** : - **Bucket Capacity** : 15M GHO - **Inbound Capacity** : 1.5M GHO - **Outbound Capacity** : 1.5M GHO - **Refill Rate** : 300 GHO/sec ### GSM Parameters (stataUSDT0.plasma) | Parameter | Value | | --- | --- | | GHO Bucket Cap | 10M GHO | | USDT Exposure Cap | 5M | | Freeze Lower Bound | $0.990 | | Freeze Upper Bound | $1.010 | | Unfreeze Lower Bound | $0.995 | | Unfreeze Upper Bound | $1.005 | | Mint GHO Fee | 0% | | Burn GHO Fee | 0% | _USDT deposits into `stataUSDT0.plasma` trigger GHO transfers using Ethereum-held inventory via GSM._ ### GHO Steward Configuration **GhoAaveSteward** - `updateGhoBorrowCap`: ±100% - `updateGhoBorrowRate`: ±5% on optimal usage ratio, base variable rates, slopes - `updateGhoSupplyCap`: Up to +100% **GhoGsmSteward** - `updateGsmExposureCap`: ±100% - `updateGsmBuySellFees`: ±0.5% per side (FixedFeeStrategy) _Both stewards remain callable only by the GHO steward protocol._ ## Budget Bootstrap funding on Ethereum will be bridged to Plasma via the facilitator for initial liquidity and ecosystem stimulation. The exact Ethereum SAFE address will be defined in a follow-up AIP. ## Disclaimer TokenLogic receives no compensation for drafting or coordinating this ARFC. ## Next Steps 1. Gather feedback from the community. 2. If consensus is reached on this ARFC, escalate this proposal to the Snapshot stage. 3. If Snapshot outcome is YAE, escalate this proposal to the AIP stage. ## Copyright Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). ---
**Author:** ![LlamaRisk](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/llamarisk/32/12865_2.png) [@LlamaRisk](https://governance.aave.com/u/LlamaRisk)\ **Post date:** [August 26, 2025, 11:54pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994/2 "2025-08-26T23:54:02Z")
### Summary LlamaRisk supports launching GHO on Plasma with the initial Aave deployment on Plasma. Similarly to other GHO expansion initiatives, a measured approach is to be taken while allowing GHO to scale measurably as the demand comes. Therefore, we support the launch parameters and the strategy proposed by TokenLogic. Planned liquidity incentives will help to sustain the secondary market stability of GHO on Plasma. At the same time, the decision to implement stataGSM will ensure that a second stability buffer starts to fill since GHO’s deployment gradually. ### The Cross-Chain Progress Since GHO’s cross-chain deployments began, GHO has grown to 280M total supply, with ~26M GHO residing on the supported L2s. The Avalanche market has seen the most success, while Base market has contracted over time. ![image](https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/8/86dc96d1df93076e633e9b1e66e14493be6e7b53.png) Source: [TokenLogic GHO Dashboard](https://aave.tokenlogic.xyz/gho), August 26, 2025 The historical GHO flows indicate that the overall GHO flows were positive for Arbitrum and Avalanche. In addition, the newly deployed Gnosis market has attracted ~300k in borrows. ![image](https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/8/8d91a3d0eac8819908450d267321fcdd0fe4845c.png) Source: [TokenLogic GHO Dashboard](https://aave.tokenlogic.xyz/cross-chain), August 26, 2025 ### Current Health of GHO After the renewed positive market conditions and increased leverage strategies, GHO’s secondary market peg was temporarily affected, reaching a discount of up to 30 bps in late July. Slight increases in GHO borrow rates and a bump in Aave Savings Rate helped to contain the outflows and reduced secondary market pressure, with GHO now back to 10 bps (0.1%) peg bounds. ![image](https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/2/2ce2062021718a90a72f4dea0bc85df0cdaeb773.png) Source: [CoinMarketCap](https://coinmarketcap.com/currencies/gho/), August 26, 2025 On Ethereum, GHO currently possesses a 37M sell buffer within 30 bps (0.3%) price impact, suggesting that a selling pressure that is more than 10% supply would be needed to destabilize the peg again. ### Potential Use Cases Currently, GHO has a collateral ratio of 3.4, with the most prominent collateral assets being WETH, ETH LSTs, and BTC wrappers. We expect similar assets to be onboarded on Aave’s Plasma markets, generating sufficient demand for GHO loans. ![image](https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/c/cf3264707825f3bb81a0015548a2be755ebd6494.png) Source: [TokenLogic GHO Dashboard](https://aave.tokenlogic.xyz/cross-chain), August 26, 2025 GHO DEX integrations and incentives are also expected to improve GHO’s expansion among other yield venues on the upcoming Plasma network. ### Disclaimer This review was independently prepared by LlamaRisk, a community-led decentralized organization funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work. The information provided should not be construed as legal, financial, tax, or professional advice. ---
**Author:** ![ChaosLabs](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/chaoslabs/32/6850_2.png) [@ChaosLabs](https://governance.aave.com/u/ChaosLabs)\ **Post date:** [September 10, 2025, 8:05pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994/3 "2025-09-10T20:05:30Z")
### Summary Chaos Labs supports launching GHO on the Plasma instance. Given the deployment’s strategic positioning for rapid expansion and Plasma’s focus on stablecoin activity, listing GHO at launch is well-timed to capture structural borrowing demand. We also support the proposed initial risk parameters, which mirror mature deployments such as Arbitrum and Base, and provide the necessary guardrails for listing on a new instance. ### Motivation Plasma is designed as a stablecoin-first, EVM-compatible blockchain; introducing GHO at launch positions it as one of the foundational stablecoins on Plasma. Given the recently [proposed](https://governance.aave.com/t/arfc-deploy-aave-v3-on-plasma/21494/7#p-58726-summary-1) initial assets and substantial initial caps, listing GHO would provide additional utility to the deployment and position GHO for future expansion on the instance. ### GHO Performance In recent months, GHO’s market capitalization has increased by over $100 million, driven primarily by demand in the Ethereum Prime instance. ![image - 2025-09-07T113533.995](https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/2/2740907417deaa6c6c2118f960a2f7e0f28b439d.png) Peg performance has been stable. Although GHO has traded slightly below par at times, the average dislocation has been modest—around 10 bps with limited variance—consistent with improving liquidity and adoption. ![image - 2025-09-07T113537.006](https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/a/a1fe3549d2dd9b636b9a63b8f332b576384974d8.jpeg) ### **GSM Implementation** We support implementing a stataUSDT0-based GSM on Plasma and expect sufficient USDT0 supply to be available at launch. With ample supply and market liquidity, stataUSDT0 should be an effective stabilization asset for the GSM, capable of absorbing fluctuations around the GHO’s peg. Additionally, a larger and more liquid USDT0 market will help keep borrowing and lending rates more stable and less prone to sudden spikes or drops. ### **Steward Authority Framework** The governance framework gives GHO Stewards the authority to adjust parameters within set boundaries, achieving a balance between flexibility and risk management. This structure allows for timely updates to borrow caps, interest rates, supply caps, and GSM parameters within defined limits, enabling the system to respond quickly to changing market conditions while maintaining governance oversight. Experience from previous GHO deployments shows that this approach has effectively preserved stability during the early launch phase and supported orderly scaling. ### IR We additionally support the initial interest rate (IR) configuration, as it aligns with the broader stablecoin market, maintaining competitive pricing at Uoptimal, while being more sensitive to utilization changes before the kink than USDT0. ### Recommendation Given Plasma’s strategic positioning for rapid growth, the structural drivers of GHO borrowing, and the asset’s demonstrated peg stability, we support listing GHO at launch as it establishes GHO’s position in the ecosystem. The proposed interest-rate curve aligns with broader market conditions and other stablecoins, while the initial supply and borrow caps balance risk with growth opportunities—enabling meaningful early adoption with clear room to scale as demand accelerates. # Disclosure Chaos Labs has not been compensated by any third party for publishing this AGRS recommendation. # **Copyright** Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain). ---
**Author:** ![system](https://europe1.discourse-cdn.com/flex013/uploads/aave/original/2X/e/e11637c36f45ffa158f2146f5c19438d46e0824d.svg) [@system](https://governance.aave.com/u/system)\ **Post date:** [October 10, 2025, 8:06pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994/4 "2025-10-10T20:06:15Z")
This topic was automatically closed 30 days after the last reply. New replies are no longer allowed. ---
**Author:** ![EzR3aL](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/ezr3al/32/10721_2.png) [@EzR3aL](https://governance.aave.com/u/EzR3aL)\ **Post date:** [October 23, 2025, 6:04pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994/5 "2025-10-23T18:04:44Z")
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**Author:** ![TokenLogic](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/tokenlogic/32/8248_2.png) [@TokenLogic](https://governance.aave.com/u/TokenLogic)\ **Post date:** [October 23, 2025, 8:18pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994/6 "2025-10-23T20:18:07Z")
# Summary With the GHO lanes now activated on CCIP, this publication defines the launch parameters for GHO on Plasma. # Motivation This publicaiton presents the revised GHO parameter configuration for deploying the remoteGSM and listing GHO on Aave Protocol. A joint collaboration program with Plasma, Maple Finance and Ethena, will be launched on Aave Protocol whilst separate and complimentary rewards programs will commence on Fluid and Balancer. ## GHO Supply Within the new syrupUSDT and GHO collateral eMode, users who: - Supply syrupUSDT and GHO (50% syrupUSDT:50% GHO), with a cap of 50% for GHO eligible for rewards (if additional GHO is supplied, it won’t be rewarded) - Borrow USDT0 and complete at least one leverage loop - Maintain a health factor of less than 2.0 Will receive GHO incentives (~3.50%) such that the Total Supply yield (Native + Incentives) exceeds the native syrupUSDT yield by approximately 50bps. The above incentive strategies create GHO Supply on Aave Protocol. Sourcing the GHO is expected to at least partially flow from through the remote GSM, which deposits USDT0 into Aave whereby the DAO earns the Supply yield. ## GHO Demand With strong GHO supply expected from the GHO incentives, GHO demand is created via the revision of eMode 2 to include GHO as a debt asset. eMode 2 is to offer sUSDe and USDe as collateral with USDT0 and GHO as debt, the GHO debt will receive a x5 Sats multiplier from the Ethena team that matches what is currently available on the Ethereum Core and Prime instances. This is expected to stimulate Demand for GHO on Aave Protocol with GHO expected to be a lower cost alternative to USDT0 due to the Borrow Rate configuration (150bps less than USDT at Uoptimal) and additional Sats incentives acting to offset the cost of capital for leverage users. Furthemore, additional eModes with Pendle PT assets are expected to provide sustained demand for GHO that reduces the reliance on GHO Incentive yield to attract GHO supply. ## Fluid and Balancer With support from the Aave Liquidity Committee (ALC) concentrated liquidity facilitating swaps will be incentivised on Fluid and Balancer in collaboration with each respective team and the Plasma team. Importantly, this stimulates demand for GHO on secondary markets outside of Aave Protocol and is expected to provide a net counter flow where users are expected to be net acquiring GHO. # Specification The below outlines the scope to be implemented via AIP upon launching GHO on Plasma. ### Facilitator & Bridging Deploy an **OwnableFacilitator** facilitator on Ethereum to enable GHO issuance for Plasma. - **OwnableFacilitator Mint Cap** : 100M GHO - **Initial Mint** : 50M GHO As required, future Minting of GHO on Ethereum, to be supplied into the remoteGSM on Plasma will be performed via direct submission of AIPs. **GhoReserve** Deploy GhoReserve on Plasma to hold bridged GHO initially. Configure stataUSDT0 GSM as an entity with a draw capacity of 50M GHO. ### USDT0 GSM Parameters (stataUSDT0) | Parameter | Value | | --- | --- | | GHO Cap | 50M | | stataUSDT0 Exposure Cap | 45M | | Freeze Lower Bound | $0.990 | | Freeze Upper Bound | $1.010 | | Unfreeze Lower Bound | $0.995 | | Unfreeze Upper Bound | $1.005 | | Mint GHO Fee | 0.00% | | Burn GHO Fee | 0.10% | ### GHO Steward Configuration **GhoAaveSteward** - `updateGhoBorrowCap`: ±100% - `updateGhoBorrowRate`: ±5% on optimal usage ratio, base variable rates, slopes - `updateGhoSupplyCap`: Up to +100% **GhoGsmSteward** - `updateGsmExposureCap`: ±100% - `updateGsmBuySellFees`: ±0.5% per side (FixedFeeStrategy) _Both stewards remain callable only by the GHO steward._ ### GHO Aave Listing Parameters | Parameter | Value | | --- | --- | | Asset | GHO | | Isolation Mode | No | | Borrowable | Yes | | Collateral Enabled | No | | Supply Cap | 50,000,000 | | Borrow Cap | 20,000,000 | | Debt Ceiling | - | | LTV | 0% | | Liquidation Threshold | 0% | | Liquidation Penalty | 4.50% | | Liquidation Protocol Fee | 10% | | Variable Base | 1.25% | | Variable Slope1 | 3.50% | | Variable Slope2 | 16.50% | | Uoptimal | 92% | | Reserve Factor | 5.00% | | Stable Borrowing | Disabled | | Flashloanable | Yes | | Siloed Borrowing | No | | Borrowable in Isolation | No | | E-Mode Category | see below | ## eMode Category 2 | Parameter | sUSDe | USDe | USDT0 | GHO | | --- | --- | --- | --- | --- | | Collateral | Yes | Yes | No | No | | Borrowable | No | No | Yes | Yes | | Max LTV | 90% | 90% | - | - | | Liquidation Threshold | 92% | 92% | - | - | | Liquidation Bonus | 4.0% | 4.0% | - | - | ## eMode Category - Category 5 | Parameter | PT-USDe Jan | USDT0 | USDe | GHO | | --- | --- | --- | --- | --- | | Collateral | Yes | No | No | No | | Borrowable | No | Yes | Yes | Yes | | Max LTV | 85.9% | - | - | - | | Liquidation Threshold | 87.9% | - | - | - | | Liquidation Bonus | 4.9% | - | - | - | ## eMode Category - Category 7 | Parameter | PT-sUSDe Jan | USDT0 | USDe | GHO | | --- | --- | --- | --- | --- | | Collateral | Yes | No | No | No | | Borrowable | No | Yes | Yes | Yes | | Max LTV | 84.4% | - | - | - | | Liquidation Threshold | 86.4% | - | - | - | | Liquidation Bonus | 6.0% | - | - | - | ## eMode Category (new) | Parameter | GHO | USDT0 | | --- | --- | --- | | Collateral | Yes | No | | Borrowable | No | Yes | | Max LTV | 94% | - | | Liquidation Threshold | 96% | - | | Liquidation Bonus | 2.0% | - | ## eMode Category (new) | Parameter | syrupUSDT | GHO | | --- | --- | --- | | Collateral | Yes | No | | Borrowable | No | Yes | | Max LTV | 90% | - | | Liquidation Threshold | 92% | - | | Liquidation Bonus | 4.0% | - | ## eMode Category (new) | Parameter | syrupUSDT | GHO | USDT0 | | --- | --- | --- | --- | | Collateral | Yes | Yes | No | | Borrowable | No | No | Yes | | Max LTV | 90% | 90% | - | | Liquidation Threshold | 92% | 92% | - | | Liquidation Bonus | 4.0% | 4.0% | - | # Disclosure TokenLogic does not receive any payment for this proposal. # Next Steps 1. Using the Direct-to-AIP process, submit AIP(s) for vote. # Copyright Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). ---
**Author:** ![LlamaRisk](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/llamarisk/32/12865_2.png) [@LlamaRisk](https://governance.aave.com/u/LlamaRisk)\ **Post date:** [October 27, 2025, 12:28pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994/7 "2025-10-27T12:28:08Z")
LlamaRisk is supportive of the proposed GHO bootstrapping plan for Plasma. The GHO incentive strategies outlined are a positive step towards creating sustainable GHO supply sinks, which will in turn support the GHO peg. It is encouraging to see that even GHO sourced from the remote GSM contributes to this goal by generating yield for the DAO. We agree that the proposed E-Modes, where GHO is borrowable for PT leveraging strategies, will create demand. The initiatives on Fluid and Balancer are a thoughtful addition to absorb potential GHO sell pressure and create a net-positive flow for GHO on secondary markets. Regarding the new GHO / USDT0 E-Mode Category: | **Parameter** | **GHO** | **USDT0** | | --- | --- | --- | | Collateral | Yes | No | | Borrowable | No | Yes | | Max LTV | 94% | - | | Liquidation Threshold | 96% | - | | Liquidation Bonus | 2.0% | - | Given that GHO’s price is fixed at $1 across Aave’s instances, the primary risk for this E-Mode is a significant and sustained shock to the USDT borrow rate. We believe that this risk is minimal, especially as USDT borrow rate shocks are resolved within hours. Therefore, we see no issue with the revised LTV/LT that will help to improve capital efficiency. We will continue to monitor the on-chain flows and market dynamics once this plan is implemented to ensure the continued stability and growth of GHO. ### Disclaimer This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work. The information provided should not be construed as legal, financial, tax, or professional advice. ---
**Author:** ![efecarranza](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/efecarranza/32/11498_2.png) [@efecarranza](https://governance.aave.com/u/efecarranza)\ **Post date:** [November 13, 2025, 5:52pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994/8 "2025-11-13T17:52:49Z")
Hi all, Due to feedback received on the size of the proposal, we have split it into 2 portions: 1. Migrates mainnet GSMs to new version 2.Bridges GHO to Plasma and sets up Gho on Aave as well as sets up GSM on Plasma Thank you ---
**Author:** ![TokenLogic](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/tokenlogic/32/8248_2.png) [@TokenLogic](https://governance.aave.com/u/TokenLogic)\ **Post date:** [February 18, 2026, 10:33pm UTC](https://governance.aave.com/t/arfc-launch-gho-on-plasma-set-aci-as-emissions-manager-for-rewards/22994/9 "2026-02-18T22:33:03Z")
The remoteGSM is currently in the final stages of review before deployment. In preparation for deployment, we will update the eMode configurations to reflect the current market state. The parameters being modified on the existing PT eModes are being updated due to the referenced eModes have expired (January 2026). These updates target including GHO in the April 2026 PTs eModes, where USDT0 and USDe are already debt assets. ### Summary - eMode Category 5: GHO is **not to be included** , PT-USDe Jan expiry date is in the past - eMode Category 7: GHO is **not to be included** , PT-sUSDe Jan expiry date is in the past - eMode Category 13: Add GHO as **Borrow only** , like USDe and USDT0 - eMode Category 15: Add GHO as **Borrow only** , like USDe and USDT0 ### eModes ## eMode Category - Category 13 | Parameter | PT-USDe\_Apr\_Stablecoins | USDT0 | USDe | GHO | | --- | --- | --- | --- | --- | | Collateral | Yes | No | No | No | | Borrowable | No | Yes | Yes | Yes | | Max LTV | Subject to Risk Oracle | - | - | - | | Liquidation Threshold | Subject to Risk Oracle | - | - | - | | Liquidation Bonus | Subject to Risk Oracle | - | - | - | ## eMode Category - Category 15 | Parameter | PT-sUSDe\_Apr\_Stablecoins | USDT0 | USDe | GHO | | --- | --- | --- | --- | --- | | Collateral | Yes | No | No | No | | Borrowable | No | Yes | Yes | Yes | | Max LTV | Subject to Risk Oracle | - | - | - | | Liquidation Threshold | Subject to Risk Oracle | - | - | - | | Liquidation Bonus | Subject to Risk Oracle | - | - | - | Reference: [Listing of PT Ethena April Maturity on Plasma Instance](https://vote.onaave.com/proposal/?proposalId=335&ipfsHash=0xc39dbb2f31171d7ac1b41f6ad80d6f1c4c44f4da5641d987a42fc07f85dc46bf) Thank you