Summary
LlamaRisk supports this AIP, viewing the parameter adjustments as a logical step to accommodate the growth of Ethena PTs on Aave. We are in favor of the supply cap expansions and the offboarding of matured assets. Additionally, while we support the inclusion of sUSDe in E-Modes to facilitate position management, we recommend further extending this flexibility by also including USDe as a collateral asset.
Supply Caps Increase
We are in favor of further expanding the supply caps for both PT-USDe-5FEB2026 and PT-sUSDe-5FEB2026. Given the current market usage and conservative borrower behavior observed, this increase represents an incremental scaling without introducing new risk vectors to the protocol.
sUSDe and USDe as Collateral
In our effort to facilitate users closing their leverage positions with ease, we are fully supportive of including sUSDe in the E-Mode. This adjustment significantly reduces friction for users looking to transition their collateral to the next maturity date.
To further this effort, we also recommend adding USDe as a collateral asset within these E-Modes. Allowing USDe as collateral provides users with additional flexibility—particularly when unstaking sUSDe positions—without introducing significant new risk factors. This ensures a smoother exit or transition strategy for users managing their Pendle PTs.
Delisting Matured PTs
We support reducing the supply caps to effectively offboard the recently matured November PTs. This is a prudent housekeeping measure to signal the wind-down of these markets. However, we would note that the technical risk of new deposits is already minimal; once a PT matures, the underlying Pendle design prevents the minting of new tokens, making new significant inflows into these Aave pools highly improbable.
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.