Numbers below are read from the contracts on X Layer at block 67,751,380, cross-checked on a second RPC and against Pendle’s own API. Commands to rebuild them are at the end.
What exists today
| PT-USDG-29OCT2026 total supply | 150,945.28 |
| Held by the Pendle AMM itself | 149,968.17, or 99.35% |
| Held by anyone else | 977.11 |
| totalSy in the market | 1,542,251.33 |
| Headline liquidity, Pendle API 07:00 UTC | $1,691,342.75 |
| Proposed Aave supply cap | 35,000,000 |
The cap is 232 times the entire supply of the asset it applies to, and 20.7 times the headline liquidity of the pool. Token identity checks out: symbol PT-USDG-29OCT2026, expiry 1793232000, which is 2026-10-29 00:00 UTC, matching the addresses in the proposal.
The market opened yesterday
Pendle announced the X Layer launch and this first market a day ago, and posted a $20k USDG incentive for LPs running until 10 September. Expiry is 29 October. The incentive that builds the pool stops seven weeks before the PT matures, while a cap set now stays live through that window. The proposal separately cites roughly $500K of X Layer incentives for the first month, of which $150K is expected to go to PT-USDG supplied on Aave.
The question I would want answered before LTV is set
On the PT-AUSD Monad market I decoded the six largest exits from their receipts. Between 84% and 95.6% filled against the limit order book rather than the AMM, and 98.3% of that book volume carried a matching YT burn. The book was YT holders unwinding, and it exists where the incentive accrues to YT. The comparable market on the same chain without that incentive had zero resting bids.
Here the incentives described reach LPs on Pendle and suppliers on Aave. Neither of those is YT.
I have not measured this book yet and I am not claiming it is empty. I am asking whether anyone has, because on the Monad evidence that is where the exit actually happens, and a cap sized against an AMM reading alone would be sized against the wrong thing.
Rebuild
PT total supply, divide the result by 1e6:
curl -s -X POST https://rpc.xlayer.tech -H 'content-type: application/json' \
-d '{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x9a09a9e491db3dd8ada5b1b889991ac9ad5fd362","data":"0x18160ddd"},"0x409cdd4"]}'
PT held by the market contract, same block, same divisor:
curl -s -X POST https://rpc.xlayer.tech -H 'content-type: application/json' \
-d '{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x9a09a9e491db3dd8ada5b1b889991ac9ad5fd362","data":"0x70a08231000000000000000000000000cfb506cb34dd340e80d3df8764182a5187636032"},"0x409cdd4"]}'
Both return the same values on https://xlayerrpc.okx.com.