# LlamaRisk - Monthly Community Update **URL:** \ **Category:** Governance\ **Created:** [June 10, 2024, 3:46pm UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935 "2024-06-10T15:46:22Z")\ **Posts on this page:** 11\ **Page:** 2
**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:** [December 1, 2025, 2:58pm UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/23 "2025-12-01T14:58:05Z")
# LlamaRisk - Monthly Community Update # November 2025 ## Overview LlamaRisk presents our November 2025 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[Direct to AIP] Onboard BTC.b to Aave V3 Core Instance](https://governance.aave.com/t/direct-to-aip-onboard-btc-b-to-aave-v3-core-instance/23357/2) - Recommended putting the proposal on hold as the token had not yet launched on Ethereum and was mid-migration to Lombard Finance, involving changes to its security model and new contract deployments. - [[Direct to AIP] Onboard USDe & sUSDe February expiry PT tokens on Aave V3 Core Instance](https://governance.aave.com/t/direct-to-aip-onboard-usde-susde-february-expiry-pt-tokens-on-aave-v3-core-instance/23358/2) - Supported listing given the long maturity that justifies integration efforts, while noting reduced PT demand from lower sUSDe yields and limited pool liquidity, and therefore recommended conservative initial supply caps. - [[ARFC] Onboard tUSDe December expiry PT tokens on Aave V3 Core Instance](https://governance.aave.com/t/arfc-onboard-tusde-december-expiry-pt-tokens-on-aave-v3-core-instance/22958/7) - Noted that the Terminal team announced the project will not launch, resulting in abandonment of PT-tUSDe onboarding, and provided analysis on the subsequent impact of this announcement on Pendle market behavior. #### E-modes - [[Direct to AIP] weETH E-Mode Risk Parameter Adjustment on Aave V3 Plasma Instance](https://governance.aave.com/t/direct-to-aip-weeth-e-mode-risk-parameter-adjustment-on-aave-v3-plasma-instance/23381/2) - Supported the proposal and its parameters as they align with the goal of mitigating volatile debt–collateral exposure and managing early-market uncertainty, while noting reduced DEX liquidity may create potential liquidation bottlenecks. - [[Direct to AIP] Add WETH to the wrsETH wstETH E-Mode on Aave V3 Base Instance](https://governance.aave.com/t/direct-to-aip-add-weth-to-the-wrseth-wsteth-e-mode-on-aave-v3-base-instance/23431/2) - Supported adding WETH to the E-Mode configuration as it introduces minimal incremental risk while offering users greater flexibility to access ETH liquidity against the restaking token. - [[Direct to AIP] Add WETH to the rsETH LST E-Mode on Aave Core Instance](https://governance.aave.com/t/direct-to-aip-add-weth-to-the-rseth-lst-e-mode-on-aave-core-instance/23425/2) - Supported the proposal given the strong asset correlation, available borrow capacity, and revenue opportunity, while noting that it introduces minimal incremental risk. #### Misc. - [[Direct to AIP] Reinstate Supply and Borrow Caps on Aave V3 Gnosis Instance](https://governance.aave.com/t/direct-to-aip-reinstate-supply-and-borrow-caps-on-aave-v3-gnosis-instance/23373/2) - Reviewed the proposed parameters and expressed support for the reinstated caps. - [[Direct to AIP] Freeze wstETH on Plasma](https://governance.aave.com/t/direct-to-aip-freeze-wsteth-on-plasma/23400/2) - Supported freezing wstETH on Plasma, noting minimal user impact due to low supply and deposits, and highlighted Lido’s planned rollout of the CCT standard across chains, which will require consideration for Aave’s future deployments. - [[ARFC] Chaos Risk Agents](https://governance.aave.com/t/arfc-chaos-risk-agents/23401/2) - Supported the proposal and clarified key details with Chaos Labs, noting that Aave Governance will retain the Hub superadmin role and manage all Agent permissions, no additional multisig is expected, automation will rely on the Aave Robot (via Chainlink) with Gelato as a fallback, and the architecture is open source for reuse by all service providers. - [[ARFC] Remove USDS as collateral and increase RF across all Aave Instances](https://governance.aave.com/t/arfc-remove-usds-as-collateral-and-increase-rf-across-all-aave-instances/23426/3) - Supported the proposal to remove USDS as collateral, given its altered risk profile as Sky allocates USDS to additional protocols via Stars, increasing the risk surface of the backing collateral. ### Community Engagement - [Horizon Weekly Highlights](https://governance.aave.com/t/horizon-weekly-highlights/23078/11) - Continued collaborating with the Horizon team on asset due diligence, cap adjustments, and weekly operational updates focused on utilization, user behavior, and parameter changes. As of Week 13, Horizon TVL surpassed $571M, with $176M in net borrows and $294M in stablecoin supply. - [Bug Bounty Call Out](https://x.com/LlamaRisk/status/1986444578061156638) - Continued our weekly Twitter series highlighting Aave-listed assets with low bug bounty coverage, providing updates informed by our [Bug Bounty Landscape Report](https://governance.aave.com/t/llamarisk-insights-bug-bounty-landscape-for-assets-listed-on-aave/23044). A notable development: [Paxos publicly committed](https://governance.aave.com/t/arfc-onboard-usdg-to-aave-v3-core-instance/23271/4) to launching a public bug bounty in Q1 2026 covering their assets (USDG, PYUSD, PAXG, USDP) and related APIs. - [Newsletter: This Week in Aave](https://x.com/aaveweekly) - Continued delivering weekly roundups of Aave governance updates while enhancing content with deeper insights for stakeholders and users. ## Upcoming Focus Areas - [Aave V4 Preparation](https://aave.com/docs/aave-v4) - Actively working on internal V4-related R&D while participating in the Office Hours for DAO Service Providers to align on technical and risk framework updates. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like increased focus from the LlamaRisk team. ---
**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:** [January 2, 2026, 5:27pm UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/24 "2026-01-02T17:27:44Z")
# LlamaRisk - Monthly Community Update # December 2025 ## Overview LlamaRisk presents our December 2025 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[ARFC] Onboard Strata srUSDe PT tokens to V3 Core Instance](https://governance.aave.com/t/arfc-onboard-strata-srusde-pt-tokens-to-v3-core-instance/23481/2) - Supported onboarding while noting key risks including low secondary market liquidity, high srUSDe supply concentration in a single holder, and short residual PT maturity. The [Strata team committed](https://governance.aave.com/t/arfc-onboard-strata-srusde-pt-tokens-to-v3-core-instance/23481/4) to launching a public bug bounty program in Q1 2026. - [[Direct to AIP] Onboard USDe & sUSDe April expiry PT tokens on Aave V3 Plasma Instance](https://governance.aave.com/t/direct-to-aip-onboard-usde-susde-april-expiry-pt-tokens-on-aave-v3-plasma-instance/23515/2) - Supported the listing given the long maturity justifying integration efforts, while highlighting the significantly lower TVL of the April maturity pool compared to prior expiries. - [[ARFC] Onboard frxUSD to Aave V3 Core Instance on Ethereum](https://governance.aave.com/t/arfc-onboard-frxusd-to-aave-v3-core-instance-on-ethereum/23513/9) - Updated our recommendation to align parameters with the v3.6 update, limiting exposure to the wstLINK/LINK looping use case, while noting no major architectural changes since the initial analysis and high staking demand for LINK relative to the cap increases. - [[ARFC] Onboard wstLINK to Aave V3 Core Instance](https://governance.aave.com/t/arfc-onboard-wstlink-to-aave-v3-core-instance/22169/13) - Updated our recommendation to align parameters with the v3.6 update limiting exposure to the wstLINK/LINK looping use case and noted no major architectural changes since our initial analysis while noting higher staking demand for LINK than the cap raises. - [[Direct to AIP] Onboard syrupUSDC to Aave V3 Base Instance](https://governance.aave.com/t/direct-to-aip-onboard-syrupusdc-to-aave-v3-base-instance/23234/4) - Supported onboarding following successful supply bootstrap, with DEX liquidity fully provided by Maple, robust administrative controls including a timelock, and no new structural changes identified since our prior assessments. #### New chain - [[ARFC] Deploy Aave v3 on Mantle](https://governance.aave.com/t/arfc-deploy-aave-v3-on-mantle/20542/11) - Supported the proposed parameters, noting MNT as the only new asset for Aave, with supply and borrow cap recommendations to follow based on expected network liquidity from the Mantle team. #### E-modes - [[Direct-to-AIP] Ethena February PTs Caps and E-Modes Adjustments](https://governance.aave.com/t/direct-to-aip-ethena-february-pts-caps-and-e-modes-adjustments/23501/3) - Supported the parameter updates and inclusion of sUSDe in E-Modes to simplify position management, while recommending extending flexibility further by enabling USDe as collateral. - [[Direct-to-AIP] Enhancing Market Granularity in Aave v3.6: Restricting Borrowability and Collateralization Outside of Liquid eModes](https://governance.aave.com/t/direct-to-aip-enhancing-market-granularity-in-aave-v3-6-restricting-borrowability-and-collateralization-outside-of-liquid-emodes/23592/3) - Supported the proposed parameter changes aligned with the v3.6 upgrade, enabling cleanup of legacy configurations and stricter control of volatile assets through E-Modes. #### Legal Commentary - [[ARFC] $AAVE token alignment. Phase 1 - Ownership](https://governance.aave.com/t/arfc-aave-token-alignment-phase-1-ownership/23616/61) - Delivered an independent legal risk analysis clarifying claims of “effectuated protocol ownership” within Aave. The work examined governance-approved funding, IP considerations, and the DAO’s de facto control absent a formal chain of title. #### Misc. - [[Direct to AIP] XAUt Supply Cap and Debt Ceiling Adjustment on Aave V3 Core Instance](https://governance.aave.com/t/direct-to-aip-xaut-supply-cap-and-debt-ceiling-adjustment-on-aave-v3-core-instance/23466/3) - Supported the proposed increases, noting the asset’s risk profile remains unchanged since our prior analysis, with stable DEX liquidity and a doubled onchain supply. - [[Direct-to-AIP] Renewal of Umbrella Reward Allowances](https://governance.aave.com/t/direct-to-aip-renewal-of-umbrella-reward-allowances/23474/2) - Recommended adjusting USDT emissions in line with the upcoming [Umbrella Coverage Expansion ARFC](https://snapshot.box/#/s:aavedao.eth/proposal/0x838d242eeaa71d926e5acf1b1af504bcde8b7f02345445e3c7b50dac0ce1db4a) to prevent future complexity. - [[Direct-to-AIP] Alter mUSD Oracle Price Implementation](https://governance.aave.com/t/direct-to-aip-alter-musd-oracle-price-implementation/23489/3) - Supported the temporary switch to a hardcoded 1 USD oracle, noting that downside price risk is borne by borrowers and that this approach remains appropriate as long as mUSD is not enabled as collateral, which could otherwise expose Aave to bad debt risk in the event of backing loss. ### Research and analysis - [LlamaRisk Insights: GHO’s Backing and RWA Integration, A Portfolio Analysis](https://governance.aave.com/t/llamarisk-insights-gho-s-backing-and-rwa-integration-a-portfolio-analysis/23521) - Analyzed GHO’s backing and RWA integration, concluding that diversification mathematically strengthens collateral resilience against crypto cyclicality, while noting trade-offs from inorganic growth via private deals that prioritize diversification over near-term revenue. - [LlamaRisk Insights: Umbrella Coverage Principles and Slashing Logic](https://governance.aave.com/t/llamarisk-insights-umbrella-coverage-principles-and-slashing-logic/23527) - Clarified Umbrella’s role as an on-chain backstop for realized reserve deficits rather than a blanket insurance layer, explaining how the DAO-funded Deficit Offset acts as the true first-loss protection and when Umbrella staking liquidity is expected to be utilized. ### Community Engagement - [Horizon Weekly Highlights](https://governance.aave.com/t/horizon-weekly-highlights/23078/19) - Continued collaborating with the Horizon team on asset due diligence, cap adjustments, and weekly operational updates focused on utilization, user behavior, and parameter changes. As of Week 16, Horizon TVL surpassed $562M, with $178M in net borrows and $310M in stablecoin supply. - [Bug Bounty Call Out](https://x.com/LlamaRisk/status/2000935153774866474) - Concluded the weekly Twitter series highlighting Aave-listed assets with low bug bounty coverage. Positive outcomes include MetaMask adding mUSD to its $50K HackerOne program and public bug bounty commitments from Paxos (USDG, PYUSD, PAXG, USDP) and StrataFi (PT-srUSDe). - [Newsletter: This Week in Aave](https://x.com/aaveweekly) - Continued delivering weekly roundups of Aave governance updates while enhancing content with deeper insights for stakeholders and users. ## Upcoming Focus Areas - [Aave V4 Preparation](https://aave.com/docs/aave-v4) - Actively working on internal V4-related R&D while participating in the Office Hours for DAO Service Providers to align on technical and risk framework updates. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like increased focus from the LlamaRisk team. ---
**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:** [February 2, 2026, 9:40pm UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/25 "2026-02-02T21:40:40Z")
# LlamaRisk - Monthly Community Update # January 2026 ## Overview LlamaRisk presents our January 2026 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[Direct to AIP] Onboard USDe & sUSDe May expiry PT tokens on Aave V3 Core Instance](https://governance.aave.com/t/direct-to-aip-onboard-usde-susde-may-expiry-pt-tokens-on-aave-v3-core-instance/23882/2) - Supported the listing given the long maturity, justifying integration efforts, while highlighting the significantly lower TVL of the April maturity pool compared to prior expiries. #### New chain - [[ARFC] Deploy Aave v3 on Mantle](https://governance.aave.com/t/arfc-deploy-aave-v3-on-mantle/20542/14) - Supported the proposed caps and analyzed the liquidity conditions for the proposed assets, while highlighting that ongoing liquidity bootstrapping efforts are not yet sufficient to fully support the current cap levels for a few select assets. - [[ARFC] Deploy Aave V3 to MegaETH](https://governance.aave.com/t/arfc-deploy-aave-v3-to-megaeth/23517/32) - Supported launching with conservative initial parameters, recommending a limited asset set and restricting borrowing to E-Modes enabled by the v3.6 upgrade, allowing flexible collateral isolation and structuring the market around USDm and USDT0 as blue-chip stablecoins. - [USDm](https://governance.aave.com/t/arfc-deploy-aave-v3-to-megaeth/23517/33) - Supported onboarding of USDm, a white-label stablecoin powered by Ethena, while highlighting the multiple layers of infrastructural dependency involved. - [BTC.b](https://governance.aave.com/t/arfc-deploy-aave-v3-to-megaeth/23517/34) - Supported onboarding of the Lombard-acquired BTC wrapper with conservative initial parameters until liquidity depth sufficiently matures. #### E-modes - [[Direct to AIP] Enable XAUt e-Mode on Aave v3.6 Core Instance](https://governance.aave.com/t/direct-to-aip-enable-xaut-e-mode-on-aave-v3-6-core-instance/23879/2) - Supported enabling a dedicated XAUt E-Mode, transitioning from isolation mode to a targeted E-Mode with tightly scoped borrowables under the v3.6 upgrade. - [[Direct to AIP] Addition of Isolated Bluechip Collateral E-Modes on Aave v3](https://governance.aave.com/t/direct-to-aip-addition-of-isolated-bluechip-collateral-e-modes-on-aave-v3/23926/2) - Supported introducing segregated E-Modes for WETH, cbBTC, and WBTC to contain borrowing risk within bluechip assets, while noting potential UX friction from added E-Mode choices that should be mitigated at the UI level. #### Misc. - [[ARFC] Umbrella Risk Oracles](https://governance.aave.com/t/arfc-umbrella-risk-oracles/23897/2) - Supported automating and dynamically calibrating Umbrella parameters, while noting the proposal’s focus on emissions optimization diverges from our DAO-ratified Umbrella methodology centered on external risk factors to Aave. Proposed a collaborative path using our methodology to anchor coverage targets with the Oracle framework, adjusting emissions. - [[ARFC] Deficit Realization Risk Oracle: Forcing Timely Bad-Debt Recognition via Dust-Collateral Cleanup](https://governance.aave.com/t/arfc-deficit-realization-risk-oracle-forcing-timely-bad-debt-recognition-via-dust-collateral-cleanup/23896/2) - Supported the creation of a risk oracle to automate the clean-up of economically insolvent but mechanically non-deficit positions, enabling timely bad-debt recognition and allowing Umbrella to provide coverage without delay. - [[Direct to AIP] MKR and USDtb Oracle adjustments](https://governance.aave.com/t/direct-to-aip-mkr-and-usdtb-oracle-adjustments/23911/2) - Supported updating MKR oracle configurations as liquidity migration to SKY increased volatility and manipulation risk in the legacy feed, and endorsed a fixed 1 USD oracle for USDtb since it is not enabled as collateral, and to mitigate transient volatility from thin liquidity. ### Research and analysis - [Hubs & Spokes in Aave V4: A Risk-Centric Analysis](https://governance.aave.com/t/hubs-spokes-in-aave-v4-a-risk-centric-analysis/23907) - Published a risk-focused deep dive on the Hubs & Spokes architecture in V4, mapping the theoretical infrastructure design space available to the protocol. The analysis illustrates how liquidity, risk segmentation, and asset integration can be structured using four distinct architectural models and Hub-to-Spoke credit lines, highlighting the trade-offs across different configurations. ### Community Engagement - [Horizon Weekly Highlights](https://governance.aave.com/t/horizon-weekly-highlights/23078/24) - Continued collaborating with the Horizon team on asset due diligence, cap adjustments, and weekly operational updates focused on utilization, user behavior, and parameter changes. As of Week 16, Horizon TVL surpassed $550M, with $151M in net borrows and $335M in stablecoin supply. - [Newsletter: This Week in Aave](https://x.com/aaveweekly) - Continued delivering weekly roundups of Aave governance updates while enhancing content with deeper insights for stakeholders and users and in addition provided a [2025 annual recap](https://x.com/aaveweekly/status/2008538944821235997) covering the key upgrades, governance decisions, and growth moments that shaped the protocol. ## Upcoming Focus Areas - [Aave V4 Preparation](https://aave.com/docs/aave-v4) - Actively working on internal V4-related R&D while participating in the Office Hours for DAO Service Providers to align on technical and risk framework updates. - Research on the V4 reinvestment controller We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like increased focus from the LlamaRisk team. ---
**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:** [March 3, 2026, 12:09am UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/26 "2026-03-03T00:09:50Z")
# LlamaRisk - Monthly Community Update # February 2026 ## Overview LlamaRisk presents our February 2026 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[Direct to AIP] Onboard BTC.b to Aave V3 Core Instance](https://governance.aave.com/t/direct-to-aip-onboard-btc-b-to-aave-v3-core-instance/23357/5) - Supported onboarding following the successful migration to Lombard’s security model, noting protocol-supplied DEX liquidity, low onchain supply, and the presence of robust administrative safeguards, including a timelock and active bug bounty. - [[Direct to AIP] Onboard sUSDe and USDe to Aave V3 Base Instance](https://governance.aave.com/t/direct-to-aip-onboard-susde-and-usde-to-aave-v3-base-instance/24121/2) - Supported onboarding contingent on improved liquidity conditions, while noting the absence of a timelock and low onchain supply on Base. - [[ARFC] Deploy Aave V3 to MegaETH: cUSD & stcUSD](https://governance.aave.com/t/arfc-deploy-aave-v3-to-megaeth/23517/50) - Provisionally supported onboarding subject to improved liquidity depth, noting the absence of a native cUSD/USD feed (temporarily relying on USDC/USD given \>95% USDC reserves) and the lack of a bad-debt handling mechanism for loaned reserves, which could overstate cUSD value in a backing loss scenario. #### New chain - [[ARFC] Deploy Aave v3 on X Layer](https://governance.aave.com/t/arfc-deploy-aave-v3-on-x-layer/23175/10) - Supported the initial parameter setup and onboarding of a strategic subset of native “xAssets,” while limiting the broader market to stablecoin borrowing (USDT0, USDG, GHO) via specialized E-Modes. - [xSOL](https://governance.aave.com/t/arfc-deploy-aave-v3-on-x-layer/23175/11) - Supported onboarding of xSOL, an OKX-managed wrapper, while highlighting centralized management via MPC-based access controls and noting that the SOL/USD price feed remains under development. - [xOKSOL](https://governance.aave.com/t/arfc-deploy-aave-v3-on-x-layer/23175/12) - Supported onboarding of xOKSOL, the first Solana-based LST on Aave, while highlighting limited liquidity and the absence of a SOL/USD oracle feed, which remains a prerequisite for onboarding. - [xETH](https://governance.aave.com/t/arfc-deploy-aave-v3-on-x-layer/23175/16) - Supported onboarding with conservative supply caps and risk limits, highlighting high supply concentration in OKX-linked addresses and low DEX TVL, and emphasizing the need for greater non-OKX holder dispersion and diversified liquidity over time. - [xBETH](https://governance.aave.com/t/arfc-deploy-aave-v3-on-x-layer/23175/17) - Supported onboarding of xBETH, a yield-bearing wrapper of OKX’s internal BETH with a monotonic exchange rate updated on a 24-hour cadence, while highlighting limited DEX liquidity and residual risks tied to validator performance on OKX’s Prysm stack, off-chain slashing coverage commitments, and redemption timelines (13 days to several weeks). #### E-modes - [[ARFC] Introduction of Segregated Bluechip Collateral E-Modes on Aave v3](https://governance.aave.com/t/arfc-introduction-of-segregated-bluechip-collateral-e-modes-on-aave-v3/23924/2) - Supported the proposal as it offers a distinct value proposition for risk-averse borrowers aiming to eliminate rehypothecation risk; recommended aligning LTV/LT with Isolated Bluechip E-Modes, standardizing a 5% LB across segregated BTC markets, and gating sWETH supply cap increases based on core WETH utilization to preserve looping stability. #### Legal Commentary - [[Direct to AIP] Onboard BTC.b to Aave V3 Core Instance](https://governance.aave.com/t/direct-to-aip-onboard-btc-b-to-aave-v3-core-instance/23357/4) - Provided clarification on Lombard’s terms and compliance controls, including treatment of mixer exposure as an AML/sanctions trigger. #### Misc. - [[ARFC] Revenue-indexed deficit offsets for Umbrella](https://governance.aave.com/t/arfc-revenue-indexed-deficit-offsets-for-umbrella/24000/2) - Supported the goal of aligning the DAO’s first-loss committment with realized profitability from liquidation events and reserve revenue. - [Chaos Labs Risk Stewards - Supply and Borrow Caps Reduction Across Low Demand Assets on Aave V3 - 10.02.26](https://governance.aave.com/t/chaos-labs-risk-stewards-supply-and-borrow-caps-reduction-across-low-demand-assets-on-aave-v3-10-02-26/24037/2) - Recommended a precautionary reduction of FBTC’s supply and borrow caps due to low secondary market liquidity and increasing concentrated debt exposure from a single borrower. - [[Direct-to-AIP] Increase WBTC Liquidation Bonus and EURS Reserve Factor on Polygon V3](https://governance.aave.com/t/direct-to-aip-increase-wbtc-liquidation-bonus-and-eurs-reserve-factor-on-polygon-v3/24029/2) - Supported the parameter updates given EURS illiquidity on Polygon leading to persistent bad debt, and endorsed increasing WBTC’s liquidation bonus to better compensate liquidators for cross-chain liquidity costs. - [[ARFC] Umbrella Risk Oracles](https://governance.aave.com/t/arfc-umbrella-risk-oracles/23897/4) - Established a collaboration model for the Umbrella Risk Oracle, extending its scope to update `targetLiquidity` in line with jointly aligned monthly recommendations. ### Research and analysis - [Unlocking Yield: Aave V4’s Reinvestment Controller](https://governance.aave.com/t/unlocking-yield-aave-v4s-reinvestment-controller/24002) - Presented a data-driven framework to deploy idle protocol liquidity, noting that Aave averaged $1.16B in idle USDT in 2025, and outlining how allocating this float to low-risk yield strategies (e.g., money market funds or short-term Treasuries) could enhance deposit rates and create a sustainable revenue stream for the DAO. - [LlamaRisk Insights: Institutional Legal Setup for Reinvestment Controller](https://governance.aave.com/t/llamarisk-insights-institutional-legal-setup-for-reinvestment-controller/24087) - As a follow-up to our V4 Reinvestment Controller research, outlined practical pathways for Aave DAO to access regulated off-chain products (e.g., fund subscriptions and institutional lending), including considerations for establishing a legal entity to act as the DAO’s contracting agent. - [Retro: WETH utilization spike and Slope2 Risk Oracle performance](https://governance.aave.com/t/retro-weth-utilization-spike-and-slope2-risk-oracle-performance/24101) - Published a report analyzing Slope2 oracle behavior during two volatility-driven WETH utilization spikes on Aave V3 Ethereum Core, and requested a detailed post-mortem and greater transparency from ChaosLabs regarding delegated rate-setting mechanisms. - [LlamaRisk Insights: Custom Stablecoins — A Retail Opportunity for Aave](https://governance.aave.com/t/llamarisk-insights-custom-stablecoins-a-retail-opportunity-for-aave/24107) - Analyzed the emergence of institution-issued custom stablecoins and outlined how Aave, particularly through V4’s Hub-and-Spoke architecture, can leverage issuer distribution networks to position itself as a scalable yield and savings layer for institutional-grade stablecoin ecosystems. ### Community Engagement - [Horizon Weekly Highlights](https://governance.aave.com/t/horizon-weekly-highlights/23078/28) - Continued collaborating with the Horizon team on asset due diligence, cap adjustments, and weekly operational updates focused on utilization, user behavior, and parameter changes. As of Week 26, Horizon TVL is around $446M, with $99M in net borrows and $304M in stablecoin supply. - [Newsletter: This Week in Aave](https://x.com/aaveweekly) - Continued delivering weekly roundups of Aave governance updates while enhancing content with deeper insights for stakeholders and users. ## Upcoming Focus Areas - [Aave V4 Preparation](https://aave.com/docs/aave-v4) - Actively working on internal V4-related R&D while participating in the Office Hours for DAO Service Providers to align on technical and risk framework updates. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like the LlamaRisk team to focus more. ---
**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:** [April 3, 2026, 3:24pm UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/27 "2026-04-03T15:24:52Z")
# LlamaRisk - Monthly Community Update # March 2026 ## Overview LlamaRisk presents our March 2026 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[Direct to AIP] Onboard USDe & sUSDe June expiry PT tokens on Aave V3 Plasma Instance](https://governance.aave.com/t/direct-to-aip-onboard-usde-susde-june-expiry-pt-tokens-on-aave-v3-plasma-instance/24304/2) - Supported the listing given the long maturity, justifying integration efforts, while highlighting the low TVL of the June maturity pool, which may grow as the April maturity rollover approaches. - [[Direct to AIP] Onboard Strata srUSDe June expiry PT tokens to V3 Core Instance](https://governance.aave.com/t/direct-to-aip-onboard-strata-srusde-june-expiry-pt-tokens-to-v3-core-instance/24313/5) - Supported the listing given the long maturity and its role as a natural rollover destination for April expiry positions with significant collateral, justifying integration efforts. #### New chain - [[ARFC] Aave V4 Activation on Ethereum Mainnet](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/4) - Provided a consolidated analysis of the hub-and-spoke architecture configuration, liquidation parameters, collateral factors, interest rate model settings, and Add/Draw Cap recommendations. #### GHO related - [[Direct-to-AIP] Increase GHO GSM Capacity on Plasma](https://governance.aave.com/t/direct-to-aip-increase-gho-gsm-capacity-on-plasma/24327/3) - Supported minting and bridging an additional 50M GHO to the Plasma GSM driven by strong incentive-led demand, while recommending close monitoring of further GSM expansion due to its impact on the USDT0 market on Aave V3 Plasma. - [[ARFC] sGHO Launch Configuration](https://governance.aave.com/t/arfc-sgho-launch-configuration/24346/4) - Supported the proposed upgrades to the staked GHO product, including the native yield via ERC-4626 savings vault, while noting the need for frontend safeguards to disable legacy deposits and guide users toward migration. #### E-modes - [[Direct to AIP] Aave V3 Mantle – Collateral Enablement, eMode Expansion, and Isolation Updates (USDT0, USDe, ETH, XAUT)](https://governance.aave.com/t/direct-to-aip-aave-v3-mantle-collateral-enablement-emode-expansion-and-isolation-updates-usdt0-usde-eth-xaut/24153/2) - Supported enabling XAUt contingent on sufficient liquidity and a live XAU/USD oracle. Recommended delaying WETH removal from isolation and enabling USDT0 as collateral outside E-Mode until liquidity improves. #### Legal Commentary - [[TEMP CHECK] Aave V4 Licensing](https://governance.aave.com/t/temp-check-aave-v4-licensing/24264/3) - Supported the proposed V4 licensing framework, including providing legal review and draft suggestions in respect of the BUSL license and the CLA. #### Misc. - [Raise sUSDe, USDC, and USDT Caps on Aave V3 Aptos](https://governance.aave.com/t/raise-susde-usdc-and-usdt-caps-on-aave-v3-aptos/24202/2) - Supported increasing sUSDe caps, while noting low utilization of USDC/USDT caps and that proposed increases pose no immediate risk concerns. - [[ARFC] Aave \<\> Chainlink SVR. Multi-network expansion (Base, Arbitrum)](https://governance.aave.com/t/arfc-aave-chainlink-svr-multi-network-expansion-base-arbitrum/24241/4) - Supported expansion to Base and Arbitrum, noting $16M recaptured on Ethereum and the L2 shift from Flashbots MEV-Share to Atlas for onchain auction settlement, while highlighting that core trust assumptions remain intact with Chainlink DON-sourced pricing and Ethereum-equivalent fallback mechanisms. - [[ARFC] Bug Bounty Program on Sherlock](https://governance.aave.com/t/arfc-bug-bounty-program-on-sherlock/24300/2) - Supported launching a dedicated Aave V4 bug bounty, encouraging a progressive incentive model that scales with protocol maturity and TVL growth. - [[ARFC] Manual Risk Agents (manual AGRS migration)](https://governance.aave.com/t/arfc-manual-risk-agents-manual-agrs-migration/24311/2) - Expressed reservations about the proposed design and suggested restructuring Risk Stewards into a 2-of-3 multisig comprising Chaos Labs, LlamaRisk, and Aave Labs. - [[Direct to AIP] Collateral Parameters Adjustment on Aave v3 MegaETH Instance](https://governance.aave.com/t/direct-to-aip-collateral-parameters-adjustment-on-aave-v3-megaeth-instance/24334/3) - Supported enabling general market collateral parameters for WETH, BTC.b, and wstETH to allow mixed-collateral borrowing beyond single E-Mode constraints, and proposed two alternative configuration approaches to optimize market structure. ### Research and analysis - [LlamaRisk Insights: USDtb Ownership Changes](https://governance.aave.com/t/llamarisk-insights-usdtb-ownership-changes/24220) - Conducted an updated legal review of USDtb following ownership changes, highlighting a tri-party issuance framework (Ethena Labs, Pallas BVI, Anchorage Digital Bank), creation of a dedicated Reserve Trust, and clearer legal distinction between token holders and onboarded clients, with analysis on the resulting impact to the stablecoin’s risk profile. - [Post-Mortem: Exchange Rate Misalignment on wstETH Core and Prime Instances](https://governance.aave.com/t/post-mortem-exchange-rate-misallignment-on-wsteth-core-and-prime-instances/24269/18) - Assessed root causes and identified gaps in testing and transparency across delegated risk infrastructure, proposing structural improvements including enhanced oversight and LlamaRisk co-signing authority via the RiskSteward role to prevent recurrence. - [LlamaRisk Insights: Ethena sUSDe Dynamic Cooldown](https://governance.aave.com/t/llamarisk-insights-ethena-susde-dynamic-cooldown/24305) - Analyzed Ethena’s proposal to introduce a dynamic sUSDe unstaking cooldown, replacing the current fixed 7-day period. The proposed mechanism aims to improve the user experience while enhancing secondary-market price stability, which is critical to maintaining sUSDe’s reliability as collateral on Aave. ### Community Engagement - [Horizon Weekly Highlights](https://governance.aave.com/t/horizon-weekly-highlights/23078/33) - Continued collaborating with the Horizon team on asset due diligence, cap adjustments, and weekly operational updates focused on utilization, user behavior, parameter changes, and a broader macro market overview. As of Week 30, Horizon TVL is around $368M, with $110M in net borrows and $219M in stablecoin supply. - [Newsletter: This Week in Aave](https://x.com/aaveweekly) - Continued delivering weekly roundups of Aave governance updates while enhancing content with deeper insights for stakeholders and users. ## Upcoming Focus Areas - [SVR Dashboard](https://svr.llamarisk.com/) - Working on integrating newly expanded Aave markets on Base and Arbitrum into the SVR analytics dashboard. - Numerous initiatives to support Aave V4 launch and expansion. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like the LlamaRisk team to focus more. ---
**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:** [May 5, 2026, 7:31pm UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/28 "2026-05-05T19:31:01Z")
# LlamaRisk - Monthly Community Update # April 2026 ## Overview LlamaRisk presents our April 2026 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[ARFC] Onboard PT-USDG-28MAY2026 to Aave V3 Core Instance](https://governance.aave.com/t/arfc-onboard-pt-usdg-28may2026-to-aave-v3-core-instance/24345/2) - Supported onboarding given the long maturity horizon, which justifies integration efforts, while noting the strong liquidity available in the corresponding Pendle pool. - [[ARFC] Onboard USDai & sUSDai to Aave V3 Arbitrum Instance](https://governance.aave.com/t/arfc-onboard-usdai-susdai-to-aave-v3-arbitrum-instance/23260/9) - Supported onboarding following improvements since the initial assessment, including Barker value warranties for new loans and migration from $wM to PYUSD reserve assets, while noting worsening liquidity and remaining regulatory uncertainties, and therefore recommending conservative initial parameters. - [[Direct-to-AIP] Onboard USDe to the Aave V3 MegaETH Instance](https://governance.aave.com/t/direct-to-aip-onboard-usde-to-the-aave-v3-megaeth-instance/24389/2) - Supported onboarding as USDe is already well established across Aave markets, noting that its MegaETH deployment pass-throughs yield similarly to sUSDe, eliminating the need for a separate sUSDe listing for yield looping strategies. #### New chain - [[ARFC] Aave V4 Activation on Ethereum Mainnet](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/17) - Proposed the first and second rounds of add and draw cap increases across the Core, Prime, and Plus hubs, expanding deposit capacity by $55M and bringing the total add cap ceiling to $80M. #### E-modes - [[Direct to AIP] Aave V3 Mantle – Collateral Enablement, eMode Expansion, and Isolation Updates (USDT0, USDe, ETH, XAUT)](https://governance.aave.com/t/direct-to-aip-aave-v3-mantle-collateral-enablement-emode-expansion-and-isolation-updates-usdt0-usde-eth-xaut/24153/4) - Supported enabling XAUt contingent on adequate liquidity bootstrapping, while recommending WETH remain restricted to E-Mode due to insufficient on-chain liquidity on Mantle and coordinating with Mantle to address the liquidity shortfall before supporting broader WETH parameter changes. #### Misc. - [[ARFC] Continued Deprecation Steps of Aave V2 Markets](https://governance.aave.com/t/arfc-continued-deprecation-steps-of-aave-v2-markets/24351/2) - Supported the proposed measures to further deprecate Aave V2 markets, aiming to gradually unwind user positions in a controlled manner while minimizing avoidable liquidations for illiquid assets. - [[ARFC] Manual Risk Agents (manual AGRS migration)](https://governance.aave.com/t/arfc-manual-risk-agents-manual-agrs-migration/24311/6) - Submitted a formal request to transfer ownership of the Risk Council 2/2 multisigs across all instances to Aave Labs and LlamaRisk to ensure uninterrupted operational continuity. ### Research and analysis - [[ARFC] Umbrella Emission Adjustments](https://governance.aave.com/t/arfc-umbrella-emission-adjustments/24415) - Proposed updating Umbrella emissions on V3 Core following declines in underlying aToken yields and significant increases in the DAO’s first-loss deficit offset, which reduce slashing risk and justify lower incentive levels. - [[Direct-to-AIP] Aave V3 Scroll Instance Deprecation](https://governance.aave.com/t/direct-to-aip-aave-v3-scroll-instance-deprecation/24432) - Proposed freezing all reserves on the V3 Scroll instance citing rapid deterioration in onchain liquidity and TVL following [ether.fi](http://ether.fi) Cash’s migration to OP Mainnet. - [rsETH incident — 2026-04-18](https://governance.aave.com/t/rseth-incident-2026-04-18/24481) - Provided details to the community and stakeholders on a potential rsETH exploit and the Guardian’s precautionary freezing of affected markets across deployments, while emphasizing that Aave pools remained safe and operational. Also provided updates on subsequent Risk Steward actions, including [Slope2 reductions](https://governance.aave.com/t/rseth-incident-2026-04-18/24481/32) to maintain sustainable borrow rates. - [rsETH Incident Report (April 20, 2026)](https://governance.aave.com/t/rseth-incident-report-april-20-2026/24580) - Published a detailed report covering the Kelp LayerZero exploit, Aave’s exposure through attacker positions, defensive actions taken by the Aave Protocol Guardian and Risk Stewards, potential bad debt scenarios, and proposed coverage plans. ### Risk Stewards The following proposals were published by us to update risk parameters via risk stewards and AIP: - [Risk Stewards: Change of Supply Cap on Aave V3 Plasma / 2026.04.09](https://governance.aave.com/t/risk-stewards-change-of-supply-cap-on-aave-v3-plasma-2026-04-09/24426) - [Risk Stewards: Change of Supply Caps on Aave V3 Core & Mantle / 2026.04.09](https://governance.aave.com/t/risk-stewards-change-of-supply-caps-on-aave-v3-core-mantle-2026-04-09/24428) - [[Direct to AIP] Change of Supply Caps and adjustment of E-Mode assets on Aave V3 - 07.04.26](https://governance.aave.com/t/direct-to-aip-change-of-supply-caps-and-adjustment-of-e-mode-assets-on-aave-v3-07-04-26/24396/3) - [Risk Stewards: Change of Supply & Borrow Caps on Aave V3 Scroll / 2026.04.10](https://governance.aave.com/t/risk-stewards-change-of-supply-borrow-caps-on-aave-v3-scroll-2026-04-10/24430) - [Risk Stewards: Change of Supply & Borrow Caps on Aave V3 / 2026.04.11](https://governance.aave.com/t/risk-stewards-change-of-supply-borrow-caps-on-aave-v3-2026-04-11/24437) - [Risk Stewards: Change of Supply Caps on Aave V3 / 2026.04.13](https://governance.aave.com/t/risk-stewards-change-of-supply-caps-on-aave-v3-2026-04-13/24442) - [Risk Stewards: Supply and Borrow Cap Changes on Aave V3 / 2026.04.15](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-changes-on-aave-v3-2026-04-15/24458) - [Risk Stewards: Supply and Borrow Cap Changes on Aave V3 / 2026.04.17](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-changes-on-aave-v3-2026-04-17/24477) - [Risk Stewards: Supply and Borrow Cap Adjustments on Aave V3 / 2026.04.24](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-adjustments-on-aave-v3-2026-04-24/24739) - [Risk Stewards: Supply Cap Change on Aave V3 / 2026.04.27](https://governance.aave.com/t/risk-stewards-supply-cap-change-on-aave-v3-2026-04-27/24774) - [Risk Stewards: Supply Cap & PT E-Mode Adjustments on Aave V3 / 2026.04.29](https://governance.aave.com/t/risk-stewards-supply-cap-pt-e-mode-adjustments-on-aave-v3-2026-04-29/24809) ### Community Engagement - [SVR Dashboard](https://dashboard.llamarisk.com/protocols/aave/svr) - Integrated newly expanded Aave markets on Base and Arbitrum into the SVR analytics dashboard. - [Chaos Labs Is Leaving Aave](https://governance.aave.com/t/chaos-labs-is-leaving-aave/24386/9) - Assured the community that LlamaRisk is prepared to ensure full continuity of risk services and address any operational gaps following Chaos Labs’ departure, with further details provided in the accompanying post. - [LlamaRisk: Ensuring Continuity of Aave’s Risk Management](https://governance.aave.com/t/llamarisk-ensuring-continuity-of-aaves-risk-management/24397) - Published a detailed overview of our existing responsibilities and a two-phase transition plan, including [immediate co-ownership](https://governance.aave.com/t/llamarisk-ensuring-continuity-of-aaves-risk-management/24397/2) of Manual Risk Steward controls with Aave Labs and a future migration of Automated Risk Steward functions toward a protocol-owned CRE-based architecture. - [Horizon Weekly Highlights](https://governance.aave.com/t/horizon-weekly-highlights/23078/35) - Continued collaborating with the Horizon team on asset due diligence, cap adjustments, and weekly operational updates focused on utilization, user behavior, parameter changes, and a broader macro market overview. As of Week 32, Horizon TVL is around $365M, with $112M in net borrows and $213M in stablecoin supply. - [Newsletter: This Week in Aave](https://x.com/aaveweekly) - Delivered weekly roundups of Aave governance updates while enhancing content with deeper insights for stakeholders and users. ## Upcoming Focus Areas - [[ARFC] Renew LlamaRisk as Risk Service Provider - epoch 4](https://governance.aave.com/t/arfc-renew-llamarisk-as-risk-service-provider-epoch-4/24446) - Submitted our renewal proposal as Aave’s Risk Service Provider approaching one year of engagement, with focus on absorbing departing risk functions and ensuring full V3, V4, and Horizon coverage through protocol-owned CRE-based risk infrastructure. - Numerous initiatives to support Aave V4 launch and expansion. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like the LlamaRisk team to focus more. ---
**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:** [June 3, 2026, 6:14am UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/29 "2026-06-03T06:14:56Z")
# LlamaRisk - Monthly Community Update # May 2026 ## Overview LlamaRisk presents our May 2026 monthly update, summarizing key activities and outlining upcoming priorities. May was an exceptionally active month, combining the operational recovery following the rsETH/Kelp exploit with the continued scaling of Aave V4 across the Core, Prime, and Plus hubs. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[Direct-to-AIP] Onboard PT-USDG-24SEP2026 to Aave V4 on Ethereum](https://governance.aave.com/t/direct-to-aip-onboard-pt-usdg-24sep2026-to-aave-v4-on-ethereum/24942/3) - Supported onboarding given the long maturity horizon and its role in facilitating rollover of the prior maturity holding $105M in collateral on Aave V3 Core, while noting the relatively low liquidity in the corresponding Pendle pool. #### New chain - [[ARFC] Aave V4 Activation on Ethereum Mainnet](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/21) - Proposed additional rounds of add and draw cap increases across the Core, Prime, and Plus hubs, raising the total supply cap ceiling to approximately $208M to accommodate growing demand as multiple reserves approached limits. Also introduced smaller incentive-driven cap increases following the launch of frxUSD and USDG incentive programs. #### Misc. - [[ARFC] Aave Protocol Bug Bounty Programs Restructure](https://governance.aave.com/t/arfc-aave-protocol-bug-bounty-programs-restructure/24816/3) - Supported restructuring the Aave DAO bug bounty into subsystem-specific programs with progressively scaled payouts tied to TVL, and recommended expanding coverage to non-liquidity infrastructure such as applications, domains, and Aave products to ensure broader protocol protection. ### Research and analysis - [[Direct-to-AIP] Supply and Borrow Cap Changes on Aave V3 Aptos](https://governance.aave.com/t/direct-to-aip-supply-and-borrow-cap-changes-on-aave-v3-aptos/24843) - Recommended initial containment measures through cap reductions due to limited market adoption, proposing tighter supply caps at roughly 1.25× current utilization to restrict new exposure while preserving functionality for existing positions, including collateral additions and health factor improvements. - [[Direct-to-AIP] CAPO SnapshotRatio Update Across Aave V3](https://governance.aave.com/t/direct-to-aip-capo-snapshotratio-update-across-aave-v3/24854) - Proposed updating the snapshotRatio to address stale snapshots and growing spread between the CAPO upper bound and current ratios across Aave V3, mitigating inflation attack scenarios where collateral overpricing could lead to undercollateralized positions and protocol bad debt. - [[Direct-to-AIP] WETH Unfreeze and LTV Restoration Across Aave V3 Instances](https://governance.aave.com/t/direct-to-aip-weth-unfreeze-and-ltv-restoration-across-aave-v3-instances/24878) - Recommended restoring WETH LTVs on Ethereum Core, Prime, Arbitrum, Base, Mantle, and Linea to pre-Kelp exploit levels, contingent on successful recovery milestones including liquidation of attacker positions, securing DeFi United funds, resolution of the attacker’s rsETH exposure, and court approval for transferring recovered ETH to Aave LLC. ### Protocol operations and monitoring Beyond the published proposals, the team carried out substantial operational and monitoring work over the month: - Supported the post-exploit recovery, including derisking long-tail assets on Aave Core and analyzing Ethena looping exposure under stress conditions. - Assisted in the migration of Aave V4 to Chainlink SVR (Smart Value Recapture) price feeds. - Ran LayerZero bridge reviews and a low-TVL oracle reliability review across instances. - Reviewed Risk Steward cooldown handling and formalized internal Risk Steward processes and tooling. - Completed Emergency and Guardian signer set updates following Chaos Labs’ departure from the DAO. ### Risk Stewards The following proposals were published by us to update risk parameters via risk stewards: - [Risk Stewards: USDe Supply Cap Increase on Aave V3 MegaETH / 2026.05.03](https://governance.aave.com/t/risk-stewards-usde-supply-cap-increase-on-aave-v3-megaeth-2026-05-03/24836) - [Risk Stewards: Cap Increases on Aave V3 / 2026.05.05](https://governance.aave.com/t/risk-stewards-cap-increases-on-aave-v3-2026-05-05/24853) - [Risk Stewards: Cap Adjustments on Aave V3 / 2026.05.06](https://governance.aave.com/t/risk-stewards-cap-adjustments-on-aave-v3-2026-05-06/24855) - [Risk Stewards: Supply and Borrow Cap Changes on Aave V3 / 2026.05.07](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-changes-on-aave-v3-2026-05-07/24858) - [Risk Stewards: Supply Cap Reductions on Aave V3 / 2026.05.08](https://governance.aave.com/t/risk-stewards-supply-cap-reductions-on-aave-v3-2026-05-08/24869) - [Risk Stewards: Supply Cap Increase on Aave V3 MegaETH / 2026.05.09](https://governance.aave.com/t/risk-stewards-supply-cap-increase-on-aave-v3-megaeth-2026-05-09/24877) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.05.11](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-05-11/24901) - [Risk Stewards: PT parameter changes on Aave V3 / 2026.05.14](https://governance.aave.com/t/risk-stewards-pt-parameter-changes-on-aave-v3-2026-05-14/24920) - [Risk Stewards: Supply and Borrow Cap Changes on Aave V3 / 2026.05.14](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-changes-on-aave-v3-2026-05-14/24921) - [Risk Stewards: IRM Changes on Aave V3 / 2026.05.18](https://governance.aave.com/t/risk-stewards-irm-changes-on-aave-v3-2026-05-18/24938) - [Risk Stewards: Supply Cap Changes on Aave V3 / 2026.05.18](https://governance.aave.com/t/risk-stewards-supply-cap-changes-on-aave-v3-2026-05-18/24939) - [Risk Stewards: Supply Cap Changes on Aave V3 / 2026.05.21](https://governance.aave.com/t/risk-stewards-supply-cap-changes-on-aave-v3-2026-05-21/24949) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.05.25](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-05-25/24965) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.05.26](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-05-26/24973) - [Risk Stewards: PT parameter changes on Aave V3 / 2026.05.28](https://governance.aave.com/t/risk-stewards-pt-parameter-changes-on-aave-v3-2026-05-28/24985) - [Risk Stewards: Supply and Borrow Cap Changes on Aave V3 / 2026.05.29](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-changes-on-aave-v3-2026-05-29/24989) ### Community Engagement - [[ARFC] Renew LlamaRisk as Risk Service Provider - epoch 4](https://governance.aave.com/t/arfc-renew-llamarisk-as-risk-service-provider-epoch-4/24446/4) - Secured renewal after reducing our compensation request in light of recent events, while balancing the expanded workload across V3, V4, and Horizon, and incorporating an AAVE-denominated component to reinforce alignment. ## Upcoming Focus Areas Operational tempo remains high through June, weighted toward Aave V4 expansion. Active and queued workstreams include: **Aave V4 growth and parameters** - Further add and draw cap increases across the Core, Prime, and Plus hubs as demand grows. - Reinvestment controller parameter management and liquidation parameter tuning. - Interest rate model coordination, including GNO with the Gnosis team. - Premium risk configuration for rsETH on Aave V4. **Asset onboarding pipeline** - New Ethena PT listings across Aave V3 and V4. - Reviews of EURCV, USAT, mETH, Babylon BTC, cirBTC, and Lombard BTC. - Circle Arc chain and market-structure review, and the USDG market price feed. - lsETH parameter revision. **Risk tooling and monitoring** - Aave V4 monitoring build-out and a dashboard for manual Risk Steward updates. - Historical health-factor analytics and a low-TVL oracle reliability review. **Frameworks and research** - Refinement of our overall risk framework and asset-listing methodology. - Public-facing research on V4 Umbrella. **Real World Assets and Horizon** - Continued due diligence and support across the Horizon RWA pipeline, including user-persona and v4 structure work. **V3 maintenance and new chains** - EtherFi Scroll bridge deprecation follow-up. - Support for Aave Protocol on Monad and Aave V4 on Avalanche. **Risk Stewards** - Day-to-day parameter operations across Aave V3 and V4. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like the LlamaRisk team to focus more. ---
**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:** [July 3, 2026, 5:22am UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/30 "2026-07-03T05:22:51Z")
# LlamaRisk - Monthly Community Update # June 2026 ## Overview LlamaRisk presents our June 2026 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[ARFC] Onboard PT-sUSDE AUG14 Expiry to Aave V3 Core Market and Aave V4 Ethereum](https://governance.aave.com/t/arfc-onboard-pt-susde-aug14-expiry-to-aave-v3-core-market-and-aave-v4-ethereum/24924/2) - Supported onboarding given the long maturity horizon and its role in facilitating rollover of the prior maturity. - [[Direct to AIP] Onboard PT-sUSDe-22OCT2026 to Aave V3 Plasma](https://governance.aave.com/t/direct-to-aip-onboard-pt-susde-22oct2026-to-aave-v3-plasma/25129/2) - Supported onboarding given the long maturity horizon of 132 days, which justifies integration efforts, and its role in facilitating rollover of the prior maturity on Plasma, which holds about $180M of collateral. - [[Direct-to-AIP] Onboard PT-USDG-24SEP2026 to Aave V4 on Ethereum](https://governance.aave.com/t/direct-to-aip-onboard-pt-usdg-24sep2026-to-aave-v4-on-ethereum/24942/4) - Proposed a revised market structure by moving the asset from the Plus Hub to a dedicated Paxos Hub, and [replacing the fixed USDG oracle](https://governance.aave.com/t/direct-to-aip-onboard-pt-usdg-24sep2026-to-aave-v4-on-ethereum/24942/6) with the live Chainlink USDG/USD feed and CAPO upper bound following improvements in USDG liquidity and the feed’s low-risk classification. - [[ARFC] Onboard stcUSD to Aave V3 MegaETH](https://governance.aave.com/t/arfc-onboard-stcusd-to-aave-v3-megaeth/25018/8) - Provided an addendum assessment covering smart contract architecture, material protocol updates, liquidity conditions, and parameter recommendations supporting the listing. - [[Direct to AIP] Onboard Strata srUSDe-22OCT2026 PT tokens to V3 Core Instance](https://governance.aave.com/t/direct-to-aip-onboard-strata-srusde-22oct2026-pt-tokens-to-v3-core-instance/25113/3) - Supported onboarding given the 131-day maturity horizon, which justifies integration efforts, and its role as the rollover destination for the prior maturity holding approximately $47M in collateral. - [[ARFC] Onboard cirBTC on Aave v3 Core and Aave V4 Core](https://governance.aave.com/t/arfc-onboard-cirbtc-on-aave-v3-core-and-aave-v4-core/25128/3) - Preliminarily supported onboarding contingent on sufficient liquidity bootstrapping, while noting the asset’s early launch stage, absence of a timelock on contract upgrades, and that parameter recommendations will follow at a later stage. #### New chain - [[ARFC] Deploy Aave Protocol v3.7 on Monad](https://governance.aave.com/t/arfc-deploy-aave-protocol-v3-7-on-monad/24943/2) - Supported deployment with conservative initial parameters, provided [risk assessments](https://governance.aave.com/t/arfc-deploy-aave-protocol-v3-7-on-monad/24943/3) for the proposed listing assets, and recommended using [SVR price feeds](https://governance.aave.com/t/arfc-deploy-aave-protocol-v3-7-on-monad/24943/6) from launch due to Monad’s already established user base. - [[ARFC] Deploy Aave V4 on Avalanche](https://governance.aave.com/t/arfc-deploy-aave-v4-on-avalanche/25165/2) - Supported deployment with a single Core Hub and three spokes (Main, AVAX-Correlated, and Forex), recommending conservative initial Add Caps due to limited Avalanche liquidity shared with the same assets operating with significantly higher caps on Aave V3 Avalanche. - [[ARFC] Deploy Aave V4 on Arc](https://governance.aave.com/t/arfc-deploy-aave-v4-on-arc/25170/3) - Provisionally supported deployment ahead of Arc mainnet launch, with final support contingent on network and asset risk assessments. Proposed an initial architecture comprising a single Core Hub with Main and Forex spokes, with parameters subject to revision. #### Misc. - [[ARFC] Aave V4 Activation on Ethereum Mainnet](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/27) - Proposed additional rounds of add and draw cap increases across the Core, Prime, and Plus hubs, raising the total supply cap ceiling to approximately $467M to accommodate growing demand as multiple reserves approached limits. ### Research and analysis - [[Direct-to-AIP] Aave V3 LTV and E-Mode Update](https://governance.aave.com/t/direct-to-aip-aave-v3-ltv-and-e-mode-update/25067) - Proposed disabling collateral usage for non-blue-chip stablecoins, setting LTV to zero for illiquid collateral assets with high debt exposure, and restoring wstETH borrow caps on the Ethereum Core and Prime instances. - [[ARFC] Risk Stewards Cooldown Reduction & Umbrella Pauser Role Reassignment](https://governance.aave.com/t/arfc-risk-stewards-cooldown-reduction-umbrella-pauser-role-reassignment/25068) - Proposed reducing the Risk Steward `minDelay` from 72 to 36 hours for six cap and IRM parameters to improve response speed under conservative cap settings, and reassigning the Umbrella pauser role to the Aave Protocol Guardian as the protocol’s standard emergency multisig. - [[ARFC] Aave Risk Framework](https://governance.aave.com/t/arfc-aave-risk-framework/25114) - Proposed a unified risk framework for Aave V3, V4, and Horizon, defining the standard for asset onboarding, quarterly reviews, material-change reassessments, and parameter or deprecation decisions. The framework is structured around four layers: Asset Risk, Bridging Risk, Monitoring & Automated Risk Oracle Systems, and Chain Risk. - [[ARFC] Upgrade PT Risk Oracle to Protocol-Owned Infrastructure on CRE](https://governance.aave.com/t/arfc-upgrade-pt-risk-oracle-to-protocol-owned-infrastructure-on-cre/25119) - Proposed upgrading the Pendle PT risk oracle to a protocol-owned, CRE-based automated pipeline where Aave Governance controls all contracts, risk managers only propose updates, and all parameter calculations and tuning decisions are transparently recorded onchain and use the existing linear discount-rate model. ### Risk Stewards The following proposals were published by us to update risk parameters via risk stewards: - [Risk Stewards: Supply and Borrow Cap Reductions on Aave V3 / 2026.06.04](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-reductions-on-aave-v3-2026-06-04/25056) - [Risk Stewards: Supply and Borrow Cap Changes on Aave V3 / 2026.06.05](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-changes-on-aave-v3-2026-06-05/25065) - [Risk Stewards: Supply Cap Changes on Aave V3 / 2026.06.08](https://governance.aave.com/t/risk-stewards-supply-cap-changes-on-aave-v3-2026-06-08/25100) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.06.09](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-06-09/25120) - [Risk Stewards: Supply and Borrow Cap Changes on Aave V3 / 2026.06.10](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-changes-on-aave-v3-2026-06-10/25132) - [Risk Stewards - PT Parameter Changes on Aave V3 - 2026-06-12](https://governance.aave.com/t/risk-stewards-pt-parameter-changes-on-aave-v3-2026-06-12/25140) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.06.15](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-06-15/25152) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.06.16](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-06-16/25155) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.06.17](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-06-17/25166) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.06.18](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-06-18/25168) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.06.19](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-06-19/25171) - [Risk Stewards: Supply Cap Changes on Aave V3 / 2026.06.22](https://governance.aave.com/t/risk-stewards-supply-cap-changes-on-aave-v3-2026-06-22/25203) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.06.25](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-06-25/25220) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.06.26](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-06-26/25225) - [Risk Stewards: Supply and Borrow Cap Reductions on Aave V3 / 2026.06.30](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-reductions-on-aave-v3-2026-06-30/25248) ### Community Engagement - [Aave Risk Dashboard](https://dashboard.llamarisk.com/protocols/aave/) - Launched our new Aave risk intelligence dashboard, featuring market and asset overviews, supplier and borrower distributions, Manual Risk Steward parameter updates, liquidation analytics, and SVR insights, with Aave V4 support coming soon. ## Upcoming Focus Areas Active and queued workstreams include: **Aave V4 growth and parameters** - Further add and draw cap increases across the Core, Prime, and Plus hubs as demand grows. - Reinvestment controller parameter management and liquidation parameter tuning. **Risk tooling and monitoring** - Adding Aave V4 monitoring to our risk dashboard. - Expand SVR analytics support to include future Monad chain expansion. **Real World Assets and Horizon** - Continued due diligence and support across the Horizon RWA pipeline, including introduction of novel asset types and integration into Aave V4 architecture. **General Initiatives** - Preparing a deprecation slate for assets no longer compliant under the newly proposed Aave Risk Framework. - Continued outreach to asset issuers for bridge compliance and working on bridge rate limit methodology. **Risk Stewards** - Day-to-day parameter operations across Aave V3 and V4. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like the LlamaRisk team to focus more. ---
**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 4, 2026, 1:50pm UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/31 "2026-08-04T13:50:01Z")
# LlamaRisk - Monthly Community Update # July 2026 ## Overview LlamaRisk presents our July 2026 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[Direct to AIP] Onboard syrupUSDG on Aave V4 Global Dollar Hub](https://governance.aave.com/t/direct-to-aip-onboard-syrupusdg-on-aave-v4-global-dollar-hub/25281/2) - Supported onboarding contingent on sufficient DEX liquidity bootstrapping, which the team implemented shortly. A full risk assessment was [provided separately](https://governance.aave.com/t/maple-syrup-usdg-syrupusdg-on-aave-ethereum/25327/2). - [[ARFC] Onboard USDai & sUSDai to Aave V3 Arbitrum Instance](https://governance.aave.com/t/arfc-onboard-usdai-susdai-to-aave-v3-arbitrum-instance/23260/10) - Provided an updated assessment supporting onboarding, with the completed transition to PYUSD backing, KYC-restricted minting and redemption, while noting deterioration in USDai secondary market liquidity. - [[ARFC] Onboard syrupUSDC to Aave V3 Core Instance](https://governance.aave.com/t/arfc-onboard-syrupusdc-to-aave-v3-core-instance/22456/15)- Provided an updated assessment supporting the onboarding with improvements observed in redemption times, six additional audits, introduction of a 24-hour timelock on contract upgrades, and stable DEX liquidity. - [[ARFC] Onboard PT-AUSD-8OCT2026 to Aave V3 Monad Instance](https://governance.aave.com/t/arfc-onboard-pt-ausd-8oct2026-to-aave-v3-monad-instance/25331/2) - Supported onboarding given the long maturity horizon justifying integration efforts, while noting the limited $5.7M AMM liquidity and recommending an updated E-Mode borrowable set comprising USDT0, USDC, GHO, and USDe. #### GHO related - [[ARFC] Launch sGHO Cross-Chain](https://governance.aave.com/t/arfc-launch-sgho-cross-chain/25217/2) - Supported the launch of cross-chain sGHO, enabling L2 access via Chainlink CCIP bridging while preserving unified yield generation and accounting through a single ERC-4626 vault. #### Misc. - [[ARFC] SVR Expansion: Next Phase of Multi-Network Expansion](https://governance.aave.com/t/arfc-svr-expansion-next-phase-of-multi-network-expansion/25332/2) - Supported expanding SVR to Avalanche, Polygon, and BNB Chain, leveraging Chainlink’s Atlas auction infrastructure already used on Base and Arbitrum, with a 10-second fallback delay. ### Research and analysis - [[ARFC] Oracle Deprecation for Long-tail Assets Across Aave V2 and V3](https://governance.aave.com/t/arfc-oracle-deprecation-for-long-tail-assets-across-aave-v2-and-v3/25400) - Published a proposal to deprecate Chainlink price feeds for selected long-tail assets classified as high operational risk due to low adoption and illiquidity, recommending asset-specific migration plans using fixed-price adapters and controlled parameters to facilitate an orderly wind-down. - [[ARFC] Low Adoption Asset Deprecation on Aave V3](https://governance.aave.com/t/arfc-low-adoption-asset-deprecation-on-aave-v3/25401) - Published a comprehensive deprecation proposal to reduce Aave’s risk surface, covering 50 reserves and 21 matured Pendle PTs ($85.3M supply, $11.5M debt) alongside the wind-down of six low-adoption markets (Sonic, Scroll, zkSync, Metis, Soneium, and Aptos; $12.8M supply, $4.1M debt). Coordinated with the companion Oracle Deprecation ARFC, applying reserve freezes, cap reductions to 1, and fixed-price oracles for affected assets ### Risk Stewards The following proposals were published by us to update risk parameters via risk stewards: - [Risk Stewards: Supply and Borrow Cap Reductions on Aave V3 / 2026.07.01](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-reductions-on-aave-v3-2026-07-01/25269) - [Risk Stewards: Change of Supply and Borrow Caps on Aave V3 / 2026.07.05](https://governance.aave.com/t/risk-stewards-change-of-supply-and-borrow-caps-on-aave-v3-2026-07-05/25276) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.07.07](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-07-07/25280) - [Risk Stewards: PT Parameter Changes on Aave V3 and Aave V4 / 2026.07.08](https://governance.aave.com/t/risk-stewards-pt-parameter-changes-on-aave-v3-and-aave-v4-2026-07-08/25285) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.07.08](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-07-08/25286) - [Risk Stewards: Supply and Borrow Cap Reductions on Aave V3 / 2026.07.10](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-reductions-on-aave-v3-2026-07-10/25296) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.07.11](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-07-11/25301) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.07.13](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-07-13/25308) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.07.14](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-07-14/25313) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.07.15](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-07-15/25323) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.07.16](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-07-16/25330) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.07.18](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-07-18/25343) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.07.20](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-07-20/25347) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.07.21](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-07-21/25356) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.07.22](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-07-22/25361) - [Risk Stewards: PT Parameter Changes on Aave V3 / 2026.07.23](https://governance.aave.com/t/risk-stewards-pt-parameter-changes-on-aave-v3-2026-07-23/25366) - [Risk Stewards: Supply and Borrow Cap Reductions on Aave V3 / 2026.07.23](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-reductions-on-aave-v3-2026-07-23/25367) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.07.27](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-07-27/25393) - [Risk Stewards: Supply and Borrow Cap Changes on Aave V3 / 2026.07.30](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-changes-on-aave-v3-2026-07-30/25406) - [Risk Stewards: Borrow Cap Increases on Aave V3 / 2026.07.31](https://governance.aave.com/t/risk-stewards-borrow-cap-increases-on-aave-v3-2026-07-31/25410) #### V4 Cap Updates We proposed additional rounds of add-and-draw cap increases across the Ethereum (Core, Prime, Plus, and Global Dollar) hubs and the Avalanche Core hub, raising the total supply cap ceiling to approximately $802M to accommodate growing demand as multiple reserves approached their limits. - [Add and Draw Cap Increases: Round 9 / 2026.07.02](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/34) - [Add and Draw Cap Increases: Round 10 / 2026.07.10](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/36) - [Add and Draw Cap Increases: Round 11 / 2026.07.23](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/38) ### Community Engagement - [Aave Risk Dashboard](https://dashboard.llamarisk.com/protocols/aave/v3/markets/143-0x34793fb9935f7bb5e5ae920fb963f39063e7a615): Added support for the newly deployed Aave instance on Monad, covering all 12 launch assets with per-asset and per-user position breakdowns. - [Aave V4 Explorer](https://dashboard.llamarisk.com/protocols/aave/v4/topology): Built an interactive explorer for Aave V4’s hub-and-spoke architecture, allowing users to trace asset flows, utilization, idle liquidity, credit lines, and cross-hub topology. - [SVR Dashboard](https://dashboard.llamarisk.com/protocols/aave/svr): Added support for the newly deployed Aave V3 Monad instance, providing insights into liquidation activity, per-asset OEV recapture, liquidation bonus distribution, and technical metrics including inclusion delay and SVR price deviations. ## Upcoming Focus Areas - **Aave V4 Growth** : Monitor V4 adoption and propose further add and draw cap increases across Ethereum and Avalanche, alongside ongoing liquidation parameter tuning. - **SVR Support** : Expand SVR analytics to support upcoming deployments on Avalanche, Polygon, and BNB Chain. - **RWA Assessments** : Continue due diligence for new assets and provide ongoing risk support across the Horizon RWA pipeline. - **Bridge Compliance** : Continue working with bridge providers and asset issuers to advance a standard methodology for bridge rate limits. - [Risk Stewards](https://dashboard.llamarisk.com/protocols/aave/risk-parameter-updates): Maintain day-to-day risk parameter operations across Aave V3 and V4. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like the LlamaRisk team to focus more. ---
**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:** [September 4, 2026, 6:53pm UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/32 "2026-09-04T18:53:08Z")
# LlamaRisk - Monthly Community Update # August 2026 ## Overview LlamaRisk presents our August 2026 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[Direct-to-AIP] PT-USDG X Layer](https://governance.aave.com/t/direct-to-aip-pt-usdg-x-layer/25464/3) - Supported onboarding given the long maturity horizon justifying integration efforts, while noting the newly bootstrapped $5M liquidity and absence of immediate rollover demand from expiring PTs, implying that collateral adoption is expected to build gradually. - [[Direct to AIP] Onboard PT-srUSDe-22OCT2026 to Aave V4 Plus Hub](https://governance.aave.com/t/direct-to-aip-onboard-pt-srusde-22oct2026-to-aave-v4-plus-hub/25498/2) - Supported onboarding while noting $4.5M liquidity and the prior maturity on the V3 Ethereum Core market, which provides a reference for expected demand and potential rollover to V4. - [[ARFC] Onboard PAXG to the Global Dollar Hub in Aave V4 Ethereum](https://governance.aave.com/t/arfc-onboard-paxg-to-the-global-dollar-hub-in-aave-v4-ethereum/25340/4) - Supported onboarding PAXG as a collateral-only, non-borrowable reserve, conditional on implementing timelocks on upgrade paths, which Paxos confirmed, and noted DEX LP concentration with a single entity with the underlying custody agreement verified under NDA. - [[Direct-to-AIP] Asset Listing - USDC X Layer](https://governance.aave.com/t/direct-to-aip-asset-listing-usdc-x-layer/25467/2) - Supported onboarding while noting nascent DEX liquidity following its recent deployment, which is expected to deepen as supply grows, alongside native minting and bridging via CCTP. Given the limited initial liquidity, onboarding caps were adjusted downward accordingly. - [[ARFC] Onboard cirBTC on Aave v3 Core and Aave V4 Core](https://governance.aave.com/t/arfc-onboard-cirbtc-on-aave-v3-core-and-aave-v4-core/25128/5) - Provided onboarding parameters and supported onboarding conditional on Circle successfully bootstrapping the committed liquidity on Ethereum. - [[Direct to AIP] Onboard PT-sUSDe-26NOV2026 to Aave V4 Plus Hub](https://governance.aave.com/t/direct-to-aip-onboard-pt-susde-26nov2026-to-aave-v4-plus-hub/25497/2) - Supported onboarding given the long maturity horizon justifying integration efforts, while noting the absence of a prior active maturity on Aave to provide a reference for rollover and initial demand. #### Misc. - [[ARFC] Upgrade PT Risk Oracle to Protocol-Owned Infrastructure on CRE](https://governance.aave.com/t/arfc-upgrade-pt-risk-oracle-to-protocol-owned-infrastructure-on-cre/25119/4) - Provided an update on the Ethereum deployment of the PT Risk Oracle stack proposed in the ARFC, covering deployed addresses, underlying Chainlink CRE workflows, and bounds for the activation AIP. Confirmed ownership remains with the Aave Ethereum Executor, with the Aave Protocol Guardian as agent admin and no LlamaRisk EOA holding any role in the stack. ### Research and analysis - [[ARFC] Liquidation Protocol Fee Increase for WBTC, WETH, and wstETH on Aave V3 Ethereum Core](https://governance.aave.com/t/arfc-liquidation-protocol-fee-increase-for-wbtc-weth-and-wsteth-on-aave-v3-ethereum-core/25470) - Reviewed the LPF configuration, which determines the share of liquidation bonuses accrued to the Aave Treasury. Noted that while higher LPF increases protocol revenue, it also suppresses marginal liquidations as LPF and SVR draw from the same liquidation bonus. Under conservative assumptions, Aave’s revenue per dollar liquidated peaks near a 30% fee and falls below current levels at 40%, therefore recommending 20% as the appropriate step at this stage. - [Stablecoin IRM Change Analysis on Aave V3](https://governance.aave.com/t/risk-stewards-stablecoin-irm-changes-on-aave-v3-2026-08-27/25533): Assessed stablecoin IRM changes proposed by TokenLogic by analyzing utilization trends, borrower sensitivity to rate increases, the impact of higher rates on supplier deposits, market-wide yield comparisons, borrower responses to rate changes, and historical collateral debt repayment patterns. ### Risk Stewards The following proposals were published by us to update risk parameters via risk stewards: - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.08.03](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-08-03/25430) - [Risk Stewards: Supply Cap Changes on Aave V3 / 2026.08.07](https://governance.aave.com/t/risk-stewards-supply-cap-changes-on-aave-v3-2026-08-07/25448) - [Risk Stewards: Supply and Borrow Cap Reductions on Aave V3 / 2026.08.10](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-reductions-on-aave-v3-2026-08-10/25463) - [Risk Stewards: Supply and Borrow Cap Increases on Aave V3 / 2026.08.11](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-increases-on-aave-v3-2026-08-11/25465) - [Risk Stewards: IRM Changes on Aave V3 Monad / 2026.08.13](https://governance.aave.com/t/risk-stewards-irm-changes-on-aave-v3-monad-2026-08-13/25475) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.08.14](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-08-14/25483) - [Risk Stewards: PT Parameter Changes on Aave V3 / 2026.08.15](https://governance.aave.com/t/risk-stewards-pt-parameter-changes-on-aave-v3-2026-08-15/25491) - [Risk Stewards: Supply Cap Reductions on Aave V3 / 2026.08.18](https://governance.aave.com/t/risk-stewards-supply-cap-reductions-on-aave-v3-2026-08-18/25502) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.08.24](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-08-24/25523) - [Risk Stewards: Supply Cap Increases on Aave V3 / 2026.08.25](https://governance.aave.com/t/risk-stewards-supply-cap-increases-on-aave-v3-2026-08-25/25527) - [Risk Stewards: Stablecoin IRM Changes on Aave V3 / 2026.08.27](https://governance.aave.com/t/risk-stewards-stablecoin-irm-changes-on-aave-v3-2026-08-27/25533) - [Risk Stewards: Supply Cap Changes on Aave V3 / 2026.08.27](https://governance.aave.com/t/risk-stewards-supply-cap-changes-on-aave-v3-2026-08-27/25537) - [Risk Stewards: Cap and IRM Changes on Aave V3 / 2026.08.31](https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-08-31/25571) #### V4 Cap Updates We proposed additional rounds of add-and-draw cap increases across the Ethereum and Avalanche hubs, raising the total supply cap ceiling to approximately $1.29B to accommodate growing demand as multiple reserves approached their limits. - [Add and Draw Cap Increases: Round 12 / 2026.08.03](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/40) - [Add and Draw Cap Increases: Round 13 / 2026.08.12](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/42) - [Add and Draw Cap Increases: Round 14 / 2026.08.20](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/45) - [Add and Draw Cap Increases: Round 15 / 2026.08.28](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/47) ### Community Engagement - [LlamaGuard PT Explainer](https://x.com/LlamaRisk/status/2087547080956887377): Published a thread explaining the mechanics of the new automated risk oracle for Pendle PT collateral on Aave, built on Chainlink CRE. ## Upcoming Focus Areas - [Risk Stewards](https://dashboard.llamarisk.com/protocols/aave/risk-parameter-updates): Maintain day-to-day risk parameter operations across Aave V3 and V4. - **Aave V4 Growth** : Monitor V4 adoption and propose further add and draw cap increases across Ethereum and Avalanche. - **SVR Support** : Expand SVR analytics to support upcoming deployments on Avalanche, Polygon, and BNB Chain. - **RWA Assessments** : Continue due diligence for new assets including tokenized stocks and provide ongoing risk support across the Horizon RWA pipeline. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like the LlamaRisk team to focus more. ---
**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 5, 2026, 12:46pm UTC](https://governance.aave.com/t/llamarisk-monthly-community-update/17935/33 "2026-10-05T12:46:07Z")
# LlamaRisk - Monthly Community Update # September 2026 ## Overview LlamaRisk presents our September 2026 monthly update, summarizing key activities and outlining upcoming priorities. ## Highlights ### Recommendations and inputs #### Asset onboarding - [[ARFC] Onboard HINC (Neuberger Securitize High Income Tokenized Fund) to Aave Horizon](https://governance.aave.com/t/arfc-onboard-hinc-neuberger-securitize-high-income-tokenized-fund-to-aave-horizon/25500/7) - Supported onboarding with a 55% LTV, 67% LT, and a GHO E-Mode, conditional on Securitize placing the `MASTER` upgrade role behind a timelock and formalizing response-time and settlement SLAs with KPK, Lhava, and Fission as liquidators, both of which will be verified before activation. - [[Direct to AIP] Onboard BTC.b to Aave V4 Core Instance on Ethereum](https://governance.aave.com/t/direct-to-aip-onboard-btc-b-to-aave-v4-core-instance-on-ethereum/25532/2) - Supported onboarding as a collateral-only reserve, conditional on Lombard segregating BTC custody between BTC.b and LBTC, which are currently backed by a pooled custody structure. The asset benefits from a 1-day timelock on upgrades and $7.9M DEX liquidity, albeit supplied almost entirely by the Lombard team. A full risk assessment was [provided separately](https://governance.aave.com/t/btc-b-on-aave-ethereum/25652/2). - [[ARFC] Onboard EURCV to Aave V4 Core Instance on Ethereum](https://governance.aave.com/t/arfc-onboard-eurcv-to-aave-v4-core-instance-on-ethereum/25624/3) - Conditionally supported onboarding of the Societe Generale-Forge Euro stablecoin pending the launch of a bug bounty program, while noting issuer-reported reserve attestations and a peg comparable to EURC since its introduction. A full risk assessment was [provided separately](https://governance.aave.com/t/eur-coinvertible-eurcv-on-aave-ethereum/25655/2). - [[Direct to AIP] Onboard USDe to Aave V4 Core Instance on Avalanche](https://governance.aave.com/t/direct-to-aip-onboard-usde-to-aave-v4-core-instance-on-avalanche/25576/2) - Supported onboarding as a collateral-only reserve on a new Ethena Ecosystem Spoke with conservative initial caps given the $0.5M DEX liquidity, and flagged the OFT timelock whitelist allowing `setPeer` to bypass the 24-hour delay and the absence of a separate pauser mechanism. At the time of review, a timelock on USDe was missing on some prominent networks like Solana and Plasma, with Ethena working to extend coverage across the remaining networks over the coming weeks. A full risk assessment was [provided separately](https://governance.aave.com/t/ethena-usde-on-aave-avalanche-assessments/25669/2). - [Coinbase B20 Equities on Base Assessments](https://governance.aave.com/t/coinbase-b20-equities-on-base-assessments/25690/2) - Provided a technical review of the seven tokenized stocks proposed for the Aave V4 Base Equities Hub, each representing certificates over shares held in segregated custody under an ADGM bare trust and offered under an FSRA-approved prospectus. Noted that secondary holders, including liquidators, are treated as unvested holders without redemption rights until completing the issuer’s vesting process, with no dedicated liquidator path, requiring seized collateral to be sold or hedged. Also highlighted that issuer contract roles resolve to EOAs without multisig or timelock controls, while the corporate action multiplier can be changed instantly and the issuer pauses the price feed around such events. - [[ARFC] Onboard mWIN (Midas / Wellington Management) to Aave Horizon](https://governance.aave.com/t/arfc-onboard-mwin-midas-wellington-management-to-aave-horizon/25536/8) - Supported onboarding with a 67% LTV, 72% LT, and an initial 80 mWIN supply cap, identifying credit spread widening on the CLO-heavy book as the primary risk, with Wellington agreeing to a 4-year spread duration cap following our suggestion. Holder concentration also remains high during the bootstrapping phase, with the top three investors holding about 73% of supply. The [market risk analysis](https://governance.aave.com/t/arfc-onboard-mwin-midas-wellington-management-to-aave-horizon/25536/9) found the manager’s worst forward scenario of -2.54% understates the tail, as the model book’s March 2020 backtest drew down 13.32%, roughly 17% on the live book’s higher spread duration, with defaults adding little relative to mark-to-market losses. The daily NAV recognizes drawdowns within one business day, unlike the 66-day write-down lag seen on Midas’ mF-ONE, so parameters were set more conservatively than operational evidence alone would allow. - [[ARFC] Onboard syrupUSDC to Aave V4 on Arc](https://governance.aave.com/t/arfc-onboard-syrupusdc-to-aave-v4-on-arc/25721/2) - Supported onboarding as a collateral-only reserve on a new Maple Spoke with a 20% Collateral Risk to price syrupUSDC’s credit exposure against the shared Core Hub USDC liquidity. The main residual risk is the minting role on Arc, which lacks a timelock, though Maple has committed to placing it behind one. A full risk assessment was [provided separately](https://governance.aave.com/t/syrup-usdc-syrupusdc-on-aave-arc-assessments/25729/2). #### New chain - [[ARFC] Deploy Aave V4 on Arc](https://governance.aave.com/t/arfc-deploy-aave-v4-on-arc/25170/10) - Provided risk assessments for the initial listing assets, with access control across all asset and bridge contracts relying on EOAs under Circle’s key management program and no timelocks on upgrades, consistent with Circle’s model on other networks. - [USDC](https://governance.aave.com/t/circle-usd-usdc-on-aave-arc-assessments/25645/3) - Can be natively minted on Arc and bridged via CCTP, with transfers capped at 10M USDC each. - [EURC](https://governance.aave.com/t/circle-eur-eurc-on-aave-arc-assessments/25646/3) - Issued natively alongside CCTPx bridging, with rate limits of 862K EURC per transfer and 4.31M EURC per six hours. - [cirBTC](https://governance.aave.com/t/circle-wrapped-bitcoin-cirbtc-on-aave-arc-assessments/25647/3) - Minting is permissioned through Circle Mint, and cross-chain transfers over CCTPx are limited to 9 cirBTC per transfer and 135 cirBTC per six hours. - [WETH](https://governance.aave.com/t/wrapped-ether-weth-on-aave-arc-assessments/25648/3) - Bridged via CCTPx with backing escrowed on Ethereum, while noting unclaimed owner and pauser slots and an implementation the CCTS owner can replace in a single action. - [[ARFC] Deploy Aave V4 on Base](https://governance.aave.com/t/arfc-deploy-aave-v4-on-base/25427/5) - Proposed initial parameters for a dedicated Equities Hub listing the Magnificent Seven tokenized stocks in Coinbase B20 form as collateral against USDC, with collateral factors and a 5.5% liquidation bonus sized around 24/5 price feeds and weekend gaps, and caps bound by issuer mint allowance and perpetual open interest. A full technical review was [provided separately](https://governance.aave.com/t/coinbase-b20-equities-on-base-assessments/25690/2). #### Misc. - [[ARFC] Upgrade PT Risk Oracle to Protocol-Owned Infrastructure on CRE](https://governance.aave.com/t/arfc-upgrade-pt-risk-oracle-to-protocol-owned-infrastructure-on-cre/25119/5) - Provided an update on the deployment of the PT Risk Oracle stack on Aave V3 Plasma for PT-sUSDe-22OCT2026, byte-equivalent to the Certora-audited Ethereum deployment, with agent registration remaining a governance action and the Aave Protocol Guardian retaining a per-agent kill switch. ### Research and analysis - [[ARFC] Unified Handling of the Isolated Flag in Aave V3.7 E-Modes](https://governance.aave.com/t/arfc-unified-handling-of-the-isolated-flag-in-aave-v3-7-e-modes/25621) - Published a proposal establishing a single rule for the Aave v3.7 E-Mode `isolated` flag: an E-Mode should be isolated only when it allows borrowing an asset that has general borrowing disabled. On this basis, proposed isolating 15 E-Modes, mostly wstETH and ETHx looping categories, and de-isolating 3 E-Modes whose borrowable assets all have general markets. Of the ~$777M debt in affected E-Modes, only ~$445K is backed by outside collateral, and existing positions keep their terms but cannot be increased. - [[ARFC] Revision of ETH & BTC Collateral Efficiency on Aave](https://governance.aave.com/t/arfc-revision-of-eth-btc-collateral-efficiency-on-aave/25649) - Proposed raising LTV and LT for the ETH and BTC collateral families on Aave V3 Ethereum Core, Arbitrum, and Base, including WETH to 81%/84% and WBTC and cbBTC to 81%/85% on Core, and collateral factors on the Aave V4 Main Spoke to 81-85%. Thresholds were calibrated to the 99.9th percentile of 1-hour price excursions, based on measured liquidation processing across the February and October 2025 stress events. ### Risk Stewards The following proposals were published by us to update risk parameters via risk stewards: - [Risk Stewards: Stablecoin IRM Changes on Aave V3 / 2026.09.02](https://governance.aave.com/t/risk-stewards-stablecoin-irm-changes-on-aave-v3-2026-09-02/25586) - [Risk Stewards: Cap and IRM Changes on Aave V3 / 2026.09.04](https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-09-04/25594) - [Risk Stewards: Cap and IRM Changes on Aave V3 / 2026.09.07](https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-09-07/25601) - [Risk Stewards: Cap and IRM Changes on Aave V3 / 2026.09.09](https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-09-09/25611) - [Risk Stewards: IRM Changes on Aave V3 / 2026.09.11](https://governance.aave.com/t/risk-stewards-irm-changes-on-aave-v3-2026-09-11/25627) - [Risk Stewards: Cap and IRM Changes on Aave V3 / 2026.09.15](https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-09-15/25641) - [Risk Stewards: Cap and IRM Changes on Aave V3 / 2026.09.16](https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-09-16/25653) - [Risk Stewards: Cap and IRM Changes on Aave V3 / 2026.09.18](https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-09-18/25668) - [Risk Stewards: Supply and Borrow Cap Changes on Aave V3 / 2026.09.22](https://governance.aave.com/t/risk-stewards-supply-and-borrow-cap-changes-on-aave-v3-2026-09-22/25685) - [Risk Stewards: Cap and IRM Changes on Aave V3 / 2026.09.28](https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-09-28/25718) #### V4 Cap Updates We proposed additional rounds of add-and-draw cap increases across the Ethereum, Avalanche, and Arc hubs, raising the total supply cap ceiling to approximately $1.99B to accommodate growing demand as multiple reserves approached their limits. - [Add and Draw Cap Increases: Round 16 / 2026.09.04](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/49) - [Add and Draw Cap Increases: Round 17 / 2026.09.16](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/51) - [Add and Draw Cap Increases: Round 18 / 2026.09.25](https://governance.aave.com/t/arfc-aave-v4-activation-on-ethereum-mainnet/24293/52) ### Community Engagement - [LlamaGuard PT Dashboard](https://dashboard.llamarisk.com/products/actions/pt/pt-srusde-22oct2026): Launched the first protocol-owned risk oracle on Aave, built by LlamaRisk on the Chainlink Runtime Environment (CRE) and owned by Aave, which dynamically manages Pendle PT collateral risk, starting with Aave V3 Ethereum ahead of expansion to all Aave PT markets. - [Aave V4 Base Dashboard](https://dashboard.llamarisk.com/protocols/aave/v4/topology?chain=8453): Added support for the Aave V4 Base deployment, mapping the Equities Hub and its per-asset credit lines and tracking all seven tokenized stocks, including during market closures. - [Tokenized Stock Lending on Aave V4 Base](https://x.com/LlamaRisk/status/2104658014435254507): Published an analysis of the first weekend of tokenized stock lending following its September 25 launch, with findings including that most borrowing activity occurred while equity markets were closed, the first liquidation took place before the weekend, and more. ## Upcoming Focus Areas - [Risk Stewards](https://dashboard.llamarisk.com/protocols/aave/risk-parameter-updates): Maintain day-to-day risk parameter operations across Aave V3 and V4. - [SVR Support](https://dashboard.llamarisk.com/protocols/aave/svr): Expand SVR analytics to support upcoming deployments on Avalanche, Polygon, and BNB Chain. - **LlamaGuard PT Support** : Expand the LlamaGuard PT risk oracle to Aave PT markets on other networks. - **RWA Assessments** : Continue due diligence for new assets including tokenized stocks and provide ongoing risk support across the Horizon RWA pipeline. We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like the LlamaRisk team to focus more. [Previous page](https://governance.aave.com/t/llamarisk-monthly-community-update/17935.md?page=1)