LlamaRisk - Monthly Community Update
July 2025
Overview
LlamaRisk presents our July 2025 monthly update, summarizing key activities and outlining upcoming priorities.
Highlights
Recommendations and inputs
Asset onboarding
- [ARFC] Onboard syrupUSDC to Aave V3 Core Instance - Supported onboarding while flagging concerns such as absence of a timelock on contract upgrades and concentrated DEX liquidity.
- [TEMP CHECK] Add armmWXDAI (RealT RMM xDAI deposit token) to Aave v3 Gnosis - Flagged key concerns including lack of a reliable price feed, absence of public financial audits, and custom code on an Aave V3 fork with numerous audit findings. Requested further clarifications from the RealT team.
- [Direct-to-AIP] Add tETH to Core Instance Ethereum - Supported onboarding, citing improved tETH liquidity and a consistent risk profile since our prior assessment.
- [Direct to AIP] Onboard USDe September expiry PT tokens on Aave V3 Core Instance - Supported onboarding given the relatively long maturity horizon, which justifies integration effort.
New chain
- [ARFC] Deploy Aave v3 on BOB - Provided asset risk assessments for the proposed onboarded assets: oUSDT, SolvBTC, and xSolvBTC, outlining key considerations for their inclusion in the BOB deployment.
GHO related
- [ARFC] Launch GHO on Ink & set ACI as Emissions Manager for Rewards - Supported GHO deployment on Ink while advising against deploying the USDC GSM given the limited circulating supply of USDC.e on the network.
E-modes
- [Direct to AIP] Adjustment of PT sUSDe September E-Mode and USDtb IR Curve - Supported the inclusion of USDtb given its beneficial dynamics for Ethena-related assets, and endorsed adding PT sUSDe to the stablecoin E-mode to enable smoother maturity transitions.
- [Direct to AIP] Add USDe to the sUSDe emode Category - Supported the proposal as it enhances capital efficiency and improves user experience by enabling more seamless interaction between USDe and its staked counterpart.
Misc.
- [Direct-to-AIP] Aave <> Chainlink SVR v1 activation. Phase 3 - Supported the proposal and delivered an updated dashboard capturing all newly added assets under Phase 3.
- [ARFC] Orbit Program Renewal - Q2 2025 - Supported the renewal of the Orbit Program.
- [ARFC] Aave Asset class Allowlist (AAcA) - Supported the proposal as asset type classification helps optimize governance and risk provider operations.
- [Direct-to-AIP] Deprecation of Long-tail Assets - Supported the deprecation of EURS on Polygon, SNX on Core, and LUSD on Arbitrum and Optimism.
- [ARFC] Dynamic Calibration of CAPO Parameters via Risk Oracles - Supported the proposal from @ChaosLabs as it reduces the need for frequent manual updates by automating CAPO parameter calibration.
- [Direct to AIP] LBTC Oracle and CAPO implementation Update - Analyzed the newly deployed LBTC Oracle as LBTC transitions into a yield-bearing token and supported CAPO implementation for both LBTC and eBTC.
Community Engagement
- LlamaRisk’s Aave SVR Dashboard - Updated to track financial and technical performance of newly added Phase 3 assets under Chainlink’s SVR.
- Newsletter: This Week in Aave - Continued delivering weekly roundups of Aave governance updates while enhancing content with a fresh look and deeper insights for stakeholders and users.
Upcoming Focus Areas
- Aave V4 Preparation - Evaluating proposed architectural changes, assessing their implications on risk parameters, and aligning existing risk frameworks to support a smoother transition
We welcome community feedback and suggestions. Please share any questions, ideas, or areas where you would like increased focus from the LlamaRisk team.