Summary
LlamaRisk recommends the following parameter changes based on user behavior, on-chain liquidity, and position health observed in the latest review of Aave V3 reserves.
Aave V3 Plasma:
- Increase supply cap for syrupUSDT from 227,000,000 to 300,000,000.
- Reduce supply cap for PT-USDe-18JUN2026 from 30,000,000 to 1.
- Reduce supply cap for PT-sUSDE-18JUN2026 from 260,000,000 to 1.
syrupUSDT (Aave V3 Plasma)
syrupUSDT has reached 99.96% supply cap utilization (226,906,353 / 227,000,000) on the Aave V3 Plasma instance.
Supply Distribution
Source: LlamaRisk, June 22, 2026
The top twenty syrupUSDT suppliers run health factors between 1.02 and 1.08 with a median of 1.03, and all twenty carry outstanding debt. Fifteen borrow USDT0 and five borrow GHO against syrupUSDT collateral within the stablecoin E-Mode categories, so health factor stability depends on syrupUSDT holding its value against the borrowed stablecoins.
Recommendation
We recommend increasing the supply cap from 227,000,000 to 300,000,000 on Aave V3 Plasma. Supply of 226,906,353 sits at 99.96% of the existing cap; the proposed cap brings utilization to approximately 75.6% and restores headroom for continued deposit demand.
Cap Reductions
The following matured Pendle PTs are being wound down. After maturity each PT is redeemable at par against its underlying, and setting the supply cap to 1 blocks new deposits without affecting existing holders’ redemptions.
PT-USDe-18JUN2026 on Aave V3 Plasma matured on June 18, 2026 and sits at 0.0% supply cap utilization (146 / 30,000,000), with the supply cap reduced to 1.
PT-sUSDE-18JUN2026 on Aave V3 Plasma matured on June 18, 2026 and sits at 14.0% supply cap utilization (36,272,610 / 260,000,000), with the supply cap reduced to 1.
Specification
| Instance | Asset | Current Supply Cap | Recommended Supply Cap | Current Borrow Cap | Recommended Borrow Cap |
|---|---|---|---|---|---|
| Aave V3 Plasma | syrupUSDT | 227,000,000 | 300,000,000 | — | — |
| Aave V3 Plasma | PT-USDe-18JUN2026 | 30,000,000 | 1 | — | — |
| Aave V3 Plasma | PT-sUSDE-18JUN2026 | 260,000,000 | 1 | — | — |
Next Steps
We will move forward and implement these updates via the Risk Steward process.
Disclosure
This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work.
The information provided should not be construed as legal, financial, tax, or professional advice.