[TEMP CHECK] Onboard eUSDe to Aave v3 Core Instance

Governance New Asset
1

[TEMP CHECK] Onboard eUSDe to Aave v3 Core Instance

Author: ACI

Date: 2025-04-01

Simple Summary:

The proposal aims to onboard eUSDe to Aave V3 on the Core Instance.

Motivation/Background:

eUSDe represents deposits in Ethereal, the upcoming Ethena backed perpetual futures exchange. eUSDe earns Ethereal points and 30x Ethena points, providing an attractive opportunity for point farming which has been a driver of considerable demand for borrow on Aave in recent times.

Benefits of listing eUSDe PT tokens:

  • Significant new opportunity, with potential for large TVL growth.

There is no expected market impact caused by listing these tokens outside of increased borrow demand which should not be destabilising.

Chain to be deployed/listed:

eUSDe will be listed on Aave V3 Core Instance.

Proof of Liquidity (POL) and Deposit Commitments:

The same amount of Ethena points will be rewarded to eUSDe deposits as are rewarded to USDe deposits. More information on POL and Deposit Commitments will be discussed at ARFC stage.

Useful Links:

Disclaimer:

The Aave Chan Initiative is independent and has not received any form of compensation from related parties for the drafting of this proposal. Some ACI team members may hold tokens from the Ethena ecosystem.

Next Steps:

  1. If consensus is reached on this [TEMP CHECK], escalate this proposal to the Snapshot stage.
  2. If the Snapshot outcome is positive, this proposal will be escalated to the Aave Request for Comment [ARFC] stage.
  3. Publication of a standard ARFC, collect community and service provider feedback before escalating the proposal to the ARFC Snapshot stage.
  4. If the ARFC Snapshot outcome is positive, publish an AIP vote for final confirmation and enforcement of the proposal.

Copyright:

Copyright and related rights waived under CC0.

2 Likes
2

While this may be non-standard given that Ethereal has not launched yet, it is important for Aave to get its foot in the door here, especially with competitors already offering integrations. We’d like to see the risk analysis at the ARFC stage - at this point, given that eUSDe is simply a version of USDe deposited into an audited smart contract, it should be relatively straightforward.

2 Likes
3

The current proposal has been escalated to TEMP CHECK Snapshot.

Vote will start tomorrow, we encourage everyone to participate.

4

After Snapshot monitoring, the current TEMP CHECK Snapshot ended recently, reaching out both Quorum and YAE as winning option, with 576.3K votes.

Therefore, [TEMP CHECK] Onboard eUSDe to Aave v3 Core Instance has PASSED.

Next step will be the publication of an ARFC to continue with governance process.
Closing post to focus on ARFC.