[TEMP CHECK] Onboard Strata srUSDe January expiry PT tokens to V3 Core Instance
Author: ACI
Date: 2025-11-04
Summary
This proposal seeks to onboard the Strata srUSDe January expiry PT tokens to the Aave V3 Core Instance.
Motivation
Given both the popularity of PT token collateral on Aave and the adoption of the srUSDe PT token by LPs on Pendle, we believe this would be an attractive collateral token for Aave users.
With current srUSDe PT token TVL of $134m, it is one of the larger Ethena ecosystem PT tokens. Given recent reduction in sUSDe yield, we believe that Aave users would welcome the addition of a PT token from the Ethena ecosystem with circa 50% higher yields than sUSDe PT tokens at the time of writing.
ACI is not directly affiliated with Pendle and did not receive compensation for the creation of this proposal. Some ACI employees may hold Pendle tokens.
Next Steps
Publish proposal to gather community and Service Providers feedback.
Publish an AIP vote for final confirmation and enforcement of the proposal.
Given the significant demand for USDe and sUSDe PT tokens we are always interested in onboarding further safe, high yield PT tokens. Given the recent decline in yield on the USDe and sUSDe PT tokens, we believe the Strata srUSDe is a highly attractive alternative offering circa 12% yield alongside a similar risk profile to the other Ethena PT tokens. Should this token be onboarded as collateral we estimate it could match or surpass the other Ethena PT tokens in the medium term.
ACI is supportive of this onboarding from a business perspective and intends to vote YAE for this TEMP CHECK.
A structured yield product which provides a yield floor at Aave deposit rates with uncapped upside to sUSDe rates.
Use-cases of Aave onboarding
Collateral for leveraged yield strategies.
Commercial information
Attribute
Answer
Current marketcap
$155m.
Current marketcap in lending protocols
$70m debt across Morpho + Euler.
Committed Aave TVL
None.
Expected Aave deposits
$200-250m in 1-2 weeks after launch. Circa $500m in medium term.
Reserve factor
10-20% depending on borrow asset.
Expected monthly revenue
$150-350k revenue per month assuming $200m debt.
Aave incentives budget
5x Strata Points for depositing PT-srUSDe on Aave for the first few weeks, 5x Strata Points multiplier on USDe borrowed against PT-srUSDe, distributed to all USDe depositors on Aave.
Disclaimer
This review was independently prepared by ACI. ACI 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.