Listing PT Strata 25JUN2026
Listing PT Strata 25JUN2026
Author
Aave Chan Initiative @aci
Creator
0x57ab7ee15cE5ECacB1aB84EE42D5A9d0d8112922
Simple Summary
This proposal seeks to onboard Strata srUSDe June 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 and successful onboarding of past srUSDe PT tokens, we believe that Aave users would welcome a renewal since new maturity is deployed.
Specification
The table below illustrates the configured risk parameters for PT_srUSDe_25JUN2026
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | DISABLED |
| Collateral Enabled | false |
| Supply Cap (PT_srUSDe_25JUN2026) | 30,000,000 |
| Borrow Cap (PT_srUSDe_25JUN2026) | 1 |
| Debt Ceiling | USD 0 |
| LTV | 0 % |
| LT | 0 % |
| Liquidation Bonus | 0 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 45 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 10 % |
| Variable Slope 2 | 300 % |
| Uoptimal | 45 % |
| Flashloanable | ENABLED |
| Siloed Borrowing | DISABLED |
| Borrowable in Isolation | DISABLED |
Price Feed
For pricing PT-srUSDe-25JUN2026 on Aave, the dynamic linear discount rate oracle developed by BGD Labs is recommended, consistent with the approach used for the April maturity.
The oracle prices the PT as a zero-coupon bond against the capped USDT/USD Chainlink feed, applying a linear discount that decays to par at maturity.
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| Oracle | PT Capped srUSDe USDT/USD linear discount 25JUN2026 |
| initialDiscountRatePerYear | 4.6061% |
| maxDiscountRatePerYear | 16.6634% |
| Last answer (March 28th) | 98814596 ($0.98814596) |
| Capped USDT/USD | Capped USDT/USD |
PT-srUSDe Stablecoins E-mode
| Asset | PT-srUSDe-25JUN2026 | PT-srUSDe-2APR2026 | sUSDe | USDT | USDe | USDC |
|---|---|---|---|---|---|---|
| Collateral | Yes | Yes | Yes | No | No | No |
| Borrowable | No | No | No | Yes | Yes | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
PT-srUSDe USDe E-mode
| Asset | PT-srUSDe-25JUN2026 | PT-srUSDe-2APR2026 | sUSDe | USDe |
|---|---|---|---|---|
| Collateral | Yes | Yes | Yes | No |
| Borrowable | No | No | No | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | Subject to Risk Oracle | - |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | Subject to Risk Oracle | - |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | Subject to Risk Oracle | - |
E-mode setups
| Parameter | Value | Value |
|---|---|---|
| E-Mode | Stablecoins | USDe |
| LTV | 90% | 91.2% |
| LT | 92% | 93.2% |
| LB | 4.3% | 3.3% |
Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_srUSDe_25JUN2026 and the corresponding aToken.
The Strata team initially sent the wrong seed PT (previous maturity) for this listing before sending the correct one. So, we will return their tokens in this AIP. Transfer: https://etherscan.io/tx/0x801968fb542daa6bc095d26ae507966f4f66148d9181097bdc4eb2f84728f4b2 So, the addendum to the AIP will be a transfer back to 0x981EfbD4d3932FA750f0191F00535D7Cb586A558 of the 100 PT-srUSDe-2APR2026 they transferred inadvertently to the Aave governance L1 executor smart contract.
Useful Links
https://docs.pendle.finance/ProtocolMechanics/YieldTokenization/PT
Disclaimer
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.
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot: Direct-to-AIP
- Discussion
Copyright
Copyright and related rights waived via CC0.