Aave

Simple Summary

This is an ARFC to seek approval for the addition of sUSDe to Aave V3 on Ethereum, following the consensus reached in the TEMP CHECK and ARFC stage.

Motivation

As discussed in the TEMP CHECK, Ethena’s synthetic dollar, USDe, provides a stable crypto-native solution for a cash and carry structured product. The staked version of USDe, sUSDe, earns yield from the protocol and has high potential for strong collateral demand.

Specification

Amendment: opposed to the initial snapshot the aip enables flashloaning to stay consistent with other assets on the network.

The table below illustrates the configured risk parameters for sUSDe

Parameter	Value
Isolation Mode	true
Borrowable	DISABLED
Collateral Enabled	true
Supply Cap (sUSDe)	85,000,000
Borrow Cap (sUSDe)	0
Debt Ceiling	USD 40,000,000
LTV	72 %
LT	75 %
Liquidation Bonus	8.5 %
Liquidation Protocol Fee	10 %
Reserve Factor	20 %
Base Variable Borrow Rate	0 %
Variable Slope 1	0 %
Variable Slope 2	0 %
Uoptimal	90 %
Stable Borrowing	DISABLED
Stable Slope1	0 %
Stable Slope2	0 %
Base Stable Rate Offset	0 %
Stable Rate Excess Offset	0 %
Optimal Stable To Total Debt Ratio	0 %
Flashloanable	ENABLED
Siloed Borrowing	DISABLED
Borrowable in Isolation	DISABLED
Oracle	0xb37aE8aBa6C0C1Bf2c509fc06E11aa4AF29B665A

References

• Implementation: AaveV3Ethereum
• Tests: AaveV3Ethereum
• Snapshot
• Discussion

Copyright

Copyright and related rights waived via CC0.