Aave

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Title: [ARFC] Onboard USDe to Aave V3 on Ethereum Date: 2024-05-13 Author: ACI (Aave Chan Initiative)

Summary:

This is an ARFC to seek approval for the addition of USDe to Aave V3 on Ethereum, as there’s been already a successful onboarding for sUSDe (staked USDe) on Ethereum.

Motivation

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 borrow demand, which was already onboarded successfully into Aave.

The current ARFC plans to onboard USDe on Aave v3 Ethereum.

Specification

USDe: (0x4c9edd5852cd905f086c759e8383e09bff1e68b3) Etherscan link

Risk Parameters

ARFC has been updated with Risk parameters provided by Risk Service Providers in the ARFC discussion thread.

Parameter	Value
Isolation Mode	Yes
Borrowable	Yes
Collateral Enabled	Yes
Supply Cap (USDe)	80M
Borrow Cap (USDe)	72M
UOptimal	80%
Slope1	9.00%
Slope2	75.00%
Debt Ceiling	$40M
LTV	72.00%
LT	75.00%
Liquidation Bonus	8.50%
Liquidation Protocol Fee	10.00%

Useful Links

[TEMP CHECK] Onboard sUSDe to Aave v3 Ethereum

[ARFC] Onboard sUDe to Aave v3 on Ethereum

Disclaimer

This proposal is powered by Skywards. The Aave Chan Initiative is not directly affiliated with Ethena and did not receive compensation for creation this proposal.

Next Steps

1. Collect community & service providers feedback on this ARFC.
2. Escalate the proposal to ARFC snapshot stage if feedback is positive.
3. If the ARFC snapshot outcome is YAE, publish an AIP vote for final confirmation and enforcement of the proposal.

Copyright

Copyright and related rights waived under CCO