Risk Stewards: Change of Supply Caps on Aave V3 / 2026.04.13

Summary LlamaRisk recommends the following cap changes based on user behavior, onchain liquidity, and position health: Increase supply cap for PT-srUSDe-25JUN2026 on Ethereum Core from 60,000,000 to 120,000,000. Increase supply cap for PT-sUSDE-18JUN2026 on Plasma from 300,000,000 to 450,000,000. PT-srUSDe-25JUN2026 (Ethereum Core) PT-srUSDe-25JUN2026 has reached 100% supply cap utilization (59,999,894 / 60,000,000) on the Ethereum Core instance. The token matures on June 25, 2026. Supply Distribution Source: LlamaRisk, April 13, 2026 Active suppliers follow a leveraged looping strategy, using PT-srUSDe-25JUN2026 as collateral against stablecoin borrows. Health factors cluster between 1.01 and 1.05, consistent with tight HFs typical of correlated collateral-debt pairs where both sides are stablecoin-denominated. The cap is fully saturated, indicating sustained demand for this carry strategy. The borrow rate spread for profitable ROI of leverage looping positions can be sustained via more than 250M of USDe borrow capacity below the hurdle rate, with USDT and USDC having notably lower spreads at the time of writing. Liquidity Source: LlamaRisk, April 13, 2026 The primary trading venue is the Pendle AMM pool on Ethereum, which holds $12.4M in total liquidity. The pool composition is 87% SY / 13% PT, indicating adequate depth. Pool TVL has remained stable over the observation window. In addition to that, the orderbook sell-side depth is more than 42M PT tokens. Recommendation Given the fully saturated cap, correlated collateral-debt profile, and adequate liquidity on Pendle, we recommend increasing the supply cap from 60,000,000 to 120,000,000. PT-sUSDE-18JUN2026 (Plasma) PT-sUSDE-18JUN2026 has reached 75.2% supply cap utilization (225,515,929 / 300,000,000) on the Plasma instance. The token matures on June 18, 2026. Supply Distribution Source: LlamaRisk, April 13, 2026 The default strategy is using PT-sUSDE-18JUN2026 as collateral against stablecoin borrows (mainly USDe). Health factors cluster tightly between 1.00 and 1.05 across the majority of positions, consistent with correlated collateral-debt pairs. Demand remains steady with utilization approaching three-quarters of the current cap as the migration from the April maturity pool continues. Liquidity Source: LlamaRisk, April 13, 2026 The primary trading venue is the Pendle AMM pool on Plasma, which holds $9.2M in total liquidity. The pool composition is 85% SY / 15% PT, indicating adequate depth. Pool TVL has remained stable over the observation window. Additionally, 96M PT sell-side orders are supporting the orderbook. Recommendation Given persistent demand and adequate Pendle AMM liquidity relative to current supply levels, we recommend increasing the supply cap from 300,000,000 to 450,000,000. Specification Instance Asset Current Supply Cap Recommended Supply Cap Current Borrow Cap Recommended Borrow Cap Ethereum Core PT-srUSDe-25JUN2026 60,000,000 120,000,000 - - Plasma PT-sUSDE-18JUN2026 300,000,000 450,000,000 - - Next Steps We will move forward and implement these updates via the Risk Steward process. Disclosure This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk 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. 1 post - 1 participant Read full topic