Aave Activates LlamaRisk Agents for Pendle Collateral on Plasma

Aave has activated LlamaRisk's automated risk agents for PT-sUSDe-22OCT2026 on its V3 Plasma market, giving them limited authority to change the Pendle principal token's collateral valuation and borrowing parameters.

LlamaRisk announced on Oct. 5 that its LlamaGuard PT Risk Oracle is “now live” following DAO approval. Proposal 524 is marked executed, with about 371,000 AAVE in voting power cast in favor and none opposed.

Aave's reserve page showed $36.72 million of the token supplied when checked on Oct. 5. The asset can be used as collateral only in E-Mode, Aave's higher-borrowing-power categories for related assets.

The vote authorizes two predeployed agent contracts to apply updates calculated from Pendle market data through Chainlink's Runtime Environment. In its governance rationale, LlamaRisk said it had been maintaining PT parameters manually through Aave's Risk Stewards. The linear discount-pricing model remains unchanged; the activation payload itself does not reset reserve parameters.

How Far the Agents Can Move

The discount-rate agent can change the annual rate used to value the PT by up to 100 basis points, or one percentage point, per update, with at least two days between updates.

The E-Mode agent can adjust loan-to-value ratios, liquidation thresholds and liquidation bonuses in categories 25 and 26, labeled “PT-sUSDe Stablecoins” and “PT-sUSDe $USDe.” Each parameter can move by up to 50 basis points per update, with at least three days between updates for each category.

For borrowers, a higher discount rate lowers the PT's collateral valuation. A lower valuation or liquidation threshold reduces the account's health factor, the measure that determines liquidation eligibility. The liquidation bonus determines the extra collateral a liquidator receives for repaying debt.

Aave governance retains control over agent registration and administrator changes. The Protocol Guardian can disable either agent without waiting for another governance vote; re-enabling requires a vote, according to LlamaRisk's deployment documentation.

The PT redeems for a quantity of sUSDe worth one $USDe at maturity. The pricing model already reduces the PT's discount as maturity approaches. LlamaRisk's monitoring dashboard says the oracle retires at the token's Oct. 22 maturity.