LlamaRisk's Risk Stewards submitted parameter changes to Aave V3 on Ethereum and Plasma instances, tightening liquidation bonuses and making marginal LTV increases on PT-srUSDe and PT-USDe positions as these Pendle principal token reserves converge toward their June 18 and June 25, 2026 maturities. The changes reflect standard maturity-driven convergence risk management: as PT tokens approach par, liquidation incentives are reduced because discount-to-par volatility compresses.
For Armada's crypto desk, this update is a useful benchmark data point. Aave's risk framework for yield-bearing stablecoin derivatives is among the most actively maintained on-chain references for collateral parameter discipline. The marginal LTV increases to 91.6 and 93.8 percent respectively signal that near-maturity structured stablecoin products can support high advance rates, a useful comparator when Armada prices repo against tokenized T-Bill or stablecoin-adjacent collateral.