LlamaRisk, acting as Aave's risk steward, published parameter changes on September 11 raising the USDe base rate from 6.00% to 6.30% across all five V3 deployments carrying the asset, while reducing Slope1 to 0.25% on Core and Avalanche and to 1% on Plasma, Monad, and Mantle. Separately, Slope1 on USDC, USDT0, GHO, mUSD, and AUSD reserves on Monad was raised to 5.00%, reflecting tighter on-chain liquidity conditions and elevated utilization on newer chains.
For Armada's crypto-collateral desk, Aave V3 IRM parameters are a live benchmark for on-chain stablecoin borrowing costs. The USDe base rate increase signals that yield expectations for synthetic dollar assets are drifting higher, which should inform Armada's repo rate floors for stablecoin-adjacent collateral. The divergence in Slope1 across chains also flags that liquidity depth varies materially by deployment, a factor relevant if Armada accepts multi-chain stablecoin collateral.