Aave Enables LlamaRisk Agents for Pendle Collateral on Plasma
Aave has enabled LlamaRisk's automated risk agents for the PT-sUSDe-22OCT2026 token on its V3 Plasma market, granting them the ability to adjust collateral valuation and borrowing parameters. The activation follows a DAO-approved proposal, with about 371,000 AAVE in voting power supporting the move. LlamaRisk announced on Oct. 5 that its LlamaGuard PT Risk Oracle is now live, replacing manual parameter adjustments previously handled by Aave's Risk Stewards.
The new agents can modify the discount rate used to value the PT by up to 100 basis points per update, with at least two days between changes. Additionally, they can adjust loan-to-value ratios, liquidation thresholds, and liquidation bonuses for categories 25 and 26, with adjustments capped at 50 basis points per update and a minimum three-day interval between updates. These changes aim to enhance risk management for the Pendle principal token.
At the time of the announcement, Aave's reserve page showed $36.72 million of the PT-sUSDe-22OCT2026 token supplied. The asset is available as collateral only in E-Mode, Aave's higher-borrowing-power categories for related assets. The linear discount-pricing model remains unchanged, and the agents' actions do not reset existing reserve parameters.
Aave governance retains control over agent registration and administrator changes. The Protocol Guardian can disable either agent without another governance vote, though re-enabling requires a vote. The PT token redeems for a quantity of sUSDe worth one $USDe at maturity, with the oracle set to retire on the token's Oct. 22 maturity date.