[Direct-to-AIP] PT-USDG X Layer

title: [Direct-to-AIP] Asset Listing - Pendle PT-USDG X Layer author: @TokenLogic created: 2026-08-11 Summary This publication proposes onboarding PT-USDG-29OCT2026, the Pendle Principal Token for USDG with an expiry date of 29th October 2026, to the Aave V3 instance on X Layer. Motivation Overview Aave V3 is live on X Layer, with USDG onboarded as one of the instance’s stablecoin reserves. Pendle is preparing to launch a PT-USDG-29OCT2026 market on X Layer as part of the broader expansion of USDG liquidity and DeFi activity across the ecosystem. X Layer has allocated approximately $500K in incentives for the first month , with the potential for a higher incentive allocation during the second month. Of the initial allocation, $150K is expected to be directed towards PT-USDG supplied on Aave . Rationale for Onboarding PT-USDG Onboarding PT-USDG would enable users to use their fixed-yield USDG positions as collateral within the same Aave market that already supports USDG, further enhancing the utility and capital efficiency of USDG on X Layer. As a short-dated, USDG-backed asset, PT-USDG-29OCT2026 offers a collateral profile aligned with other Pendle PT stablecoin assets already supported across Aave deployments, making it a strong candidate for inclusion on X Layer. Selected launch details at the time of submission: Metric Value Underlying asset USDG Expected maturity Approximately 2 months Underlying APY Approximately 3.5% X Layer incentives — Month 1 Approximately $500K PT-USDG Aave incentive allocation $150K Expected incentivized PT-USDG APY Approximately 5% The case for onboarding rests on the following points: X Layer incentives. X Layer has allocated $150K in incentives specifically towards PT-USDG-29OCT2026 supplied on Aave. Underlying already onboarded. USDG is already a live reserve on the Aave V3 X Layer instance, making PT-USDG-29OCT2026 a natural extension of the existing USDG market. Ecosystem growth. Enabling PT-USDG-29OCT2026 as collateral expands the range of productive collateral available on Aave and supports the growth of USDG, Pendle and stablecoin liquidity on X Layer. Specification The following asset would be onboarded to the Aave V3 instance on X Layer. Field Value Asset PT-USDG-29OCT2026 Network X Layer PT token address 0x9a09a9e491db3dd8ada5b1b889991ac9ad5fd362 Pendle market address 0xcfb506cb34dd340e80d3df8764182a5187636032 SY token address 0x1F336F899f77B084133bc14a81170837ED618D1b YT token address 0x5e67c8d19eea0fd0d0da35e4008b56e87c931724 Underlying asset (USDG) 0x4ae46a509f6b1d9056937ba4500cb143933d2dc8 Maturity 29th October 2026 Oracle Price Feed Recommendation For pricing PT-USDG-29OCT2026 on Aave, the dynamic linear discount rate oracle is recommended. The same oracle framework currently used for Pendle PT assets on Aave V3 can be reused for this deployment. The final oracle configuration and discount rate parameters will be provided by the Risk Service Provider. Discount Rate Parameters Parameter PT-USDG-29OCT2026 initialDiscountRatePerYear To be provided by Risk Service Providers maxDiscountRatePerYear To be provided by Risk Service Providers Risk Parameters Per Aave’s asset onboarding framework, final risk parameters for PT-USDG-29OCT2026 will be provided by the Risk Service Provider, LlamaRisk, and appended to this proposal prior to escalation to the AIP Voting stage. An indicative market structure is shown below: Parameter Value Asset PT-USDG-29OCT2026 Borrowable No Collateral Enabled No Supply Cap 35,000,000 Borrow Cap - Debt Ceiling - LTV - LT - Liquidation Bonus - Liquidation Protocol Fee 10% E-Mode Category PT USDG Stablecoins PT USDG Stablecoins E-Mode Parameter Value Value Value Value Asset PT-USDG-29OCT2026 USDT0 USDG GHO Collateral Yes No No No Borrowable No Yes Yes Yes Max LTV 93% - - - Liquidation Threshold 95% - - - Liquidation Bonus 2.44% - - - Note: Indicative target, subject to Risk Service Provider assessment and recommendation. Disclaimer TokenLogic is an active service provider to the Aave DAO, the beneficiary of stream 100086 and the KPI as outlined in this publication . The scope of this engagement is available via this forum proposal . TokenLogic supports and maintains an independent delegate voting platform within the Aave community. TokenLogic and associated entities have no undisclosed material conflicts of interest at the time of submission. Next Steps Gather feedback from the community. Using the Direct-to-AIP process, incorporate feedback from the Risk Service Provider Escalate this proposal to the AIP Voting stage. Copyright Copyright and related rights waived via CC0 . 3 posts - 3 participants Read full topic