Risk Stewards: PT Parameter Changes on Aave V3 / 2026.08.15

LlamaRisk recommends PT parameter changes on Aave V3 Ethereum Core and Plasma for the two PT reserves maturing October 22, 2026, stepping LTV and LT up by 0.1pp and reducing liquidation bonuses across four E-Mode categories as residual price risk compresses toward maturity. No discount rate changes are proposed this round, as the deployed rates (3.77% on PT-srUSDe and 3.97% on PT-sUSDe) remain in line with prevailing Pendle AMM market-implied yields of roughly 3.8% and 4.0%. The updates will be implemented via the Risk Steward process.