LlamaGuard PT
01 / Valuation Layer | automated PT oracle pricing and risk parameter updates by LlamaGuard
Oracle price and applied parameters
Oracle price | PT-srUSDe-22OCT2026
The price the protocol reads with the Pendle AMM spot mark overlaid, sampled every ~6h. Markers show discount rate updates.
LlamaRisk
Applied Aave parameters
LT and LTV | E-Mode 47
LlamaRiskLB | E-Mode 47
LlamaRiskApplied discount rate d
The annualized discount applied to the PT, rendered as a step function. It only moves when an update executes on-chain.
LlamaRiskOracle price
Market implied rate (EMA)
Applied discount rate
Last automated update
Days to maturity
Discount rate updates ()
| Time (UTC) | Old | New | Step | Kind | Tx |
|---|---|---|---|---|---|
Latest LlamaGuard events ()
| Time | Parameter | Change | Transaction |
|---|---|---|---|
Relevant contracts
| Contract | Address | Notes |
|---|---|---|
| PT asset (srUSDe 22OCT2026) | 0x59bC...9d34 | the monitored principal token; matures 2026-10-22 |
| PendlePriceCapAdapter | 0xBD1b...fB73 | the live price feed the Aave market reads |
| Aave v3 Pool | 0x8787...A4E2 | the market consuming the feed |
| LlamaGuardOracle | 0xc63D...d887 | hourly market implied rate EMA store |
| RiskOracle | 0x683d...369A | record store for automated parameter updates |
| LlamaGuard Risk Oracle Router | 0x1D85...3507 | verifies workflow identity and enforces update bounds |
| AaveDiscountRateAgent | 0x529e...F6c5 | applies accepted discount rate updates to the price adapter |
| AaveEModeAgent | 0xbe28...7744 | applies accepted E-Mode parameter updates via the config engine |
| Keystone Forwarder | 0x0b93...3885 | verifies DON quorum signatures |
Update bounds
| Parameter | Max move per update | Minimum delay |
|---|---|---|
| Discount rate | 100 bps | 2 days |
| E-Mode LTV | 50 bps | 3 days |
| E-Mode liquidation threshold | 50 bps | 3 days |
| E-Mode liquidation bonus | 50 bps | 3 days |
Set by Aave governance proposal 515 and enforced by the AgentHub timelock and range validation on every automated update. The LlamaGuard router independently enforces a 48 hour minimum delay and 100 bps step cap on the discount rate route, so discount moves are bounded twice.
Methodology
The LlamaGuard PT risk oracle automates the risk levers of the PT-srUSDe-22OCT2026 market on Aave: the discount rate that prices the PT, and the liquidation parameters (LTV, liquidation threshold, liquidation bonus) of the E-Mode categories it trades in. It is compatible with the linear discount oracle on the discount rate setting, and with Aave markets on liquidation parameters.
On the pricing side, the oracle continuously smooths the PT implied rate from Pendle market data (an hourly EMA) and derives the discount rate the price adapter should carry. The adapter prices the PT as , where is the time to maturity in years and the feed is the live price of the underlying; the oracle only ever sets . An update is published when the price implied by the market deviates from the published price beyond the publish threshold.
On the market side, the oracle recomputes the LTV, liquidation threshold, and liquidation bonus appropriate for current conditions and publishes them per E-Mode category. Every automated publication on either side must pass the governance-set update bounds listed above (a maximum move per update and a minimum delay between updates) before it can execute, and each one is logged in the actions table with its transaction.
A PT redeems 1:1 against its underlying at maturity; PT-srUSDe-22OCT2026 matures on 2026-10-22 (UTC). The discount converges to zero as maturity approaches, and the oracle retires.