Aave risk stewards propose reserve-cap and USDe rate changes

What happened

LlamaRisk published a specified package of reserve-cap and interest-rate changes for implementation through Aave's Risk Steward process.

What changed

The proposal would raise Core USDC supply/borrow caps to 3.0B/2.7B, Prime wstETH supply cap to 80,000, Monad GHO supply/borrow caps to 60M/54M, and X Layer USD₮0 borrow cap to 90M. It would reduce three supply caps and raise USDe base rates while lowering Slope1 across five deployments.

What did not change

The record does not demonstrate implementation. The proposed USDe optimal-utilization points remain unchanged; additional cap headroom does not itself create withdrawal liquidity.

Confirmed

• The specification raises USDe base variable rates from 4% to 5% on Core, Plasma, Monad, Mantle, and Avalanche, paired with one-percentage-point Slope1 reductions.
• The proposed supply caps for Monad syrupUSDC, Monad USDe, and Plasma syrupUSDT are each 150M.
• The author identifies Risk Steward implementation as the next step.

Still open

• Execution transactions and operative parameter values were not established.
• Post-change utilization, depositor concentration, and available exit liquidity remain to be assessed.

What it means for an advisor

• Monitor execution and then refresh Aave diligence assumptions for deposit capacity, USDe borrowing costs, and withdrawal liquidity on affected deployments.
• Keep cap capacity separate from immediately available redemption liquidity in advisor explanations.