Aave Risk Steward proposes v3 cap and interest-rate changes

What happened

LlamaRisk published a Risk Steward package proposing supply-cap, borrow-cap, optimal-utilization, and base-rate changes across multiple Aave v3 deployments.

What changed

If implemented, Aave v3 Core USDT optimal utilization would rise from 93% to 94%; USDe base rates would rise from 6.30% to 6.60% on Core, Avalanche, Mantle, Monad, and Plasma; multiple asset caps would be reduced; and the JAAA Horizon supply cap would increase from 50 million to 60 million.

What did not change

The cached governance record is a recommendation and implementation notice, not proof that the parameter changes are already operative. Collateral factors and liquidation thresholds are not changed by this package.

Confirmed

• The proposal would reduce the Aave v3 Core USDT withdrawal buffer at optimal utilization by approximately 28.9 million USDT, according to the official record.
• The proposed Aave v3 Core USDe supply cap is 700 million and borrow cap is 50 million.
• The proposal includes supply-cap reductions for wstETH, USDe, sUSDe, syrupUSDT, weETH, and syrupUSDC across named v3 deployments.
• The post states that updates are intended to be implemented through the Risk Steward process.

Still open

• The execution transactions and exact effective time were not present in the candidate evidence.
• It is unresolved whether all proposed changes will be executed without amendment.
• The direct effect on any client-held Aave reserve depends on the reserve and deployment used.

What it means for an advisor

• Monitor the Risk Steward execution and compare final on-chain values with the proposal.
• Review liquidity assumptions for any exposure relying on Aave v3 Core USDT or reserves receiving materially lower caps.
• Do not describe the recommended values as operative until execution is confirmed.

Previous interpretation

The Aave v3 memo reflects the parameter surface before this September 28 Risk Steward package.