Proposal: Listing PT-sUSDe (26 June) on Venus BNB Core Pool

Proposals
1

Summary

This proposal seeks to approve the listing of PT-sUSDe (26 June) as a non-borrowable asset in Venus Core Pool on BNB.

Context

Since its launch, PT-sUSDe has consistently been the top most used collateral within the Pendle ecosystem. Currently, more than $315m PT-sUSDe are used as collateral across major money markets.

Following Ethena’s expansion on BSC and Venus DAO’s approval to list sUSDe and USDe on Venus BNB Core Pool, supporting PT-sUSDe as a non-borrowable collateral will further cement Venus as the main money market for all Ethena and Pendle related assets on BSC.

This proposal builds upon previous success of listing Pendle’s PTs such as PT-weETH, PT-SolvBTC.BBN and PT-clisBNB.

Details

Pendle Website: Pendle

PT-sUSDe (26 June) contract: https://bscscan.com/address/0xdd809435ba6c9d6903730f923038801781ca66ce

Github: GitHub - pendle-finance/pendle-core-v2-public

Audits: pendle-core-v2-public/audits at main · pendle-finance/pendle-core-v2-public · GitHub

PT Oracles: Introduction of PT Oracle | Pendle Documentation

Risk Parameters

Full discretion for Chaos Labs to determine suitable risk parameters for PT-sUSDe (26 June) as a non-borrowable collateral in Venus BNB Core Pool.

3 Likes
2

Looks like a solid move. It strengthens Venus’ presence in the Pendle and Ethena space on BSC with minimal risk. I’m all for it! :+1:

3

I support the listing of PT-sUSDe on Venus BNB Core Pool. It’s a great move to expand support for Pendle-related assets on BNB chain. With strong adoption in DeFi, adding PT-sUSDe helps Venus stay ahead. Looking forward to Chaos Labs setting solid risk parameters.

4

I also support the listing of PT-sUSDe on Venus BNB Core Pool.
Let’s increase the TVL in this pool.

5

Support this proposal and list more ethena assets to enrich the Venus ecosystem

6

To me, this is a natural progression in making Venus attractive to Ethena users. unequivocally in favor of it

7

Overview

Chaos Labs supports listing PT-sUSDe-26JUN2025 on Venus’s BNB Chain Core pool. Below we provide our analysis and recommendations.

PT-sUSDe-26JUN2025

PT-sUSDe represents the principal token of sUSDe, expiring June 26, 2025. As detailed in other PT token listings, there is a minimum PT token price that is established at the smart contract level; this price converges to 1 as the asset approaches maturity. This is shown below, where the current minimum price is roughly 0.96 sUSDe.

image - 2025-04-09T235630.093
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As a result of this potential additional volatility, we recommend setting the collateral factor for PT-sUSDe lower than that of sUSDe to ensure an adequate buffer in the event of liquidations.

The chart below shows the slippage in Pendle’s native AMM associated with swapping the PT token to the underlying. Given the 10% Liquidation Penalty in the Core pool, slippage from PT to underlying is not a limiting factor.

image - 2025-04-09T235633.093
image - 2025-04-09T235633.0931974×1398 359 KB

However, as discussed above, the liquidity available to swap from sUSDe to other assets is limited. Thus, this serves as the primary limiting factor. We recommend setting the supply cap for the PT token to 2M, equivalent to the assets above.

Additionally, as with other PT tokens, we recommend setting it as non-borrowable. Finally, we recommend a CF of 70%, 5pp lower than the underlying asset, to account for the potentially higher volatility and increased smart contract risk.

Pricing

We recommend the same pricing method as above for sUSDe, in this case further augmented with a 30-minute TWAP PT token oracle.

Specification

Parameter Value
Asset PT-sUSDe-26JUN2025
Chain BNB Chain
Pool Core
Collateral Factor 70.00%
Supply Cap 2,000,000
Borrow Cap -
Kink -
Base -
Multiplier -
Jump Multiplier -
Reserve Factor -

Disclaimer

Chaos Labs has not been compensated by any third party for publishing this recommendation.

Copyright

Copyright and related rights waived via CC0