In LlamaRisk’s October 7, 2026 snapshot of Aave V3 on X Layer, PT-USDG-25FEB2027 had a 2.79% implied yield—less than the quoted variable borrow APRs for USDT0, USDC and USDG, but more than the GHO rate. That meant looping with the first three assets had negative carry on the cited on-chain rates alone. The February token is proposed as a destination for users moving from an October 2026 PT maturity; it is not an ordinary savings balance, and the quoted figures are a dated snapshot, not current-rate guarantees.
What the rollover proposal is meant to do
TokenLogic’s September 30, 2026 Direct-to-AIP proposal would add Pendle’s PT-USDG-25FEB2027 to Aave V3 on X Layer. The token represents the principal side of a USDG position and matures on February 25, 2027. The existing PT-USDG-29OCT2026 matures on October 29, 2026.
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The proposed rollover would let a user replace the expiring PT collateral with the February PT while keeping a stablecoin borrowing position. TokenLogic said OKX planned a separate flash-loan integration: in one transaction, it could repay the user’s stablecoin debt, swap the old PT collateral for the new PT, borrow again and repay the flash loan. That integration is separate from the Aave listing proposal.
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How the October 7 yield comparison looked
LlamaRisk’s October 8 assessment reports these market observations as of October 7, 2026, for Aave V3 on X Layer. The borrowing rates are variable APRs; the PT figure is an implied yield.
| Asset used for borrowing | Quoted borrow APR | Compared with 2.79% PT implied yield | Snapshot carry before other costs or incentives |
|---|---|---|---|
| USDT0 | 4.48% | Borrow APR was 1.69 percentage points higher | Negative |
| USDC | 4.10% | Borrow APR was 1.31 percentage points higher | Negative |
| USDG | 3.67% | Borrow APR was 0.88 percentage points higher | Negative |
| GHO | 0.93% | Borrow APR was 1.86 percentage points lower | Positive on this rate comparison alone |
The percentage-point differences are arithmetic comparisons of the rates in LlamaRisk’s October 7 snapshot, not estimates of a user’s realized return. LlamaRisk characterized looping funded with USDT0, USDC or USDG as negative carry on on-chain yields alone. GHO was the exception among the four quoted borrowing rates. The assessment also reported a 3.3% underlying USDG yield from Pendle; that is a separate figure from the 2.79% implied yield on the PT.
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Why the snapshot does not predict a user’s return
Borrowing costs and implied yield can change
The cited borrowing APRs are variable, and LlamaRisk noted that the PT’s implied yield could move as liquidity accumulated. Its October 8 assessment warned that the spread could change over the life of a position. The table therefore describes the October 7 comparison, not a rate that can be assumed to persist.
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The figures establish the direction of the rate spread for the listed assets at that time; they do not establish a universal realized return. The assessment does not provide a complete calculation including every cost or user-specific condition. Nor does the negative on-chain carry for three assets by itself show what a particular user earned after other program rewards.
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External OKX rewards were a dependency
LlamaRisk said OKX Exchange Earn incentives kept the loop profitable for participating users at the time of its assessment. Those incentives are external to Aave, and the reported profitability depended on their continuation and on a user’s eligibility. The assessment does not establish that the rewards remain available or at the same level now.
Liquidity, maturity and collateral mechanics
LlamaRisk reported approximately $1.02 million of available liquidity in the February PT pool as of October 7, 2026. It said the pool was deployed on September 25 and its liquidity increased substantially on October 6, while cautioning that implied yield could shift as liquidity accumulated. This amount is a dated pool observation, not a guarantee that a user can enter or exit a position at a particular price or size.
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The proposed February PT is collateral-only, not borrowable, according to LlamaRisk. Its oracle treats it as a zero-coupon claim whose value rises toward par as maturity approaches, using a capped USDG/USD Chainlink feed. The proposal concerns a maturity token used as leveraged collateral, so its yield comparison should not be read as the return on a cash deposit.
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Proposal parameters differ from LlamaRisk’s recommendations
The governance proposal and the risk assessment give different settings. TokenLogic initially described both PT maturities in E-Mode #7. LlamaRisk’s October 8 recommendation instead calls for a new E-Mode #9 containing both the October and February PTs, so existing positions could migrate without closing. Its reason was that the October category’s 94.66% liquidation threshold was higher than the 93.48% threshold it recommended for the new maturity.
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| Parameter | TokenLogic proposal | LlamaRisk recommendation, October 8, 2026 |
|---|---|---|
| E-Mode | Both maturities initially described in #7 | New #9 including both PT maturities |
| LTV | Not stated in the proposal details summarized here | 91.48% |
| Liquidation threshold | 94.66% for the existing October category | 93.48% for the recommended new category |
| Liquidation bonus | Not stated in the proposal details summarized here | 2.62% |
| Initial discount rate | 3.106% | 2.953% |
| Maximum discount rate | 11.080% | 7.910% |
| PT supply cap | 35,000,000 PT | Not stated in the recommendation details summarized here |
TokenLogic’s proposed oracle uses a dynamic linear discount rate. The figures in the two columns are not interchangeable: one set is the proposal’s parameters, while the other is the risk provider’s recommended configuration.
What to take from the numbers
The proposal’s intended benefit is a way to move collateral from the October maturity into the February maturity without closing a stablecoin borrowing position. But the October 7 yield snapshot did not show a positive on-chain spread for borrowing USDT0, USDC or USDG against the new PT; it showed one for GHO among the four quoted assets. OKX incentives were reported as support for some users at that time, not as an Aave yield or a permanent part of the proposal. The Aave listing, the recommended risk settings, and the separately planned OKX integration remain distinct pieces of the plan.
Sources: TokenLogic’s September 30, 2026 Aave Governance Forum proposal, “Direct-to-AIP: Onboard PT-USDG-25FEB2027 on X Layer,” and the appended LlamaRisk assessment dated October 8, 2026, which reports market observations as of October 7, 2026.
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