LlamaGuard PT

03 / Enforcement 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.

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LlamaRisk

Applied Aave parameters

LT and LTV | E-Mode 47

LlamaRisk

LB | E-Mode 47

LlamaRisk

Applied discount rate d

The annualized discount applied to the PT, rendered as a step function. It only moves when an update executes on-chain.

LlamaRisk

Oracle price

Market implied rate (EMA)

Applied discount rate

Last automated action

Days to maturity

Discount rate updates ()

Time (UTC)	Old	New	Step	Kind	Tx

Latest LlamaGuard actions ()

Known data gap | staging vs production

The charts above read the live Aave market, while this table lists the LlamaGuard risk oracle's publications on the staging shadow deployment. The two are expected to differ for now: the automated updates are recorded on-chain but not applied to the market. This discrepancy resolves once the automated path is promoted to production.

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
LlamaGuardOracleStaging	0x565a...fAb4	hourly market implied rate EMA store
RiskOracleStaging	0xFA81...d5cC	record store for automated parameter updates
LlamaGuard Risk Oracle RouterStaging	0xd4d0...c507	verifies workflow identity and enforces update bounds
Keystone ForwarderStaging	0x0b93...3885	verifies DON quorum signatures

Update bounds

Workflow	Writes to	Schedule	Min delay	Max step	Max report age

Risk Steward path bounds (per-update caps and delays pre-approved by governance) will be listed here once the production deployment is finalized.

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 $P = feed \times (1 - d τ)$ , where $τ$ is the time to maturity in years and the feed is the live price of the underlying; the oracle only ever sets $d$ . 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 on-chain update bounds listed above (max step per update, minimum delay between updates, max input report age) 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.