LlamaRisk’s 23 October Aave V3 review recommends lowering supply caps to one for PT-srUSDe-22OCT2026 on Core and PT-sUSDE-22OCT2026 on Plasma. Both matured on 22 October. The assessor describes the change as closing new deposits, while existing holders can withdraw or redeem.

Rates and capacity move separately

The package also recommends raising Arbitrum USDC’s Slope1 from 4.00% to 4.10%, leaving the base rate, Slope2 and optimal utilization unchanged. These are rate-curve parameters, not a current borrowing quote or promised supplier return.

Other recommendations reduce selected caps on Core, Avalanche and X Layer. They include Core sUSDe supply capacity falling from 130 million to 105 million and X Layer PT-USDG-29OCT2026 from 140 million to 50 million ahead of its 29 October maturity.

LlamaRisk says it will implement the changes through the Risk Steward process and discloses partial Aave DAO funding. NetNapz has not independently confirmed execution; the figures above describe recommendations dated 23 October, not verified live settings.

NetNapz assessment: a cap is permission, not available cash

NetNapz assessment: The practical distinction is between the maximum a market permits and what users can actually do at a particular moment. More headroom does not guarantee liquidity, and less headroom should not be read as a measure of immediate losses. A borrower or supplier needs the deployed configuration and the current state of the reserve before drawing conclusions about access.

The maturity date creates a second distinction. An instrument’s scheduled end and a lending market’s treatment of that instrument are separate events. Reporting one as if it automatically proves the other would hide the operational step that matters to users. The same caution applies to a provider’s intention to execute a change: an announcement establishes a proposed direction, while an identifiable execution record establishes the next reporting milestone.

For rate comparisons, a single curve parameter is an incomplete guide. Users comparing venues should examine the conditions under which a rate applies, the cost of entering and leaving a position, and the possibility that those conditions change. The useful follow-up is a check of deployed settings, rather than treating this dated review as an executable quote.

Scope and verification

NetNapz checked the governance review, its stated next steps, current site coverage and subject taxonomy on 27 October. No contract audit or live-position test was performed. This V3 package is separate from the previously reported Aave V4 matured-collateral borrowing review.