Aave V4 has opened three Ethereum lending markets with external curator Sentora setting market-level risk parameters, offering borrowing in Ripple USD (RLUSD), PayPal USD (PYUSD) and Origin Dollar (OUSD).
The two Yield markets accept Ethena’s USDe, PRIME, Midas mWIN and Huma’s PayFi Strategy Token (PST) as collateral; Bluechip accepts Kraken Wrapped Bitcoin (kBTC) as collateral for borrowing RLUSD, PYUSD or OUSD.
Sentora sets each market’s risk parameters. Aave’s decentralized autonomous organization (DAO) retains ownership of the contracts and administrative controls and can revoke Sentora’s roles. A governance proposal calls for a 48-hour delay before changes that increase risk take effect.
The markets use a dedicated Ethereum Hub that the proposal describes as isolated from Aave’s other markets. Aave V4 lets each spoke market draw from a common Hub under limits set in advance.
The initial proposal would divide instance revenue equally between the DAO and Sentora, while assigning no operating costs to the DAO. It presents consolidating Sentora strategies then spread across outside venues as a rationale for the arrangement; the launch announcement gave no revenue figures.
The proposal allows a service provider to object to new collateral or Hub deployments during a two-week forum window and refer them to a vote. It also said no DAO service provider had been assigned or paid to review submissions. LlamaRisk said it had not reviewed the configuration because the work was outside its engagement with the DAO.
The opening follows the initial Sentora market proposal and launch terms. The proposal also contemplated a separate PYUSD Yield market for a later deployment, but gave no launch date.
