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$GRVT Aave’s proposed $USDG rollover would let borrowers carry their stablecoin debt into a new fixed-yield $USDG position, but the replacement collateral currently yields less than three quoted borrowing rates. That leaves leverage and separately administered rewards central to whether extending the trade makes financial sense. The proposal concerns Pendle principal tokens, or PTs, on the X Layer network: holders of the token maturing Oct. 29 would move into a replacement maturing Feb. 25, 2027. In its Oct. 8 assessment, risk provider LlamaRisk said the February token’s on-chain yield alone fell short of USDT0, $USDC and $USDG borrowing costs. $GHO was the cheaper exception in that assessment’s Oct. 7 snapshot. TokenLogic’s proposal would enable a flash-loan transaction that temporarily repays debt, replaces the old PT collateral, borrows again and repays the flash loan. OKX would develop that integration separately. The Aave listing and separate OKX integration would both need to be implemented. An Oct. 10 refresh preserves the gap. Pendle’s market API reported a February PT implied annual percentage yield of about 2.98%, with data updated at 21:09 UTC. Aave’s X Layer market display, retrieved at 21:11 UTC, showed variable borrowing APYs of 4.12% for USDT0, 5.87% for $USDC and 3.75% for $USDG. The readings show why transaction convenience and investment profitability are separate questions: a rollover can preserve access to borrowing while resetting the collateral’s yield at the new purchase price. A Pendle PT is a discounted claim on an accounting asset at maturity. For this $USDG market, LlamaRisk describes redemption as one PT for one $USDG. The purchase discount determines the return from holding to maturity, while ordinary PT holders give up the underlying variable yield and points to the corresponding yield token, or YT, under Pendle’s mechanics. Borrowing to buy more PT increases exposure to that discount. The strategy earns positive incremental carry when the acquired PT return exceeds its financing cost. When borrowing costs exceed the asset’s return, each additional borrowed increment reduces the position’s return before rewards and costs. That relationship looked different in LlamaRisk’s August review. Using Aug. 18 data for the October maturity, it quoted a 3.19% PT yield against borrowing rates of 0.45% for $GHO, 1.37% for USDT0 and 2.69% for $USDG. The review described positive carry. The Oct. 7 snapshot for the February replacement quoted a 2.79% PT yield against 4.48% USDT0, 4.10% $USDC and 3.67% $USDG borrowing rates. $GHO, at 0.93%, still borrowed below the PT yield. The comparisons span different maturities; existing October PT holders retain their original purchase yield. There is also a distinction between a quoted funding comparison and an allowed borrowing route. LlamaRisk’s recommended new Aave borrowing category, E-Mode 9, lists USDT0, $GHO and $USDC as borrowable assets. $USDG is absent from that proposed list, so its rate provides a cost comparison rather than proof of eligibility for the February configuration. How leverage and rewards change returns The 2.98% annualized PT yield corresponds to about 1.11% gross appreciation over the roughly 137.1 days from the Oct. 10 snapshot to Feb. 25. The annual figure should not be mistaken for the cash return available over that shorter holding period. A standalone PT-and-debt illustration shows how leverage changes the outcome. It holds the displayed borrowing APYs constant through maturity, excludes rewards, transaction costs and retained YT, and assumes no rebalancing. Two times exposure means assets equal twice starting equity and debt equals that equity; five times exposure means debt equals four times starting equity. Using the APY convention in Pendle’s calculation documentation, the illustration converts each annualized rate into a return over the same holding period. It then subtracts the debt’s interest cost from the PT position’s appreciation The table shows illustrative total returns through Feb. 25. Without borrowing, the same PT position earns about 1.11% before costs. At two times exposure, the return on the investor’s own capital can still cover the negative spread on the borrowed portion. At five times exposure, financing consumes more than the gross PT gain in all three examples. Actual borrowing rates can change throughout the holding period. Actual purchase prices also determine effective PT yield, and the Oct. 8 assessment listed 0.05% taker fees for the February pool’s AMM and orderbook. Slippage, network fees and any applicable flash-loan charge further affect the transaction. A thin positive result can disappear after execution costs. LlamaRisk attributes participating loop users’ profitability to external OKX Exchange Earn incentives. It also says an end to those incentives would likely encourage users to unwind. The public OKX Wallet bonus announcement describes a separate program. It names $USDG Loop or PT-$USDG-29OCT2026 supplied to Aave through the designated Wallet campaign page, with bonus APY capped at 2%. Transactions through Aave or other third-party websites do not qualify. The Wallet campaign ends Oct. 28 at 15:00 UTC+8, or 07:00 UTC, with rewards claimable afterward. Distribution depends on eligible participants’ deposit shares, and the actual payout may be below the announced 490,000 $USDT reward pool. Those terms cover the October token. February reward eligibility and the separate Exchange Earn expiry require their own terms. The standalone illustration also differs from an actual OKX Wallet product. Its Loop FAQ says PT Loop can leave YT separately in the user’s wallet, outside the displayed Loop position value. Those retained tokens, product rewards and execution costs must be included when assessing the wallet’s total return. OKX Wallet’s FAQ also says a PT position does not automatically redeem, unwind, renew or roll over at maturity. PT promotional rewards stop then under those Wallet rules, and a new-term subscription depends on product availability.

$GRVT $GRVT Aave’s Ethereum Core market lists a 4.5% borrowing rate for $GHO, aligning the stablecoin’s borrowing cost with the savings rate TokenLogic reported on Oct. 2. The next test is whether the change brings $USDC or $USDT into the reserves available to savers who choose to convert withdrawn $GHO into $USDC or $USDT. Aave describes its savings token (sGHO) as redeemable instantly into $GHO, so a holder who wants $USDC needs a separate conversion. A higher borrowing rate can change the incentive to repay, but the route used to acquire that repayment $GHO determines whether stablecoins enter the reserves. The DAO service provider reported a depleted $USDC $GHO Stability Module (GSM) on Oct. 2, and said the rate increase should help replenish reserves if borrowers obtain repayment $GHO through the modules. The effect on reserves depends on borrowers bringing stablecoins into those modules, and the new rate alone does not demonstrate improved $USDC conversion liquidity. Aavescan’s Core $GHO data dated Oct. 5 displays a 4.5% borrow $APR. Its daily snapshots show 4.25% at midnight UTC on Oct. 3 and 4.5% at midnight on Oct. 4 and Oct. 5, locating the change between daily readings. TokenLogic’s Oct. 2 notice proposed moving Core from 4.25% to 4.5%. It said borrowers could previously pay 4.25% to acquire $GHO on Core and earn 4.5% in sGHO, leaving the DAO to fund the 25-basis-point difference. At an unchanged savings rate, the new Core rate eliminates that stated gap. That alignment is specific to Core and the 4.5% savings rate reported on Oct. 2. TokenLogic proposed a 3% base rate, up from 2.75%, and a 4.25% $APR at optimal utilization, up from 4%. Aavescan’s Prime page displayed 4.17% on Oct. 5 at 86.35% utilization, versus 4.22% in its midnight snapshot. Repayment replenishes reserves only through the right route TokenLogic describes two ways a borrower needing $GHO can acquire it: buy on the secondary market, or exchange $USDC or $USDT through a GSM. Buying $GHO can support its market price, while bringing stablecoins into a GSM adds the inventory that another $GHO holder can later redeem against. That makes a fall in outstanding debt an incomplete measure of conversion liquidity, since repayment can occur without $USDC reaching a module. Improved conversion liquidity requires stablecoins entering the reserve, beyond any change in $GHO debt. Core’s midnight snapshots recorded 116 million $GHO borrowed on Oct. 2 and 115.8 million on Oct. 5. Aave’s native sGHO documentation says users deposit $GHO, receive vault shares, and redeem those shares for $GHO without a cooldown. It also says deposited funds are not rehypothecated. Aave also documents a pause state and user-specific withdrawal limits. Those conditions affect live vault availability, separately from the inventory and liquidity needed to exchange the resulting $GHO. $GHO exits require market conversion, while repayment routes depend on reserve inventory and pool liquidity. The RemoteGSM architecture, described by TokenLogic in March, makes the inventory distinction explicit. Governance-approved facilitators supply preminted $GHO to a GhoReserve, and GSMs draw and restore it under assigned limits. Room to distribute $GHO is separate from the stablecoin inventory available for redemption. A higher limit can permit incoming swaps, but users still have to deliver the $USDC or $USDT. Aave Labs’ institutional proposal reported 19.2 million $USDT on Ethereum and 40.7 million on Plasma as of Sept. 24, totaling 59.9 million $USDT. It excluded $USDC instances because their redeemable balances were negligible. TokenLogic’s Oct. 2 update reported approximately 22.5 million $USDT in a $USDT GSM without labeling the network scope. Comparing that figure with the earlier Ethereum-plus-Plasma total would not establish an aggregate decline. Neither statement supplies matched Oct. 5 balances. Plasma provides a potential route to $USDT inventory beyond Ethereum through Chainlink CCIP. Its usefulness depends on the time needed to bridge $GHO and turn the module’s assets into usable stablecoins. Kairos Research’s September analysis, using Sept. 8 readings, reported 40.6 million in nominal Plasma GSM redemption inventory against 38.6 million in underlying lending-pool cash. Kairos also estimated at least 9.7 hours of rate-limit time to move 40 million $GHO to Plasma under the bridge settings it measured. That assumed a full initial bucket and no competing traffic, and excluded message delivery and subsequent conversion steps. Fees require the same care. TokenLogic’s September parameter notice proposed 15-basis-point $USDC redemption fees on Ethereum, Monad and Arbitrum, a 10-basis-point Ethereum $USDT fee and zero mint fees. Its implementation language does not establish current executed fees. A usable exit depends on the current quote, inventory, and underlying liquidity together.

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DUBAI, UAE, Dec. 3, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, and Mantle, the high-performance distribution and liquidity layer for real-world assets, today announced a strategic partnership led by TokenLogic with Aave to advance decentralized finance (DeFi) accessibility and unlock new onchain liquidity channels for users worldwide. Under this collaboration, Aave will launch on Mantle Network, bringing the industry’s most trusted decentralized lending protocols to a scalable, low-cost, EVM-compatible Layer-2 built for institutional-grade applications and real-world assets. This integration will enable users to supply, borrow, and access tokenized assets powered by Mantle’s fast-growing DeFi, RWA, stablecoin, and restaking ecosystems. The partnership deepens the alignment between Mantle and Bybit, uniting protocol-level innovation with global exchange distribution. With Bybit acting as the Global Liquidity Bridge, the collaboration will strengthen liquidity pathways between centralized and decentralized venues with future plans to explore a variety of product offerings on the exchange including but not limited to asset listing, on-chain earn products, etc., subject to regulatory approval and market readiness. Unlocking a New Era of Onchain Capital Efficiency Aave’s deployment on Mantle establishes a powerful foundation for scalable and composable DeFi strategies, unlocking new liquidity routes that benefit both individual and institutional participants. Mantle’s Layer-2 infrastructure enhances the efficiency of Aave’s lending pools by reducing transaction costs and latency while supporting high-throughput market activity. Bybit’s global exchange infrastructure complements this expansion by offering direct connectivity between centralized liquidity, collateral management, and onchain DeFi markets, providing an integrated pathway for over 70 million users worldwide. As part of the partnership, MNT-based yield incentive programs will be introduced within Aave pools. These incentives aim to reward early participation, strengthen asset utilization, and catalyze healthy liquidity formation within the Mantle ecosystem. “This partnership represents a major step toward making decentralized finance truly scalable and globally accessible,” said Emily Bao, Key Advisor at Mantle.. “By combining Aave’s proven liquidity engine with Mantle’s high-performance Layer-2 and Bybit’s worldwide market reach, we are building a unified financial experience that bridges CEX liquidity with the next generation of on-chain markets.” “Bringing Aave to Mantle reinforces our mission to make high-performance DeFi infrastructure accessible to all,” said Emily. “Together with Bybit, we are creating a more connected liquidity environment – one where users and institutions can engage with decentralized markets confidently, efficiently, and at global scale. This collaboration sets the stage for deeper integrations and future market opportunities.” “This deployment on Mantle, together with Bybit’s global distribution, connects institutional-grade infrastructure with Aave’s deep, 24/7 liquidity,” said Stani Kulechov, Founder of Aave Labs. “By bringing Aave’s lending markets to Mantle’s high-performance network with direct access to Bybit’s exchange, this integration makes transparent, onchain finance available at global scale for institutions worldwide.” “DeployingAave on Mantle represents an important milestone in expanding our protocol across high-throughput networks to make DeFi win,” said Matthew Graham, Founder and CEO at TokenLogic. “We’re excited to see a lot more users benefit from the efficiencies and new liquidity sources unlocked through this integration with Mantle and Bybit.” Advancing the Future of Integrated On-chain Finance The partnership between Bybit, Mantle and Aave represents a decisive move towards a more unified, liquid, and accessible on-chain financial system. By combining Aave’s protocol security, Mantle’s execution performance and Bybit’s global distribution, the collaboration lays the foundation for the next phase of scalable DeFi infrastructure where capital can move seamlessly between centralized platforms and decentralized protocols. Together, the partners aim to accelerate global DeFi adoption and deliver a frictionless financial environment for retail users, builders, and institutions across the world. About Mantle Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with on-chain liquidity and access real-world assets, powering how real-world finance flows. With over $4B+ in community-owned assets, Mantle combines credibility, liquidity and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by $MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle Network’s partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, OP-Succinct and EigenLayer. For more information about Mantle, please visit: mantle.xyz For more social updates, please follow: Mantle Official X Mantle Community Channel AboutBybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance atBybit.com. For more details about Bybit, please visitBybit Press For media inquiries, please contact: [emailprotected] For updates, please follow:Bybit’s Communities and Social Media Discord|Facebook |Instagram |LinkedIn |Reddit | Telegram | TikTok |X | Youtube About Aave Aave is the world’s largest and most trusted decentralized finance (DeFi) platform, with $55 billion in deposits and over $23 billion in active loans. Built entirely on blockchain software and governed by its community of AAVE token holders, Aave operates as a global savings and borrowing network where people can earn by depositing crypto or stablecoins, borrow instantly using crypto as collateral, save and grow assets automatically, and swap tokens directly in the platform. Everything runs on transparent smart contracts, with no banks, no paperwork, and 24/7 open access worldwide. Visit at Aave.com About TokenLogic TokenLogic is a pioneer in non-custodial asset management and on-chain growth solutions, empowering individuals and institutions to maximize the potential of decentralized finance. As an Aave Service Provider, TokenLogic delivers specialized expertise across treasury management, protocol analytics, and GHO growth initiatives, to strengthen and scale the adoption of Aave’s GHO stablecoin and the broader Aave Protocol liquidity ecosystem. Built on principles of transparency, security, and user autonomy, TokenLogic designs smart-contract–driven strategies that enable users to retain full control of their assets while accessing sophisticated yield and liquidity management. The company continues to expand its suite of products across major DeFi ecosystems, redefining how capital moves and grows on-chain.