# \[Gauntlet\] Euler Arbitrum Theo Market Listing Recommendation

**URL:** <https://forum.euler.finance/t/gauntlet-euler-arbitrum-theo-market-listing-recommendation/1742>\
**Category:** Markets\
**Created:** [November 25, 2025, 3:24am UTC](https://forum.euler.finance/t/gauntlet-euler-arbitrum-theo-market-listing-recommendation/1742 "2025-11-25T03:24:18Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![Gauntlet](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/gauntlet/32/611_2.png) [@Gauntlet](https://forum.euler.finance/u/Gauntlet)\
**Post date:** [November 25, 2025, 3:24am UTC](https://forum.euler.finance/t/gauntlet-euler-arbitrum-theo-market-listing-recommendation/1742/1 "2025-11-25T03:24:18Z")

</div>

# Summary

Gauntlet recommends re-listing the Frontier Theo market as an isolated market on Arbitrum to be risk-managed by Gauntlet and Objective Labs.

## LTVs

We recommend aligning Borrow LTVs & LLTVs with those in the existing Frontier Theo market.

### Borrow LTV

| Collateral / Debt | USDC | thBILL | USD₮0 |
| --- | --- | --- | --- |
| USDC | - | 90% | 94% |
| PT-thBILL-27NOV2025 | 90% | 94% | 90% |
| thBILL | 90% | - | 90% |
| USD₮0 | 94% | 90% | - |

### LLTV

| Collateral / Debt | USDC | thBILL | USD₮0 |
| --- | --- | --- | --- |
| USDC | - | 91% | 95% |
| PT-thBILL-27NOV2025 | 91% | 95% | 91% |
| thBILL | 91% | - | 91% |
| USD₮0 | 95% | 91% | - |

## Supply & Borrow Caps

| Asset | Supply Cap | Borrow Cap |
| --- | --- | --- |
| USDC | 100M | 90M |
| PT-thBILL-27NOV2025 | 30M | - |
| thBILL | 10M | 9M |
| USD₮0 | 100M | 90M |

For thBILL, we see slightly more than $13M volume across chains. Given that $6.56M has already been supplied in this market, we propose a conservative $10M supply cap and a proportional borrow cap. These can be increased once demand for the new market becomes clear.

| Chain | DEX | Liquidity($) |
| --- | --- | --- |
| Ethereum | Uniswap V3 | 4.03M |
| Arbitrum | Uniswap V3 | 9.23M |

For PT-thBILL-27NOV2025, the existing market has just over $22M supplied. However, there is only ~$15.1M in the Pendle pool for this token. Given this, we recommend a $30M supply cap to capture existing demand while keeping liquidity in mind. We recommend the same cap for PT-thBILL-18FEB2026 as we expect demand to grow after November 27th. Once Gauntlet and Objective Labs begin monitoring this market, additional adjustments to these caps can be made promptly as needed.

 ![image](https://canada1.discourse-cdn.com/flex007/uploads/euler/original/1X/d04e3be4865c4b7cf34b84d22bc1ee15619f440e.jpeg)

## IRM Curve

We recommend aligning IRM curves with those in the Euler Arbitrum Yield market.

| Market | Asset | Base Rate | Kink (%) | Rate @ Kink | Rate @ 100% (Max) |
| --- | --- | --- | --- | --- | --- |
| Arbitrum thBILL | USDC | 0% | 90% | 8% | 25% |
| Arbitrum thBILL | thBILL | 0% | 90% | 8% | 25% |
| Arbitrum thBILL | USD₮0 | 0% | 90% | 8% | 25% |

## Oracles

We recommend using the below oracles.

- PT-thBILL-27NOV20205/thBILL: Pendle Market AMM with a TWAP of 900s → 0xF51f47ed3f7412EB10Cd2C0B6a7D190524D43bDc
- thBILL/USDC: Redstone Exchange Rate → 0x8503441080c639AC94FCd98eDF16E77d6106688f

# Next Steps

- We welcome community feedback.