[Gauntlet] Offboard expired Pendle Tokens from Euler Yield

Euler DAO Markets
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Offboard expired Pendle Tokens from Euler Yield

Summary

This proposal recommends offboarding 3 expired Pendle PTs from Euler Yield: PT-tUSDe-25SEP2025, PT-sUSDE-25SEP2025, PT-USDe-25SEP2025. Expired Pendle PTs stop accruing yield and become simple 1:1 wrappers of the underlying. Offboarding these allows controlling the total exposure to the underlying assets.

Liquidity

Vault Total Supply
PT-tUSDe-25SEP2025 $71k
PT-sUSDE-25SEP2025 $20k
PT-USDe-25SEP2025 $7k

Only PT-tUSDe-25SEP2025 holds value > $71K. We expect this to be reduced to <$50k in the following days.

Offboarding Process

We recommend the following offboarding process:

  • Set supply caps to or near 0
  • Ramp down LTVs to 0 over 30 days
  • Inform users about the offboarding on public channels
  • Once the ramping period is over, remove the vaults from the UI
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Objective Labs agrees with Gauntlet’s proposal to offboard the expired Pendle tokens from Euler Yield. These assets have already reached maturity, and their removal aligns with standard lifecycle management and ensures that active markets remain focused on current Pendle maturities.