sUSDe Yield Against the Aave Borrow Rate: Why the USDe Loop No Longer Pays

Anyone borrowing USDe in order to turn it into sUSDe has, since September 9, 2026, been paying more for the loan than the deposit yields. On the four Aave markets that can be measured from outside, the borrow rate for USDe on this September 12 stands between 6.02 and 6.39 percent, while the yield on staked USDe is 5.01 percent. The difference is negative, which means every additional round of the leveraged loop worsens the result compared with simply holding. This piece shows where the two figures stand, how to recalculate them yourself, and at what point the arithmetic tips over. What Aave changed in the USDe interest rate model on September 9 The risk service provider LlamaRisk published a recommendation in Aave's governance forum on September 9, 2026 at 16:39 UTC that raises the base rate for USDe. It reads: "Increase the USDe base rate by 1% to 6% and decrease Slope1 by 1% on Core, Plasma, Monad, Mantle, and Avalanche." The base rate therefore rises from 5.00 to 6.00 percent, while the first slope factor falls by one percentage point. All five Aave V3 instances that list USDe as a reserve are affected. The full recommendation, including the underlying figures, is in Aave's gove...