A manipulation of a Pendle PT-reUSD lending market liquidated twelve borrowers holding roughly $36M, costing them about $1.35M combined. A pool price push under 3% made nearly every leveraged position liquidatable at once, since positions clustered near the LTV ceiling and the oracle tracked a short TWAP of the pool. LlamaGuard PT, being brought to Aave, quotes a linear discount re-rated toward a multi-day smoothed rate, in bounded steps behind a 0.30% drift gate, governed by Aave contracts. A dynamic liquidation threshold rises toward maturity while penalties fall, making attacks slow, costly, and visible.

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