GHO (GHO)

sGHO grew into 120M, there are still 70M GHO in StkGHO. Good reminder for StkGHO stakers to migrate https://t.co/8xoUJIxK0Y

Aave's stablecoin is more serious than you think.

T-bills are at 3.71%. @SkyEcosystem's sUSDS sits at 3.6%. GHO targets a minimum 50bps above it, currently paying 4.25%.

The yield comes from borrowers paying interest to mint GHO; @DefiLlama shows $5.1M in annualized revenue from that alone.

Only 76% of the GHO supply is staked to earn that yield (per @TokenLogic). With fewer recipients sharing the same rewards pool, the effective rate increases.

If GHO ever falls short of that 50bps premium, @aave generates $125M/year in protocol revenue and can cover the difference.
> Total GHO supply: $212M
> Old stkGHO (paying less now): $77M of that

Btw, if you still hold old stkGHO, you need to migrate.

I think they can scale this without touching treasury at all. More GHO circulating means the 76% staking rate could drop even lower, keeping individual yields high without Aave spending anything.

A stablecoin backed by a $125M revenue machine doesn't easily
lose the rate war. I'll go deeper into the table attached if you want to 😜