随着 GHO 稳定币市值的增长，Aave (AAVE) 协议考虑回购

GHO 市值的相对加速增长引发了有关 Aave 协议发起的潜在回购的讨论。

GHO stablecoin supply continues to grow, moving closer to the 175M token target. Once they reach this goal, the Aave (AAVE) protocol will begin buybacks for its native token, potentially increasing its price further.

GHO 稳定币供应量持续增长，接近 1.75 亿代币的目标。一旦实现这一目标，Aave (AAVE) 协议将开始回购其原生代币，这可能会进一步提高其价格。

As of September 2024, GHO supply stands at 135M tokens, following a rapid growth spurt in August. GHO tokens are still being traded on a limited number of major protocols, with three main platforms handling the majority of the volume. The tokens are now available on Curve, Balancer, and several Uniswap V3 pairings.

截至 2024 年 9 月，GHO 供应量继 8 月份快速增长后达到 1.35 亿个代币。 GHO 代币仍在有限数量的主要协议上进行交易，其中三个主要平台处理了大部分交易量。这些代币现已在 Curve、Balancer 和多个 Uniswap V3 配对上可用。

GHO can now be used to farm yield, with risky vaults offering up to 20% gains. However, the stablecoin is also aiming for a more influential role within the Aave ecosystem. GHO is generating revenue for the Aave DAO as an asset in lending and liquidity pools.

GHO 现在可用于农场收益，风险金库可提供高达 20% 的收益。然而，稳定币也致力于在 Aave 生态系统中发挥更具影响力的作用。 GHO 作为贷款和流动性池中的资产为 Aave DAO 创造收入。

GHO was previously facing selling pressure

GHO此前面临抛售压力

GHO is minted against AAVE collateral, which contributed to its slower initial growth. The DeFi market was also reeling from the de-leveraging and bear market of 2022. At the same time, GHO was still relatively cheap to borrow.

GHO 是根据 AAVE 抵押品铸造的，这导致其初始增长较慢。 DeFi 市场也受到 2022 年去杠杆和熊市的影响。与此同时，GHO 的借贷成本仍然相对较低。

DeFi users would borrow GHO and swap it for other stablecoins, which offered better yield on various protocols. The selling pressure caused GHO to lose its $1 peg and its reputation as a stable asset.

DeFi 用户会借用 GHO 并将其交换为其他稳定币，这在各种协议上提供了更好的收益。抛售压力导致 GHO 失去了 1 美元的挂钩汇率和稳定资产的声誉。

Currently, Aave has more checks and a more conservative procedure in place for borrowing GHO, which is making the supply growth more sustainable. As a result, more GHO will remain within the Aave ecosystem, with additional controls for spreading to other protocols.

目前，Aave 对于借用 GHO 有更多的检查和更保守的程序，这使得供应增长更加可持续。因此，更多的 GHO 将保留在 Aave 生态系统中，并有额外的控制措施来传播到其他协议。

The Aave community is also discussing each step in the borrowing cap of GHO, to avoid any further deviations from the $1 tether. The end goal for GHO is to reach a market cap of $1 billion, all of which would be circulating in DeFi.

Aave 社区还在讨论 GHO 借贷上限的每一步，以避免任何进一步偏离 1 美元的束缚。 GHO 的最终目标是达到 10 亿美元的市值，所有这些都将在 DeFi 中流通。

At the current rate of approving borrowing caps, this may take years. Compared to GHO, other protocols like Ethena saw their native stablecoins grow much faster. However, Ethena also had to decrease the supply of USDe during unfavorable market conditions.

按照目前批准借款上限的速度，这可能需要数年时间。与 GHO 相比，Ethena 等其他协议的原生稳定币增长速度要快得多。然而，在市场条件不利的情况下，Ethena 也不得不减少 USDe 的供应。

Aave will also be improving its tokenomics to use multiple types of collateral for covering bad loans. Using only AAVE during loan liquidations puts pressure on the token’s market price. Umbrella will be the new Aave safety module, with multi-asset coverage for bad loans.

Aave 还将改进其代币经济，使用多种类型的抵押品来弥补不良贷款。在贷款清算期间仅使用 AAVE 会给代币的市场价格带来压力。 Umbrella 将成为新的 Aave 安全模块，为不良贷款提供多资产覆盖。

AAVE rises to two-year peak

AAVE升至两年高点

Aave is still the leading lending protocol, carrying around $11 billion in value locked. As a result, AAVE now trades at levels similar to May 2022.

Aave 仍然是领先的借贷协议，锁定价值约 110 亿美元。因此，AAVE 目前的交易水平与 2022 年 5 月相似。

This year, AAVE recovered above $140 in August and continues to rally on an almost daily basis. AAVE is considered undervalued and a niche DeFi protocol before its expansion. Nevertheless, it still managed to rally by 40% in the past 40 days, as both DeFi and stablecoins enjoyed increased demand.

今年，AAVE 于 8 月份恢复至 140 美元上方，并继续几乎每天都上涨。 AAVE 在扩张之前被认为是被低估的、小众的 DeFi 协议。尽管如此，由于 DeFi 和稳定币的需求增加，过去 40 天仍然上涨了 40%。

AAVE also reacts to the proposals of having high GHO reserves controlled by the Aave DAO. The token may continue to expand thanks to buybacks on the open market. The deadline for the upgrade and buybacks is still uncertain. At this rate of GHO expansion, the target supply of 175M is expected by the end of the year.

AAVE 还对由 Aave DAO 控制高 GHO 储备的提议做出了反应。由于公开市场上的回购，该代币可能会继续扩大。升级和回购的截止日期仍不确定。按照这样的 GHO 扩张速度，预计到年底目标供应量将达到 1.75 亿。

The token is also expected to become more valuable after the introduction of revenue sharing. In the short term, AAVE is seen as risky, with a potential to dip from the $140 level with temporary selling pressure.

在引入收入共享后，该代币预计也会变得更有价值。短期来看，AAVE 被视为有风险，有可能在暂时的抛售压力下从 140 美元水平下跌。

Additional demand for Aave may come from the Spark sub-DAO, seeking passive income from the Aave vaults. Maker itself may move in a much more conservative direction, with reserves in the form of U.S. debt. Aave still offers the riskier option of crypto-collateral lending.

对 Aave 的额外需求可能来自 Spark 子 DAO，从 Aave 金库寻求被动收入。 Maker 本身可能会朝着更加保守的方向发展，以美国债务的形式储备。 Aave 仍然提供风险较高的加密抵押贷款选择。

Aave may grow with additional inflows from Spark protocol, especially USDS (formerly DAI before the rebranding). Recently, Aave also opened a vault for EtherFi, where weETH liquidity tokens could be used as collateral. As of September 2024, Aave covers more than 65% of the crypto loan market, with most of the activity concentrated in V3 vaults.

Aave 可能会随着 Spark 协议的额外流入而增长，尤其是 USDS（更名前的 DAI）。最近，Aave 还为 EtherFi 开设了一个金库，weETH 流动性代币可以用作抵押品。截至 2024 年 9 月，Aave 覆盖了超过 65% 的加密贷款市场，其中大部分活动集中在 V3 金库。

Most of the collaterals on Aave are in the form of WETH, weETh, WBTC, USDT and USDC. With the Sky-Aave force partnership, the list of collaterals will increase, specifically adding USDS. Aave users may also receive SPK token allocations in exchange for supporting the Spark protocol with passive income.

Aave 上的大多数抵押品都是 WETH、weETH、WBTC、USDT 和 USDC 的形式。通过 Sky-Aave 力量合作伙伴关系，抵押品清单将会增加，特别是添加 USDS。 Aave 用户还可以获得 SPK 代币分配，以换取支持 Spark 协议的被动收入。