隨著 GHO 穩定幣市值的增長，Aave (AAVE) 協議考慮回購

GHO 市值的相對加速成長引發了有關 Aave 協議發起的潛在回購的討論。

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 穩定幣供應量持續成長，接近 1.75 億代幣的目標。一旦實現這一目標，Aave (AAVE) 協議將開始回購其原生代幣，這可能會進一步提高其價格。

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 供應量繼 8 月快速成長後達到 1.35 億個代幣。 GHO 代幣仍在有限數量的主要協議上進行交易，其中三個主要平台處理了大部分交易量。這些代幣現已在 Curve、Balancer 和多個 Uniswap V3 配對上可用。

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 現在可用於農場收益，風險金庫可提供高達 20% 的收益。然而，穩定幣也致力於在 Aave 生態系統中發揮更具影響力的作用。 GHO 作為貸款和流動性池中的資產為 Aave DAO 創造收入。

GHO was previously facing selling pressure

GHO先前面臨拋售壓力

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 是根據 AAVE 抵押品鑄造的，這導致其初始增長較慢。 DeFi 市場也受到 2022 年去槓桿和熊市的影響。

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 用戶會借用 GHO 並將其交換為其他穩定幣，這在各種協議上提供了更好的收益。拋售壓力導致 GHO 失去了 1 美元的掛鉤匯率和穩定資產的聲譽。

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 對於借用 GHO 有更多的檢查和更保守的程序，這使得供應成長更加永續。因此，更多的 GHO 將保留在 Aave 生態系統中，並有額外的控制措施來傳播到其他協定。

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 社群也正在討論 GHO 借貸上限的每一步，以避免任何進一步偏離 1 美元的束縛。 GHO 的最終目標是達到 10 億美元的市值，所有這些都將在 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，這可能需要數年時間。與 GHO 相比，Ethena 等其他協議的原生穩定幣成長速度要快得多。然而，在市場條件不利的情況下，Ethena 也不得不減少 USDe 的供應。

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 還將改進其代幣經濟，使用多種類型的抵押品來彌補不良貸款。在貸款清算期間僅使用 AAVE 會對代幣的市場價格造成壓力。 Umbrella 將成為新的 Aave 安全模組，為不良貸款提供多重資產覆蓋。

AAVE rises to two-year peak

AAVE升至兩年高點

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 仍然是領先的借貸協議，鎖定價值約 110 億美元。因此，AAVE 目前的交易水準與 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 於 8 月恢復至 140 美元上方，並繼續幾乎每天都上漲。 AAVE 在擴張之前被認為是被低估的、小眾的 DeFi 協議。儘管如此，由於 DeFi 和穩定幣的需求增加，過去 40 天仍然上漲了 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 也對 Aave DAO 控制高 GHO 儲備的提議做出了反應。由於公開市場上的回購，該代幣可能會繼續擴大。升級和回購的截止日期仍不確定。以這樣的 GHO 擴張速度，預計到年底目標供應量將達到 1.75 億。

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.

在引入收入共享後，該代幣預計也會變得更有價值。短期來看，AAVE 被視為有風險，有可能在暫時的拋售壓力下下跌 140 美元。

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.

對 Aave 的額外需求可能來自 Spark 子 DAO，從 Aave 金庫尋求被動收入。 Maker 本身可能會朝著更保守的方向發展，以美國債務的形式儲備。 Aave 仍然提供風險較高的加密抵押貸款選擇。

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 可能會隨著 Spark 協定的額外流入而成長，尤其是 USDS（更名前的 DAI）。最近，Aave 還為 EtherFi 開設了一個金庫，weETH 流動性代幣可以用作抵押品。截至 2024 年 9 月，Aave 涵蓋了超過 65% 的加密貸款市場，其中大部分活動集中在 V3 金庫。

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 上的大多數抵押品都是 WETH、weETH、WBTC、USDT 和 USDC 的形式。透過 Sky-Aave 力量合作夥伴關係，抵押品清單將會增加，特別是增加 USDS。 Aave 用戶還可以獲得 SPK 代幣分配，以換取支援 Spark 協議的被動收入。