How much debt can be issued against gho as collateral across lending protocols.
Maximum possible exposure to gho
$83,392
$0 (max additional borrows against gho) + $83,392 (bad debt if gho was hacked now)
Aave V3
$83,338 at-risk exposure = $83,338 bad debt if hacked + $0 additional borrowable against gho
Morpho V1
$54.26 at-risk exposure = $54.26 bad debt if hacked + $0 additional borrowable against gho
Methodology and limitations
Showing collateral exposure for gho on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
These metrics describe lending exposure only and are not a full protocol risk rating.
This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
Show exposure details
Each row is one protocol-chain exposure for gho as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol
Chain
Aave V3
Arbitrum
gho0x7dff72693f6a4149b17e7c6314655f6a9f7c8b33
$0
$83,338
Morpho V1
Ethereum
GHO0x40d16fc0246ad3160ccc09b8d0d3a2cd28ae6c2f
$0
$54.26
Risk Timeline
Risk-management actions published about gho by tracked risk managers and governance contributors, newest first.
GHO features 2.53x overcollateralization with $499M in diverse crypto assets like wstETH and WBTC, plus 30% direct 1:1 backing by $138.8M in USDC/USDT via the GSM, ensuring peg stability within ±10 bps most hours and total accessible liquidity of ~$262.8M across DEXs. The analysis highlights low peg deviation volatility (0.59% annualized) and quick recovery times, positioning GHO as a suitable low-risk pegkeeper candidate despite concentration in large transfers and limited active users.
GHO V1 delivered by Labs failed to hold peg from launch and required DAO service providers to rebuild stability mechanisms; 79.5M idle GHO in Horizon pool represents 15% of supply, incurring ~$1.05M in annual DAO costs without borrowing demand or revenue generation.
The bill prohibits payment stablecoins like GHO from offering yields solely for holding, potentially shifting incentives to DeFi mechanisms but constraining direct issuer compensation to compete with bank deposits.
Configuring kBTC as collateral creates direct borrowing pairs with GHO, expected to boost demand and organic minting from institutional usage on Ethereum mainnet.
GHO is included as a borrowable asset in the proposed eMode category alongside syrupUSDC, but no changes to its existing parameters or exposure are suggested.
Deployment of the syrupUSDC/GHO vault permits borrowing GHO against syrupUSDC collateral, expanding GHO’s role in Fluid’s ecosystem and supporting stablecoin liquidity growth.
Activation provides $12M target liquidity for GHO, Aave's native stablecoin, with 4.4x shock resilience sufficient to cover its $180M borrow cap and ensure bad debt protection during the transition from the legacy Safety Module.
GHO liquidity on Base has grown to ~$28M TVL, primarily in Balancer pools paired with USDC, USR, and EURC, making the initial conservative CCIP rate limits a bottleneck for efficient cross-chain capital deployment. The proposed five-fold increase to 1.5M GHO limit and 300 GHO/second refill rate is safe, as Base's developed liquidity can absorb larger volumes without impacting the secondary market peg, representing only 0.6% of total supply with bridge facilitator caps still in place.
GHO Savings Upgrade supported with analysis on DAO funding sustainability, ASR-borrow rate balance, single-market yield reliance, peg stability, and architectural complexity, but no direct exposure change proposed.
The proposal introduces sGHO as a yield-bearing vault and the Aave Savings Rate (ASR) mechanism, tied to USDC supply yields on Aave V3 Ethereum, to boost GHO's utility by offering predictable yields to holders and simplifying DeFi integrations. This aims to drive adoption through competitive rates above GHO borrow costs while mitigating arbitrage risks via controlled differentials and GSM mint caps to maintain peg stability during potential outflows.
