DefiLlama Revises Its $GHO Circulating-Supply Calculation
DefiLlama has updated the way it calculates the circulating supply of Aave’s $GHO stablecoin. Previously, the data provider counted the full Ethereum token supply. Under the revised methodology, DefiLlama subtracts unused $GHO held in reserves across Ethereum, Arbitrum, Monad and Plasma, along with eligible unborrowed inventory created by direct minters in Aave’s Core, Prime/Lido and Horizon markets.
The change caused the reported supply to step down from the previous $699 million figure to $270 million in the Nov. 13 reading. The adjustment reflects a reclassification of tokens under the new definition of circulating supply, rather than a corresponding reduction in total $GHO issuance.
Why the Reported $GHO Supply Fell
The updated adapter continues to include $GHO deposited by ordinary users in its circulating-supply figure. When calculating the deduction, it assigns borrowing to a direct minter’s inventory first and subtracts only the eligible idle remainder. Unused permission to mint additional tokens is not included in the deduction.
The contributor who proposed the change warned that historical observations would need to be recalculated. Without that adjustment, the chart would show an apparent drop of roughly $420 million when the revised calculation went live. The fetched data series instead showed exactly $699 million for every daily observation from Oct. 15 through Nov. 12, followed by the lower reading on Nov. 13.
An independent check of the Ethereum token contract through Etherscan returned 699 million $GHO. That figure represents total issuance, including idle inventory, and is not an alternative estimate of the newly defined circulating supply used in the revised DefiLlama calculation.
What the Change Means for $GHO Users
When checked, Aavescan displayed a 4.50% borrowing APR for $GHO on Ethereum V3. The same rate appeared in Aavescan’s daily snapshots covering Nov. 7 through Nov. 13.
For holders of savings $GHO, or sGHO, redemption and conversion remain separate actions. Aave’s documentation states that the savings vault can redeem sGHO shares into $GHO without a cooldown. Exchanging that $GHO for another stablecoin requires a separate transaction. The lower circulating-supply figure therefore does not measure the liquidity available for that exit.
Why This Matters
The revised methodology distinguishes between total $GHO issuance and the portion DefiLlama classifies as circulating after excluding eligible idle inventory. That distinction is important when users, analysts and market participants compare supply data across dashboards or evaluate changes in the stablecoin’s market presence.
A comparable week-over-week supply change can be calculated only when both endpoints use the revised method. The former $699 million baseline and the new $270 million reading were produced under different definitions, so they cannot by themselves establish a single weekly supply change.
Frequently Asked Questions
Why did DefiLlama’s reported $GHO supply fall?
DefiLlama began excluding unused $GHO in specified reserves and eligible unborrowed inventory created by direct minters. This changed the reported circulating supply from $699 million to $270 million in the Nov. 13 observation.
Does the $270 million figure represent all $GHO issued?
No. Etherscan returned 699 million $GHO on Ethereum, representing total issuance that includes idle inventory. The $270 million figure reflects DefiLlama’s revised circulating-supply definition.
Did the change affect sGHO redemption?
No change to the redemption process is reported. Aave’s documentation says sGHO shares can be redeemed into $GHO without a cooldown, while converting $GHO into another stablecoin remains a separate transaction.
