GHO, issued by the Aave Protocol smart contracts under the governance of AAVE, stkAAVE and aAAVE tokenholders, is a decentralised, over-collateralised stablecoin soft-pegged to the U.S. dollar (USD) and minted on demand through governance-approved facilitators [S1][S2].

Each GHO represents a transferable USD-pegged claim minted when a holder borrows it against over-collateralised positions in Aave V3 markets, fully backed by onchain collateral held non-custodially in protocol smart contracts [S1]. GHO itself generates no native yield [S1]. Borrowers pay interest accruing via a governance-set interest-rate strategy, adjustable up to 25% APR when the 30-day trailing price deviates beyond the 0.995 to 1.005 USD range, with repaid interest directed to the Aave DAO treasury [S1].

GHO is not issued by a single corporate entity; tokens are minted and burned deterministically by smart contracts under Aave Governance, the Aave DAO [S1][S2]. The Services are brought to you by Aave Labs, whose Terms are governed by the laws of the Cayman Islands, while Aave Labs disclaims control of the Protocol [S3][S4]. Access is restricted for persons in sanctioned territories, persons on OFAC SDN lists, and those suspected of money laundering or fraud [S3]. GHO is repaid by burning it through the Pool, or redeemed at the GHO Stability Module at a fixed 1:1 ratio for approved stablecoins, subject to exposure caps, held non-custodially [S1].

GHO is an ERC-20 token with EIP-2612 permit support, deployed on Ethereum mainnet as origin and available on other chains including Arbitrum, Base, Avalanche, Gnosis, and Mantle [S1]. Cross-chain transfers use Chainlink CCIP via lock or burn on the source and release or mint on the destination [S1]. Minting occurs through the borrow function and repayment burns GHO, settling atomically onchain [S1].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://aave.com/docs/ecosystem/gho" },
    { id: "S2", url: "https://aave.com/faq" },
    { id: "S3", url: "https://aave.com/terms-of-service" },
    { id: "S4", url: "https://aave.com" },
  ]}
/>


# Asset senders (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

Stablecoins

Lenders deposit funds into Aave and receive interest payments from borrowers (supply-side fees).

Aave is a non-custodial lending protocol built on Ethereum and other adjacent blockchains. Aave was founded by Stani Kulechov and launched in 2017.

AAVE tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). Aave’s investors include ParaFi Capital, Framework Ventures, Three Arrows Capital, etc.

governance

github

twitter

discord

etherscan

website

Lending

Aave

Aave | Data breakdown

Aave GHO (Ethereum) (GHO) is a U.S. dollar stablecoin issued by Aave.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Aave in USDC and USDT, and holders have a contractual right to redeem at par.

GHO has been issued on Ethereum as an ERC-20 token since July 2023, with bridged versions on seven more.

Aave GHO (Ethereum)GHO