sGHO, issued by the Aave Protocol smart contracts under the governance of AAVE, stkAAVE and aAAVE tokenholders, is a tokenized yield-bearing savings vault that accrues value continuously against the underlying GHO stablecoin [S1][S2].

Each sGHO share represents a pro-rata claim on deposited GHO plus accrued yield [S1]. The specific underlying instrument is GHO, a decentralised, over-collateralised, USD-pegged stablecoin native to the Aave Protocol [S3]. sGHO does not rebase; deposited GHO earns a fixed annual percentage rate via an onchain yield index, and yield accrues continuously through appreciation of the share-to-underlying exchange rate [S1]. There is no cooldown, no slashing, and no rehypothecation [S1].

sGHO is not issued by a single corporate token-issuing entity; vault shares are minted and burned deterministically by smart contracts under Aave Governance, the Aave DAO [S2][S4]. Associated Services are brought to you by Aave Labs under Terms of Service governed by the laws of the Cayman Islands, though Aave Labs does not control or operate the Protocol [S5][S4]. The holder's claim is an ERC-4626 vault share redeemable for GHO [S1]. Access is restricted for persons in sanctioned territories, persons on OFAC sanctions lists, and persons suspected of money laundering or fraud [S5]. Redemptions are atomic, burning sGHO shares to receive GHO at the current share price [S1].

sGHO is an ERC-4626 vault deployed on Ethereum mainnet [S1]. Depositors mint shares by supplying GHO, and redeem by burning shares to receive GHO at the prevailing share price, settling atomically onchain with no cooldown [S1]. The GHO value of each share is determined by an onchain yield index that rises continuously over time [S1].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://aave.com/docs/aave-v3/guides/sgho" },
    { id: "S2", url: "https://aave.com/faq" },
    { id: "S3", url: "https://aave.com/docs/ecosystem/gho" },
    { id: "S4", url: "https://aave.com" },
    { id: "S5", url: "https://aave.com/terms-of-service" },
  ]}
/>


# Asset Price methodology

## 1. Overview

Asset price represents the closing USD value of a tokenized asset at the end of each day. Daily prices are recorded to facilitate the valuation of on-chain activity and the calculation of market capitalization. Each price point reflects the market value at the conclusion of the UTC day.

## 2. Data sources

- **Asset metadata**: Token contract addresses, ticker identifiers, and on-chain launch timestamps
- **External data**: End-of-day price feeds and exchange rate feeds from market data providers
- **Blockchain data**: Data covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others) and non-EVM chains such as Solana, Aptos, and Near

## 3. Step-by-step calculation

### Component A: Market data retrieval

- **Purpose**: Collect raw daily price information
- **Logic**: Daily price data is retrieved from external market data providers. For assets pegged to specific currencies, prices are calculated using a multiplier and daily exchange rates. For assets traded on traditional exchanges where data is unavailable on certain days, such as weekends or holidays, missing values are filled with the last available closing price.

### Component B: Timestamp normalization

- **Purpose**: Align price data with daily reporting periods
- **Logic**: Timestamps are truncated to the daily grain. To accurately reflect the closing value, prices recorded at the start of a day (00:00:00 UTC) are assigned to the preceding calendar day.

### Component C: Asset mapping and deduplication

- **Purpose**: Associate prices with unique assets and resolve data overlaps
- **Logic**: Prices are mapped to assets using unique identifiers for EVM-compatible and non-EVM chains. To ensure data integrity, price records are filtered to include only those occurring on or after the asset's on-chain launch date. In instances where price data for a single asset is available from multiple sources, the data is deduplicated by selecting the record with the highest priority to ensure a single, consistent closing price.

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

Asset price

Tokenized funds

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

Savings GHO (Ethereum) (sGHO) is a tokenized fund share issued by Aave.

The fund is open-ended, invests in crypto assets, and locks up subscriptions for 0 months.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can subscribe and redeem in GHO, with a GHO 0 minimum and instant subscription settlement, and holders have a right to redeem at net asset value with instant settlement.

sGHO has been issued on Ethereum as an ERC-4626 token since May 2026.

Savings GHO (Ethereum)sGHO