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Major changes in the AAVE ecosystem: The Umbrella module replaces the Safety Module, and the GHO staking yield will decrease to 7.7%.
Major Changes in the AAVE Ecosystem: Umbrella Module Replaces Safety Module
The AAVE ecosystem recently passed a key proposal, and the long-awaited AAVE Umbrella module has received community approval, set to be officially implemented on June 5, 2025. This means that the AAVE Umbrella module will replace the original Safety Module and take on the bad debt guarantee function of the AAVE ecosystem. This transformation will have a significant impact on the revenue model of the AAVE ecosystem.
Core Issues Solved by the Umbrella Module
The Umbrella module mainly addresses two issues:
Reduce maintenance costs. The original Safety Module requires about $66 million in incentives each year, which puts pressure on the market value of AAVE.
Improve capital efficiency. The original module only supports AAVE-related assets, which mismatches with the actual lending assets, resulting in low efficiency when handling bad debts.
The main optimizations of the Umbrella module include:
Introduce aTokens that are more relevant to collateral assets, such as stkwaUSDC, stkwaUSDT, stkwaETH, etc.
Use a release curve model to dynamically adjust the staking yield of each asset to improve capital utilization efficiency.
The automatic execution of the Slashing mechanism through smart contracts replaces the governance-dependent triggering method.
GHO Staking Yield Significantly Decreased
Under the new module, the staking yield of GHO will decrease from the previous 13% to approximately 7.7%. This may lead to a significant shrinkage in the issuance of GHO. Currently, about 71% of the total supply of GHO, which is 238M, is participating in stkGHO staking. The decline in yield will result in a loss of demand for GHO until supply and demand are rebalanced.
However, the current 245% over-collateralization rate of GHO means that the risk of a run is relatively low.
Impact on the AAVE Ecosystem
This adjustment reflects the AAVE team's re-evaluation of the GHO development model. In the future, AAVE may focus more on the practical applications of decentralized stablecoins to reshape the competitiveness of GHO. This includes aspects such as payment medium, censorship resistance, and improving the capital efficiency of lending protocols.
However, for users, the once "God Mine" profit opportunities may soon disappear. The AAVE ecosystem is undergoing a significant paradigm shift, and its long-term impact is worth ongoing attention.