Aave GHO Stewards propose higher borrowing and savings rates

@TokenLogic posted the governance proposal on August 27, 2026. The ask: move GHO’s borrow rate on Ethereum Core from 3.75% to 4.25% across two 25-basis-point steps, also lift the Aave Savings Rate paid by sGHO from 4.25% to 4.50%, and add a separate 75-basis-point bump to the Ethereum Prime base rate, taking it to 2.75% in two steps. When each step would actually execute, the post doesn’t say.

The stewards’ stated rationale centers on a specific pricing distortion: GHO had become the cheapest stablecoin to borrow on Aave. Borrow cheap, mint GHO, dump it on the open market — that’s the mechanic that pressures the peg. GHO was sitting at $0.9997 on August 27.

The proposal also cites changes in GSM backing. Between August 13 and August 27, the USDT GSM on Ethereum fell from 53.2 million USDT to 40.8 million USDT — 12.4 million out the door in 14 days, 23.31% of the opening balance gone. stkGHO dropped 7.0 million over the 28 days ending August 27. sGHO deposits moved the other direction, growing to 158.6 million GHO net.

Debt makes up roughly 69% of GHO issuance; GSMs cover the other 31%. That split is worth keeping in mind when reading what these changes actually target. The borrow rate hike hits the dominant issuance channel. The ASR increase works the holder side through sGHO, trying to give people a reason to hold rather than sell.

The sGHO rate move has a price tag attached. The stewards put the annual cost of the 25-basis-point ASR increase at roughly $397,000, calculated against the current 158.6 million GHO deposit base. On the other side of the ledger, the stewards estimate, rather than confirm, that the full package would push DAO income from GHO from approximately $2.2 million to $3.0 million per year.

The post does not specify a monitoring timetable or an execution date for the steps.