First published 17 July 2023, two days after Aave minted GHO on Ethereum. Expanded in October 2026 so a borrow rate is not described as yield, and so the launch discount is not described as the current rule. GHO is a token that aims at one dollar. You mint it by borrowing against collateral already deposited in Aave, and the token is burned when that debt is repaid. No company promises to redeem it for a dollar in a bank account. The market has printed prices other than a dollar. A target is not a peg the software enforces by buying the token back. What is Aave (AAVE)? is the pool and the governance token. What is Dai (DAI)? is the older collateral dollar. Stablecoins: useful, not magic is the general case. GHO is none of those other tickers.
Who may mint is a facilitator: a contract the DAO has enrolled, with a bucket, a ceiling on how much that one facilitator may create. At launch, on 15 July 2023, the Ethereum pool’s bucket was 100 million and a flash-mint bucket was 2 million. The pool’s borrow rate started at 1.5 percent. Those were the opening settings. The bucket and the rate have moved since. A rate in a screenshot is that week. Unlike other borrows in the same pool, this rate is not set by how full the pool is. Governance sets it, and delegates small moves to stewards.
The launch discount is not the current rule
The launch also gave a discount to people who had staked AAVE. That discount has been deprecated. A page that still says to stake for 30 percent off is describing July 2023. A later design issues a credit that cannot be transferred, and that credit can be burned against GHO debt. The credit is not a second coin you can send. A receipt that sits in a savings module and pays a rate is a different token again. The rate is a parameter. Staking is a lock and a queue, not a savings account.
A flash mint creates GHO that must be repaid inside the same transaction. If the repayment is not there, the transaction reverts. It is a tool for other contracts. This page will not walk through using one.
GHO on another chain is a bridge copy until you are looking at the contract the DAO minted. The wrong network is still the wrong city. A wallet that lists GHO, DAI, and AAVE has not made them interchangeable. DeFi is software with rules you cannot call support about. Nothing here is an instruction to mint, borrow, or buy GHO.
