Aave v3 Ethereum GHO Prime deposits fall 44% between checks

What happened

Ketju's monitor observed a 44% decline in deposits for the Ethereum GHO Prime pool, from approximately $10.3 million to $5.8 million between checks.

What changed

Observed pool liquidity declined by approximately $4.56 million, materially reducing the pool's reported deposit base.

What did not change

The observation does not establish a GHO depeg, protocol loss, withdrawal impairment, parameter change, exploit, or the reason capital left.

Confirmed

• The watched pool is associated with Aave v3, GHO, the Prime instance, and Ethereum.
• Reported deposits declined from $10,342,442 to $5,778,491 between monitor checks.
• The measured decline was 44%.

Still open

• Whether the decline reflects ordinary repositioning, a data discontinuity, incentives, governance activity, or emerging stress.
• Whether the lower liquidity level persists in subsequent observations.
• Whether exit depth or the approved Ethereum GHO/sGHO sleeve is impaired.

What it means for an advisor

• Review current GHO and sGHO exit-liquidity evidence before increasing exposure.
• Keep the event under active monitoring until persistence and cause are established.

Previous interpretation

The reviewed Aave v3 sleeve treated Ethereum GHO deposited into sGHO as shelf eligible subject to liquidity and withdrawal controls.