# Aave v3 Ethereum GHO Prime deposits fall 44% between checks

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

- URL: https://riadefi.com/on-chain/2026-09-23-aave-v3-gho-prime-ethereum-tvl-exodus/
- Type: Market stress
- Stage: Confirmed
- Evidence: developing
- Materiality: material
- Event date: 2026-09-23
- Version: 1, published 2026-09-23 (first published 2026-09-23)
- Follow-up: 2026-09-24
- Advisor-relevant: yes
- Affects: Aave v3 (protocol)

Developing. Some claims here are not yet confirmed; they are listed apart from the confirmed facts. A new version replaces this one when the primary evidence changes.

## 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.

## Sources

1. [Aave v3 Ethereum GHO Prime deposits declined 44%](https://monitor.ketjuresearch.com/alerts.json#tvl-exodus%7C41683a7c-20a2-4cd7-83a7-3ccedaad0db1%7C2026-09-23T11%3A07%3A23.169Z) · Ketju quantitative monitor · 2026-09-23


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.