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GM! Despite ATH, BPT remains moderately high at 2.56 (below the local peak of 3.57), meaning this is already a "warm" temperature for the current cycle but without obvious overheating yet. Price holds above the 4-year MA and its +2σ (green), confirming the bullish trend. Main risk is typical corrections within the uptrend, "late-stage" signals will appear when BPT accelerates above 3.0.

The AAVE ecosystem has recently optimized its bad debt guarantee function by replacing the Safety Module with the Umbrella module, aiming to improve capital efficiency and drop maintenance costs. This transformation is expected to reduce the GHO stake yield to around 7.7%, reshaping the competitiveness of GHO and significantly impacting the investment strategies of ecosystem participants.

The AAVE ecosystem will launch the Umbrella module in 2025 through a key proposal, replacing the Safety Module and taking on the role of bad debt guarantee, thereby improving capital efficiency. However, the staking yield of GHO will significantly decrease, which may lead to a reduction in GHO demand. Overall, this reform optimizes the supply-side pressure of AAVE and reshapes the competitiveness of GHO.

The AAVE ecosystem is about to implement the Umbrella module, replacing the Safety Module, optimizing bad debt collateral functions, and enhancing capital efficiency, but it will lead to a significant decrease in GHO stake yields, dropping from about 13% to 7.7%. This move may trigger a decline in GHO demand, affecting its issuance, indicating a strategic adjustment by AAVE regarding decentralized stablecoins.

The AAVE community will implement the Umbrella module in 2025 through a proposal, replacing the Safety Module to enhance capital efficiency and liquidation mechanisms. This change will affect GHO stake holders' returns, decreasing from 13% to about 7.7%, which may lead to a shrink in GHO demand, but there will be no bank run risk in the short term. Meanwhile, AAVE is reshaping the market demand and application strategy for GHO to achieve more sustainable development.