A Look at Aave’s GHO and First Digital’s FDUSD Growth
In mid-July, Aave, a decentralized finance lending protocol, introduced its gho (GHO) stablecoin after approving a governance proposal. Since then, the supply of GHO has expanded by over 348% within 16 days, reaching more than 11.25 million tokens in circulation. The most popular trading platforms for GHO are Uniswap v3 and Balancer v2, with a total of 357 holders and 3,479 transactions recorded.
Key Points:
- GHO’s supply has expanded by over 348% within 16 days.
- Uniswap v3 and Balancer v2 are the most popular trading platforms for GHO.
- GHO has 357 holders and has recorded 3,479 transactions.
The 24-hour trading volume of GHO is approximately $1.52 million, with Balancer’s Vault holding 59.2255% of the total supply. As of August 2023, GHO is positioned as the 31st largest stablecoin based on its supply and market capitalization. GHO reached its all-time low at $0.971 per unit on July 24, 2023.
On the other hand, FDUSD, another stablecoin, has shown a remarkable increase in supply. Within a week, the supply of FDUSD has grown by a staggering 20,000%, from approximately 1,114,126 to over 232 million tokens in circulation. FDUSD has only 14 holders and 98 transfers recorded since its launch.
Key Points:
- FDUSD’s supply has increased by 20,000% within a week.
- Only 14 holders and 98 transfers have been recorded for FDUSD.
Most of FDUSD’s supply is held in wallets named “Binance 14” (96.0563%) and “Binance 15” (1.4325%). Binance, a cryptocurrency exchange, controls the third largest wallet with 1.3670% of the FDUSD supply. The leading market for FDUSD is tether (USDT), with $65,964,418 traded globally on Binance in the past 24 hours as of August 2, 2023.
FDUSD’s trading volume on BUSD is approximately $2,773,961, while its BNB volume is even lower at $2,773,961. Pancakeswap, another trading platform, has a meager 24-hour trade volume of $46.65 on August 2. FDUSD recorded its all-time high at $1.06 per unit on July 29, 2023, and its all-time low at $0.912 per coin on July 31.
Hot Take
The growth of GHO and FDUSD within a short period of time demonstrates the increasing popularity and adoption of decentralized finance and stablecoins. It also highlights the dominance of major exchanges like Binance in the crypto market. As the demand for stablecoins continues to rise, it will be interesting to see how these tokens evolve and compete in the future.
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