[RFC] Onboard GHO Fleet – Mainnet

General Discussion Ideas
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1

Status: Request for Comment
Visibility: @BlockAnalitica @Recognized_Delegates @chrisb @halaprix @samehueasyou

Summary

This proposal is aimed at a new Mainnet FLEET (vault) focused on GHO yield strategies. As GHO adoption grows ($243M Market Cap) and more yield sources emerge, this could be a timely addition to Lazy Summer’s stablecoin suite.

Specifications

Parameter Value
Vault GHO Fleet – Mainnet
Deposit Asset GHO
Contract Address here
Network Ethereum Mainnet
Exposure GHO / GHOCRVUSD / GHOUSR
Risk Tier TBD
Max Ark TVL% To be recommended by @BlockAnalitica
$SUMR Rewards TBD (likely similar to other Mainnet USDC vaults)

Motivation

  • Growing ecosystem: GHO is the decentralized stablecoin issued by Aave (CDP), with increasing DeFi integrations and protocol-native incentives.
  • Diversification: We’re currently aggregating yields for USDC, USDT, EURC — this would expand our stablecoin lineup.
  • Competitive yields: There are several viable GHO-native yield sources already offering 7–9% APY, depending on strategy.

Good overview of current options can be found - here.

Proposed ARKs (early ideas, not exhaustive):

# ARK Exposure APY TVL Contract
1 Yearn Finance GHOCRVUSD ~9% ~$142K 0xAc22e3a3cfE4dC82FFD4Ffa7453729Ca963CeB5a
2 Fluid GHO ~3% ~$22M -
3* AAVE V3 Staking GHO ~7% ~$170M -
4 Yearn Finance GHOUSR ~3% ~$4M 0x18f85861488380a7577c73B25df1C4458e5191F8
5 Gearbox GHO ~2% ~$348K 0x4d56c9cba373ad39df69eb18f076b7348000ae09

*AAVE V3 (native) staking has a cooldown period 20+2d

Additionally there is a plethora of Balancer LP pool to explore - here and Maverick LP pool - here.

Open Questions

  • Are we seeing enough GHO demand and liquidity to justify this now?
  • Would it makes sense to reach out to AAVE DAO for further support / alignment & potential incentives?

Would love feedback — particularly from recognized delegates, and yield users who’d be interested in GHO-native exposure. If there’s appetite, happy to move toward SIP with support from the usual diligence and infra teams.

–jensei

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I do not support the addition of GHO at this time.

There are a fair amount of USD stablecoins with more mcap or more volume which are also not supported by Lazy Summer, see: https://www.coingecko.com/en/categories/usd-stablecoin. The addition of GHO could lead down a slippery slope of adding a lot more USD stablecoins, which I don’t think is a sustainable growth path.

It is difficult to say what is the optimal amount of USD stablecoin options, but in my view lazy Summer should take the opinionated route, and not support everything under the sun.

I think it makes sense to get some general thoughts out from the community of what would be a decent threshold for a stablecoin to make it in the Lazy Summer Protocol.

Curious to hear opinions from others on this topic.