Wrapped Aave Base GHO wallet

What is Wrapped Aave Base GHO (WABASGHO)?

GHO is unusual among dollar stablecoins in that no reserve account stands behind it. It is minted by Aave users borrowing against collateral already locked in the protocol and destroyed when those loans are repaid, with the borrowing rate set by Aave governance rather than by a market curve. Everything about its supply traces back to positions inside Aave.

This token is one layer above that: GHO supplied back into Aave's market on Base and held in the static, fixed-share form. The count of shares does not move, and the quantity of GHO a share unwinds into grows as the market accrues. Anyone reading the balance as a straight dollar amount will be slightly wrong, and increasingly so the longer it is held.

GHO originated on Ethereum and became available on other networks, Base among them, through Aave's cross-chain arrangement, so the GHO underneath this wrapper reached Base rather than starting there. Redemption stops at GHO on Base; converting to another dollar token is a separate trade. Transaction fees are charged in ETH, as everywhere on Base.

Supported networks in Tangem (1): Base. Keys are produced inside the card's secure element and stay there for as long as the card exists, with a spare card holding the same keys as the backup and a seed phrase only if you want one. Holdings tied to protocol positions tend to be opened once and revisited rarely, and a key that outlasts phones and apps fits that pattern better than one you have to keep track of.