The supply of GHO, the stablecoin issued by Aave, has dropped by 61% after DefiLlama adjusted its accounting methods. The platform now excludes idle, pre-minted GHO tokens from its circulation metrics, even though the Ethereum token contract still reports 699 million tokens issued.
This change reflects a shift in how DefiLlama tracks the stablecoin's supply. Previously, pre-minted tokens that were not actively in circulation were included in the total count. By excluding them, the platform aims to provide a more accurate representation of GHO's actual circulating supply.
The adjustment highlights the importance of transparent and consistent accounting practices in the decentralized finance (DeFi) space. It also underscores the need for clear communication when methodologies change, as such adjustments can significantly impact market perceptions and analyses.