GHO is about to hit 200M supply and its quite important milestone. First of all, its quite challenging to grow a stablecoin while keeping it as decentralized as possible. There are much more easier ways to create stablecoins. GHO started as an idea to improve the borrow rates predictability for Aave users that mainly had access to variable interest rates on the Aave Protocol. Upon launching GHO, users (including me) were able to hedge their interest costs by swithing to GHO (thanks to seamless debt swaps) when they favoured predictability. Given how the Aave DAO is setup as a decentralized organism it was clear that, the only way to setup GHO would be to follow similar decentralized approach and relying on overcollateralization and direct mint and burn facilities such as the GSM. A much faster approach to scale would have been to find a yield source, tokenize it, offer it as redeemable product, but that would have required significant centralization. Liquidity is the main driver for decentralized stablecoins. The deeper the liquidity is and on-going supply demand exists, the more faster the stablecoin can scale as the liquidity creates the ability for the DAO to issue GHO against demand or any yield sources that fit into the risk profile of GHO. As the liquidity grows, scaling GHO becomes easier, we will see GHO moving towards 1B relatively fast after these liquidity constrainsts are left behind and as more yield opportunities grow especially within DeFi, next leap is towards 10B GHO supply. While GHO took the "harder" decentralized approach, its now starting to yield results. 200M oustanding GHO yields the same amount of revenue for the Aave DAO as 2B USDC. Thats over 70% of all USDC supplied into the Aave Protocol core market and more than all USDC borrowed today from Aave. Since inception, Aave built GSM stability modules, expanded GHO into new networks (Arbitrum, Base, soon Avalanche). Created staking product, liquidity pools and much more to come. Similar how ETHLend and Aave took the "hard" path to build lending facility onchain as an alternative to centralized crypto collateral lenders, GHO is providing a decentralized alternative for stablecoins. Decentralization matters, resiliency matters, secured by Etheruem matters. Hardness will win.