AAVE no longer directly bears the risk; aToken holders assume the risk responsibility, achieving a direct correlation between risk and return.

Overall, the launch of Aave Umbrella has optimized the supply-side pressure of AAVE tokenomics, enhancing capital efficiency from the project's perspective. However, it is necessary to observe the impact on the protocol during the transition of existing incentive scenario participants, and specifically for stkGHO participants, it may be necessary to seek other yield scenarios.