On Sunday, Aave announced that the Aave DAO has approved a new collateral-backed stablecoin for the ecosystem called GHO.
GHO will also join stablecoin crypto assets that leverage collateral assets and some that leverage the method of over-collateralization. Makerdao’s DAI stablecoin is over-collateralized and Tron’s USDD is also over-collateralized, which means there’s more collateral than necessary to cover the stablecoin’s backing during times of extreme market volatility.
“As a decentralized stablecoin on the Ethereum mainnet, GHO will be created by users ,” Aave Companies’ blog post about the subject explains. The blog post further adds: Correspondingly, when a user repays a borrow position , the GHO protocol burns that user’s GHO. All the interest payments accrued by minters of GHO would be directly transferred to the Aave DAO treasury; rather than the standard reserve factor collected when users borrow other assets.Aave also has a native token which is ranked 45 out of more than 13,000 crypto assets today. The digital asset has a market valuation of around $1.
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