.AaveAave has proposed the creation of a decentralized algorithmic stablecoin, GHO, as it looks to enhance the features of its lending platform. shauryamalwa reports
the creation of a decentralized algorithmic stablecoin, GHO, as it looks to improve on and enhance the features of its lending platform.
Still a proposal, Aave will allow users to mint GHO tokens against their supplied collaterals. GHO would be backed by a basket of cryptocurrencies chosen at the users’ discretion, while borrowers would continue earning interest on their underlying collateral. Correspondingly, when a user repays a borrow position , the GHO protocol burns that user’s GHO, the proposal explained.
Aave said the GHO stablecoin will rely on “facilitators” for the smooth functioning of GHO. A facilitator, such as another protocol, will have the ability to trustlessly generate and burn GHO tokens. The facilitators would have to be approved by Aave Governance.
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