Aave activates GHO stablecoin on the Ethereum mainnet
This development aligns with an industry trend that is seeing DeFi platforms roll out their own stablecoins. Curve Finance, one the largest decentralized exchanges by trading volume, alsoStablecoins are assets designed to mitigate market volatility by anchoring them to a pool of assets, typically fiat currencies or other cryptocurrencies.GHO will be backed by crypto assets like ether , with the Aave protocol issuing it as an overcollateralized loan.
The GHO stablecoin relies on a smart contract system called Ethereum Facilitator. This system enables users to deposit collateral and lend out GHO, with all collateral stored in the Ethereum mainnet pool. Upon launch, 'facilitators' — entities sanctioned by the DAO — will be authorized to issue GHO. The Aave V3 Ethereum platform has been confirmed as the first facilitator permitted to issue GHO.
A crucial feature of the GHO stablecoin is that it will redirect all interest accrued from loans directly to the Aave DAO treasury. The Aave DAO will vote and govern decisions like acceptable collateral assets for GHO as well as risk parameters. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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