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 Aave, the world’s second-largest DeFi protocol, has unveiled GHO (pronounced “go”), an overcollateralized algorithmic stablecoin built on the Ethereum blockchain. 
 <blockquote class="twitter-tweet"> 
 Let’s GHO! Congrats to the <a href="https://twitter.com/AaveAave?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">@AaveAave</a> community on the Mainnet Launch. <a href="https://t.co/vI7JbMLYb4" rel="noopener noreferrer nofollow" target="_blank">https://t.co/vI7JbMLYb4</a> 
 — GHO (@GHOAave) <a href="https://twitter.com/GHOAave/status/1680217243282489345?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 15, 2023</a> 
 </blockquote> 
 GHO is poised to compete against established stablecoins like MakerDAO’s <a href="https://crypto.ro/en/cryptocurrencies/dai" rel="noopener noreferrer nofollow">DAI</a> and centralized offerings such as <a href="https://crypto.ro/en/cryptocurrencies/tether" rel="noopener noreferrer nofollow">Tether (USDT)</a>. 
 Aave’s GHO stablecoin has been in development for over a year and offers a decentralized alternative to DAI. The GHO stablecoin is backed by multiple crypto assets, including the prominent <a href="https://crypto.ro/en/education/best-crypto-to-buy-now/#2-ethereum-eth-large-cap-best-crypto-to-buy-today" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>. 
 Its launch on July 15 allowed DeFi market participants to mint GHO by depositing supported collateral assets into the Aave Protocol V3 on Ethereum. 
 The GHO stablecoin stands out due to its fixed interest rate of 1.5%, providing AAVE stakers with a steady income stream. 
 Unlike centralized stablecoins like USDT, GHO will be issued and managed by AaveDAO, a decentralized autonomous organization. This structure aims to enhance transparency and reduce the risks associated with centralized control. 
 Stani Kulechov, the founder and CEO of Aave, confirmed that revenue generated by GHO will be allocated to the project’s community contributors, including security experts and developers. 
 Aave’s team emphasizes the transparency of GHO transactions, which are executed through self-executing smart contracts. This approach ensures that all transaction data, reserves, and key information related to the stablecoin are verifiable on-chain, offering users increased visibility and confidence in the project. 
 Although decentralized stablecoins provide transparency, their centralized counterparts continue to dominate the market. 
 Last year’s <a href="https://crypto.ro/en/news/suspected-terra-luna-co-founder-do-kwon-arrested-in-montenegro/" rel="noopener noreferrer nofollow">collapse of UST</a>, a Terra algorithmic stablecoin project, highlighted the vulnerability of so-called decentralized stablecoins to manipulation and de-pegging risks. 
 MarkerDAO’s DAI, which experienced a de-peg event in March, remains the largest algorithmic stablecoin with a market cap of $4.27 billion. 
 At the time of writing, GHO is trading at $0.990870, with a total supply of 2,267,933 GHO tokens. 
 <figure id="attachment_22543" aria-describedby="caption-attachment-22543" style="width: 100%" class="wp-caption alignnone"> 
 <img decoding="async" class="wp-image-22543 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/07/GHO-daily-chart.jpg" alt="GHO daily chart" width="1394" height="792" srcset="https://crypto.ro/en/wp-content/uploads/2023/07/GHO-daily-chart.jpg 1200w, https://crypto.ro/en/wp-content/uploads/2023/07/GHO-daily-chart-300x170.jpg 300w, https://crypto.ro/en/wp-content/uploads/2023/07/GHO-daily-chart-1024x582.jpg 1024w, https://crypto.ro/en/wp-content/uploads/2023/07/GHO-daily-chart-768x436.jpg 768w, https://crypto.ro/en/wp-content/uploads/2023/07/GHO-daily-chart-750x426.jpg 750w, https://crypto.ro/en/wp-content/uploads/2023/07/GHO-daily-chart-1140x648.jpg 1140w" sizes="(max-width: 1394px) 100vw, 1394px" title="Aave launches GHO, an algorithmic stablecoin, as a decentralized alternative to DAI 1"> 
 <figcaption id="caption-attachment-22543" class="wp-caption-text">
 GHO price chart | CoinMarketCap 
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 Shortly after its release, Aave’s GHO stablecoin has already garnered attention in the DeFi ecosystem. 
 Approximately $2.55 million worth of GHO coins have been minted within the first 48 hours, as reported by <a href="https://defillama.com/stablecoin/gho" rel="noopener noreferrer nofollow" target="_blank">DeFiLlama</a>. 
 Users can mint GHO by supplying various cryptocurrencies listed on Aave V3 as collateral, including AAVE, ETH, USDT, USDC, and DAI. 
 As GHO is overcollateralized, the total value of reserves staked far exceeds the circulating GHO supply. Aave V3’s initial minting capacity as a Facilitator is set at 100 million GHO, which can be expanded through community votes. 
 Collateral deposited in the Aave V3 protocol continues to earn yield, and the interest paid for borrowing GHO is directed toward the DAO treasury. 
 Additionally, users who supply AAVE to backstop the stablecoin can purchase GHO at a discount.
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Aave launches GHO, an algorithmic stablecoin, as a decentralized alternative to DAI

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