Aave

Ethereum

USDC

Coin

<html>
 <head></head>
 <body>
 Aave, a decentralized finance (DeFi) protocol, has recently launched GHO, a new algorithmic stablecoin pegged to the United States dollar (USD) on the Ethereum mainnet. 
 Currently, there is approximately $2.19 million worth of GHO in circulation. 
 In a blog post on July 16, Aave introduced GHO as a decentralized and over-collateralized asset. 
 The stablecoin is backed by various digital assets, including Ethereum’s native currency Ether (ETH) and Aave’s native token AAVE. 
 The launch of GHO on the Ethereum mainnet followed a community governance vote, with an overwhelming majority of 424 participating addresses voting in favor of the stablecoin. 
 Aave aims to address transparency concerns associated with centralized stablecoins like Tether’s USDT. 
 The assets supporting GHO are transparent and verifiable through on-chain data, ensuring accountability. 
 Aave highlighted that all transactions involving GHO are executed via self-executing smart contracts, and the data related to these transactions is readily available and auditable from the blockchain or through user interfaces. 
 READ MORE: <a href="https://www.cryptointelligence.co.uk/synthetix-expands-defi-offering-with-introduction-of-infinex-derivatives-exchange/" rel="noopener noreferrer nofollow">Synthetix Expands DeFi Offering with Introduction of Infinex Derivatives Exchange</a> 
 Moreover, Aave announced that the revenue generated by GHO would contribute to its decentralized autonomous organization (DAO) treasury. The governance of GHO is entrusted to AAVE and stkAAVE token holders. 
 The GHO stablecoin is accessible to the public, allowing anyone to mint GHO using the assets they supply as collateral into the Aave Protocol V3 Ethereum market. 
 This ensures that GHO is overcollateralized by multiple assets, enhancing its stability and security. 
 GHO’s launch adds to the growing number of DeFi-native algorithmic stablecoins. 
 Previously, on May 4, Curve, another DeFi protocol, introduced its flagship algorithmic stablecoin crvUSD. 
 However, MakerDAO’s Ethereum-based stablecoin DAI remains the largest algorithmic stablecoin in circulation, with a market capitalization of approximately $4.28 billion according to DefiLlama data. 
 Although decentralized stablecoins like GHO are gaining traction, the centralized stablecoin market continues to be dominated by issuers such as Tether and Circle. 
 Tether’s USDT and Circle’s USD Coin (USDC) account for 87% of the total circulating supply of USD-pegged stablecoins. 
 Currently, GHO is trading slightly below its targeted $1 peg, with a price of $0.9927 and reaching a low of $0.9814 on July 16, according to CoinMarketCap. 
 Cointelegraph reached out to Aave for comment but has yet to receive a response. 
 Other Stories: 
 <a href="https://www.cryptointelligence.co.uk/investor-spends-1-04-million-on-pepe-coin-as-ripple-ceo-criticizes-sec-in-landmark-case/" rel="noopener noreferrer nofollow">Investor Spends $1.04 Million on PEPE Coin as Ripple CEO Criticizes SEC in Landmark Case</a> 
 <a href="https://www.cryptointelligence.co.uk/ark-invest-sells-more-coinbase-shares-expands-investments-in-meta-platforms-and-robinhood/" rel="noopener noreferrer nofollow">ARK Invest Sells More Coinbase Shares, Expands Investments in Meta Platforms and Robinhood</a> 
 <a href="https://www.cryptointelligence.co.uk/eeon-intervenes-in-sec-lawsuit-against-binance-seeks-representation-for-customers/" rel="noopener noreferrer nofollow">Eeon Intervenes in SEC Lawsuit Against Binance, Seeks Representation for Customers</a>
 </body>
</html>

Aave Launches GHO Stablecoin on Ethereum Mainnet

Crypto Intelligence

Alte articole publicate pe 17 iul. 2023

Bitcoin Miners Set for a Tough Ride as 2024 Halving Nears: JP Morgan

National Australia Bank Adds Safety Features Amid Rise in Crypto Scams

Binance Adds Bitcoin Lightning Network Support

Market Update: Solana Rebounds And DigiToads Leads The Memecoin Race With Over 6.1 Million Raised...

American Banks May Tap XRP for Cross-Border Payments: Ripple CLO

Long-term bitcoin indicators suggest a slow but steady rise ahead

Join our free newsletter for daily crypto updates!