Aave

Ethereum

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 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. 
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Aave Launches GHO Stablecoin on Ethereum Mainnet

Crypto Intelligence

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