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Aave Companies, the firm behind the decentralized finance (defi) project Aave, has announced the launch of a stablecoin called GHO on the Ethereum testnet network Goerli. The codebase is available on Github and has undergone audits by Open Zeppelin, Sigmaprime and ABDK.
Aave Invites Programmers to Test GHO Before Mainnet Deployment
On Thursday, Aave Companies announced the launch of its native stablecoin GHO on the Ethereum Goerli testnet. The company also released the open-source codebase on Github. The developers of Aave are inviting programmers and prospective integrators to begin testing GHO as it prepares for deployment on the Ethereum mainnet.
Three audits conducted by Open Zeppelin, Sigmaprime, and ABDK focused on the deployment of GHO. Upon its launch on the Ethereum mainnet, GHO will be similar to Makerdao’s DAI token in that it will be overcollateralized and pegged to the U.S. dollar. Aave Version 3 (V3) does not permit flashloaning of the stablecoin. The community is being asked to consider adding a second facilitator, “Flashminting,” at launch to address this issue.
It’s GHO time! @GHOAave is now on Ethereum’s Goerli Testnet!
👻 https://t.co/cM58b6qSBa pic.twitter.com/xueGERoqnw
— Aave (@AaveAave) February 9, 2023
Flashminting will enable Aave users to create GHO in a single transaction, similar to flashloans, but without borrowing from a pool. An audited codebase for the Flashminter Facilitator software is available, and the decision to include it will be put to a vote among the Aave community through the Aave Decentralized Autonomous Organization (DAO). The Aave DAO will manage the control of the GHO facilitator. The team says that before the official GHO mainnet launch, there will be additional testing and research.
Changes are required to STKAAVE to enable the implementation of GHO’s discount rate, and a snapshot needs to occur for the Ethereum V3 Facilitator and Flashminter Facilitator. “A snapshot will then occur to greenlight these as the first two facilitators for GHO,” according to Aave. The company has also introduced a bug bounty and is asking key contributors to the DAO to start discussing the framework for onboarding new facilitators.