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Decentralized finance protocol Aave has launched a new stable cryptocurrency called GHO, which is pegged to the dollar, on Ethereum. According to the latest data, approximately $2.5 million worth of GHO has been minted in a short period of time. Aave DAO will oversee the governance of GHO, including determining and adjusting the total supply, interest rate, and upper minting limits, as well as setting risk parameters.
Aave Launches Stablecoin GHO
Decentralized finance protocol Aave has launched a new stable cryptocurrency called GHO on Ethereum. In the recent vote, 421 wallets holding a total of 881,059 AAVE tokens voted in favor of the launch. The governance of GHO, including determining and adjusting the total supply, interest rate, and upper minting limits, as well as setting risk parameters, will be overseen by Aave DAO. The facilitator’s role in minting GHO has been authorized by Aave DAO.
According to an official blog post released during the launch, the total issuance capacity for Aave V3 as a facilitator is 100 million GHO. Although only 2.5% of the total supply has been minted so far, this upper limit can be expanded by Aave DAO after another community vote.
Market Value of GHO Approaches $2.5 Million
With the increasing popularity of blockchain technology and cryptocurrencies worldwide, the decentralized finance (DeFi) ecosystem has also made significant strides since 2017. During this process, the number of projects developed in the decentralized finance ecosystem has increased significantly, and DeFi protocols have started to reach a much wider user base. However, along with the growth of the ecosystem, various security issues have arisen. Recent negative developments, including the TerraUSD collapse, have sparked a new debate about the future of the crypto ecosystem.
Meanwhile, as security issues continue to rise in the DeFi ecosystem, decentralized finance protocol Aave has made a new move with its dollar-pegged stablecoin GHO. Following the favorable vote of 421 wallets holding a total of 881,059 AAVE tokens, Aave launched the stable cryptocurrency GHO on Ethereum. According to the latest data shared by DeFiLlama, approximately $2.5 million worth of GHO has been minted so far.