Aave, one of the leading decentralized protocols in the Ethereum DeFi ecosystem, has successfully launched its stablecoin GHO on the Goerli testnet.
On Twitter, the protocol developers announced the launch of the stablecoin on the Ethereum testnet, stating that its code is already public in the GitHub repositories and that it has been audited by several of the best-known companies in the crypto industry. , notably they OpenZeppelin, SigmaPrime and ABDK Consulting.
The deployment of the GHO stablecoin was successfully completed on Thursday morning, according to the protocol developers.
Aave informed the community about the creation of its own native stablecoin last year, after the governance of the protocol almost unanimously approved the issuance of GHO via a vote within the Aave DAO.
This new stablecoin is designed to strengthen Aave’s decentralized ecosystem, to fuel its expansion and growth by bringing new benefits to its users.
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GHO is a decentralized multi-collateral stablecoin that is fully backed, says Aave. It is a stablecoin anchored to the value of the US dollar that is designed to encourage the continued growth of the DeFi ecosystem, in addition to strengthening the Aave lending ecosystem to make it more attractive and competitive. GHO is the first native stablecoin developed by this decentralized protocol.
To mint the GHO stablecoin, users must provide collateral assets as security for the protocol. GHO can be struck and burned without trust, facilitating a high level of transparency and censorship resistance.
On the other hand, the developers of the DeFi protocol fully involve the crypto community in the creation of this stablecoin. On its web portal, Aave states that all protocol updates and updates to interest rates and risk parameters will be public and pre-approved by Aave’s governance prior to implementation.
At the moment, GHO has been implemented in the Ethereum Goerli testnet to evaluate its performance and performance before it comes to the mainnet.
Aave opened a new governance vote related to the GHO update. In the governance forum, Aave Companies details that there are only a few steps left before their native stablecoin can be deployed on the Ethereum mainnet.
Aave developers are also inviting the crypto community to participate in protocol and stablecoin commentary, test GHO, and provide feedback on its Goerli implementation and smart contract deployment.
The launch of GHO in the Goerli testnet comes a few days after the announcement of the deployment of the third version of the decentralized protocol, Aave Protocol V3, focused on introducing new features in Aave and optimizing capital efficiency.
With the development of GHO, Aave is diving into the decentralized and oversized stablecoin market, a market so far dominated by DAI, the stablecoin developed by the MakerDAO protocol, which has a market capitalization of $5.2 billion, according to the data from the CoinMarkerCap platform.