The Aave DeFi protocol community has approved the launch of a project pegged to the US dollar in the ecosystemdecentralized stablecoin GHO.
“The community gave the green light for GHO. The next step will be voting on the genesis parameters. Keep an eye on the management forum for the proposal next week,” the developers wrote.
During a three-day vote, participants in the decentralized organization Aave DAO contributed over 500,000 AAVE tokens to the Snapshot platform. The proposal received almost unanimous support.
The protocol team submitted the GHO project in early July 2022. The instrument is an overcollateralized stablecoin, the same model used in MakerDAO's DAI.
The collateral will be a “diversified set of crypto assets” backed by Aave. At the same time, users will continue to receive interest on tokens blocked as collateral.
Interest payments on loans in GHO will be transferred to the treasury of Aave DAO. The latter will take over the tool management functions.
Head of Integrations at Aave Mark Zellersaid that the timing of the launch of the stablecoin will depend on the results of audits. He emphasized that the development team “puts security before deployment speed.”
The specialist also noted that the project does not plan to introduce revenue accounts in GHO.
Recall that in March 2022, the Aave team introduced the third version of the landing protocol.
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