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- The organization has revealed its intention to present a multi-chain proposal to the community.
- GHO is distinguished by its innovative minting process that relies on deposited collateral.
The well-known Aave DAO platform has effectively introduced its decentralized stablecoin, GHO, on the Ethereum mainnet. The minting of this stablecoin utilizes a diverse range of collateral assets held within the Aave Protocol, aiming to enhance user transparency. By incorporating such assets, Aave seeks to offer its users greater flexibility.
The Aave DAO has successfully launched @GHOAave on the Ethereum Mainnet. Congratulations to the Aave community on this significant milestone! pic.twitter.com/Br3QGqMU8X
— Aave (@AaveAave) July 15, 2023
Among the 30 Ethereum-based tokens currently available for pooling on Aave are the prominent stablecoins Tether (USDT) and USD Coin (USDC). The platform also facilitates the creation of pools that represent tangible assets, such as real estate, which can be tokenized for acquisition or collateral purposes.
Multi-chain Proposal Underway
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The launch of the GHO stablecoin is driven by the platform’s ambition to enhance accessibility for users at lower costs while simultaneously boosting market efficiency. Nevertheless, the organization has disclosed its plans to submit a multi-chain proposal to the community for evaluation and endorsement.
In June 2022, the Aave DAO was introduced to the idea of launching GHO. Following favorable responses from the Ethereum community, developers deployed GHO on the Ethereum Testnet in February to finalize adjustments prior to the protocol’s official launch.
In contrast to other stablecoins like MakerDAO’s DAI, GHO is notable for its distinct minting process based on deposited collateral. GHO allows multiple types of collateral to be included in a single transaction, whereas DAI requires separate vaults for each asset utilized in the minting process.
In alignment with its decentralized nature, the Aave DAO will determine the interest rate, the maximum quantity of GHO that can be minted, and the associated regulations.
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