After the recent launch of Aave’s decentralized stablecoin, GHO, on the Ethereum mainnet, its circulating supply soared to $1.5 million within the first 24 hours.

Issued by AAVE, the second-largest DeFi protocol with a total value of $6.1 billion, GHO is a decentralized, overcollateralized stablecoin. The stablecoin pegged to the US dollar, is backed by digital assets such as Ethereum. The assets are entirely verifiable and transparent, as confirmed by on-chain data.

GHO Architecture and Mechanism

Aave shared that the launch of GHO supports its vision of fostering an inclusive financial ecosystem. It indicated that GHO’s revenues would enhance its DAO treasury, with governance responsibility entrusted to AAVE and stkAAVE token holders.

Thus, any policy amendments would involve community proposals and necessitate community votes for ratification.

“All transactions are performed through self-executing smart contracts, and all data regarding GHO transactions is available and auditable directly from the blockchain or via numerous user interfaces,” Aave stated.

GHO has introduced innovative roles and mechanisms, including Facilitators endorsed by the DAO to mint GHO. There are two facilitators for the stablecoin: the Aave V3 market on Ethereum and the Flashminting Facilitator.

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Author: Oluwapelumi Adejumo

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