Aave Launches GHO Stablecoin on Ethereum Network

Aave, a prominent lending protocol within the decentralized finance (defi) sphere, has unveiled GHO, a new stablecoin, which is now live on the Ethereum network. Aave users can now mint the stablecoin asset by leveraging Aave version three (v3).

Aave’s Dollar-Pegged GHO Token Goes Live on Ethereum

This week, on July 14, 2023, Aave’s community approved a governance proposal, swiftly followed by the much-awaited launch of the stablecoin GHO on the Ethereum network. GHO, initially announced in July 2022, had a test run on Ethereum’s Goerli testnet in February 2023. In line with the information from the Github repository, the newly debuted stablecoin, and its affiliated smart contract underwent multiple audits.

Currently, GHO is relatively insignificant when compared with the top ten heavyweights of the stablecoin world, especially when considering circulating dollar-pegged coins. The circulating supply of GHO stands around 2,510,269 tokens, representing a meager 0.0016% of the overall $127 billion stablecoin economy. At 12:20 p.m. Eastern Time on Sunday, GHO hit a trough at $0.9813, yet so far, it has generally maintained its peg to the dollar.

Emulating numerous stablecoin assets, individuals can gather interest with Aave’s freshly debuted GHO stablecoin. Users who stake the AAVE token are also rewarded with an extra 30% discount on current GHO borrowing rates. Thus far, there are approximately 234 GHO holders, and since the mainnet inception, a total of 893 transactions have been logged. Data sourced from coinmarketcap.com reveals that GHO has seen roughly $1,437,756 in worldwide trading volume over the past 24 hours.

What do you think about the new Aave GHO stablecoin? Share your thoughts and opinions about this subject in the comments section below.