Popular decentralized finance (DeFi) protocol Aave (AAVE) has proposed to the decentralized autonomous organization (DAO) the introduction of a native, decentralized, fully collateral-backed, USD-pegged stablecoin on the Ethereum (ETH) mainnet – dubbed GHO.
“Calling all GHOsts,” said Aave on Thursday, announcing that they’ve created a new Aave Request for Comments (ARC) – which is the first step in the governance improvement process.
Per the governance proposal,
“With community support, GHO can be launched on the Aave Protocol, allowing users to mint GHO against their supplied collaterals.”
As for these collaterals, GHO would be backed by “a diversified set of crypto-assets chosen at the users’ discretion.” The borrowers would continue earning interest on their underlying collateral.
GHO would be created by users. These are borrowers, and each would need to supply collateral at a specific collateral ratio to be able to mint GHO. When a borrower repays a borrow position or gets...
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