GHO Stablecoin Is Released by Aave on the Ethereum Network

GHO, a brand-new stablecoin, has been revealed by Aave, a well-known lending protocol in the decentralized finance (defi) industry, and it is currently operational on the Ethereum network. Users of Aave can now utilize Aave version three (v3) to mint the stablecoin asset.

The Aave community accepted a governance proposal this week on July 14, 2023, and the eagerly anticipated debut of the stablecoin GHO on the Ethereum network followed shortly after. GHO, which was first introduced in July 2022, was tested in February 2023 on Ethereum’s Goerli testnet. According to data from the Github repository, the recently launched stablecoin and its related smart contract were subject to many audits.

When compared to the top 10 stablecoin heavyweights right now, GHO is now comparatively tiny, especially when taking into account current dollar-pegged coins. Around 2,510,269 GHO coins are now in circulation, which amounts to a pitiful 0.0016% of the $127 billion stablecoin market. GHO struck a low on Sunday at 12:20 p.m. Eastern Time of $0.9813, but so far, it has largely maintained its peg to the dollar.

With Aave’s recently launched GHO stablecoin, anyone can gain interest by imitating various stablecoin assets. Additionally, users that invest the AAVE token receive an additional 30% off of the current GHO borrowing rates. There are currently about 234 GHO holders, and 893 transactions have been recorded overall since the mainnet’s launch. According to information obtained from coinmarketcap.com, GHO has seen over $1,437,756 in total trading volume over the last day.