The community of decentralized finance protocol Aave has just approved the launch of the decentralized stablecoin GHO, which is pegged to the USD.
According to the project developers:
"The community has given the greenlight for GHO. The next step is voting on the genesis parameters of GHO, look out for a proposal next week on the governance forum."
During the three-day vote, members of the decentralized Aave DAO organization contributed more than 500,000 AAVE tokens to the Snapshot platform. The proposal has received almost unanimous support.
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The protocol team presented the project to GHO in early July. The instrument is an overcollateralized stablecoin, the same model used in MakerDAO's DAI.
The collateral will be a "diversified pool of crypto assets" backed by Aave. At the same time, users will continue to receive interest on the tokens locked as collateral.