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Aave Approves Yield Harvesting GHO Stablecoin Proposal

AAVE
Image Credit: CRYPKYP
Source: CoinDesk
1659346332 01 Aug / 09:32

The governance website of Aave reveals that a community request to develop a native crypto-based stablecoin GHO was approved with 99 percent support over the weekend.

As previously reported, the plan aimed to improve the characteristics of its lending platform. 501,000 AAVE tokens were used to vote in favor, while only 12 were used to vote against. Address 0x5B3bFfC0bcF8D4cAEC873fDcF719F60725767c98 supported the proposition with the most votes, contributing 183,000 AAVE.

According to data from DeFiLlama, Aave is decentralized finance (DeFi) platform that stores over $6.8 billion worth of different cryptocurrencies on supported networks. DeFi refers to lending, borrowing, and other financial transactions conducted on a blockchain without the assistance of a third party. Aave is a platform for lending and borrowing that enables users to earn returns on their committed tokens.

GHO will soon be made available to Aave users, who would be able to mint the token against their provided collateral. Users can mint the token against a diverse array of crypto-assets. Similar to previous loan transactions on Aave, GHO holders will continue to receive interest on the collateral provided.

The token would operate similarly to existing algorithmic stablecoins, which issue precisely $1 worth of tokens for every $1 in cryptocurrency provided by users. To mint GHO, a user must provide collateral (at a particular collateral ratio). According to the proposal, if a user repays a borrow position (or is liquidated), the GHO protocol destroys that user’s GHO.

According to the plan, the stablecoin’s interest payments would be delivered to the protocol’s decentralized autonomous organization (DAO), creating cash for the community and enabling the DAO to fund future goods or solutions by bolstering its treasury.

The Aave community will make all decisions about GHO.

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