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Aave Lending Protocol Moves Closer to Launching GHO Stablecoin on Ethereum Mainnet
The developer proposed two key features for the decentralized stablecoin in a governance post on Tuesday.
Updated Jun 7, 2023, 7:35 p.m. Published Jun 7, 2023, 10:11 a.m.
Lending protocol Aave’s stablecoin took a step closer to an Ethereum mainnet launch as the developer proposed two key features that would benefit holders while keeping the token’s stability intact.
Gho has been available on the Ethereum blockchain’s Goerli testnet since February, where it has functioned without encountering any major bugs.
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In a governance post on Tuesday, developer Aave Companies proposed the V3 Ethereum Facilitator – to allow for gho lending against collateral deposits – and the FlashMinter Facilitator – a variant of flash loans, or loans that are issued against zero collateral.
These facilitators, which can be protocols or entities, have the ability to generate and burn GHO tokens up to a certain limit, enabling depositors to borrow GHO against their collateral deposited in Aave V3's Ethereum mainnet pool.
Both facilitators were approved in outline earlier. A voting schedule for the more detailed proposals, which are in the discussion phase, has yet to be set.
The FlashMinter Facilitator will allow users to borrow GHO and repay it in a single transaction and have an initial capacity of 2 million GHO on zero fees.
Gho was first proposed in June last year as a decentralized stablecoin backed by a basket of cryptocurrencies chosen at the discretion of Aave users, while borrowers would continue earning interest on their underlying collateral.
The token is expected to generate additional revenue for the Aave decentralized autonomous organization by sending 100% of interest payments on GHO borrows to the DAO, the proposal said at the time. It will initially be on Ethereum, and is expected to be issued on other blockchains based on community demand and voting, according to the proposals.
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