Aave, a leading player in the decentralized finance (defi) sector, has launched a new stablecoin named GHO on the Ethereum blockchain. Users of Aave’s version three (v3) now have the capability to mint this stablecoin asset.
On July 14, 2023, a governance proposal initiated by the Aave community was swiftly ratified, paving the way for the much-anticipated release of the GHO stablecoin on the Ethereum network. GHO was first announced in July 2022, and underwent a trial phase on Ethereum’s Goerli testnet in February 2023. According to details from the Github repository, the newly launched stablecoin and its associated smart contract passed through several audits.
At present, the relevance of GHO is minor when compared to the top ten stablecoin giants, particularly in terms of circulating dollar-linked tokens. With a circulating supply of approximately 2,510,269 tokens, GHO accounts for a minuscule 0.0016% of the overall $127 billion stablecoin market. On Sunday at 12:20 p.m. Eastern Time, GHO’s value dipped to $0.9813, although it has generally held its peg to the dollar so far.
Following the trend of numerous stablecoin assets, individuals can earn interest through the use of Aave’s newly introduced GHO stablecoin. Users staking the AAVE token can benefit from an additional 30% discount on current GHO lending rates. As of now, the number of GHO holders stands around 234, and since its mainnet debut, a total of 893 transactions have been recorded. Information obtained from coinmarketcap.com shows that the worldwide trading volume of GHO over the last 24 hours has reached approximately $1,437,756.
Frequently Asked Questions (FAQs) about Aave GHO Stablecoin Launch
What is Aave’s new product on the Ethereum network?
Aave has launched a new stablecoin named GHO on the Ethereum network. This gives Aave’s version three (v3) users the capability to mint this stablecoin asset.
When was the GHO stablecoin launched on the Ethereum network?
The GHO stablecoin was launched on the Ethereum network on July 14, 2023, after a governance proposal initiated by the Aave community was ratified.
What benefits does the Aave GHO stablecoin offer to users?
The Aave GHO stablecoin offers users the opportunity to earn interest. Additionally, users staking the AAVE token can benefit from an additional 30% discount on current GHO lending rates.
How has GHO performed since its launch?
Since its launch, GHO’s value has generally held its peg to the dollar, despite hitting a low of $0.9813. Its worldwide trading volume over the last 24 hours has reached approximately $1,437,756.
How many GHO tokens are currently in circulation?
As of now, there are approximately 2,510,269 GHO tokens in circulation, representing a minor 0.0016% of the overall $127 billion stablecoin market.
More about Aave GHO Stablecoin Launch
- Aave Official Website
- Ethereum Network
- GHO Stablecoin Launch Announcement
- GHO on CoinMarketCap
- Aave’s GitHub Repository