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Following Cardano, Aave Launches GHO Stablecoin on Ethereum Testnet!

Following Cardano, Aave Launches GHO Stablecoin on Ethereum Testnet!

According to Bitcoin News, Aave Companies, the company behind decentralized finance (DeFi) project Aave, has announced the launch of a stablecoin called GHO on the Ethereum testnet network, Goerli. The codebase is available on Github and has been audited by Open Zeppelin, Sigmaprime, and ABDK. Check out the full news below!

Aave Invites Programmers to Test GHOs Prior to Mainnet Deployment

Aave Companies announced the launch of the GHO stablecoin on the Ethereum Goerli testnet. The company also released an open source codebase on Github. Developer Aave invites programmers and aspiring integrators to start testing GHOs as they prepare for use on the Ethereum mainnet.

Three audits conducted by Open Zeppelin, Sigmaprime, and ABDK focused on GHO deployment. Once launched on the Ethereum mainnet, GHOs will be pledged and pegged to the US dollar. Aave Version 3 (V3) does not allow flash lending of stablecoins. The community is asked to consider adding a second facilitator, “Flashminting”, at launch to address this issue.

Quoted from Bitcoin News, flashminting will allow Aave users to create GHOs in a single transaction, similar to flash loans, but without borrowing from the pool. The audited codebase for the Flashminter Facilitator software is now available, and the decision to include it will be voted on within the Aave community via the Aave Decentralized Autonomous Organization (DAO).

DAO Aave will manage the control of the GHO facilitator. The Aave team said that prior to the official launch of the GHO mainnet, there will be additional testing and research.

Changes are needed to STKAAVE to allow implementation of the GHO discount rate, and snapshots need to be made for Ethereum V3 Facilitator and Flashminter Facilitator. “A snapshot will then occur to green-light as the first two facilitators for the GHO,” according to Aave, quoted from Bitcoin News, Friday.

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