The local stablecoin project, the GHO, was largely approved by AAVE in a community vote recently.
Decentralized lending platform aaverecently joined a local community stablecoin project submitted an offer for 28 July – 31 July voting that took place between snapshot according to data 99%It was concluded in favor of the stablecoin issue with a great advantage total to vote 1793 different users joined. According to the first statements, it was stated that this new stablecoin project to be released will be supported by collateral created from other cryptocurrencies in the system.
Users who want to have GHOwill deposit cryptocurrencies accepted by Aave into the lending platform. People who borrow GHO against cryptoassets will continue to earn interest on the underlying collateral used to issue the stablecoin.
The deposit that users submit to print the GHO will receive in return It will need to be higher than the GHO value, This will provide a positive overcollateralization on loans. When users repay a borrowing position or their positions are liquidated, the borrowed Incineration to be removed from the GHO protocol (coin burn) will be performed.
Also, in the first statement made by the Aave company about the GHO stablecoin, the community’s “He was very involved with the GHO offering and provided incredibly helpful and informative feedback.” was stated. According to DefiLlama data, in total on the Aave protocol 6.55 billion dollars worth of locked assets.