.AaveAave’s highly anticipated GHO stablecoin is set to join a fierce competition as rival DeFi protocols also issue or are moving to release their own protocol-native stablecoins. sndr_krisztian reports.
“I suspect GHO will soon be a top decentralized stablecoin behind
The supply of GHO is controlled via a mint-and-burn mechanism. Aave creates GHO tokens when users deposit digital assets as collateral to borrow GHO, while they keep earning a yield on their underlying assets. GHO will rely on so-called facilitators such as other DeFi protocols who will be able to trustlessly mint and burn GHO tokens. They must be approved by Aave’s governance and respect an upper limit for borrowing called a bucket.
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