Aave Companies, the firm behind the Aave decentralized finance (defi) project, has announced the launch of a stablecoin called GHO on the Ethereum Goerli testnet. The code base is available on Github and has been audited by Open Zeppelin, Sigmaprime and ABDK.
Aave invites developers to test GHO before Mainnet implementation
On Thursday, Empresas Aave Announced the launch of its native stablecoin GHO on the Ethereum Goerli testnet. The company has also released the open source codebase on Github. The Aave developers are inviting programmers and potential integrators to start testing GHO as it prepares for implementation on the Ethereum mainnet.
three audits by Open Zeppelin, Sigmaprime and ABDK focused on GHO deployment. Upon launch on the Ethereum mainnet, GHO will be similar to Makerdao’s DAI token in that it will be over-collateralized and pegged to the US dollar. Aave version 3 (V3) does not allow flash lending of the stablecoin. The community is asked to consider adding a second enabler, “Flashminting”, at release to address this issue.
It’s GHO time! @GHOAave it is now on the Ethereum Goerli testnet!
👻 https://t.co/cM58b6qSBa pic.twitter.com/xueGERoqnw
— Aave (@AaveAave) February 9, 2023
Flashminting will allow Aave users to create GHOs in a single transaction, similar to flash loans, but without borrowing from a pool. An audited codebase for the Flashminter Facilitator software is available, and the decision to include it will be voted on within the Aave community via the Aave Decentralized Autonomous Organization (DAO). The Aave DAO will manage the control of the GHO facilitator. The team says that before the official launch of the GHO mainnet, there will be additional testing and research.
Changes to STKAAVE are required to allow the implementation of the GHO discount rate, and a snapshot must be generated for the Ethereum V3 enabler and Flashminter enabler. “A snapshot will then be produced to give these the green light as the first two GHO enablers,” according to Aave. The company has also filed a bug bounty and is asking key DAO contributors to begin discussing the framework for onboarding new enablers.
What do you think about Aave’s latest move with the launch of GHO on the Ethereum Goerli testnet? Let us know what you think about this topic in the comments section below.
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