Crypto
Aave's GHO Stablecoin Sees $2.7M Coins Minted in Just 48 Hours
Aave has successfully launched its new algorithmic dollar-pegged stablecoin, GHO. In just two days of its release, a staggering 2.76 million coins were minted according to Etherscan.
The launch was made possible by the approval of Aave's governance token holders, who control GHO governance and set parameters such as total supply, interest rate, and minting caps.
GHO is overcollateralized since more reserves were staked to mint one GHO than there are GHO in circulation. The interest from borrowing GHO is paid to the DAO treasury.