Av passes decentralized stablecoin proposal - India Blogger

A proposal by the Aave DAO to introduce a decentralized, multi-collateral-backed stablecoin called GHO, has been passed after a community vote, the Aave companies said. announced,

According to the forum, the USD-pegged stablecoin got a green signal from the DAO community with an overwhelming 99.99% support.

Awe’s GHO stablecoin

The GHO’s proposal surfaced on 7 July this year, requiring a governance vote to allow decentralized stablecoins to be launched on the Ave protocol.

In the request, the Aave companies stated that the algorithm would allow stablecoin community participants to create tokens against their collateral. Accordingly, GHO was envisioned to be backed by assets chosen by users and would see borrowers continue to earn interest on whatever they put in as collateral.

When borrowers make a payment against their collateral, Ava Protocol will burn the GHO associated with that account.

,If approved, the introduction of GHO would make stablecoin lending over the AAV protocol more competitive, provide more options for stablecoin users and generate additional revenue for AAV DAO by sending 100% interest payments on GHO lending to the DAO. Will doand companies offer Offered.

Governance votes began on July 28, following the snapshot the day before, and closed on July 31 with 99.99% of the total 1,793 votes that approved the proposal. The approval now sets the GHO stablecoin on the next step, which will include a vote on the coin’s origination parameters.

A proposal for this is expected this coming week and will be posted on the Away DAO Governance Forum.

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