{"id":54634,"date":"2023-07-17T17:12:06","date_gmt":"2023-07-17T21:12:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=54634"},"modified":"2023-07-17T17:25:54","modified_gmt":"2023-07-17T21:25:54","slug":"aave-launches-dai-stablecoin-rival-on-ethereum","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/aave-launches-dai-stablecoin-rival-on-ethereum\/","title":{"rendered":"Aave Launches DAI Stablecoin Rival on Ethereum"},"content":{"rendered":"\n

GHO, an algorithmic stablecoin <\/a>from Aave, has now gone live and is backed by various cryptocurrencies, including Ethereum (ETH). <\/p>\n\n\n\n

\"Aave
Aave Launches DAI Stablecoin Rival on Ethereum<\/figcaption><\/figure>\n\n\n\n

The second-largest decentralized finance<\/a> (DeFi) system in the world, Aave, has released GHO (pronounced “go”), an overcollateralized decentralized algorithmic stablecoin on Ethereum, after more than a year of development. <\/p>\n\n\n\n

The GHO stablecoin can be created by DeFi market players by depositing supported collateral assets into the Aave Protocol V3 on Ethereum, according to a statement made by Aave on July 15. <\/p>\n\n\n\n

\n

Let's GHO! Congrats to the @AaveAave\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> community on the Mainnet Launch. https:\/\/t.co\/vI7JbMLYb4<\/use><\/svg><\/span><\/a><\/p>— GHO (@GHO) July 15, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

The GHO algorithmic stablecoin will be released and administered by AaveDAO, a decentralized autonomous organization, in contrast to well-known stablecoins like tether (USDT), which centralized corporations issue. <\/p>\n\n\n\n

In a letter to Bloomberg, Stani Kulechov, the founder and CEO of Aave<\/a>, stated that the GHO project's community members, including security specialists, developers, and others, will receive a portion of the cash earned by GHO.<\/p>\n\n\n\n

All GHO transactions, according to the Aave team, will be managed by self-executing smart contracts, and the project's transparency will be emphasized by the on-chain verifiability of transaction data, reserves, and other crucial stablecoin information.<\/p>\n\n\n\n

Although decentralized stablecoins provide greater transparency, their centralized counterparts continue to rule the market. The failure of the Terra algorithmic stablecoin project UST last year demonstrated that even so-called decentralized stablecoins are susceptible to manipulation and de-pegging threats.<\/p>\n\n\n\n

With a $4.27 billion market cap, MarkerDAO's DAI is the world's largest algorithmic stablecoin after recovering from a de-peg event in March. It remains to be seen if Aave's GHO stablecoin<\/use><\/svg><\/span><\/a> will catch on and surpass DAI or USDT.<\/p>\n","protected":false},"excerpt":{"rendered":"

GHO, an algorithmic stablecoin from Aave, has now gone live and is backed by various cryptocurrencies, including Ethereum (ETH). The second-largest decentralized finance (DeFi) system in the world, Aave, has released GHO (pronounced “go”), an overcollateralized decentralized algorithmic stablecoin on Ethereum, after more than a year of development. The GHO stablecoin can be created by […]<\/p>\n","protected":false},"author":43,"featured_media":54636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1104,5109,128],"class_list":["post-54634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aave","tag-dai","tag-ethereum"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/croc_1689626487814.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=54634"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54634\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/54636"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=54634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=54634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=54634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}