The Aave DeFi protocol community has approved the launch of the USD-pegged decentralized stablecoin GHO in the ecosystem.

Community green light for GHO 👻 The next step is to vote on the formation parameters of the GHO, see a proposal on the governance forum next week https://t.co/ba4oK50Wb8

— Aave (@AaveAave) 31 July 2022

“The community has given the green light to the GHO. The next step is to vote on the parameters of the formation. Stay tuned for a proposal on the governance forum next week,” the developers wrote.

During a three-day voting, members of the decentralized organization Aave DAO contributed more than 500,000 AAVE tokens to the Snapshot platform. The proposal received almost unanimous support.

Management was discussed.

First of 3 votes required for Launch with 500k+ YAE votes and 12 NAE votes @AaveAave $GHO approved.

The next step is to vote on the GHO’s formation parameters, waiting for a proposal on the governance forum next week.

Congratulations to all voters! pic.twitter.com/coYLS6EKXR

— Marc “Aavechan.lens” Zeller 👻 💜 (@lemiscate) 31 July 2022

The protocol team presented the project to the GHO in early July 2022. The instrument is an overcollateralized stablecoin, the same model used in MakerDAO’s DAI.

The collateral will be a “diversified crypto-asset set” powered by Aave. At the same time, users will continue to receive interest on blocked tokens as collateral.

Interest payments on loans in GHO will be transferred to the treasury of Aave DAO. The latter will take over the vehicle management functions.

Mark Zeller, head of integration at Aave, said the timing of the stablecoin’s release will depend on the results of the audits. He stressed that the development team “puts security before speed of deployment.”

it mostly depends on the audit reports and what they contain.

Aave always puts security above delivery speed

So far history has proven that this is not the worst strategy.

— Marc “Aavechan.lens” Zeller 👻 💜 (@lemiscate) 31 July 2022

The expert also noted that the project does not plan to offer income accounts in the GHO.

Recall that the Aave team introduced the third version of the landing protocol in March 2022.

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