Aave Introduces GHO Stablecoin On Ethereum Goerli Test Network With Audits

On Thursday, Aave unveiled the release of GHO, its own stablecoin, on the Ethereum Goerli testnet. The codebase, which is open source, can be found on Github and has been audited by Open Zeppelin, Sigmaprime, and ABDK. Developers at Aave are inviting developers and potential integrators to start testing GHO as it prepares for its mainnet launch on Ethereum.

Upon its launch on Ethereum’s mainnet, GHO will be similar to Makerdao’s DAI token as it will be backed by over-collateralization and pegged to the US dollar. However, Aave Version 3 (V3) does not allow for flashloaning of the stablecoin. The community is encouraged to consider adding another facilitator, “Flashminting,” at launch to resolve this issue.

You can check out GHO here.

Aave is proposing the inclusion of a feature called Flashminting, which will allow users to generate GHO tokens in a single transaction, similar to flashloans, but without borrowing from a pool.

The codebase for the Flashminter Facilitator has been audited and the Aave community will vote through the Aave Decentralized Autonomous Organization (DAO) on whether to include it. The DAO will manage the control of the GHO facilitator. Before the official launch of GHO on the mainnet, the team plans to carry out additional testing and research.

For the implementation of GHO’s discount rate, modifications must be made to STKAAVE, and a snapshot needs to be taken for the Ethereum V3 Facilitator and the Flashminter Facilitator. After the snapshot, these will be the first two facilitators for GHO, according to Aave.

The company has also launched a bug bounty and is encouraging key contributors to the DAO to start discussing the framework for adding new facilitators.