Aave DAO approving overcollateralized stablecoin splits crypto community #togrp7
The Aave company put up the GHO creation proposal on July 28, which received an overwhelming 99.9% community vote over the course of three days. The proposal ended on Jul 31 at 10:00 am GMT with 501,000 AAVE tokens pledged in favor of creating the crypto-collateral backed stablecoin.
GHO would be an Ethereum-based and decentralized stablecoin pegged to the U.S. dollar that could be collateralized with multiple crypto assets. The next step in the process would be the creation of the GHO using a new Aave improvement protocol (AIP), and any user looking to mint GHO can do so by depositing any other crypto asset accepted by the Aave protocol. Being an overcollateralized stablecoin, users must always deposit a higher amount of crypto than the minting value of the GHO.#togrp7