Aave Launches Stablecoin GHO on Ethereum Goerli Testnet with Open Source Codebase and Audits
On Thursday, Aave Companies announced the launch of its own native stablecoin, GHO, on the Ethereum Goerli testnet and accordingly released the open source codebase on Github. Aave’s developers are reportedly inviting programmers and potentially integrators to begin testing GHO as it prepares for deployment on the Ethereum mainnet.
The three audits conducted by Open Zeppelin, Sigmaprime, and ABDK specifically focused on GHO deployments. Upon its launch on the Ethereum mainnet, GHO will be similar to MakerDAO’s DAI tomorrow in that it will be essentially hyper-collateralized and pegged to the US Dollar. Aave version 3 (V3) does not allow for flash loans of stablecoins and to address this issue the community is being asked to consider adding a second thread base, “flashminting”, to launch And Flashminting Aave will enable users to create GHOs in a single transaction, similar to flash loans but without accidentally borrowing. An audit roadways is available for the Flashminter Facilitator software and inclusion will be decided by voting among the Aave community through the Aave Decentralized Autonomous Organization (DAO). Aave DAO will manage the control of GHO Facilitator and with that the team says that there will be additional testing and research ahead of the official mainnet launching. Changes are needed to STKAAVE to enable the implementation of GHO’s discount rate and at the same time a snapshot is needed for the Ethereum V3 Facilitator and FlashMinter Facilitator and we can say that according to Aave, “two facilitators for GHO Snapshot will arrive as the flagging off and the company has also introduced a bug bounty and key contributors to the DEO have agreed to consider discussing its framework to include the new facilitator.
