- Aave has joined the space of DeFi protocols that have issued their own native stable coins.
- The GHO stablecoin is not live on Ethereum’s testnet.
- The GHO Mainnet is yet to be launched awaiting community discussion and approval.
Leading crypto decentralized finance (DeFi) protocol, Come on, has successfully deployed its native stablecoin GHO on Ethereum’s Goerli testnet. Aave is a leading crypto lending platform and its stablecoin deployment has been announced as MakerDAO, the issuer of one of the leading stablecoins DAI plans to launch a crypto lending platform,
Following the deployment of GHO on the Ethereum testnet, potential adopters and developers of the stablecoin can access the stablecoin’s codebase and test how it works before the stablecoin is released to the general public. Ethereum,
However, when the testnet is ready for testing, the launch of the GHO mainnet depends on community discussion and approval through the Aave DAO which is in charge of Aave governance through proposals and voting. The DeFi community has been eagerly awaiting the launch of the GHO stablecoin since the Aave community heavily supported its development last August.
Tough competition from Maker’s DAI stablecoin
While Aave has enjoyed a good time in the crypto lending and borrowing industry, its involvement with stablecoins means it will face stiff competition from rival DeFi protocols such as the creator who have issued their own local stablecoins.
Currently, MakerDAO’s DAI stablecoin is the largest decentralized stablecoin. Another well-known DeFi protocol, Curve, is also developing its own native stablecoin called crvUSD.
However, Aave’s top spot in the DeFi space is a Total Value Locked (TVL) $7.15 billion Can give it a jumpstart with a stablecoin project.