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Lending protocol Aave has deployed its native stablecoin $GHO on Ethereum's Goerli testnet.
Developers and potential adopters of $GHO can access the stablecoin’s codebase and test how it works before being released to the wider public on the Ethereum blockchain. Aave DAO, the community that oversees the Aave protocol, will vote to approve $GHO’s official mainnet launch.
$GHO, launched by Aave, is an overcollateralized stablecoin pegged to the U.S. dollar.
The supply of $GHO is controlled via a mint-and-burn mechanism. Aave mints $GHO tokens when users deposit digital assets as collateral to borrow $GHO, while they keep earning a yield on their underlying assets. When users repay the principal loan, Aave burns the previously issued $GHO reducing its circulation and returns the underlying collateral.
Prior to the testnet release, the $GHO deployment was audited by blockchain code auditing firms Open Zeppelin, SigmaPrime, ABDK, and it is currently under audit by Certora. The protocol also started a Bug Bounty program which encourages community members to discover and report security vulnerabilities for up to $250,000 reward.
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