•Aave has deployed its native stablecoin GHO on the Ethereum Goerli testnet.
•The GHO mainnet launch is pending community discussion and approval via Aave DAO.
•It will compete with Maker’s DAI stablecoin and other leading DeFi protocols that have issued their own native stablecoins.
Aave Deploys GHO Stablecoin
Aave, one of the leading crypto decentralized finance (DeFi) protocols, has successfully deployed its native stablecoin GHO on Ethereum’s Goerli testnet. The GHO codebase is now available for potential adopters and developers to access and test before it is released to the general public on Ethereum.
GHO Mainnet Launch Pending Community Discussion
The launch of the GHO mainnet depends on community discussions and approval through the Aave DAO which is in charge of Aave governance through proposals and voting. The DeFi community has been eagerly anticipating the release of the stablecoin since August last year when Aave’s community overwhelmingly supported its development.
Stiff Competition from MakerDAO
As Aave ventures into the space of issuing a native stablecoin, it will face stiff competition from rival DeFi protocols like Maker that have already released their own versions. Currently, MakerDAO’s DAI is leading as one of the largest decentralized stablecoins with Curve, another renowned DeFi protocol also developing crvUSD as a rival to DAI and GH0.
Aave’s Current Position Within DeFi Space
Despite this competition, Aave enjoys a good position within the cryptocurrency borrowing and lending industry with total value locked (TVL) at $7.15 billion giving it an advantage over competitors in terms of adoption rate once launched to the public mainnet.
Ultimately, while everyone awaits for more details regarding GH0’s launch date, one can only hope that this new addition to DeFi space brings more innovation as well as better services than those already existing in form of other native stablecoins such as MakerDAOs DAI and Curve’s crvUSD