Key Ideas:
- The platform native stablecoin GHO's internal testnet is progressing well, according to Stani Kulechov, the founder of Aave, who also announced on Twitter that the protocol will launch a public testnet at the start of January.
- Additionally, Aave hopes to launch V3 on Ethereum in January as well. Instead of starting with V2, it wants to launch the stablecoin on V3.
- In addition, Aave will provide Facilitator the power to cast and destroy GHO without the need for trust, and in the future, a mechanism for requesting this power will be provided.
The internal testnet date for GHO, Aave's native stablecoin, is scheduled for the beginning of 2019. This is a significant development for the DeFi platform at a time when the competition among stablecoin platforms is heating up.
Aave's founder Stani Kulechov announced on Twitter that GHO's internal testnet is progressing well and that the protocol will launch a public testnet at the start of January.
Furthermore, Aave will launch V3 on Ethereum in January.
GHO internal testnet is ghoing well, we'll take a break now and release a public testnet beginning of January including V3 @AaveAave market for Ethereum. Happy holidays 👻
— Stani.lens (🌿,👻) (@StaniKulechov) December 23, 2022
GHO is not backed by liquid cash assets, yet it is not an algorithmic stablecoin like Terra's UST. This stablecoin will operate similarly to Maker's stablecoin Dai (DAI). To generate GHO, users will need to deposit cryptocurrency assets as collateral; the cryptocurrency assets will continue to be profitable during the lockdown.
In addition, Aave will provide Facilitator the power to cast and destroy GHO without the need for trust, and in the future, a mechanism for requesting this power will be provided.
Early in July, Kulechov initially revealed GHO, which offered promise as a target for other DeFi platforms that would follow this movement.
