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Aave's GHO Stablecoin Nears Elusive Dollar Peg
A "benevolent temporary dictator" is helping the not-so-stablecoin get on track.
Sometimes it takes a dictator to get things done in decentralized finance. At least, that seems to be the case for Aave's stablecoin GHO.
The asset, which has been valued at less than $1.00 for nearly all of its life, gained ground this week and rallied to $0.985 for the first time since August. Its volatile gains aren't doing anything to fix GHO's reputation as a not-so-stablecoin, but they do set the token close to the levels one might expect from an asset that's supposed to be worth a dollar – not $0.96.
The higher price price matches the target set by the hands-on DeFi engineer who insiders have called GHO's "benevolent temporary dictator," TokenBrice. This month the pseudonymous Frenchman took over the liquidity committee Aave tasked with restoring GHO's dollar peg. He then embarked on an "ambitious gamble" to at least get GHO halfway there by Nov. 30.
Read More: https://www.coindesk.com/business/2023/11/28/aaves-gho-stablecoin-nears-elusive-dollar-peg/
A "benevolent temporary dictator" is helping the not-so-stablecoin get on track.
Sometimes it takes a dictator to get things done in decentralized finance. At least, that seems to be the case for Aave's stablecoin GHO.
The asset, which has been valued at less than $1.00 for nearly all of its life, gained ground this week and rallied to $0.985 for the first time since August. Its volatile gains aren't doing anything to fix GHO's reputation as a not-so-stablecoin, but they do set the token close to the levels one might expect from an asset that's supposed to be worth a dollar – not $0.96.
The higher price price matches the target set by the hands-on DeFi engineer who insiders have called GHO's "benevolent temporary dictator," TokenBrice. This month the pseudonymous Frenchman took over the liquidity committee Aave tasked with restoring GHO's dollar peg. He then embarked on an "ambitious gamble" to at least get GHO halfway there by Nov. 30.
Read More: https://www.coindesk.com/business/2023/11/28/aaves-gho-stablecoin-nears-elusive-dollar-peg/
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