The DeFi lending protocol Aave received the approval of its DAO members to create a US dollar-pegged stablecoin token called “GHO”. GHO will be administered by the Aave governance.
The proposal was put forward by Aave companies and passed with an overwhelming majority of 99.9%, or roughly 501,000 AAVE. According to the voter snapshot, there were 17 abstentions and 12 votes against the idea.
The vote spanned a total of three days. The price of its native token, AAVE, spiked following the proposal’s approval, to around $108 from $95.40.
