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#Aave has launched GHO, its algorithmic dollar-pegged stablecoin on Ethereum in the decentralized finance space.

Aave’s DeFi protocol has released GHO, its algorithmic USD-pegged #stablecoin on Ethereum’s mainnet, with $2.19 million worth of GHO minted to date.

Aave revealed the launch of GHO stablecoin through a July 16 blog post, describing it as a “decentralized, over-collateralized” asset. The stablecoin is backed by various digital assets, including #Ethereum’s Ether (ETH) and Aave’s AAVE token, which is currently trading at $78.96.

GHO’s mainnet launch followed a community governance vote where almost all of the 424 participating addresses voted in favor of the stablecoin.

Unlike centralized stablecoins like Tether’s USDT, which faced criticism due to a perceived lack of transparency regarding their reserves, GHO’s assets are transparent and verifiable. Aave states that the backing assets can be confirmed through on-chain data.

Aave stated that all GHO transactions are executed through self-executing smart contracts, and data related to these transactions is accessible and auditable directly from the blockchain or through various user interfaces.

Furthermore, Aave mentioned that GHO’s revenue will strengthen its DAO treasury, and governance responsibilities will be entrusted to AAVE and stkAAVE token holders.

The GHO stablecoin is now accessible to the public, allowing anyone to mint GHO by using the assets they supply as collateral in the Aave Protocol V3 #Ethereum market. This ensures that GHO remains overcollateralized by a variety of assets.

GHO’s launch adds to the increasing number of DeFi-native algorithmic stablecoins. Earlier, on May 4, Curve, a DeFi protocol, released its flagship algorithmic stablecoin called crvUSD.

Currently, MakerDAO’s Ethereum-based stablecoin DAI holds the position of the largest algorithmic stablecoin in circulation, with a market capitalization of $4.28 billion, as per DeFiLlama data.

Nevertheless, the centralized issuers like Tether and Circle continue to dominate the total stablecoin market.

Currently, Tether’s USDT and Circle’s USD Coin USDC, both valued at $1.00, make up 87% of the total circulating supply of U.S. dollar-pegged stablecoins.

As of the publication time, GHO is trading slightly below the targeted $1 peg at $0.9927, with a recorded low of $0.9814 on July 16, based on CoinMarketCap price data.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

$AAVE

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Ethereum
As the second-largest cryptocurrency, #Ethereum’s developments in 2023 are noteworthy. Key advancements include the introduction of staked ether withdrawals, proto-danksharding for improved scalability, and efforts to maintain its decentralized ethos amidst censorship and centralization challenges.

The Flare Network
Launched in 2023, #FlareNetwork stands out for its high-performance, decentralized cross-chain platform, focusing on scalability and interoperability. Its integration with the Ethereum Virtual Machine (EVM) enhances its compatibility within the Ethereum ecosystem.
Ocean Protocol
This project is revolutionizing data exchange with a decentralized approach, empowering data providers and fostering a tokenized economy. #OceanProtocol impact spans various industries, from healthcare to AI research.
Chainlink
Continuing its role in integrating real-world data with blockchain technology, #Chainlink’s decentralized oracle network is pivotal for the functionality of smart contracts. It focuses on expanding its network to support more blockchains and applications, contributing significantly to the Web3 domain.
The Graph (GRT)
The Graph #GRT is revolutionizing data access on blockchains, offering an open-source protocol for efficient data indexing and querying. Recent developments include AI-assisted querying and a focus on scalability and efficiency.
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These leading Web3 projects are not just technological breakthroughs; they’re catalysts for societal change, driving a shift towards a more decentralized and user-empowered digital world. They showcase the immense potential of blockchain technology and decentralized systems, laying the foundation for a more connected, decentralized future.

The number of Ethereum whales has been on the rise in recent months, with these investors accumulating over $9 billion worth of ETH.

This trend is likely being driven by a number of factors, including the increasing popularity of #Ethereum’s Proof of Stake (PoS) consensus mechanism and the launch of the Shanghai upgrade.

Proof of Stake

Ethereum is in the process of transitioning from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) mechanism. PoW is a more energy-intensive consensus mechanism, while PoS is more energy-efficient.

This transition is likely motivating many ETH holders to acquire additional tokens to stake and participate as validators.

Shanghai Upgrade

The Shanghai upgrade was launched on March 10, 2023. This upgrade introduced a number of key enhancements to the Ethereum network, including the enablement of staked ETH. This is likely another factor that is contributing to the rise of Ethereum whales.

Different Behaviors of Ethereum Holders

While Ethereum whales continue to amass ETH, it is worth noting that different categories of Ethereum holders are exhibiting different behaviors.

Over the past 30 days, long-term holders, affectionately known as hodlers, have increased their holdings by 4.54%. This group of steadfast investors has demonstrated unwavering faith in Ethereum’s long-term potential.

On the other hand, midterm holders, or cruisers, experienced a marginal decrease in their balances by 0.38%, while short-term holders, or traders, saw a significant decrease of 17.5%.

Dominant Whales

The majority of Ethereum addresses belong to smaller holders, referred to as shrimps, who possess less than 0.1 ETH.

At the opposite end of the spectrum, institutional investors and large Ethereum whales hold substantial influence over the market.

The addresses holding between 1,000 and 100,000 #ETH command a significant portion of the coin’s total supply, which currently amounts to an estimated value of approximately $70.09 billion.