[Golden Finance News] The Aave Decentralized Autonomous Organization (DAO) has voted to deploy the GHO stablecoin on the Arbitrum network. Aave's DAO plans to gradually launch the GHO stablecoin on multiple networks, and Arbitrum was chosen to take advantage of its Layer 2 network's low transaction costs and higher throughput. This decision was based on security and risk management factors in order to test the waters before expanding GHO to other blockchain ecosystems.

Chainlink's CCIP protocol enables GHO to run on multiple chains. CCIP is the interoperability layer that allows Aave DAO to migrate the GHO stablecoin originally launched on the Ethereum network to Arbitrum and other networks in the future. The interoperability of stablecoins is achieved through a destruction and minting model and lock and release functions.

Chainlink and Arbitrum have been working together since 2020 to promote cross-chain development of decentralized applications. Chainlink has become one of the leading blockchain interoperability and oracle networks, conducting experimental pilot programs with global institutions such as the SWIFT interbank messaging system to enable cross-blockchain value transfer. It is expected that the use and adoption of Chainlink’s CCIP will continue to increase through 2024.