User activity on lending protocol AaveAave broke above yearly highs last week ahead of the vote on its yield-generating stablecoin, GHO. By shauryamalwa.
The protocol’s native aave tokens experienced volatile trading in the past week, rising from the $77 level last Tuesday to over $105 over the weekend before dropping back to about $90 at writing time, CoinGecko data show.
GHO will works in a similar way to existing algorithmic stablecoins, which mint exactly $1 worth of tokens when users provide $1 worth of cryptocurrency collateral. Users, however, will continue earning interest on the supplied collateral. According to the now-passed proposal, GHO will send all the interest received on loans to the decentralized autonomous organization , generating revenue for the community and allowing the DAO to bolster its treasury for funding future products or tools. Such factors have generated community interest in the GHO token.
Last year, as many as 6,200 wallets were active in February and transactions involving Aave touched a record 1.1 million daily figure in May. They slumped to as few as 96,000 transactions a day earlier this year amid a market-wide price decline, IntoTheBlock data shows.
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