DeFi engineer TokenBrice takes steps to push Aave stablecoin GHO to restore peg

DeFi engineer TokenBrice took over the GHO Liquidity Committee this month, tasked with restoring the USD peg to the Aave stablecoin GHO. TokenBrice’s strategy focuses on incentivizing purchase support for GHO in a very targeted way. TokenBrice said: “We don’t just pay for liquidity and incentives, we pay for a specific liquidity that is biased toward the buyer, which helps us create price support for GHO’s buying pressure and gradually push it upward.” TokenBrice said in a committee report on November 23 that DeFi protocol Maverick’s Boosted Pool has a decisive advantage in engineering liquidity compared to more well-known DeFi trading giants such as Uniswap. TokenBrice wrote of Maverick: “Far from being a panacea, the new AMM is a solution to help various stablecoins restore their pegs.” (CoinDesk) According to previous news on November 20, DeFi developer TokenBrice said that the small-scale experimental phase of GHO has ended and it is time to increase the price. TokenBrice hinted at the numerous resources it will mobilize over the coming weeks, with the goal of raising the GHO price to $0.985 by November 30. TokenBrice and others stated that GHO’s relatively low borrowing costs also contributed to the token falling below $1. Prior to Wednesday, GHO’s interest rate was 3%, making borrowing GHO cheaper than borrowing other stablecoins such as Maker’s DAI. Aave founder Stani Kuchelov said that simply put, Aave DAO chose growth as a market entry strategy, and now the focus has turned to the pegged exchange rate. GHO is minted when Aave users borrow GHO with cryptographic collateral worth more than the GHO they borrowed.