[ARFC] Launch GHO on Plasma & Set ACI as Emissions Manager for Rewards
Author: @TokenLogic
Created: 2025-08-21
Summary
This ARFC proposes deploying GHO on the Plasma blockchain and appointing ACI as the Emissions Manager for both GHO and aGHO. The goal is to establish GHO as a key stablecoin within Plasma’s ecosystem from inception, facilitating reward programs, liquidity incentives, and seamless integration with the upcoming Aave deployment on Plasma.
Motivation
Plasma is a purpose-built, EVM-compatible Bitcoin sidechain designed specifically for stablecoin scalability, speed, and security—offering zero-fee USDT transfers, lightning-fast finality, and Bitcoin-anchored settlement.
The network is quickly approahcing launch with substantial USDT liquidity and an institutional partnership with Aave, including active GHO support on the platform.
Deploying GHO concurrently with the Aave instance on Plasma ensures that GHO becomes foundational to DeFi and payments infrastructure on a chain optimized for stablecoin utility.
Specification
Roles and Responsibilities
| Service Provider | Responsibility |
|---|---|
| TokenLogic | Deploy GHO infrastructure and bridging components |
| TokenLogic | Configure Facilitator, GSM, and Steward logistics |
| Chaos Labs + LlamaRisk | Review initial risk parameters tailored to Plasma |
| BGD + Aave Labs | Review Pull Requests ahead of voting submission |
| Certora | Cold Review / Audit of Pull Requests |
| ACI + TokenLogic | Design incentives and distribute emissions |
| Aave Liquidity Committee | Coordinate GHO liquidity across Plasma DEXs |
| GHO Stewards | Maintain risk parameters post-deployment |
ACI Multi-sig Address: 0xac140648435d03f784879cd789130F22Ef588Fcd
Gho Stewards Address: 0x8513e6F37dBc52De87b166980Fa3F50639694B60
GHO Parameters for Aave v3 on Plasma
| Parameter | Value |
|---|---|
| Asset | GHO |
| Market | Plasma |
| Isolation Mode | No |
| Borrowable | Yes |
| Collateral Enabled | No |
| Supply Cap | 5,000,000 |
| Borrow Cap | 4,500,000 |
| Debt Ceiling | – |
| LTV | – |
| Liquidation Bonus | – |
| Variable Base | 0% |
| Variable Slope1 | 6.5% |
| Variable Slope2 | 50% |
| Uoptimal | 90% |
| Reserve Factor | 10% |
| Stable Borrowing | Disabled |
| Flashloanable | Yes |
| Siloed Borrowing | No |
Facilitator & Bridging Configuration
Deploy a GhoDirectMinter facilitator on Ethereum to enable GHO issuance for Plasma.
- Mint Cap: 15M GHO
CCIP Bridge Configuration:
- Bucket Capacity: 15M GHO
- Inbound Capacity: 1.5M GHO
- Outbound Capacity: 1.5M GHO
- Refill Rate: 300 GHO/sec
GSM Parameters (stataUSDT0.plasma)
| Parameter | Value |
|---|---|
| GHO Bucket Cap | 10M GHO |
| USDT Exposure Cap | 5M |
| Freeze Lower Bound | $0.990 |
| Freeze Upper Bound | $1.010 |
| Unfreeze Lower Bound | $0.995 |
| Unfreeze Upper Bound | $1.005 |
| Mint GHO Fee | 0% |
| Burn GHO Fee | 0% |
USDT deposits into stataUSDT0.plasma trigger GHO transfers using Ethereum-held inventory via GSM.
GHO Steward Configuration
GhoAaveSteward
updateGhoBorrowCap: ±100%updateGhoBorrowRate: ±5% on optimal usage ratio, base variable rates, slopesupdateGhoSupplyCap: Up to +100%
GhoGsmSteward
updateGsmExposureCap: ±100%updateGsmBuySellFees: ±0.5% per side (FixedFeeStrategy)
Both stewards remain callable only by the GHO steward protocol.
Budget
Bootstrap funding on Ethereum will be bridged to Plasma via the facilitator for initial liquidity and ecosystem stimulation. The exact Ethereum SAFE address will be defined in a follow-up AIP.
Disclaimer
TokenLogic receives no compensation for drafting or coordinating this ARFC.
Next Steps
- Gather feedback from the community.
- If consensus is reached on this ARFC, escalate this proposal to the Snapshot stage.
- If Snapshot outcome is YAE, escalate this proposal to the AIP stage.
Copyright
Copyright and related rights waived via CC0.
