[ARFC] Launch GHO on Plasma & Set ACI as Emissions Manager for Rewards

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[ARFC] Launch GHO on Plasma & Set ACI as Emissions Manager for Rewards
Author: @TokenLogic
Created: 2025-08-21

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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, slopes
• updateGhoSupplyCap: 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

1. Gather feedback from the community.
2. If consensus is reached on this ARFC, escalate this proposal to the Snapshot stage.
3. If Snapshot outcome is YAE, escalate this proposal to the AIP stage.

Copyright

Copyright and related rights waived via CC0.