Goldfinch Update #16
Call us a credit protocol, Tyrone Ross & Coindesk’s On Purpose, Access Ventures on funding clean water in Africa, and a peek at game-changing proposals
🎙️Highlights of the week
Goldfinch and Warbler Labs Co-Founders Mike Sall and Blake West joined Tyrone Ross’ CoinDesk podcast, On Purpose. Listen here.
GRC-01 and GIP-13, the Goldfinch V2 Tokenomics Outline and Phase 1 proposal, have been published for community discussion in the forum.
How does crypto 100x? By being boring. Learn how in Blake’s thead.
👀 From the Beak
Warbler Labs CTO & Goldfinch Co-Founder Blake West has kicked off an appeal for the crypto industry to start using the term ‘credit protocol’ to describe DeFi credit marketplaces like Goldfinch, instead of ‘undercollateralized lender.’ Credit protocol has been gaining traction in Goldfinch’s coverage, including by The Defiant and Blockworks Research.
A few key points:
Outside of DeFi, lending is not generally grouped by “overcollateralized” and “undercollateralized,” instead, the level of collateralization is a per-deal detail.
It’s factually incorrect (Goldfinch loans are all currently overcollateralized with off-chain assets), and incorrectly insinuates protocol’s taking on extra risk.
There is a trend in crypto of mixing ‘over/under collateralized’ with whether a protocol uses on-chain or off-chain collateral, conflating no on-chain collateral with having no collateral at all.
Learn more about the above in Blake’s thread, and comment with your thoughts.
Goldfinch and Warbler Labs Co-Founders Mike Sall and Blake West joined Tyrone Ross’ CoinDesk podcast, On Purpose, to discuss how blockchain technology can be used to improve existing financial systems, financial inclusion and how it’s defined, bringing capital to emerging markets, and much more. Listen here, or on your favorite podcast app.
Why should DeFi focus on the boring? While some may argue that DeFi’s TVL will 100x to $1.6 trillion USD by continuing to build solutions for play-to-earn gaming and tokenized music rights, Blake West is here to explain how DeFi’s best path to growth is the same followed by every other disruptive technology: go after the biggest opportunities by solving everyday problems, like commerce and lending. Read the thread to learn more.
📰 Goldfinch in the Media
Access Ventures published an in-depth feature on water access for schools in Nigeria, and how one community’s funding originated with Goldfinch via via the credit fund, Almavest. The story follows Mrs. Fasoro Christina, Head Teacher at State Primary School in Mafoluku, Lagos, accessing clean drinking water for her students by way of aquatabs from Impact Water—which received its funding from Goldfinch Borrower Almavest, using crypto to create impact in their community. Read the article on the Access Ventures blog.
Middle East news outlet Al-Monitor interviewed Warbler Labs CIO Samuel Eyob in their latest Business and Tech newsletter. The conversation covers crypto-based lending and DeFi in the MENA region, including opportunity, uptake, obstacles, and more. Read it here.
How are Goldfinch’s loans collateralized?
Friday June 17th at 9 AM PT / 12 PM ET on Twitter Spaces
Join Warbler Labs’ Senior Credit Manager Aaron Collett, Chief Investment Officer Sam Eyob, and guests to discuss how Goldfinch’s loans are currently collateralized by off-chain assets.
Set a reminder here: https://twitter.com/i/spaces/1jMJgeQVXZkKL
Goldfinch Membership & Tokenomics V2 Proposal
Thursday June 23rd at 9 AM PT / 12 PM ET on Twitter Spaces
Join Goldfinch and Warbler Labs Co-Founders Mike and Blake, along with special guests from the crypto ecosystem, to discuss the community governance proposal for Goldfinch Membership & Tokenomics V2, along with the proposal’s innovations and what they mean for the ecosystem.
Open for discussion in the forum:
This GRC (“Goldfinch Request for Comment”) outlines a plan to evolve the role of GFI in the Goldfinch protocol over three distinct phases. The goals? To increase the utility of the GFI token, scale system security alongside decentralized governance, and increase protocol value in service of the Goldfinch vision.
The post outlines a three-phase plan to update Goldfinch’s tokenomics, and was published to facilitate community discussion around the long-term plan. ‘Phase 1: Introduce Goldfinch Membership’ is an open proposal for governance now (see below)
This proposal outlines a vision for the first phase of Goldfinch Tokenomics V2 development. It proposes a Goldfinch Membership system, whereby members can receive a share of protocol fees (“member rewards”) and greater voting power in governance by locking capital into a Membership Vault to support the protocol’s growth and security.
🎱 Senior Pool / Borrower Pool Updates
Get real-time updates when new Backer Pools launch, and news on upcoming Borrowers, here.
The Senior Pool is automatically diversified across different Borrower Pools. Backers can invest in specific Borrower Pools, and earn an additional share of rewards for their role doing so. Pools normally close for Backer deposits within a week. Learn more here.
Defaults in the last 30 days: 0
Repayments in the last 30 days: ~$819K USD ($818,809.37)
Protocol Revenue in the last 30 days: ~$131K USD ($130,944.17)
Total Active Loans: ~$102M USD ($102,219,761.53)
See more data on Dune
🧠 More Info
📚 Want to get started? Read our simple protocol guide.
☕ Book a slot to chat with Warbler Labs team members here.
💰 Want to deposit capital in the protocol, but would rather chat with a human face first? Fill our form here and our team will get back to you.
**Disclaimer: All APYs on Goldfinch are dynamic, and these APYs are a snapshot from 06.10.2022. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool.