Goldfinch Update #22
Launching instant FIDU staking rewards and a charm of governance proposals, while DeFi joins the nest
🎙️Highlights of the week
Vesting has been removed from FIDU liquidity mining to make rewards instant, for current and new LPs. Learn more in the announcement.
GIP-14 is live for community voting on Snapshot, while GIP-15 and GIP-16 are open for community discussion in the governance forum. Read on for an overview of live governance proposals, or view proposals in the forum.
👀 From the Beak
Congratulations to the Goldfinch community on this week’s protocol upgrade, which removed reward vesting from Senior Pool Liquidity Mining for current and new LPs.
Liquidity Providers who stake the FIDU they receive for supplying USDC to the Goldfinch Senior Pool can now claim their GFI rewards at any time, with no unlock period or slashing. Existing LPs will need to unstake and restake their FIDU to begin earning non-vested rewards. Learn more in the announcement.
Goldfinch Community Manager RP was hosted by FujiDAO, a DeFi borrowing aggregator, for the first edition of their new “bera market” educational series. The conversation covered RP’s path in traditional finance and journey to web3, Goldfinch’s foundations, combining traditional and decentralized finance, and more. Listen to the recording here.
📰 Goldfinch in the Media
Turkey-based research and data analysis platform Lytera published an in-depth overview on Goldfinch, how it works, and the protocol’s performance data including traction and global reach. Read the Twitter thread here, or check out Lytera’s full Goldfinch report.
RWL is the solution
DeFi data analytics company TheTie raised the question of DeFi’s best path forward for growth in the current macro financial landscape: via bringing real-world finance to DeFi, or via DeFi-native yield? You probably already know where Goldfinch stands, but you can learn more about the community’s vision for the future in Goldfinch Co-Founder and Warbler Labs CTO Blake West’s recent op-ed, “Time to be Boring: How Crypto Goes 100x From Here.”
Joining the nest
Tidal Finance, a decentralized insurance marketplace connecting insurance sellers and buyers to cover smart contract hacks risk, launched support for Goldfinch on their platform this week with a smart contract coverage protection pool. Multi-asset digital trading platform Uphold also launched support for GFI later in the week within their trading venue.
In case you missed last week’s community announcement of the AlloyX integration for Backer liquidity, you can learn more in the coverage from Yahoo Finance. And if you didn’t hear about the announcement that Goldfinch has reached over 1M+ people and businesses via the protocol’s Borrowers, you can check out this week’s coverage in Nairobi-based BitcoinKE, or Genius Interactive’s article “[MILESTONE] African SMEs Among Over 1 Million Borrowers Getting DeFi Loans from GoldFinch DeFi Pools” on their site.
"At a high level, I like to ask ‘who’s going to win? A fragmented, slow, legacy financial system where it takes years to do anything, or a global, interoperable system where millions of developers can permissionlessly build on top of one another?’ The answer is clear…”
— Blake West, Goldfinch Co-Founder and Warbler Labs CTO
Source: @StuAnon3’s thread on how he uses Blake West’s insights as an example to help crypto-skeptical friends who work in finance understand DeFi’s value.
Goldfinch x Celo
Thursday August 4th in Twitter Spaces
Mark your calendar and stay tuned…
🗳️ Governance Proposals & Protocol Updates
Community proposals live for voting:
Summary: For the Goldfinch community to allocate 4,000 USDC from the Goldfinch Treasury to run a pilot of the Credit Analysis Grant, and compensate community members to write two Credit Analysis Memos for each of the next two Borrower Pools.
Motivation: Kicking off the Credit Analysis Grant program will help synthesize the data available to the community to evaluate borrower pools, further the decentralization of the protocol, and strengthen the engagement of the Goldfinch community by compensating members for their contributions.
Community proposals for discussion:
Summary: In order to give Backers an opportunity to exit their positions in Borrower Pools prior to the end of the lock-up period, this proposes the creation of a secondary marketplace that enables Backers to sell their Borrower Pool positions.
Motivation: The lock-up period for Backers who lend to Borrower Pools is 2-3+ years. This long-term capital commitment is reducing the number of people who are willing to contribute to Borrower Pools. Since the Backer positions in Borrower Pools are represented as NFTs, there are many existing platforms that could facilitate a marketplace for these Backer positions.
View the proposal here to join the conversation.
Summary: Participants of the protocol sign a Non-Disclosure Agreement (NDA) and have access to a Borrower’s data room. A community of Backers proposes that Borrowers open a new folder in the data room named “Remittance Reports” and upload an updated report every month. The proposal requests that the report’s publication be announced through verified/token-gated channels to ensure that backers and FIDU holders are notified.
Motivation: The proposal aims to provide the beginnings of a standardized framework for Credit Fund Borrowers to provide more transparent reporting for various Investors on the Goldfinch platform. It asks credit funds to deliver credit reports monthly at the “Borrower Level” and “Investor Level” as defined in the proposal, separate from any additional compliance requirements.
View the proposal here to join the conversation.
🎱 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: ~$2.9M USD ($2,948,772.36)
Protocol Revenue in the last 30 days: ~$105K USD ($105,016.42)
Total Active Loans: ~$99M USD ($99,219,761.51)
See more data on Dune
How can I participate in Goldfinch Governance?
Goldfinch is a decentralized, community-driven and community-managed protocol. Governance is managed by the community DAO and has the ability to perform maintenance functions and parameter adjustments to the protocol. Anyone can participate in governance by making proposals, discussing them, and GFI holders can participate in voting to approve or deny them.
The Goldfinch community governance portal is located at https://gov.goldfinch.finance/. This is a venue for the community to make and discuss proposals. More details on the proposal process are in the governance portal here.
Snapshot votes take place at https://snapshot.org/#/goldfinch.eth. You can use your GFI balance to vote, and the results are calculated according to Quadratic Voting. To ensure sybil resistance with quadratic voting, participants need a registered Unique Identity NFT (UID).
🧠 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 07.24.2022. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool