Goldfinch Update #24
Do you know how to get in touch with your USDC Borrowers? Plus, two new governance proposals
🎙️Highlights of the week
New Borrower Communication tooling launched to make it easier for Investors to access critical information. Read the announcement.
Tune in this Tuesday, 8/9 for a Goldfinch x Celo Twitter Spaces, with special guests from Mercy Corps Ventures and a16z. Set a reminder on Twitter, and read on for information about this special event...
Warbler Labs Senior Credit Specialist Aaron Collett will be speaking at DeFiCon this Thursday and Friday, 11-12 in NYC. More information is on their site.
No Goldfinch Community Update next week. Join the Discord for real-time news with the community, or follow Goldfinch on Twitter.
👀 From the Beak
As the scale of borrowing on Goldfinch grows, there is increasing demand from the Goldfinch community for more efficient channels of communication between Investors and the Borrowers on the protocol. In response, we launched standardized channels to allow Borrowers to share updates on their pools and to communicate directly with the protocol’s Investors.
New Borrower Communications tooling, one of the first of its kind to use web3 solutions for investor reporting
Provides Investors with easy access to information, like:
Trusted, secure, real-time communication channels between Borrowers and Investors
Accessible way for Borrowers to fulfill any and all obligatory Investor Reporting requirements, creating easier inroads to access the reporting that exists in their off-chain documents and agreements
More effective channels for Investors to securely communicate with one another, enabling enhanced collective bargaining power
These channels have launched for the Asset-Backed Pool via Addem Capital. Borrowers are launching these communication channels on a rolling basis, and the channels for remaining pools are expected to go live in the coming weeks.
Read the announcement for an overview of the tooling, what information can be included, and the process to get access, and get all of the details in the Goldfinch Documentation.
Goldfinch charts to the upper right
Congratulations to the Goldfinch community on passing a new growth milestone: over $1M in protocol revenue!
Already, our mission to expand access to capital via a single global credit marketplace is showing:
Over 1M reached with USDC via our Borrowers, across 20+ countries
Over $100M in USDC loaned
Over 1 million in protocol revenue
Less than 2 years from launch
Of course, this is just the beginning. You can always find real-time protocol data on Dune.
Brunch with Blake
Fintech Fridays had Goldfinch Co-Founder and Warbler Labs CTO Blake West on their regular Twitter Spaces to talk all things fintech, Goldfinch, and innovation in the space. Blake was joined by Atomic Financial Head of Markets and self-proclaimed fintech diehard Lindsay Davis, alongside co-hosts Ambika Sharma and Vaibhav Puranik. Listen to the recording on Twitter.
📰 Goldfinch in the Media
Bluejay Finance CTO Raymond Yeh published “3 Contrarian views of the future of DeFi” proposing a thesis that the web2 and web3 divide will not play out to be as divergent as many in the space believe. Covering the market’s desire for sustainable yields through the lens of where DeFi and TradFi may differ—or, be similar—he notes Goldfinch and other credit protocols’ role in filling “gaps for real world lending and borrowing” in the DeFi space.
In their overview of the post, researcher @ypsono_33 called Goldfinch out as part of a trend of protocols coming to the realization that “DeFi needs ways to interact with the physical world to be capable of generating real returns.” Do you agree with the contrarian views? Let us know.
Seeking sustainable yields
Web3 educator Magik Labs published an overview of decentralized credit protocols and undercollateralized lenders, focusing on Goldfinch and TrueFi as two examples of how loans that aren’t “just being circulated among crypto native institutions” can prove a useful growth avenue for DeFi.
Check out the thread to learn more about the various models in the space.
A Tweet for thought
Goldfinch x Celo
Tuesday, August 9 at 9:30AM PT / 12:30PM ET on @goldfinch_fi Twitter Spaces
Join your host Taylor Dunstan, Business Operations at Warbler Labs, alongside Aaron Collett, Senior Credit Manager at Warbler Labs, Nikhil Raghuveera, Strategy & Innovation at the Celo Foundation, Porter Smith, Deal Partner at a16z, and Scott Onder, Senior Managing Director at Mercy Corps Ventures, for a special panel covering….
Set a reminder to join here, and stay tuned @goldfinch_fi
Panels at DeFiCon
Will you be in NYC for DeFiCon? If so, don’t miss Warbler Labs Senior Credit Manager Aaron Collett speaking on a variety of panels covering lending and real world assets in DeFi, and using DeFi for social good.
Friday Aug 12, Bushwick Brooklyn
Get DeFinCon details on their site
🗳️ Governance Proposals & Protocol Updates
Any $GFI holder can make a Goldfinch Improvement Proposal (GIP) via the process here. Voting costs nothing and happens through Snapshot.
Community proposals for discussion:
GIP-17: New Community Management, Roles and Backpay (#2)
Summary: A proposal for a new community management structure, and a way of defining the members of the community who will have appropriate roles in the management structure, made in accordance with the comments given to the first version of the proposal.
Motivation: With the expiration of the authority of current Community Management members on June 14, 2022, a new Community Management structure is proposed to help further to achieve the goals outlined in the GIP-06 Proposed Goldfinch Roadmap and any subsequent initiatives by the community.
View the proposal here to join the conversation.
GIP-18: Reduce payment grace period to 45 days from 90 days
Summary: Reduce the number of days of ‘grace period’ before the protocol marks a Borrower Pool payment in default, from 90 days to 45 days, citing that the change will more closely reflect the grace periods of off-chain loan documents and flag credit quality issues on-chain more quickly.
Motivation: 45 days of grace period is roughly in line with the grace period in existing loan agreements for Goldfinch pools. Setting a grace period less than 45 days would flag a default on-chain before lenders would have any rights to enforce off-chain, so the proposers believe less than 45 days would not be advisable.
View the proposal here to join the conversation.
🎱 Senior Pool / Borrower Pool Updates
Current Senior Pool APY: 17.68% combined (7.81% USDC + 9.87% GFI)**
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: ~$849K USD ($849,132.60)
Protocol Revenue in the last 30 days: ~$102K USD ($102,486.20)
Total Active Loans: ~$99M USD ($99,219,761.48)
See more data on Dune
🧠 More Info
📚 Ready to start investing? Read the step-by-step guide.
💰 Considering providing capital to the protocol, but would prefer to chat with a human first? Complete the Goldfinch Capital Provider Interest Form here.
🛠️ Find job openings for a variety of roles building for Goldfinch at Warbler Labs here.
☕ Book a slot to chat with Warbler Labs team members here.
📗 Read Borrower Profiles here, and view the protocol’s pipeline of upcoming Borrower Pools here.
🐦 Follow us on Twitter, join our Discord, and see the latest governance activity on Discourse.
**Disclaimer: All APYs on Goldfinch are dynamic, and these APYs are a snapshot from 08.06.2022. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool