Goldfinch Update #25
Goldfinch leads DeFi for APYs, grants open for Credit Analysis, and exciting news from the nest
🎙️Highlights of the week
Applications are now open for the first round of Goldfinch Credit Analysis Grants. Apply here.
According to DeFiLlama data, Goldfinch has the #2 stablecoin APY in the crypto industry amongst protocols with at least $50M TVL. Read about it here.
Goldfinch joined the Celo Alliance for Prosperity, a group committed to growing global and local ecosystems in service of creating the conditions of prosperity for all. Learn more in the announcement.
Enzyme launched a Goldfinch FIDU integration allowing their Vault managers to provide users with exposure to the Goldfinch Senior Pool. Listen to the Twitter Spaces overview here.
👀 From the Beak
The Goldfinch community has joined the Celo Alliance for Prosperity, a network of Celo mission-aligned organizations committed to growing global and local ecosystems in service of creating the conditions of prosperity for all. We join the ranks of many of the Goldfinch community’s existing participants, borrowers, and investors within the Alliance, including Cauris, Mercy Corps Ventures, a16z, and Coinbase Ventures.
Read more in the announcement, or listen to the Twitter Spaces AMA here discussing the announcement and what it means for the future.
Mobilizing the community
Announcing the first round of Goldfinch Credit Analysis Grants! The Credit Analysis Grant is a community-led grants program to compensate Goldfinch community members for writing Credit Analysis Memos for launching Borrower Pools, created after a community discussion and proposal which can be found on Goldfinch's governance forum.
Learn more and read the FAQs on the community Notion page here, or apply to be one of the first grantees here.
Future of finance
Warbler Labs CIO Sam Eyob and Credit Manager Obinna Okwodu wrote a special guest edition of The Flip newsletter, covering the distribution of global debt, limitations of public and private debt in African markets, the channels that can connect capital to local demand, and sources for that capital—namely, the solution offered by Goldfinch and how Goldfinch can improve the structural challenges seen by those financing Africa’s development today.
Read the article here, or get the highlights from The Flip’s Twitter thread here.
Leading the pack
Congratulations to the Goldfinch community on holding the second-highest stablecoin APY in the industry, amongst protocols with at least $50M TVL according to new DefiLlama data. In February Messari reported that Goldfinch’s USDC APYs are “among the highest in DeFi,” and this fact remaining true, despite market downturns, displays the strength and stability that bringing real-world lending to DeFi has to offer. Explore the new Goldfinch data on DeFiLlama here.
Community FIDU integration
Enzyme Finance, an on-chain asset management protocol, announced that Vault managers on their platform can now buy and hold FIDU via the community-launched FIDU-USDC Curve Pool as part of their asset management strategy. The integration will allow Enzyme’s users to gain exposure to the Goldfinch Senior Pool via their asset management tooling.
Learn more in Enzyme’s announcement, or listen to the Twitter Spaces with Goldfinch Co-Founder and Warbler Labs CTO Blake West, Avantgarde Head of Asset Management Erin Koen, and Avantgarde Founder and CEO Mona El Isa.
📰 Goldfinch in the Media
Kindred Ventures Managing Partner Kanyi Maqubela noted Goldfinch and FTX as two examples of crypto’s future and path forward during his interview with CNBC’s TechCheck. The interview covers Maqubela’s perspective on the recent downturn as a sign of an asset bubble in digital currencies, noting the viability that bringing real finance to crypto can offer the space. Watch a clip here.
Investor deep dive
Deus Ex DAO, a decentralized investment syndicate, hosted Goldfinch Co-Founder and Warbler Labs CEO Mike Sall for an in-depth podcast covering Goldfinch and how the protocol can unlock crypto lending for the majority of the world. The episode takes an in-depth and technical view of Goldfinch, its opportunity and how it works, and how credit professionals and lenders can bridge the financing gap for fintech and lending businesses in emerging markets.
Listen to the podcast here, or read Deus Ex DAO’s Twitter overview here.
📅 Events
Stay tuned for upcoming events here, in the Goldfinch Discord, or by following @goldfinch_fi on Twitter.
🗳️ 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.
Approved community proposals:
GIP-17: New Community Management, Roles and Backpay (#2)
The proposal for a new community management structure was approved with 89.72% of votes in favor.
View the proposal here to learn more.
GIP-18: Reduce payment grace period to 45 days from 90 days
The proposal to reduce the number of days of ‘grace period’ before the protocol marks a Borrower Pool payment in default from 90 days to 45 days was approved with 99.99% of votes in favor.
View the proposal here to learn more.
Community proposals for discussion:
GIP-21 Naming the Secondary Market Place
Summary: Following the passage of the GIP-15: Secondary Marketplace for Borrower Pool Positions proposal, the community needs to choose a name for the marketplace.
Motivation: The community’s long-term vision for this secondary marketplace is to include other assets in addition to the Goldfinch backer position NFTs, so it need not be named for Goldfinch directly, and as a community-driven project the community should come up with its name collaboratively.
View the proposal here to join the conversation.
GIP-20: Financial reporting through Messari’s Protocol Services
Summary: Task Messari with building out a standardized protocol-level income statement with long-form reports contextualizing the data, to live as free resources on Messari’s site, be delivered to Mesari’s 250k email subscribers, as well as to be distributed via partners including S&P Global and Bloomberg.
Motivation: There is still a need for digestible public reporting on the network’s growth and performance as a whole. As we continue in a bear market, this becomes increasingly important as people tend to overweight price as their barometer of project success. By outsourcing this critical investor relations function of semi-annual performance reporting to a specialist firm with outsized public visibility, Goldfinch can be better positioned to withstand turbulent times and retain the mindshare of major crypto participants, while also getting visibility to traditional finance’s S&P and Bloomberg audiences.
View the proposal here to join the conversation.
GIP-19 Increase Snapshot quorum
Summary: Increase the threshold for quorum on Snapshot votes from 50k to 250k GFI, to maintain legitimacy and prevent attacks.
Motivation: As the circulating supply of GFI increases, the quorum to pass governance proposals on Snapshot should also increase to help maintain legitimacy of the votes.
View the proposal here to join the conversation.
🎱 Senior Pool / Borrower Pool Updates
Current Senior Pool APY: 16.26% combined (7.81% USDC + 8.45% 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.
📊 Stats
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: ~$100K USD ($100,956.74)
Total Active Loans: ~$99M USD ($99,219,761.45)
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 08.19.2022. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool