Goldfinch Update #30
“When the crypto markets were hot, every project seemed invincible…”
🎙️Highlights of the week
Our friends at Carapace Finance are building their first protection pool covering Goldfinch loans, and they would love to meet with Backers interested in purchasing credit default protection—they’re also offering token rewards to early users. View their User FAQs here, and reach out to firstname.lastname@example.org if you’re interested in participating.
We’re feeling inspired after meeting with Goldfinch’s incredible community and ecosystem of builders, innovators, changemakers, and supporters over the last few weeks. Miss your Goldfinch fix? Read on for upcoming events.
👀 From the Beak
We’re feeling inspired after meeting with Goldfinch’s incredible community of builders, innovators, changemakers, and supporters over the last few weeks. From Blockworks Digital Asset Summit NYC to Messari Mainnet, Celo Salon to Circle Converge, the turnout and love for Goldfinch has been invigorating. In particular, seeing the lightbulb aglow above people’s heads when they hear about the power of bringing real-world finance on-chain is a sure sign that the Goldfinch community is on the right track—and this is just the beginning.
If you weren’t able to attend these conferences, you can watch the recording of Goldfinch Co-Founder and Warbler Labs CTO Blake West speaking on digital identity at DAS NYC here, and, when they become available, we’ll share the recordings of Goldfinch Co-Founder and Warbler Labs CEO Mike Sall speaking on Circle Converge’s “Dollar Digitization for the Developing World” panel along with Goldfinch Senior Engineering Contributor Emily Hsia speaking at Mainnet on “The Future of Yields” panel. Read on for more upcoming Goldfinch events below.
ICYMI, last week the Goldfinch community launched Lark Market: An independent, on-chain marketplace for users to buy and sell the Backer PoolToken NFTs that represent underlying investment positions in Goldfinch Borrower Pools. Learn more about the market and its design in the announcement post from community member Mans here.
DYODD (Due Diligence)
There are a variety of resources to start analyzing the performance of Goldfinch’s Borrowers, including live data dashboards, portfolio profiles, pool-level data, performance metrics channels, post-close investor reporting channels, and more. Read our post on Analyzing Goldfinch Borrower performance here to learn about the resources available and how to access them.
📰 Goldfinch in the Media
Engineer, founder, and researcher Jack Chong, General Partner at Lupine Capital and Real World Finance Core Unit member Teej Ragsdale, and Harvard Blockchain Club lead Mukund Venkatakrishnan published a 70-page primer on DeFi’s real-world assets space sponsored by Polygon, Bril Finance, and Ondo. The report covers Goldfinch alongside other examples of decentralized credit protocols pushing the envelope of emerging market credit.
Read Jack’s thread here, or dive into the full report here.
“When the crypto markets were hot, every project seemed invincible…”
Researcher and builder Matt Bartlett published a report covering how Goldfinch represents a new paradigm for credit, and how it represents a fundamental shift for DeFi’s stability by bringing yields uncorrelated to DeFi volatility on-chain. You can read the report here.
Cảm ơn các bạn!
Hundreds of people responded to Hak Research’s call for AMA questions for this week’s Twitter Spaces session, discussing Goldfinch with Aaron Collett, Warbler Labs Senior Credit Manager. Hak Research will be translating the spaces content into Vietnamese for their primary audience and you can listen to the recording in English here. Didn’t get your question answered? Next week Aaron will be writing up answers to the top 10 most liked questions here.
Weekly Discord Community Calls: Don’t forget, every Friday you can participate in a Q&A with the Warbler Labs team on Goldfinch’s Discord Town Hall Stage. Join the next one on Friday October 7th at 9AM PT / 12PM ET.
Goldfinch is sponsoring FintechNexus Merge in London October 17-18th, where Warbler Labs Senior Credit Manager Aaron Collett will be speaking alongside Aave and others.
Goldfinch is also sponsoring WebSummit in Lisbon November 1-4th. Interested in meeting up with Warbler Labs Head of Community Po On Yeung or Partnerships Lead Ann Cai while you’re there? Reach out to let us know!
🗳️ 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 proposals awaiting council:
GIP-25: Should "Senior Pool Periodic Withdrawal Requests" proposal be approved?
Summary: A proposal to replace the current Senior Pool withdrawal system with a bi-weekly withdrawal system where LPs may submit a request to withdraw from the Senior Pool by depositing their FIDU into a withdrawal request.
Motivation: The Senior Pool’s system of “first come first serve” withdrawals is not serving Senior Pool liquidity providers (LPs) when utilization is high. High utilization has encouraged secondary market sales, which has created a secondary market discount that is attractive for bots to instantly arb once native liquidity is available.
View the proposal here to learn more.
Proposals live for discussion:
GIP-26: Open market FIDU purchases with USDC reserves
Summary: A proposal for Goldfinch to use its USDC reserves to purchase FIDU tokens on Curve while they are trading at a discount to NAV, for the dual purpose of signaling strength in the protocol to other participants while also capturing a unique opportunity to grow reserves for future projects & needs.
Motivation: An unprecedented situation where high utilization of the Senior Pool funds has led to FIDU tokens trading at ~15% discount to NAV on Curve.
View the proposal here to join the conversation.
🎱 Senior Pool / Borrower Pool Updates
Current Senior Pool APY: 14.22% combined (7.81% USDC + 6.41% 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: ~$801K USD ($801,055.94)
Protocol Revenue in the last 30 days: ~$94K USD ($94,241.26)
Total Active Loans: ~$99M USD ($99,219,761.36)
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 09.30.2022. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool.