Goldfinch Update #34
Enhance your participation and yields: join the Membership waitlist
🎙️Highlights of the week
Announcing Goldfinch Membership: Join the waitlist at goldfinch.finance/membership to upgrade your participation for enhanced yields, and own the new global credit paradigm.
See what columnist and economics expert Matt Levine has to say about Goldfinch in his 40k-word overview of crypto markets for Bloomberg here.
How can bringing real-world asset based yields on-chain be transformational for DeFi? Learn all about it in the latest Blockworks report.
If you’re attending Websummit in Lisbon next week, don’t miss Warbler Labs Head of Community Po On Yeung speaking about Goldfinch on the Startup Showcase stage on Thursday, November 3rd at 10:00 GMT+1.
👀 From the Beak
Goldfinch Membership empowers Investors to lead the future of on-chain credit. You can join a Membership Vault as an active Goldfinch Investor to:
Receive yield enhancements via Member Rewards
Support Goldfinch’s growth and expansion
Access exclusive communication channels and other benefits
Sign up for the waitlist here to become one of Goldfinch’s first Members, be alerted as soon as Membership Vaults go live, and be first-in on pro-rata Member Rewards. To become a Member, Investors only need to deposit staked FIDU or Backer NFTs, plus GFI, into a Membership Vault. Assets can be withdrawn at any time and there is no slashing risk. Learn more in our announcement.
📰 Goldfinch in the Media
How does Goldfinch fit into The Crypto Story?
See what columnist and economics expert Matt Levine has to say about Goldfinch, a credit protocol that brings global markets on-chain by enabling loans fully secured off-chain with real-world assets and income, in his epic overview of crypto markets for Bloomberg here.
At the forefront
The latest report from Blockworks focuses on how Goldfinch is transforming DeFi by bringing real-world asset based yields on-chain, how unlocking crypto loans without crypto collateral can transform global business financing, and what it all means for DeFi’s tumultuous market conditions. Read the Blockworks investor’s guide here.
Finance’s bridge to crypto
As a follow-up to their LinkedIn Live panel last week, The Tie published an overview of Real World Assets and the power that credit protocols bringing off-chain finance on-chain can offer the industry. Read their report on decentralized credit protocols here to see how Goldfinch fits into the growing RWA movement.
Above-market returns, plus impact
"Through game theory-tested incentives, Goldfinch is currently able to provide above-market returns for capital providers while purveying crypto loans to creditworthy applicants who are not required to lock in crypto as collateral." So says Chain Debrief, in their recent overview of Goldfinch covering Goldfinch’s goals, Borrower profiles, the value that the protocol brings to Investors, protocol mechanics, and more. Read it here.
👂From the Community: Weekly Discord Roundup
Habs4lyfe shared a proposal idea: “Hey all - I’m looking for some feedback on the Proposal Idea below. It represents the first step in a strategy to grow liquidity in a sustainable way.”
Community member Pradeep later chimed with some additional suggestions around reaching out to institutional investors of REITs and infrastructure trusts. We encourage everyone to discuss ideas openly and solicit feedback as a first step before posting on our governance page
TheBuleGanteng was looking at some of the protocol’s metrics on Dune, and was interested to learn more about the lack of write-downs. After receiving a detailed response from our community, they shared their appreciation: “Wow ok, awesome. thanks for the clear response! 🙏”
Goldfinch is sponsoring WebSummit in Lisbon November 1-4th! Don’t miss Goldfinch on the Startup Showcase stage, where Warbler Labs Head of Community Po On Yeung will be speaking on Thursday, November 3rd at 10:00 GMT+1.
Goldfinch representatives will be speaking at the VanEck Southern California Blockchain Conference hosted by Blockchain @ USC, in LA November 10-11th. RSVP here to attend.
Weekly Discord Community Calls: Participate in a Q&A with the community and Warbler Labs team on Goldfinch’s Discord Town Hall Stage every Friday. Join the next one on Friday, November 4th at 9AM PT / 12PM ET.
🗳️ Governance Proposals & Protocol Updates
Live proposals for voting on Snapshot:
Summary: The Warbler Labs team proposes simplifying the design of Membership Vaults in order to (a) make the vaults more user friendly and intuitive to interact with, and (b) speed time to market so the community can access this new feature. These changes consist of removing Lock Ups and Lock Up Period weighting, removing the governance multiplier on GFI tokens for initial release, and, with the removal of Lock Ups, requiring users to hold a Membership Vault position for an entire reward epoch (1 week) to become eligible for rewards.
Vote on the proposal here on Snapshot.
View the proposal here to learn more.
New proposals for discussion:
Summary: This proposal outlines an agreement for market making services, to be provided by Storm King (operating as Velar Technologies outside of the US), for the GFI token. The purpose of this proposal is to seek approval for a loan of ~1.5% of total GFI token supply that would be used by Storm King to provide liquidity for GFI tokens on two CEX’s and Uniswap v3.
Motivation: Storm King is proposing a market maker agreement between Velar Technologies and the Goldfinch Foundation. Currently, GFI markets are experiencing issues on both DEX’s and CEX’s, so doing larger transactions without significant slippage is challenging. Given that much of GFI volume continues to exist on CEX’s, onboarding Storm King to facilitate market making services on key centralized exchanges is timely, particularly given the upcoming launch of Membership Vaults (GIP-13). As Membership Vaults will introduce additional utility for GFI holders upon lockup of GFI tokens, there may be an increased need for GFI accessibility for the Goldfinch community.
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: ~$753K USD ($752,979.28)
Protocol Revenue in the last 30 days: ~$95K USD ($95,596.65)
Total Active Loans: ~$99M USD ($99,219,761.31)
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.
☕ Book a slot to chat with Warbler Labs team members here.
**Disclaimer: All APYs on Goldfinch are dynamic, and these APYs are a snapshot from 10.28.2022. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool.