🎙️Highlights of the week
Are you ready for the launch of Membership Vaults? Check out the readiness checklist and join the waitlist here.
On Tuesday, Nov. 8th, speakers from Goldfinch, MakerDAO, Centrifuge, and Techstars will discuss alternative credit sources in the web3 space, and how real-world asset backed lending can be a driver of sustainable growth for DeFi. Register for Defactor’s Token2049 London side event here.
“While the TVL for OG DeFi protocols like Aave have fallen, RWA-based lending platform Goldfinch has seen great growth.” Read Leapfrog Crypto’s year-end web3 overview here.
A new governance proposal, GIP-29, is now live for community discussion in the forum, while GIP-28 is open for voting on Snapshot. Read on for the latest governance updates, along with more upcoming events and the week’s highlights.
👀 From the Beak
Tanner Gesek, investor at WAGMI Ventures, interviewed Goldfinch Co-Founder and Warbler Labs CTO Blake West for his podcast covering prominent founders and builders in the web3 ecosystem. The two discuss Goldfinch as the place where crypto lending meets real-world businesses: covering Goldfinch’s design, the obstacles facing emerging market credit formation, what a global on-chain capital market could look like, and more.
Plus, if you’re a builder, don’t miss Blake’s take on challenges in Goldfinch’s early days and advice for founders across web3. Listen here.
Recap from Circle Converge
Did you attend Circle Converge, but missed the Dollar Digitization for the Developing World panel? You can now watch the recap recording of the panel featuring Mike Sall, Goldfinch Co-Founder and Warbler Labs CEO, and other industry experts discussing the use of blockchain infrastructure to bring dollar digital currencies to users around the globe. Watch it in the Converge Hub here.
📰 Goldfinch in the Media
“While the TVL for OG DeFi protocols like Aave have fallen, RWA-based lending platform GoldFinch has seen great growth – its TVL has grown more than 3 fold!” So says DeFi education outlet Leapfrog Crypto in their year-end web3 ecosystem overview’s lending section. The in-depth annual report covers L1s, stablecoins, DeFi, NFTs, hacks, regulatory landscapes, infrastructure development, and more. Read it here.
DeFi Defined
With DeFi yields in a downturn and investors seeking more stable participation opportunities, attention is turning to protocols that bring real-world financial opportunities and assets on-chain. In our latest post in The Defiant, we cover what Goldfinch is alongside how it offers attractive USDC yields uncorrelated to crypto’s volatility, and how an Investor on the protocol can enhance their yields by becoming a Member. Read it here.
📅 Events
Tuesday, November 8th, speakers from Goldfinch, MakerDAO, Centrifuge, and Techstars will discuss alternative credit sources in the web3 space, and how real-world asset backed lending can be a driver of sustainable growth for DeFi, at Defactor’s Token2049 side event “Real-World Assets Get Real.” Register here to hear from Annie Cai of Warbler Labs and others.
If you’re attending the DealCatalyst US Specialty Lender Finance & Private Credit Forum in New York next week, be sure to come hear Obinna Okwodu of Warbler Labs speaking about Goldfinch and how the protocol bridges off-chain credit markets to DeFi.
Taylor Dunstan of Warbler Labs will be discussing Goldfinch on the VanEck Southern California Blockchain Conference’s DeFi panel, hosted by Blockchain @ USC. Don’t miss the event in LA November 10-11th—RSVP here to attend.
Please note that there will be no Weekly Discord Community Call next Friday, November 11th. Participate in the next Q&A with the community and Warbler Labs team on Goldfinch’s Discord Town Hall Stage Friday, November 18th at 9AM PT / 12PM ET.
Stay tuned for upcoming events here, by following @goldfinch_fi on Twitter, or in the Goldfinch Discord.
🗳️ 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-27 : Proposed Changes to Membership Vaults for Initial Release
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.
GIP-27 passed Snapshot voting with 99.95% of GFI in favor.
View the proposal here to learn more.
Live proposals for voting on Snapshot:
GIP-28: Storm King MM Proposal
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.
Vote on the proposal here on Snapshot.
View the proposal here to learn more.
New proposals for discussion:
Summary: GIP-29 proposes allowing Borrowers on the Goldfinch protocol to create Borrower Pools that are unitranche in nature—meaning the pools will be filled only with Backer capital, and will not require any Senior Pool capital. This means the leverage ratio on these pools will be 0x.
Motivation: Over the past few months, Goldfinch stakeholders have shown interest in introducing unitranche Borrower Pools via the protocol, driven by considerations detailed in the proposal including limited Senior Pool capital, different risk profiles, Borrower growth, and a new fundraising mechanism for the Goldfinch community.
View the proposal here to learn more.
🎱 Senior Pool / Borrower Pool Updates
Current Senior Pool APY: 13.07% combined (7.81% USDC + 5.26% 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: ~$753K USD ($752,979.28)
Protocol Revenue in the last 30 days: ~$96K USD ($96,521.41)
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.
🛠️ 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 11.04.2022. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool.