Goldfinch Update #37
The Goldfinch charm is stronger than ever
🎙️Highlights of the week
Are you ready for the launch of Membership Vaults? Check out the readiness checklist and join the waitlist here.
Join Tuesday’s LinkedIn Live with Goldfinch Borrower Cauris, discussing their perspective on the macro landscape of FinTech in the African continent and continuing to drive growth with funding from Goldfinch. Follow Goldfinch to join.
“Goldfinch’s average USDC APY at 11%, up 114%” is the headline for last week’s analysis on Goldfinch in the OurNetwork newsletter.
There will be no Weekly Discord Community Call next Friday, November 25th. Participate in the next Q&A with the community and Warbler Labs team on Goldfinch’s Discord Town Hall Stage Friday, December 2nd at 9AM PT / 12PM ET.
👀 From the Beak
The Goldfinch protocol does not have any direct exposure to FTX, Alameda Research, or any other entities in the FTX ownership group. The Goldfinch Foundation has never had an account with FTX or any of its affiliates. The Goldfinch Foundation does not engage in any crypto trading activity.
More broadly, we’re saddened by the developments in the industry over the past week. Read our special Update #36: Note on current events for a message on Goldfinch’s continued stability, along with resources for the community.
A path forward to make DeFi more useful
Goldfinch Co-Founder and Warbler Labs CEO Mike Sall published an op-ed in The Defiant on how tokenomics can be redesigned to create powerful flywheels with participant-centric designs. After the op-ed was published, the Goldfinch Co-Founders and members of the Warbler Labs team were joined by industry leaders Kanyi Maqubela of Kindred Ventures, Morgan Beller of NFX, Sina Habibian of Zeitgeist, and Viktor Bunin of Coinbase Cloud, for a Twitter Spaces on “The Future of Tokenomics.”
Read the op-ed here to learn about how a participant-centric tokenomics approach could be revolutionary for DeFi, and listen to the Twitter Spaces recording here to hear how the theory fits into the crypto ecosystem landscape on a macro scale.
📰 Goldfinch in the Media
“Goldfinch’s average USDC APY at 11%, up 114%” is the headline for last week’s analysis on Goldfinch in the OurNetwork weekly newsletter. For the latest data covering how Goldfinch’s model of bringing off-chain finance to DeFi is proving stable—despite a stormy six months of repeated market downturns—read the analysis here.
Driving global growth
“Broadening financial access can drive huge growth in the global financial system, both on the ground in local economies and in the growing on-chain digital asset ecosystem.” Read the report on Goldfinch from Circle, the issuer of the USDC stablecoin used on Goldfinch for borrowing and investing, to learn more about how Goldfinch is growing local economies.
Point to Goldfinch
Goldfinch Co-Founder and Warbler Labs CTO Blake West was interviewed by the OrangeDAO podcast for a discussion on Goldfinch, expanding financial access, and Blake’s candid advice for future crypto founders. Listen to the episode here.
👂From the Community: Weekly Discord Roundup
Leonidas joined our weekly Friday community call with Founders Mike and Blake and asked, “what does non-custodial mean...?” We were able to address this live and publish a follow up response sharing the best parts of DeFI and Goldfinch
Shiretowndown had some questions on where to find the “best info on the Goldfinch underwriting process and CDS valuation approach?” Community members stepped in with several responses and Shiretowndown closed the loop with some appreciation: “I really appreciate yall taking the time to answer @0xTai @RP.”
Join Goldfinch for a LinkedIn Live to discuss Goldfinch Borrower Cauris, their perspective on the macro landscape of FinTech in the African continent, and continuing to drive growth with funding from Goldfinch. Representatives from Warbler Labs will be joined by Alex Liege, CEO of Cauris, and Azer Songnaba, CFO of Cauris. Follow Goldfinch on LinkedIn to join at 9 AM PT / 12 PM ET next Tuesday, November 22nd.
Please note that there will be no Weekly Discord Community Call next Friday, November 25th. Participate in the next Q&A with the community and Warbler Labs team on Goldfinch’s Discord Town Hall Stage Friday, December 2nd at 9AM PT / 12PM ET.
🗳️ Governance Proposals & Protocol Updates
Approved proposals awaiting Council:
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.
GIP-28 passed Snapshot with 100% of GFI in favor.
View the proposal here to learn more.
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.
GIP-29 passed Snapshot with 97.23% of GFI in favor.
View the proposal here to learn more.
Live proposals for voting on Snapshot:
Summary: In September 2021, the Goldfinch Community announced a $500k Bug Bounty Program through Immunefi. This program was always meant to protect the community. This proposes that the community authorizes Warbler Labs to administer the Bug Bounty program on behalf of the DAO, pre-authorizes the gov council to spend up to $500k on the program, and to cover the back pay to Warbler Labs for the bounty payouts already made.
Motivation: The security of our system remains our highest priority and in order to streamline future payments, we propose that the community delegate Warbler Labs to administer the existing Immunefi bug bounty program.
Vote on the proposal here on Snapshot.
View the proposal here to learn more.
New proposals for discussion:
Summary: Despite positive feedback from current protocol users, prospective protocol users have expressed a desire to better understand the protocol’s risk management controls. The Warbler Labs team currently provides the community with certain risk management support; however, the vision has always been for the community to govern all aspects of Goldfinch protocol. GIP-31 seeks community approval to develop a documented risk management framework for the Goldfinch protocol. GIP-32 proposes an aligned Goldfinch Risk Appetite Statement. The proposed statement identifies five categories of risk: credit risk; treasury risk; legal and regulatory risk; protocol/smart contract risk; and reputational risk.
Motivation: The primary motivation for developing a risk management framework for Goldfinch is to provide the community with additional tools to identify, monitor, and mitigate risk. Goldfinch must be a leader in DeFi risk management for the protocol to continue its maturation.
View GIP-31 here to learn more about the Risk Management Framework.
View GIP-32 here to learn more about the Risk Appetite Statement.
🎱 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: ~$801K USD ($801,880.43)
Protocol Revenue in the last 30 days: ~$108K USD ($108,121.95)
Total Active Loans: ~$99M USD ($99,218,936.78)
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 11.18.2022. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool.