Goldfinch Update #41
Taking flight for a greener future and other ways we continue to build a strong community
🎙️Highlights of the Week
Completed the community-driven proposal with KlimaDAO to go carbon neutral
Featured in CryptoSlate as a top 10 lending app by largest collected interest
New institutional investor page making it easier to get involved with investing https://goldfinch.finance/investor
Goldfinch Membership is now in its 8th epoch with $22M in vaulted assets. $90k of rewards have been distributed to members, on top of their existing interest and GFI earnings. Join over 180 members to start earning Rewards today!
GF passes the 2M impacted mark - check out our Borrowers Impact Dune Dashboard
It’s all about the Community! Governance and participation continues to be on fire with GIP-38, GIP-39 and GIP-40 all underway so that we can keep on improving Goldfinch for all!
👀 From the Beak
Goldfinch is now officially carbon neutral with KlimaDAO 💚
It was a natural fit given how Goldfinch has already been supporting a host of carbon reduction projects all across the globe from Africa and South East Asia to SMBs in LATAM 🌿 One example is our partnership with Almavest, who has helped GF investors get exposure to Greenway, an India-based manufacturer and distributor of clean cookstoves.
We’re excited to see how the community has rallied for this proposal to offset the historical emissions on Ethereum amounting to 1,737 carbon tonnes. When this proposal GIP-33 went up to vote late last year, it was passed with an all-time high participation rate by unique wallets.
Learn more about KlimaDAO through their free event next week on Feb 7th, ON SET #1 | Fundamentals of Digital Carbon and the Regenerative Finance (ReFi) movement
Goldfinch reaches the 2M Borrowers mark!
Visit our Goldfinch Dashboard on Dune and see how we’ve reached over 2M total people and businesses. Our loans are distributed over 4 continents, across +25 countries, mainly covering sectors such as MSME lending, Consumer Lending, Asset Financing, and Clean Energy.
📰 Goldfinch in the Media
Featured in CryptoSlate: Four RWA lending protocols rank among top 10 lending apps with largest collected interest
Goldfinch made it into the top ten list of incremental interest fees collected in the past 180 days with $5.6 million. The cumulative value of the active loans of these four RWA protocols (TrueFi, Maple Finance, Goldfinch, and Centrifuge) adds up to $326 million, according to data, with Goldfinch accounting for $103 million.
Goldfinch makes the rounds on Twitter
Goldfinch continues to be cited as one of the top lending protocols to keep an eye on by many thought leaders and researchers in this space. @DefiIgnas notes that the base average yield per protocol varies from 3.5% to 16%, and gets even higher when token rewards are included. This is much higher than the current stablecoin yields on crypto-to-crypto lending protocols like Aave or Compound. (Data: @rwa_xyz)
The Warbler Labs team and Goldfinch Community members are out educating the globe about DeFi and Goldfinch. Below are a few links of recent talks where are you can see the team in action: Taylor speaking on a DeFi panel at the The University of Southern California's official student organization for everything blockchain and cryptocurrency, and Robert speaking virtually to DeFiPrague.
You asked - we delivered! In case you missed the Monthly Founders call with Mike and Blake over in Discord last week, we are now sharing notes and a summary so that you can catch up on your own time. Check out our #town-hall-chat channel in Discord. And a reminder these take place regularly with various team members.
We have more events in the works, so make sure to stay tuned for upcoming events here, by following @goldfinch_fi on Twitter, or in the Goldfinch Discord.
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-39: Borrower Pool Improvements
Summary: The Warbler Team proposes making three key improvements to the Borrower Pool smart contracts:
Which pools it affects: This will only affect net new pools from January 2023 onwards. There will be NO changes to any existing pools.
Risk Management: The combination of these measures should help the Goldfinch community materially manage risk. More specifically:
Credit Risk: Principal Amortization (summary below) will allow, but not oblige, pools to be stood up allowing Borrowers to distribute their principal payments over time (e.g. monthly, quarterly, half-yearly), vs waiting to make a single lump sum payment (i.e. very high risk event).
Operational Risk: Daily Interest Accrual + Calendar Based Payment Schedules (summaries below) will make it easier for Borrowers to understand and more systematically track/manage their payment obligations, potentially reducing interest and principal payment issues due to operational confusion.
GIP-39 passed Snapshot voting with 99.94% of GFI in favor.
Proposals live in Discourse:
GIP-38: Remove no-cost FIDU to backer NFT swap did not meet quorum in Snapshot voting despite support in our forums, which has prompted the community to propose a “Cool-down period” and allow proposals to go up a second time to account for slow periods when people may have missed a chance to vote
GIP-40: 15 days cool-down period
Summary: In order to continually improve our Governance process, we are suggesting to set up a 15 days cool-down period for proposals which don’t meet the quorum from the first attempt on snapshot voting. We have witnessed how some proposals do not receive the adequate exposure on snapshot, and want to offer a chance for the community to vote an additional time.
We welcome discussion and ideas for new Governance Improvement Proposals - head over to our #proposals-idea channel in Discord
🎱 Senior Pool / Borrower Pool Updates
Current Senior Pool APY: 18.52% combined (7.80% USDC + 10.72% 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 ($822,277.50)
Protocol Revenue in the last 30 days: ~$94K USD ($94,285.83)
Total Active Loans: ~$101M USD ($101,344,767.60)
See more data on Dune
📚 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.
📗 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 1.31.2022. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool.
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