Goldfinch Update #42
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Goldfinch Update #42
Flock together with Goldfinch 🐦 Read our new community-driven Credit Analysis Memos, Messari’s State of Goldfinch, and participate in harvesting
🎙️Highlights of the Week
The first Credit Analysis Memos are now available on our dapp within their respective Borrower Pool page
Goldfinch Membership was updated to support the harvesting of its $22M assets held! $115k of rewards have been distributed to members, and now participants can withdraw underlying GFI rewards and interest without exiting the vault. Join over 180 members to start earning Rewards today
Messari releases State of Goldfinch Q4 2022
Stay up to date with all of our events - from Twitter Spaces, Discord Town Halls and even IRL!
👀 From the Beak
Credit Analysis Memos are live
The first community-funded, Credit Analysis Memos about Goldfinch’s Borrower Pools are now available. These are produced by independent credit analysts and funded by the community to provide an analysis of data room information, packaged into a digestible, standardized report. This is an important community-driven step towards strengthening Goldfinch’s risk management infrastructure to educate and protect users. Moving forward, all new Borrower Pools will have a community-funded credit analysis report available when the deals go live. The next memo will be live within the coming weeks. Stay tuned!
In the meantime, check out the credit memos on the closed Cauris and LendEast Borrower Pool pages and let us know if you have any feedback. If you want to join as a Credit Analyst, fill out this form to get more involved here and we will add you to a mailing list.
Note: these reports are not investment advice.
Membership Vaults: Harvesting
Membership has been updated with its most-requested feature! Now Members can claim the GFI rewards and interest of assets in the Membership vault, without having to remove them. While claiming, the underlying assets are also re-evaluated; if Fidu has increased in price since the last vault interaction, the new price will be used to calculate the Membership score for Staked Fidu positions. This potentially increases future rewards while allowing the claiming of existing ones.
For participants with Staked Fidu in the vault, claiming GFI rewards is exactly like normal Staked Fidu- claim by going to the GFI page and claiming the GFI associated with any Staked Fidu position. As mentioned above, this also may increase your Membership score as the current Fidu price is used for re-calculation.
Example from the GFI page, showing claims for both vaulted Staked Fidu and vaulted Pool Token assets.
For participants with Pool Tokens in the vault, claiming GFI rewards and interest is almost the same as normal Pool Tokens. Just like normal tokens, you can claim on either the GFI page or the corresponding Pool page; however, claiming the token will result in the collection of both GFI rewards and interest. Also, harvesting a Pool Token may cause your Membership score to decrease if the principal of the Token has decreased- scoring is based on the capital-doing-work, so if principal decreases, the score does too.
📰 Goldfinch in the Media
Messari releases their State of Goldfinch, Q4 2022
Read on for a detailed summary of Goldfinch with a powerful closing summary: “In the face of a tumultuous year, Goldfinch made strong strides by growing its outstanding loans and offering LPs strong uncorrelated yields. The protocol insulated itself from the volatility of the crypto markets while maintaining zero defaults. Users searching for sustainable yields in DeFi could achieve that with Goldfinch.”
Souce: Messari
Circle Blog: The Convergence of Money and the Internet
Over on the Circle Blog, Goldfinch was highlighted in their latest article under Real-world asset finance. “Goldfinch is a credit protocol that connects DeFi to real-world private debt markets with a goal of expanding financial access. Investors lend USDC to Goldfinch's borrowers, who put it to work toward vetted SMEs and fintechs that would otherwise face challenges accessing capital, demonstrating how DeFi can help tackle problems for growing business sectors in emerging markets that are often overlooked by legacy financial providers.”
Source: Circle Blog
Slow Burn: The RWA Trust Rodeo
In a piece called the RWA Trust Rodeo, the Slow Burn team discussed tools to help accurately and securely translate real-world data to the digital environment. “Auditors, used by companies like Goldfinch, are a bevy of experienced wranglers. Though auditor frameworks can vary, they broadly use staked capital to incentivize diverse, capable observers to provide independent, reliable data; their responses are compared to ensure veracity.
Source: Slow Burn Newsletter
A few mentions of Goldfinch over on Medium and Twitter caught our eye
📅 Events
🎉As part of our Credit Analysis Memo launch announcement, we hosted Credit Team members Aaron and Jaou along with one of our community analysts in our Discord Town Hall today. Missed it? Catch up on notes here
Next Town Hall: Friday Feb 17th at 9AM PT / 12 PM ET with Founders Mike and Blake, plus special guests from Carapace. Hear roadmap updates with open Q&A at the end as always
Make sure you hit that RSVP!
Are you attending ETHDenver? 👋 Come say hi to our team! Taylor and Po On will be there and we will confirm our speaker appearances in the coming weeks on @goldfinch_fi 🐥
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.
🗳️ Governance
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-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.
GIP-40 passed Snapshot voting with 100% of GFI in favor.
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: 17.69% combined (7.81% USDC + 9.89% 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: ~$801K USD ($822,277.48)
Protocol Revenue in the last 30 days: ~$94K USD ($94,700.71)
Total Active Loans: ~$101M USD ($101,344,767.56)
See more data on Dune
🧠 Resources
📚 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 2.10.2023. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool.