Goldfinch Update #43
🎧 Weekends were made for learning - listen to our recent recordings and read publications from Bankless Africa, Bloomberg, Twitter Spaces and get involved with our latest Governance proposals
🎙️Highlights of the Week
Demonstrating DeFi partnerships and composability over a Twitter Spaces between our Founders Mike and Blake, and Carapace with their protection pool launch
As a reminder, Goldfinch Membership was updated to support the harvesting of its $24M assets held! $150k of rewards have been distributed to members, and now participants can withdraw underlying GFI rewards and interest without exiting the vault. Join over 190 members to start earning Rewards today!
Making the podcast circuit: Jaou and Obinna on Bankless Africa and Slow Burn releases their 1st podcast on Real World Assets interviewing Mike
Bloomberg DeFi article released quoting our very own Aaron
Governance activity is on fire: GIP-41 and GIP-42 demonstrating sound risk management and proposing a new type of deal - Callable Loans
Meet the team at ETHDenver! Say hi to Taylor and Po On. Follow us on Twitter to see where we’re speaking (sneak peek: Taylor will be on a panel with Circle)
👀 From the Beak
Carapace 🤝 Goldfinch Partnership an example of DeFi Composability
A few months ago, Carapace shared their plans to partner with Goldfinch for their Initial Pool Launch. As they get ready for the upcoming launch of this first protection pool, they took the time to chat with Mike and Blake - first in our Monthly Community Discord Call and then over on Twitter Spaces. Listen to the recording to learn more about how they came up with the idea, how the pools work, why they chose to partner with Goldfinch and product features they hope to introduce later on. We also got some great audience questions like, “How will Carapace help protection sellers assess credit risk in underlying loans?”.
Source: Goldfinch Twitter Spaces recording
🏛️ Make sure you read our Governance section below describing GIP-41 - Appoint Warbler Labs to act on behalf of the Goldfinch Community in the resolution of Tugende Kenya’s Covenant Breach and GIP-42 - Enable New Pool Type - Callable Loans. These latest proposals from the Warbler Labs team, in partnership with our Community, aim to keep offering innovative and attractive pool deals and lead the way in risk management.
[From the proposal] Callable loans are an existing structure in traditional finance that achieves the outcome desired of our investors by giving them the right to “call back” their capital at regular intervals. Based on interviews with existing and potential Goldfinch lenders we have learned that many investors have a strong preference/requirement for quarterly liquidity in their investments.
Fun fact: we caught the attention of some Governance activity bots this week with all the engagement on our forum and over on snapshot!
📰 Goldfinch in the Media
Bankless Africa interviews Goldfinch team members on Expanding access to Global Capital
During this episode, they explore the challenges of building a decentralized credit platform, such as managing risk, maintaining privacy, and dealing with regulatory frameworks. Jaou and Obinna share how we are navigating these challenges and working to help build a platform that is both compliant with local regulations and accessible to everyone. Throughout the episode, we touch on the potential of Goldfinch to drive financial inclusion and provide credit to those who have been historically underserved by traditional financial institutions.
SlowBurn launches their 1st Podcast episode on Real World Assets and invites Mike
Bloomberg feature: DeFi Champions Pivot From Crypto Intangibles Toward Treasuries, Hard Assets
Muyao Shen interviewed Aaron on our team to talk about whether 2023 is the year of RWA.
Community contributions - we love to see it!
Missed the Twitter Spaces with Carapace? Read some highlights below
📅 Events
Monthly Town Hall Feb 17th: Founders Mike and Blake, plus special guests from Carapace Finance. Missed it? Catch up on their Twitter Spaces recording, more notes will be shared here
Are you attending ETHDenver? 👋 Come say hi to our team! Taylor and Po On will be there - follow @goldfinch_fi for more 🐥
We always have events in the works, from education to early alpha, so make sure to stay tuned, 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.
Current proposals:
GIP-41: Appoint Warbler Labs to act on behalf of the Goldfinch Community in the resolution of Tugende Kenya’s Covenant Breach
Summary: Tugende Kenya is in breach of two of their financial covenants - their Loan-to-Value covenant and their Tangible Net Worth to Total Assets covenant.
Tugende has NOT missed any payments since their loan began in Oct’21, including their Feb’23 interest payment which can be found here 5. In addition, they have shared that they will continue to make their interest payments on time.
Tugende is also eager to work collaboratively with the community to resolve this breach and is already actively taking steps to remedy the situation.
We believe there is an opportunity to treat this as a case study and for Warbler to illustrate how we can create a process to collaboratively manage RWA risk with Tugende to resolve this breach and bring them back into compliance.
We also believe there is an opportunity to create a standard for transparency and risk management for Real World Asset protocols more broadly.
Voting Yes would affirm Warbler Labs should act on behalf of the Goldfinch Protocol in the resolution of this covenant breach.
GIP-42: Enable New Pool Type - Callable Loans
Summary: The Warbler Labs team proposes bringing a new loan structure to the Goldfinch protocol — a callable loan, which gives Backers the right to “call back” their invested capital. Borrowers are required to return 100% of this “called capital” at the end of a “call period.” For the initial design, call periods will occur every three months and call requests must be submitted at minimum 60 days before the end of the call period.
We welcome discussion and ideas for new Governance Improvement Proposals - head over to our #proposals-idea channel in Discord
💼 We’re hiring!
Just announced! Senior Product Designer. Check out our website for a full list of openings
We’re looking for a designer who is passionate about our mission to expand access to capital by creating a single global credit marketplace. We take pride in building beautiful products and as our product designer you will set a vision for how we design these experiences for our users. Please reach out to us if you are interested and help us spread the word through your network. Read more and apply here
🎱 Senior Pool / Borrower Pool Updates
Current Senior Pool APY: 20.54% combined (7.80% USDC + 12.74% 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: ~$935K USD ($934,746.48)
Protocol Revenue in the last 30 days: ~$109K USD ($109,390.55)
Total Active Loans: ~$101M USD ($101,344,767.20)
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 2.24.2023. The Senior Pool APY changes based on the amount of capital in, and the utilization rate of, the Senior Pool.