Difference between revisions of "Goldfinch Protocol (GFI)"

Revision as of 03:47, 24 January 2022

Basics

Started in / Announced on:
Based in:
Mainnet release: 12-2020

History

Audits & Exploits

Bug bounty program can be found [insert here].

Bugs/Exploits

Governance

Admin Keys

From their blog (11-1-2022):

"The Goldfinch Council is a 6-of-10 multisig with 10 members who represent all stakeholders of the protocol."

DAO

Will use quadratic voting. From their blog (11-1-2022):

"The protocol is now governed by the community via the Goldfinch Council and the community can actively participate in governance at gov.goldfinch.finance"

Treasury

Token

Launch

Got announced on 11-1-2022.

Token Allocation

From their blog (11-1-2022):

"Tokens have been allocated to over 13K participants in the protocol, including retroactive distributions for Liquidity Providers in the Senior Pool and Flight Academy participants.

The allocations of GFI should reflect the value of contributors thus far while incentivizing all participants in the community to help grow the protocol. The initial allocation of the total supply of GFI are as follows:

Liquidity Providers (16.2%)
Backers (8.0%)
Auditors (3.0%)
Borrowers (3.0%)
Community Treasury (14.8%)
Early and Future Team (28.4%)
Warbler Labs (4.4%)
Early Supporters (21.6%)

There is currently no inflation, but we expect it will be beneficial for the protocol to incorporate modest inflation after 3 years in order to incentivize future active participants. Ultimately this will be up to the community to discuss and decide."

Utility

From their blog (11-1-2022):

"Community Governance: GFI holders participate in governance to decide on the direction of the protocol. This is now live at gov.goldfinch.finance. Community votes will guide the decisions of the Goldfinch Council, described in more detail below.
Backer Staking: Backers can stake their GFI tokens on particular Backers in order to signal consensus ahead of time when those Backers participate in borrower pools. This GFI also serves as a backstop against potential loan defaults.
Auditor Votes: Auditor votes are required to grant Borrowers permission to borrow from the protocol. Borrowers pay for these votes with the GFI token.
Auditor Staking: Auditors stake the GFI token in order to be selected to participate in Auditor Votes.
Participant Incentives: All participants receive ongoing distributions to incentivize their participation. This includes Liquidity Providers who supply to the Senior Pool, Backers who both supply to Borrower Pools and stake on other Backers, Auditors who stake to participate in votes, and Borrowers who successfully repay their pools.
Community Grants: The community can decide to provide grants to participants that meaningfully contribute to the Goldfinch protocol and ecosystem."

Other Details

Stablecoin

Coin Distribution

Technology

Whitepaper can be found [insert here].
Code can be viewed [insert here].
Built on: Ethereum

How it works

From The Defiant (3-2-2021):

"The protocol works by extending credit lines to lending businesses. These businesses draw down stablecoins from Goldfinch’s token pool, and then they exchange it for fiat and deploy it on the ground in their local markets. On the investor side, crypto holders can deposit into the pool to earn yield. Lending businesses’ interest payments to the protocol are immediately disbursed to all investors."

Fees

Upgrades

Staking

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

Privacy Method

Compliance

Their Other Projects

Roadmap

Can be found [Insert link here].

Usage

From their blog (11-1-2022):

"We’re already seeing the beginnings of this. Active loans on the protocol doubled every two months in 2021, up 154X from $250K a year ago to now $39M that is financing 200K+ borrowers across 18 countries. This capital is being used for a wide range of productive uses from motorcycle taxis in Kenya, to small businesses in Brazil, to eco-friendly cookstoves for low-income households in India — just to name a few. All of this growth is thanks to the incredible Goldfinch community. To date, 35K+ people have completed KYC and 5K+ people are actively participating as Liquidity Providers and Backers through the protocol. Plus, the Goldfinch Discord has quickly grown to a lively community of 45K+ people from all over the world."

Projects that use or built on it

From The Defiant (3-2-2021):

"Said it’s working with PayJoy in Mexico, Aspire in Southeast Asia, and QuickCheck in Nigeria, which have collectively drawn down $1M from the Goldfinch protocol and deployed it to thousands of their end borrowers."

Competition

Pros and Cons

Pros

Cons

Team, Funding, Partnerships, etc.

Team

Full team can be found [here].

Funding

From their blog (6-1-2022):

"Announced an additional $25M in funding, led by Andreessen Horowitz (a16z crypto).Newcomers include Bill Ackman, Blocktower, Kingsway Capital, Helicap, YC Alumni Fund, Jinglan Wang, MSA Capital, and more. All prior investors in Goldfinch participated as well, including Kindred Ventures and Stratos Technologies."

Has raised $11 million in a round that was led by a16z crypto (22-6-2021).
From The Defiant (3-2-2021):

"Goldfinch today also announced it has received $1M in funding from investors including Kindred Ventures, Coinbase Ventures, IDEO CoLab Ventures, Stratos Technologies, Variant Fund, Alex Pack, and Robert Leshner."

Partners

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@@ Line 6: / Line 6: @@
 ==History==
+==Audits & Exploits==
+*[[Bug bounty]] program can be found [insert here].
+===Bugs/Exploits===
+==Governance==
+===Admin Keys===
+* From their [https://medium.com/goldfinch-fi/introducing-the-goldfinch-protocol-token-gfi-e09579fd9740 blog] (11-1-2022):
+''"The Goldfinch Council is a 6-of-10 multisig with 10 members who represent all stakeholders of the protocol."''
+===DAO===
+* Will use [[Quadratic Voting|quadratic voting]]. From their [https://medium.com/goldfinch-fi/introducing-the-goldfinch-protocol-token-gfi-e09579fd9740 blog] (11-1-2022):
+''"The protocol is now governed by the community via the Goldfinch Council and the community can actively participate in governance at gov.goldfinch.finance"''
+===Treasury===
 ==Token==
 ===Launch===
-Got announced on
+* Got [https://medium.com/goldfinch-fi/introducing-the-goldfinch-protocol-token-gfi-e09579fd9740 announced] on 11-1-2022.
 ===Token Allocation===
+* From their [https://medium.com/goldfinch-fi/introducing-the-goldfinch-protocol-token-gfi-e09579fd9740 blog] (11-1-2022):
+''"Tokens have been allocated to over 13K participants in the protocol, including retroactive distributions for Liquidity Providers in the Senior Pool and Flight Academy participants.''
+''The allocations of GFI should reflect the value of contributors thus far while incentivizing all participants in the community to help grow the protocol. The initial allocation of the total supply of GFI are as follows:''
+# ''Liquidity Providers (16.2%)''
+# ''Backers (8.0%)''
+# ''Auditors (3.0%)''
+# ''Borrowers (3.0%)''
+# ''Community Treasury (14.8%)''
+# ''Early and Future Team (28.4%)''
+# ''Warbler Labs (4.4%)''
+# ''Early Supporters (21.6%)''
+''There is currently no inflation, but we expect it will be beneficial for the protocol to incorporate modest inflation after 3 years in order to incentivize future active participants. Ultimately this will be up to the community to discuss and decide."''
 ===Utility===
+* From their [https://medium.com/goldfinch-fi/introducing-the-goldfinch-protocol-token-gfi-e09579fd9740 blog] (11-1-2022):
+# ''"Community Governance: GFI holders participate in governance to decide on the direction of the protocol. This is now live at gov.goldfinch.finance. Community votes will guide the decisions of the Goldfinch Council, described in more detail below.''
+# ''Backer Staking: Backers can stake their GFI tokens on particular Backers in order to signal consensus ahead of time when those Backers participate in borrower pools. This GFI also serves as a backstop against potential loan defaults.''
+# ''Auditor Votes: Auditor votes are required to grant Borrowers permission to borrow from the protocol. Borrowers pay for these votes with the GFI token.''
+# ''Auditor Staking: Auditors stake the GFI token in order to be selected to participate in Auditor Votes.''
+# ''Participant Incentives: All participants receive ongoing distributions to incentivize their participation. This includes Liquidity Providers who supply to the Senior Pool, Backers who both supply to Borrower Pools and stake on other Backers, Auditors who stake to participate in votes, and Borrowers who successfully repay their pools.''
+# ''Community Grants: The community can decide to provide grants to participants that meaningfully contribute to the Goldfinch protocol and ecosystem."''
 ===Other Details===
 ===Stablecoin===
@@ Line 21: / Line 69: @@
 *Built on: [[Ethereum]]
-== How it works ==
+===How it works===
 * [https://thedefiant.substack.com/p/-behold-the-1st-defi-enabled-mortgage?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozMjEyNTk1MCwiXyI6IlIzVVdsIiwiaWF0IjoxNjEyNTE4NjQwLCJleHAiOjE2MTI1MjIyNDAsImlzcyI6InB1Yi0xMTI1OSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.QtjaVurcFc From] [[The Defiant]] (3-2-2021):
 ''"The protocol works by extending credit lines to lending businesses. These businesses draw down [[stablecoins]] from Goldfinch’s token pool, and then they exchange it for fiat and deploy it on the ground in their local markets. On the investor side, crypto holders can deposit into the pool to earn yield. Lending businesses’ interest payments to the protocol are immediately disbursed to all investors."''
+===Fees===
+===Upgrades===
 ===Staking===
+====Validator Stats====
 ===Liquidity Mining===
 ===Scaling===
 ===Interoperability===
-===Different Implementations===
 ===Other Details===
+==Oracle Method==
 ==Privacy Method==
 ==Compliance==
-==Oracle Method==
 ==Their Other Projects==
-===DEX===
-==Governance==
-===DAO===
-===Treasury===
-==Upgrades==
 ==Roadmap==
 *Can be found [Insert link here].
+==Usage==
-==Audits==
+* From their [https://medium.com/goldfinch-fi/introducing-the-goldfinch-protocol-token-gfi-e09579fd9740 blog] (11-1-2022):
-*[[bug bounty|Bug bounty]] program can be found [insert here].
+''"We’re already seeing the beginnings of this. Active loans on the protocol [https://dune.xyz/goldfinch/goldfinch doubled] every two months in 2021, up 154X from $250K a year ago to now $39M that is financing 200K+ borrowers across 18 countries. This capital is being used for a wide range of productive uses from [https://medium.com/goldfinch-fi/goldfinch-provides-tugende-with-a-5m-debt-facility-to-scale-its-operations-in-kenya-86ca5c8de615 motorcycle taxis] in Kenya, to [https://medium.com/goldfinch-fi/goldfinch-provides-divibank-with-a-5m-debt-facility-to-give-latam-businesses-access-to-ee5425a2d7e8 small businesses] in Brazil, to [https://medium.com/goldfinch-fi/goldfinch-borrower-spotlight-greenway-via-almavest-4fdd4625fc84 eco-friendly cookstoves] for low-income households in India — just to name a few. All of this growth is thanks to the incredible Goldfinch community. To date, 35K+ people have completed [[KYC]] and 5K+ people are actively participating as Liquidity Providers and Backers through the protocol. Plus, the Goldfinch [[Discord]] has quickly grown to a lively community of 45K+ people from all over the world."''
-===Bugs/Hacks===
-==Usage==
 ===Projects that use or built on it===
@@ Line 69: / Line 111: @@
 ===Funding===
+* From their [https://medium.com/goldfinch-fi/goldfinch-raises-25m-led-by-andreessen-horowitz-to-double-down-on-154x-growth-in-2021-6017760f887e blog] (6-1-2022):
+''"Announced an additional $25M in funding, led by [[Andreessen Horowitz]] (a16z crypto).Newcomers include [[Bill Ackman]], [[BlockTower Capital|Blocktower]], Kingsway Capital, [[Helicap]], [[YC Alumni Fund]], [[Jinglan Wang]], MSA Capital, and more. All prior investors in Goldfinch participated as well, including [[Kindred Ventures]] and Stratos Technologies."''
+* Has [https://ethhub.substack.com/p/ethhub-weekly-171?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozNzgzNTkyNywiXyI6IitrN3VtIiwiaWF0IjoxNjI0NDE2MDAyLCJleHAiOjE2MjQ0MTk2MDIsImlzcyI6InB1Yi0zOTEwIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.Kx3AlwNLmFZp7Wz2eNJmurR8f1wp6GMrr8CG raised] $11 million in a round that was led by [[a16z crypto]] (22-6-2021).
 * [https://thedefiant.substack.com/p/-behold-the-1st-defi-enabled-mortgage?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozMjEyNTk1MCwiXyI6IlIzVVdsIiwiaWF0IjoxNjEyNTE4NjQwLCJleHAiOjE2MTI1MjIyNDAsImlzcyI6InB1Yi0xMTI1OSIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ.QtjaVurcFc From] [[The Defiant]] (3-2-2021):
 ''"Goldfinch today also announced it has received $1M in funding from investors including [[Kindred Ventures]], [[Coinbase Ventures]], [[IDEO CoLab Ventures]], [[Stratos Technologies]], [[Variant Fund]], [[Alex Pack]], and [[Robert Leshner]]."''
-* Has [https://ethhub.substack.com/p/ethhub-weekly-171?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozNzgzNTkyNywiXyI6IitrN3VtIiwiaWF0IjoxNjI0NDE2MDAyLCJleHAiOjE2MjQ0MTk2MDIsImlzcyI6InB1Yi0zOTEwIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.Kx3AlwNLmFZp7Wz2eNJmurR8f1wp6GMrr8CG raised] $11 million in a round that was led by [[a16z crypto]] (22-6-2021).
 ===Partners===