Announcing Goldfinch Membership
Join the waitlist to upgrade your participation for enhanced yields, and own the new global credit paradigm.
- Goldfinch Membership empowers Investors to lead the future of on-chain credit.
- Join a Membership Vault as an active Goldfinch Investor to:
- Receive yield enhancements via Member Rewards
- Support Goldfinch’s growth and expansion
- Access exclusive communication channels and other benefits
- Sign up for the waitlist here to become one of Goldfinch’s first Members.
- To become a Member, Investors only need to deposit staked FIDU or Backer NFTs, plus GFI, into a Membership Vault. Assets can be withdrawn at any time and there is no slashing risk.
Today, we’re announcing Goldfinch Membership: a novel system to empower Goldfinch’s Investors and align the protocol’s participants with the protocol’s long-term success.
You can now sign up for the waitlist here to become one of Goldfinch’s first Members. The waitlist will be alerted when the first Membership Vault goes live, ensuring that waitlist participants can be first-in on Goldfinch’s enhanced participation. Early participation in Membership is incentivized as Member Rewards are distributed pro-rata from an earmarked percentage of the Goldfinch treasury.
Read on for more information on how to become a Goldfinch Member, how rewards and liquidity work for Goldfinch Membership, and what Membership brings to the Goldfinch ecosystem.
Becoming a Goldfinch Member
There are only two requirements to participate in Goldfinch Membership: participating as a Senior Pool LP or Backer on Goldfinch (represented by holding staked FIDU and/or an active Backer NFT), and holding GFI.
To become a Member, one only needs to lock their staked FIDU or Backer NFTs, plus GFI, into a Membership Vault.
To optimize the yields you can receive, balanced is best: matching the dollar value of the GFI and assets you deposit to the vault will balance the vault ratio and increase your potential Member Reward yield.
You can withdraw your deposited assets from the vault at any time, and there is no risk of slashing when participating in a Membership Vault. However, if you withdraw your assets from the vault before the end of a reward cycle (weekly), you will forfeit any Member Rewards accumulated during that cycle.
While future releases are expected to launch support for joining a Membership Vault by depositing Curve FIDU/USDC LP Tokens or staked Curve FIDU/USDC LP Tokens, at launch the vaults will only accept Backer PoolToken NFTs, representing participation in a Goldfinch Borrower Pool, or staked FIDU, Goldfinch Senior Pool tokens that have been staked in the dapp to receive extra GFI rewards. If you hold unstaked FIDU, you can stake it to be ready for Membership launch by following this guide.
Member Rewards and benefits
Member Rewards are a form of yield enhancement to further align and incentivize Goldfinch Investors’ interest in the long-term success of the protocol. Member Rewards come from an earmarked percentage of Goldfinch’s Treasury, and are paid pro-rata to Members — meaning that the higher the percentage of the Membership Vault’s assets one supplied during a reward cycle, the higher percentage of Member Rewards one will receive for that cycle.
This means that early participation in Membership Vaults is incentivized as there will be a higher reward rate per individual when fewer assets are in the vault — sign up for the Membership waitlist now to be alerted first as soon as the first Membership Vault goes live.
“It won’t be long until the full Membership Vaults launch. Our team at Warbler Labs is going through security reviews and audits right now, and we’re excited to ship this for the Goldfinch community.”
— Blake West, Goldfinch Co-Founder & Warbler Labs CTO
Member Rewards are distributed weekly in FIDU, naturally increasing Members’ exposure to Goldfinch’s Senior Pool to increase their opportunities to receive yields. Rewards must be claimed manually, can then be staked to receive additional GFI rewards, and then can be deposited to the Membership Vault alongside GFI, increasing one’s interest in the Membership Vault to receive additional Member Rewards.
If a participant deposits assets into the Membership Vault during a weekly reward cycle their assets will begin accumulating Member Rewards at the beginning of the next weekly reward cycle. While Members can withdraw their deposited assets at any time to exit Membership, if they withdraw before the end of a weekly reward cycle they will forfeit any Member Rewards they would have received during that cycle.
A Member’s precise share of Member Rewards is calculated using the Cobb-Douglas function, an equation commonly used in economic analysis for balanced input relationships generating an output, and also used by protocols such as 0x and The Graph for reward systems. You can learn in-depth about how Member Rewards are calculated in the original Membership Governance proposal (GIP-13).
Following launch, Members will also have access to exclusive communication channels, special offers, and more. Stay tuned for more updates on Goldfinch Member benefits as the launch unfolds.
“The collapse in crypto yields is drawing DeFi’s attention to projects that can offer investors models for long-term stability, which has always been a core focus of Goldfinch. We have been looking forward to the next step of this with the launch of Membership Vaults as a key way to continue empowering Goldfinch’s participants since it was approved by the community. All the participants in Goldfinch truly support the protocol’s mission of expanding access to capital in the world and having real impact, and this is a really unique approach to strengthen the community’s alignment.”
— Mike Sall, Goldfinch Co-Founder & Warbler Labs CEO
Goldfinch Membership is the first phase of the broader tokenomics redesign (Tokenomics v2), which was approved by the community earlier this year to enhance the utility of GFI. Encouraging Investors to hold GFI will help to increase community participation in governance — which requires GFI — as well as further aligning and incentivizing the Goldfinch community’s interest in the long-term success of the protocol.
Membership also encourages the single biggest lever for network growth, increased TVL, resulting in a more robust and secure protocol ecosystem while also rewarding the global community of Goldfinch participants who continue to contribute to Goldfinch’s growth and resilience.
To get started as a Goldfinch Member today, sign up for the waitlist at goldfinch.finance/membership. The waitlist page includes a checklist of all of the items you’ll need to be ready to become a Goldfinch Member at launch.
Have questions? You can ask Goldfinch’s community managers in the Community Discord. If you’re ready to become a Goldfinch Investor to be ready for Membership launch, follow the step-by-step Investor How-To to supply USDC to the Senior Pool for FIDU, or invest as a Backer in a specific Borrower Pool for a Backer PoolToken NFT, here.
Goldfinch is a decentralized credit protocol on a mission to connect the world’s capital to the world’s growth, by creating a single global credit marketplace. That means everyone, from startups in Lagos to institutions in New York, can borrow from the same capital markets and that all investors can access those deals directly.
USDC yields come from real-world lending to proven emerging market businesses, and investments are collateralized off-chain by real-world assets, making Goldfinch distinctly different from the highly volatile DeFi lending you may be familiar with.
Learn more at goldfinch.finance, or follow Goldfinch on Twitter at @goldfinch_fi.