Gravity Finance (GFI)

🔎 RESEARCH: Goldfinch Prime is shutting down because “crypto investors don’t want private credit”. But the original Goldfinch protocol is still running. The question nobody is asking is what shape it is actually in.

Goldfinch launched in 2021 backed by a16z and Coinbase Ventures to fund real-world loans in emerging markets including Nigeria, Kenya, and Southeast Asia. Warbler Labs, the core development firm led by co-founders Blake West and Mike Sall, built and managed the product.

Over its lifetime, the protocol originated ~$113.3m in loans across 24 pools. Of those 24 pools, 13 are fully repaid, returning ~$29.8m in principal. The remaining eight pools hold $53.82m in outstanding principal. Zero are performing on original terms. Two are in outright default: Addem Capital at $8 million and Lend East at $7.45 million. Six are in restructuring: Almavest Baskets 4, 5, 6, and 7, Cauris Fund 2, and the standalone Cauris pool, totaling $38.37 million.

The first public crack came in 2023 when Tug…

@KatieTalati @goldfinch_fi @injective @synthetix Watch the full episode here 👇
https://t.co/VPTdjYO4q3

$GFI, which raised $37 million from a16z, coinbase and many other investors, decided to terminate the project because of ridiculous loans.

It was one of the #RWA projects I liked the most. It's a shame for the project. https://t.co/wSAP5VH0Za