Goldfinch Flight Protocol

3 min readSep 21, 2021


In a nutshell about the project: The project wants to combine the defi sector with the physical. That is, everyone can pour liquidity into the pools and their pools will provide loans to real businesses from the physical sector.

Project website: Project Twitter:

Many of the cryptans who have actually come across DeFi projects know that in this area there are not only “swap” and “farms”, but also decentralized projects that provide loans in cryptocurrency. … Their main feature is that to guarantee the return of the loan, the borrower provides his cryptocurrency as collateral. And as a rule, the amount of the collateral exceeds the amount of the loan. The Goldfinch protocol allows lending in cryptocurrency without cryptocurrency collateral, using the principle of “trust through consensus”. Those. a collective assessment of the borrower’s creditworthiness by other participants is carried out.

The protocol includes four groups of participants:

Borrowers — members who want to get a loan. To obtain a loan, their legitimacy is checked by the Auditors. To attract financing, the Borrowers create a Borrower Pool, which is a smart contract with the desired lending conditions (amount, interest, repayment schedule, etc.). Formed in two parts — Junior Tranche and Senior Tranche

Sponsors (Backers) — carry out early financing of the borrower, evaluating and selecting a specific Pool of the Borrower, forming the Junior tranche of this pool with their personal investments. The decision on the choice of the Borrower’s Pool and its financing is made independently, based on the information provided by the Borrower. They have the right to contact the Borrower outside the system, for additional information, as well as the conclusion of a legal agreement. Receive a reward for early financing (after the loan is repaid).

Liquidity Providers — receive passive income from contributing their funds to the Senior Pool. Unlike Sponsors, they do not independently choose the Borrower. The Senior Pool automatically distributes its funds to the Senior Tranches of the Borrower Pools in accordance with the leverage model. Liquidity providers, in exchange for the funds provided, receive an equivalent amount of ERC-20 FIDU token, and at any time can withdraw their funds from the Senior Pool by exchanging their tokens for USDC at the exchange rate. The FIDU rate increases over time as interest payments return to the Senior Pool.

Auditors — audit Borrowers to help protect the protocol from fraud. Borrowers to obtain a loan from the Pools of the Borrower require the approval of the Auditors by their vote. In the process of evaluating the Borrower and voting, the Auditor does not check the creditworthiness of the Borrower, but only confirms that the Borrower is real, follows the rules and has not colluded with other participants. To make a decision, the Auditor has the right to carry out any actions — to communicate with the Borrower, request documents from him, etc. When requesting a vote, the protocol randomly selects 9 auditors from among those participants who have passed identity verification and have staked the minimum required amount of GFI tokens. Receive remuneration at GFI if they vote as the majority of auditors voted, in accordance with the rules.

The project’s investors include many well-known personalities and companies: Andreessen Horowitz, Coinbase Ventures, IDEO CoLab Ventures, Variant Fund, Jill Carlson (Slow Ventures), Morgan Beller (Diem), Robert Leshner (Compound), Tarun Chitra (Gauntlet).

There are already rumors that we have before us a “new Graph”, which last year poured tens of thousands of dollars worth of tokens to those who just passed KYC! And for those who really worked, I generally keep quiet

What rewards can we get? Rewards — 3% tokens for all ambassadors. Which is not bad enough. I can’t say exactly how much you can get, but believe me, Coinbase does not invest in ongoing projects, so if the project develops rapidly, then the most persistent I think will be able to get more than one thousand $ … if not more.