Good news! Goldfinch Foundation has announced the launch of its much-anticipated $GFI protocol token.
Goldfinch Foundation is a decentralized crypto credit protocol focused on facilitating a more financially inclusive crypto community. While the decentralized finance space (DeFi) is a truly innovative aspect of the crypto space, it still faces several issues. For one, DeFi lending can be a real hassle. Also, many people find it nearly impossible to access DeFi loans due to over-collateralization. A situation Goldfinch is looking to solve.
To achieve this, the protocol offers crypto lenders the opportunity to receive loans without collateral. Also, this amazing feature is a major turning point for the entire cryptocurrency lending ecosystem.
Details of the $GFI Protocol Token
According to the official Medium blog post, the launch of the $GFI token is a major milestone achievement for the entire Goldfinch ecosystem. Furthermore, bringing the credit protocol one step closer to achieving global financial inclusion.
The foundation launched the token on the popular Ethereum chain. Also, members of the Goldfinch council will control the token. Interestingly, community members can also take part in its governance activities. According to reports, more than 13,000 participants in the protocol have received the recently launched $GFI tokens. The allocated tokens can also be redeemed here.
Goldfinch Foundation has grown steadily since its inception. The decentralized credit protocol is focused on bringing to life lending without collateral. According to the protocol, eliminating the need for collateral in DeFi lending will facilitate global adoption of the protocol. Also, this can clearly be seen in the expansion currently taking place in the Goldfinch ecosystem. In 2021, Goldfinch active loans doubled every two months. The platform is also currently financing an estimated 200,000 crypto borrowers in 18 different countries.
Also, more than 35,000 people are KYC-compliant on the protocol. And 5,000 people are currently active Liquidity Providers (LPs) on the foundation. This is, however, only the beginning. Furthermore, the launch of the $GFI protocol token will further skyrocket the credit protocol to new heights.
Goldfinch GFI Token
The $GFI protocol token will play a very important role in the Goldfinch ecosystem. Its launch is a step in the right direction for the Goldfinch ecosystem. Also, the token will serve many purposes. Some of them include:
- Governance – GFI holders will be able to take part in community governance activities.
- Auditor staking
- Auditor votes
- Backer staking
- Community grants
According to reports, the foundation capped GFI’s initial supply at 114,285,715 tokens. Allocations for the recently launched $GFI token are listed below.
Source – Goldfinch foundation blog
Also, the allocations include:
- 16.2% to Liquidity Providers (LPs) – This includes early liquidity providers (4.2%), retroactive liquidity providers (4.0%), and senior pool liquidity mining (8.0%).
- Backers (8.0%) – Flight Academy (2.85%), backer pool liquidity mining (2.0%), and backer staking (3,0%).
- Auditors (3.0%)
- Borrowers (3.0%)
- Contributors (0.65%)
- Treasury (14.8%)
- Early and future team (28.4%)
- Warbler Labs (4.4%)
- Early supporters (21.6%)
At the time of writing, $GFI was trading at $12.07, with a market cap of $61,176,113 and a 24-hour trading volume of $70,083,012. The token price is also up by 6.1% in the last 24 hours.
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