Author: BlockBeats

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Two risk events have occurred in the past month, with a16z leading two consecutive rounds before

BlockBeats October 10th News, according to CoinDesk, a report from the RWA DeFi lending protocol Goldfinch governance platform pointed out that a $20 million lending pool on its platform has defaulted, with a risk of $7 million in losses. It is reported that the lending pool provided $20 million USDC to financial technology credit fund Stratos in February 2022 for a four-year loan, with a guarantee at an 11% annual interest rate, and Warbler Labs was the underwriter. Stratos did not meet expectations for a real estate technology company REZI and digital asset investment, and Warbler Labs stated that it will compensate all losses for the lending pool investors.

This is not the first risk and default event to occur on Goldfinch. BlockBeats previously reported that on September 14th, Goldfinch had reached an agreement with the $5 million loan defaulter Tugende on a loan restructuring plan. It is reported that the plan may recover the $5 million loan from the defaulting party Tugende in the East African motorcycle rental financing project.

Previously, Tugende had defaulted on the $5 million funds received from the Goldfinch agreement for its Kenyan business in October 2021. As of May this year, Tugende's monthly interest was $53,400, with five months remaining until the principal was due. Due to its default starting in June, it caused panic in the Goldfinch community.

Goldfinch is a star project in the RWA track and is also highly anticipated by venture capital institutions such as a16z. According to previous reports, in 2021 and 2022, Goldfinch received financing led by a16z of $11 million and $25 million, respectively. On May 6, 2022, the outstanding balance on the Goldfinch platform exceeded $100 million.

Related reading: ["Goldfinch: Bridging the Traditional Finance and DeFi World | Project Introduction"]

The Goldfinch protocol grants credit lines to lending institutions, which can borrow stablecoins from the protocol's fund pool through the credit lines. After obtaining stablecoins, institutions exchange them for fiat currency and lend the fiat currency to their users through traditional channels. In this way, the off-chain market can fully enjoy the value of on-chain assets, and the value of on-chain assets will also be greatly amplified. All issuance, underwriting, and related business of off-chain debts will be handled by relevant professional institutions.

Community Comments: Goldfinch "Defaults Faster Than P2P"

The consecutive occurrence of two events involving financial risks on the Goldfinch platform within a month has also raised doubts about its security among community users. BODL Ventures partner @fishkiller pointed out on social media X (formerly Twitter) that the Stratos pool has invested in two projects in a row, with no returns, and questioned whether there are more behind-the-scenes operations behind Goldfinch's defaults.

Some users have compared this to previous P2P defaults, believing that Goldfinch defaults much "faster" than them.

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