According to Protos, the on-chain lending project Goldfinch, which has received backing from a16z, Coinbase Ventures, SV Angel, and renowned investor Bill Ackman, is facing community concerns over massive bad debt issues. Some depositors claim that out of the 8 borrowing institutions partnered with the project, 2 have defaulted and 6 are undergoing restructuring, with 'over $50 million in funds mismanaged.' Launched in 2021, Goldfinch focuses on providing financing to businesses in Africa and other emerging markets through DeFi and is considered one of the early representatives of the RWA (real-world assets) and on-chain lending sectors. In 2022, a16z led a $25 million funding round for the project. Its token, GFI, has plummeted over 99% from its January 2022 peak of $32.94, with its market cap shrinking from around $390 million in 2024 to less than $6 million. https://(wublock123.com)/news/goldfinch-onchain-lending-community-raises-massive-bad-debt-concerns-63244