Goldfinch is a decentralized credit protocol that allows you to borrow cryptographic currency without any collateral. Creating this platform is another step towards opening up access to cryptographic currencies worldwide! Through a decentralized approach, everyone can now become a lender and derive passive income from it, and not just from the bank.
1) The programme started on 13 September and lasted about 3 months - Announcement.
2) Week of September 20 - Module 1, "Flying Fundamentals" - introduction to Goldfinch protocol and role of supporter.
3) Week from 27 September - Module 2, "Flight Training" - Comprehensive Testing: Team, Product and Macro Operators.
4) Week of 4 October - Module 3, "Flight Training" - Comprehensive Audit: Financial Performance and Portfolio Analysis.
5) Week of October 11 - Module 4, "Flight Training" - Transaction Structuring: Terms and Loan Agreements.
6) Week of 18 October - Module 5, "Test flight" - completion of the in-house practice analysis.
7) Week of 25 October - "Award ceremony"
In the end, the program lasted about three months, but about that later.
What is module?
Module - List of tasks that an Ambassador needs to complete in a week (1 module=1 week)
What should we do?
All the modules were in the training format: they provided video lessons, after which they had to take notes or take tests, as well as perform various tasks related to creativity (articles, videos, animations, presentations, stickers and any other related material to inform and inspire members of the community)
For example, the tasks of the first week were: you have to look at the videos, and then pass the test (answer the questions). You also have to do an article about the project, or you have to put a little VCR on your Lookup.
It was also possible to create memes and participate in the competition, and a couple of the best memes received additional awards in the form of NFT/tokens.
And for the extra activity of helping newcomers, you can also get tokens.
Who gets the awards?
Anyone who has completed at least a few tasks, has correctly registered, has passed KYC, has been active in Discord and followed the rules, must receive at least some reward. If you’ve done all of this honestly, you’re more than likely to get your reward.
Rewards were calculated by scoring each activity. Participants earned them by providing evidence of the work done through appropriate forms. Points for all activities were added up and, based on their total number, participants were subsequently divided into levels that differed in remuneration. There were eight levels in total. The more jobs you did, the lower your level is. The lower your level is, the more tokens you have to get.
How much of the total tokens is allocated to ambassadors?
3% of GFI tokens will be distributed to all program participants.
8.2% Early Liquidity Program, which encouraged the very first participants to invest in the protocol. The program closed in July 2021.
8.0% - these tokens are released for current maining liquidity.
3.0 % - these tokens are distributed among participants of the Flight Academy. 2.85 % are distributed according to the levels described in this post, with a release schedule of up to 24 months. The remaining 0.15 % is distributed among future participants.
2.0 % - these tokens are allocated to sponsors who participate in pools of borrowers.
3.0% - these tokens are allocated to the sponsors, who staking GFI tokens.
14.8% is allocated to the community treasury, which the community may choose to use for purposes such as grants to developers and participants.
28.4% is allocated to the early Goldfinch team of 25+ employees, consultants and contractors.
4.4% dedicated to Warbler Labs
The tokens are allocated to a separate organization that emerged from the early Goldfinch team, which will contribute to the Goldfinch community and the wider DeFi ecosystem. Tokens are subject to a 3-year release schedule with an initial 6-month lock and a 12-month transfer restriction.
21.6% is allocated to a group of more than 60 first supporters who have invested $37 million in creating the protocol. All these proponents have a long-term perspective and a three-year timeframe for unlocking.
Tokens are distributed monthly for 2 years
And after all the modules were finished, something went wrong...
GoldFinch rolled out a list of "winners" that did not get (judging by the anger in chat rooms) 80% of the participants, despite the fact that they did all modules and activities. There was a strong negativity, even though the form was created for the appeal, everyone was not happy. Then silence followed...
For a month there was no news in the project. All the participants were already prepared to do nothing, but a miracle was accomplished...
GoldFinch corrected the situation and every Ambassador that performed any tasks received between 50 and 6,000 coins (During a listing it was safe to sell $10). Plus extra coins for those who put money in the liquidity pool.