Goldfinch

Base

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Governance members agreed that launching Goldfinch’s defi loan service on Coinbase’s decentralized network would be beneficial and help to onboard more users. 
The community behind Goldfinch, a defi lender, reached <a href="https://twitter.com/goldfinch_fi/status/1730326432268906841" target="_blank" rel="noreferrer noopener">quorum</a> to deploy the protocol on Base, a layer-2 blockchain launched and backed by major crypto exchange Coinbase. Next, the project’s governance council will hold a soft vote before developers draft and audit the actual code for this update.&nbsp; 
Finally, the council will activate Goldfinch on Base by shipping the deployment smart contract code through a multi-sig wallet.&nbsp; 
The protocol’s native token GFI jumped 14% on Dec. 1 following the news, trading at $1.74 when this report was written. 
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 GFI price | Source: <a href="https://www.tradingview.com/symbols/GFIUSDT/technicals/" target="_blank" rel="noreferrer noopener">TradingView</a>
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Before its approved launch on L2 Base, Goldfinch was exclusively available on Ethereum’s blockchain. However, the project’s co-founder Blake West, and engineering manager Greg Egan argued for expansion to a blockchain with cheaper transaction fees. 
 Read more: <a href="https://crypto.news/coinbases-base-becomes-open-source-for-transparency/"> Coinbase’s Base becomes open source for transparency </a> 
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 From a business standpoint, we believe Base will continue to improve and Coinbase will expose more and more of their 100M+ user base to Base apps. Goldfinch can take advantage of this as a customer acquisition channel. <cite>Goldfinch on Base proposal</cite>
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Ethereum, while a long-standing pillar in the blockchain industry, is infamous for expensive gas fees. This high cost of moving assets on-chain was a stumbling block to greater adoption until the advent of scaling solutions like Base commonly known as L2s. 
L2s can handle transactions at far cheaper rates compared to Ethereum’s mainnet while retaining the transaction security synonymous with crypto’s biggest defi chain. <a href="https://crypto.news/coinbases-l2-network-base-loses-over-16-tvl-in-a-week/" target="_blank" rel="noreferrer noopener">Base</a> in particular has garnered on-chain activity and climbed to over $300 million in total value locked since its launch by Coinbase on Aug. 9. 
This makes Base the only decentralized network released by an American publicly traded company and the third-largest layer-2 network according to <a href="https://defillama.com/chains/Rollup" target="_blank" rel="noreferrer noopener">DefiLlama</a> at press time 
In other Goldfinch news, the project <a href="https://twitter.com/goldfinch_fi/status/1730596653579763927" target="_blank" rel="noreferrer noopener">marked</a> the complete repayment of its genesis loan issued to Fazz Financial. 
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 Fazz Financial completes full repayment to Goldfinch.<a href="https://t.co/Tl66Ir97J5" target="_blank">https://t.co/Tl66Ir97J5</a> Fazz was the first callable loan deal on Goldfinch – a flexible structure where both the borrower and lender had the option of actioning early repayment. Fazz's choice to repay the principal early is…— Goldfinch (@goldfinch_fi) <a href="https://twitter.com/goldfinch_fi/status/1730596653579763927?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 1, 2023</a>
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 Read more: <a href="https://crypto.news/goldfinch-gfi-token-surges-50-in-the-last-24-hours/"> Goldfinch (GFI) token surges 50% in the last 24 hours </a>

Goldfinch community approved deployment on Base L2, GFI up 14%

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