Goldfinch

Base

Read

<div class="cryptonews">
 <p class="is-style-lead">Governance members agreed that launching Goldfinch’s defi loan service on Coinbase’s decentralized network would be beneficial and help to onboard more users.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="community" href="https://thebittimes.com/tag/community.html">community</a> behind Goldfinch, a defi lender, reached quorum to <a rel="noopener noreferrer nofollow" title="deploy" href="https://thebittimes.com/tag/deploy.html">deploy</a> 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;</p>
 <p>Finally, the council will activate Goldfinch on Base by shipping the <a rel="noopener noreferrer nofollow" title="deployment" href="https://thebittimes.com/tag/deployment.html">deployment</a> smart contract code through a multi-sig wallet.&nbsp;</p>
 <p>The protocol’s native token GFI jumped 14% on Dec. 1 following the news, trading at $1.74 when this report was written.</p>
 <figure class="wp-block-image size-large"><picture decoding="async" class="wp-image-14222578">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/12/02/b6aa0c094ee15f0ea4d1567695f49360.webp.webp">
   <img decoding="async" width="1024" height="546" src="https://cdn.thebittimes.com/images/2023/12/02/b6aa0c094ee15f0ea4d1567695f49360.webp" alt="Goldfinch community approved deployment on Base L2, GFI up 14% - 1"> 
  </picture>
  <figcaption class="wp-element-caption">
   GFI price | Source: TradingView
  </figcaption>
 </figure>
 <p>Before its <a rel="noopener noreferrer nofollow" title="approved" href="https://thebittimes.com/tag/approved.html">approved</a> 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.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Coinbase’s Base becomes open source for transparency
 </div>
 <blockquote class="wp-block-quote">
  <p>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.</p> <cite>Goldfinch on Base proposal</cite>
 </blockquote>
 <p>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.</p>
 <p>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. Base 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.</p>
 <p>This makes Base the only decentralized network released by an American publicly traded company and the third-largest layer-2 network according to DefiLlama at press time</p>
 <p>In other Goldfinch news, the project marked the complete repayment of its genesis loan issued to Fazz Financial.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Fazz Financial completes full repayment to Goldfinch.https://t.co/Tl66Ir97J5<br><br>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…</p>— Goldfinch (@goldfinch_fi) December 1, 2023
   </blockquote>
  </div>
 </figure>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Goldfinch (GFI) token surges 50% in the last 24 hours
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/goldfinch-community-approved-deployment-on-base-l2-gfi-up-14-tbt72346.html">https://thebittimes.com/goldfinch-community-approved-deployment-on-base-l2-gfi-up-14-tbt72346.html</a></p>

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

TheBitTimes

Other articles published on Dec 1, 2023

Ukraine seizes $1.5m in crypto from former official

Colombia’s President Petro Now Holds Bitcoin: Here Are the Details!

Ethereum’s Resurgence: Analyzing the Potential for a New Price Peak

Cardano Layer-2 Protocol Announces Concerning News for Algorand Users

Insightful Crypto Analyst Predicts Substantial Rallies for Radix, Solana, and Ethereum

Local Councillors Unaware as AI-Crafted Law Sneaks Through Unanimously

Join our free newsletter for daily crypto updates!