Goldfinch
Goldfinch Protocol is a DeFi protocol focused on unsecured lending. It aims to introduce innovations in credit-based lending within the DeFi space, emulating structures similar to traditional finance. Goldfinch primarily targets emerging markets and provides loans to businesses or individuals without established credit histories, aiming to bring liquidity to regions with limited financial accessibility.
Collateral Deposit
Collateral deposits must not be allowed when the protocol is in a paused state.
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The block state of the market where collateral is deposited must be updated to the latest status.
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Collateral Withdraw
Users can withdraw collateral only within the limits that do not exceed the set Loan-to-Value (LTV) ratio.
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The borrowing process is very different from traditional protocols, so regular users can only deposit, allowing them to withdraw the full amount at any time.
The block state of the market where collateral is withdrawn must be updated to the latest status.
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Borrow
Loans must not be allowed when the protocol is in a paused state.
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The borrower must be registered in the relevant market.
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Only the person who requested the market can borrow from it.
After executing the loan, the market's total borrow amount must not exceed the set borrow cap.
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This feature does not exist.
Borrowers cannot exceed the Loan-to-Value (LTV) ratio relative to their collateral.
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Since borrowing is based on credit, there is no concept of Loan-to-Value (LTV).
Before executing a loan, the target market's block state must be updated to the latest status.
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Repay
The block state of the repayment market must be updated to the latest status.
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Repaying more than the borrowed amount is not allowed.
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If there is any remaining amount after repayment, it stays as the USDC balance in the CreditLine contract.
Liquidation
The liquidator can only liquidate borrowers whose Loan-to-Value (LTV) ratio exceeds the limit, resulting in a liquidity shortfall.
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Since loans are issued based on credit, there is no liquidation.
The liquidator's repayment amount must not exceed the close factor relative to the borrower's total borrow amount.
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Since loans are issued based on credit, there is no liquidation.
Both the market for the borrowed asset and the collateral asset must be updated with the latest block information.
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Since loans are issued based on credit, there is no liquidation.
The liquidator and the borrower cannot be the same account.
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Since loans are issued based on credit, there is no liquidation.
The amount of collateral the liquidator receives cannot exceed the total collateral balance of the borrower.
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Since loans are issued based on credit, there is no liquidation.
The collateral and borrowed assets involved in the liquidation must be under the same administrative entity.
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Since loans are issued based on credit, there is no liquidation.
Interest and Reward
The borrow interest rate must not exceed the set maximum value.
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Since a fixed interest rate is used, there are no changes to the interest rate.
During interest calculation, related state variables like total reserves, total borrows, and market indices must be updated to their latest statuses.
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For fixed-point arithmetic, steps should be taken to prevent rounding issues in low decimal places, such as using correct operation order or a fixed-point library.
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Oracle
The price of the underlying asset retrieved from the oracle must not be zero; if the price is zero, the transaction should be halted.
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In the Goldfinch Protocol, the oracle serves to reflect identity verification data on the blockchain rather than price data.
The interest calculation must reflect the most up-to-date state.
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In the Goldfinch Protocol, the oracle serves to reflect identity verification data on the blockchain rather than price data.
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