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GFI is the official token of Goldfinch.
The Goldfinch Protocol's core native token is GFI, and it is used for the following purposes:
- Community Grants: The community can provide grants and/or bounties to participants that meaningfully contribute to the Goldfinch protocol and ecosystem.
According to the whitepaper, GFI will also serve the following functions. These are not live yet, but it is expected that the community will introduce and vote on proposals for them in the coming months:
- (More) Participant Incentives: Backers who both supply to Borrower Pools and stake on other Backers, Auditors who stake to participate in votes, and Borrowers who successfully repay their pools.
- Backer Staking: Backers can stake their GFI tokens on other Backers in order to give them additional leverage when participating in Borrower Pools. This GFI also serves as a backstop against potential loan defaults.
- Auditor Votes: Auditor votes are required to grant Borrowers permission to borrow from the protocol, and Borrowers pay for these votes with the GFI token.
- Auditor Staking: Auditors stake the GFI token in order to be selected to participate in Auditor Votes.