Authors: Jack Purdy, Messari
Summary: Messari becomes a core investor relations arm for Goldfinch providing in-depth financial reporting and research, along with increasing the Goldfinch network’s reach and visibility by promoting and circulating these reports on Messari’s channels.
This includes building out a standardized protocol-level income statement with long-form reports contextualizing the data. These reports will live as free resources on Messari’s site and be sent out to 250k subscribers as well as through our distribution partners including S&P Global and Bloomberg.
Motivation: Investor relations are a necessary function of any company to keep existing stakeholders adequately informed while also attracting new ones through better surfacing of fundamental data. This is even more essential in the open-source world of crypto where there are a wider set of stakeholders including users, developers, and investors that can actively contribute value to the DAO allocating their time and money to grow the network.
While the Goldfinch community recently launched new Borrower Communication tooling to facilitate in-depth, tactical, NDA-protected investor relations between Borrowers and those Investors who are actively participating in their pools, there is still a need for digestible public reporting on the network’s growth and performance as a whole.
As we continue in a bear market, this becomes increasingly important as people tend to overweight price as their barometer of project success. By outsourcing this critical investor relations function of semi-annual performance reporting to a specialist firm, Goldfinch can be better positioned to withstand turbulent times and retain the mindshare of major crypto participants.
Specification and Rationale: Messari will create two semi-annual reports following a general structure we’ve worked on previously for other DAOs that will present and analyze key KPIs and fundamental metrics (loans originated, liquidations, interest income, etc.) from both a macro protocol level as well as more granular looking at individual pools, contextualized by broader macro economics that are affecting the protocol as well. The report will also delve into major governance developments, upgrades, and key roadmap initiatives.
The offering is priced as follows:
- 2 semi-annual reports ($25k/per)
Total: $50,000 payable in stablecoins
For an example of the types of content generally included in these reports, view the State of Compound Q2 2022. For this report the following metrics will be assessed:
- Credit Analysis
- loans outstanding
- loans repaid
- interest earned/received
- yield changes and market forces
- Lender Analysis
- borrower pool distribution (users and concentration)
- senior pool distribution (users and concentration)
- turnover analysis in senior pool
- Borrower Analysis
- on-chain descriptive stats (number of unique borrowers, payment history, repeat customers)
- borrower diversification/concentration
- Treasury Analysis
Messari will work with Goldfinch community members to ensure that the Goldfinch DAO’s needs are being accurately and adequately met by the semi-annual public performance reporting.
These performance reports will provide increased public visibility to the work being accomplished by the Goldfinch community, for both the community’s active participants and for the larger market of Messari, S&P, and Bloomberg readers who may be interested in participating in Goldfinch in the future.
These reports will better inform existing stakeholders by providing actionable insights on strategic direction for the DAO.
In addition they will attract new stakeholders through the reach of 250k crypto professionals subscribing to Messari as well as the traditional finance market via distribution through S&P Global’s Capital IQ platform and Aftermarkets research along with the Bloomberg terminal.
Cost: Adequate public performance reporting provides an essential service to the community, and is worthy of dedicating funds toward to ensure the reporting is of a high enough quality to satisfy investors’ needs. In addition, Messari’s reach and visibility combined with the reach and visibility of S&P and Bloomberg distribution are providing high-quality promotion and marketing to the work being accomplished by the Goldfinch community.
A “yes” vote entails spending $50,000 for the services outlined above
A “no” vote entails not moving forward with the services outlined above
Example quarterly report: https://messari.io/article/state-of-compound-q2-2022