GIP-23 : Implementation of Retroactive Borrower Airdrop (GIP-05)

Authors : @jaou

Summary :

In order to implement “GIP-05 : Retroactive Borrower Airdrop” and facilitate the payment of borrower rewards according to the vesting schedule, we suggest using the platform Liquifi and need community approval to use $950 from Goldfinch Treasury in order to grant borrowers access to the Liquifi platform over the next 19 months.

Motivation :

GIP-05 was approved in February 2022 and we now need to find an efficient way to pay borrower rewards according to the vesting schedule that was approved (monthly vesting over 24 months without a cliff).
We evaluated options to operationalize these monthly payments across the 7 beneficiary borrowers. Unfortunately, doing it manually every month through our existing multisig account would be very time-consuming and inefficient.

Liquifi allows us to automate these payments and gives the ability to each borrower to redeem their reward by themselves as soon as a vesting event happens (every month).

We suggest establishing a 19 month contract to cover the 16 months of vesting remaining (the 24 months vesting schedule started in January 2022 when token launched) and give borrowers a 3 month buffer to redeem their GFI rewards after the vesting schedule ends.

Specification & Requirements :

Vote to approve the use of $950 from Goldfinch Treasury to facilitate the payment of borrower rewards on the Liquifi platform and implementation of GIP-05.

Benefits :

Using Liquifi will allow a quick and efficient implementation of GIP-05 with low-coordination effort.

Downside :

None

Voting :

“Option 1” : Yes
”Option 2” : No

Resources :

https://gov.goldfinch.finance/t/gip-05-retroactive-borrower-airdrop/821

Is the payment of $950 monthly? Is it a one-off?

Council has approved the proposal!

Awesome! Thank you!!