(GIP-24) Credentials for Goldfinch Community: Gateway x Goldfinch Partnership

Authors: Ayyan Rahman and Sanket Jain (Co-Founders of Gateway)

Summary:
We had the pleasure of speaking with Po-On on community initiatives at Goldfinch. Gateway seeks to establish a partnership with Goldfinch to increase community education, engagement, and recognition by onboarding its Community Team onto the Gateway Credentialing D-App. Goldfinch can use Gateway to issue its community credentials for use-cases related to the above and more, like on-chain activity.

Motivation:
Gateway believes Goldfinch is well positioned as one of the few Defi protocols truly bridging the gap between traditional and decentralized finance. Additionally, Gateway would like to increase general awareness of this ecosystem, knowledge of Goldfinch’s products, and contributor recognition for governance and community efforts.

Specification & Requirements :
This proposal will benefit Goldfinch socially by improving its product marketing and ability to recognize its various stakeholders (contributors, users etc.).

Gateway believes that web3 tooling should be easy to use, rewarding work, and drive immediate value to DAOs/organizations using it.

Gateway seeks to become a reliable partner to create credentials that can be used for reward mechanisms, determining governance voting delegation/weighting, and bringing transparency to work being done.

Gateway will provide Goldfinch’s Head of Community and Community Managers admins access to a dedicated “Goldfinch Gateway Space”. This will allow Goldfinch to immediately leverage the platform to issue modular credentials for education and governance. Soon, Gateway will have Twitter and Github integrations to also help the community increase awareness for new updates/AMAs and allow developers to show off their work.

The goal is to use various types of credentials to build greater models down the road. Initially, we will start off with education and community-focused credentials (including governance). Eventually, we would work with Goldfinch’s team to credential on-chain actions such as staking, lending, or investing in various investment strategies.

Benefits :

  1. Increase the level of engagement, following, governance participation, and protocol usage.

  2. Help community members build up their web3 native resume by allowing them to show certificates and contributions they have made for the Goldfinch community.

  3. Down the road credentials will be used to build reputational models (like defi credit scores or governance community scores).

Downside :
Time: Gateway and Goldfinch’s team will be working quite closely together to initially get credentials set up.

Voting :

Yes; we want to issue credentials through Gateway.

No: We do not want credentials and recognition from Goldfinch.

Resources: https://www.mygateway.xyz/

Comments: If Gateway can deliver value for Goldfinch by the end of Q3, we would like to proceed with a formal proposal for a grant/payment.

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Excited to potentially work with Goldfinch and its wonderful community!

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Glad to see more of our community members creating proposals!

Personally excited about using the gateway.xyz tool as a way to help more of the community to better understand the Goldfinch protocol and reward them along the way!

The educational component and helping our community to build credentials is a great value add for those on their DeFi journey.

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I love the value proposition that Gateway is bringing, especially the idea of helping to build a reputational model like Defi Credit Score. I believe this would get a lot of value to our community and the entire ecosystem.

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Glad to see your first post - welcome to the community!

Welcome! Excited to see more ways to recognize the community

I think there are a couple of questions that would add clarity to the proposal here:

  1. Use Case: Can you walk us through the steps for how credentialing would work on Gateway for a Goldfinch member?
  2. Credentials: Is there an art-based component to these credentials? If so, does Gateway provide this, is it something Goldfinch provides or can source through the community?
  3. Timeline: If approved, how long would this take to get this up and running?
  4. Examples: Do you have any examples of how previous DAOs, protocols, or web3 projects have used Gateway along with their success in increased engagement, following, governance participation, and protocol usage?
    5 Success: What metrics are we using to define delivering value for Goldfinch by the end of Q3? Q3 seems a bit optimistic to determine value given it’s less than a month and there’s an official vote + implementation necessary.
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Kagami these are great questions. Let me do my best to provide some color over a short forum.

  1. The ways the credentials can be leveraged are genuinely up to the community. Here are some of the first ones that come to my mind.

-Access/Permission Controls - Using credentials in tandem with projects like Lit Protocol to allow give access for beta testing, invite-only events, and potentially gating access to various channels using guild (but not NFT based, as some users may want to retain the privacy of their credentials’ metadata).

-Reward Mechanisms - We all know that airdrop and reward mechanisms have long been debated in crypto. Often times the models benefit whales and do not provide enough value to those who are contributing as you are to governance discussions, community events, or activities on platforms like Twitter/Discord. We hope to provide the infrastructure to truly capture merit across the ecosystem to help create better systems for reward distributions, especially for those putting in tons of time/effort to improve the project.

  • Credit Scores - Credentials could be a great data point for platforms that are working on building out robust defi credit scores. Instead of needing to create subgraphs or query complex blockchain data, credentials make information more “human readable”. Thus a simple data point could be holding credentials X Y or Z for on-chain scoring.
  1. Credentials - Yes there is an art-based component. Currently, we are allowing DAOs to create art via their community or leverage us for aid in said department. We are blessed to have an amazing design team with over 20 years of experience from top web2 companies (Google, Apple, and GS).

  2. Timeline - The ability to issue credentials will be instantaneous we have had to pleasure of speaking with @poy to formulate this, and will provide community managers access to the platform ASAP for issuing credentials!

  3. Examples: We were in private closed beta for the past month and will be going “public” with our platform this month. We have worked closely with Heads of Community, Growth, and BD to build out our platform. We have over 15+ DAOs in our pipeline. However, we want to work with the communities we have found to be most active and engaging. This is why we are putting this proposal forward today and championing this project with GoldFinch!

  4. Success - I agree the timeline is quite ambitious, but we enjoy putting pressure on ourselves to deliver value for our partners. Happy to extend that timeline for assessment to October 30th!

Here are some metrics we think are important to measure, credentials claimed (how many credentials issued by Goldfinch we engaged by the community), impact on snapshot voting (do we see an increase in voting if we credential the most active governance voters), impact on social r participation (Gateway plans to integrate Twitter APIs to see who is following, retweeting, and tweeting about Goldfinch. The hope will be that this increases Golfinch’s social stats). The other point we find most important is using education credentials to increase thoughtful discourse here and across the platform, we want more long-term token holders and fewer token speculators.

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Hey @Ayyan_Rahman!

Thanks for the detailed replies and for adding some color here. This is all really helpful and I think gives everyone a better picture of what Gateway has to offer the Goldfinch community.

I know this is a bit of future thinking, but do you have a possible ballpark for what Gateway would be seeking in terms of a grant or payment? Is this something that is one-time or ongoing? Would this be a blend of native tokens and stables or just strictly stables?

Thanks again for taking the time to answer these questions!

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I think this a great opportunity to Goldfinch community and more specifically for

  • borrowers and credit score : payments made right on time, default
  • backers and performance score : how well the junior pools backed are performing. I guess it will be important when backer staking rewards will be implemented
  • senior providers through ‘fidelity’ score : how long since you’re invested in the senior pool and the potential reward you can receive from that

That are the main use cases to me.

Council has approved the proposal!