Authors: @blakewest and @greg
We propose deploying an instance of the Goldfinch smart contracts, and eventually the Goldfinch operating system factory, onto the Base L2.
To make the power of crypto available to as many people as possible, and for Goldfinch to fulfill its mission, the gas fees must be dramatically lower, and the user experience must be better. Layer 2’s are the generic solution to that, and we believe Base is the best specific solution that fits with Goldfinch ethos.
Coinbase has always been at the forefront of making crypto accessible to the masses, and connecting it with the real world. Which is exactly what Goldfinch has always been after as well. We’re here to create real world use cases that non crypto native audiences can enjoy. For that reason, we believe it’s a great match.
From a business standpoint, we believe Base will continue to improve and Coinbase will expose more and more of their 100M+ user base to Base apps. Goldfinch can take advantage of this as a customer acquisition channel.
Some context on Base: it is built on the OP Stack, so from a technical perspective, it is identical to Optimism, and thus has a strong and secure, battle tested foundation. Since launch, it has garnered significant traction, with around $300M of TVL at time of writing, and ~250k transactions per day.
Specification & Requirements:
- A new Goldfinch Governance multisig will be deployed onto Base, with all the same members.
- While there is no Goldfinch Operating System Factory yet, Warbler will deploy it’s own instance of the operating system. It will be the owner of that instance. But the Goldfinch Governance will control the fee switch for that instance (after that is implemented, pending a vote)
- Eventually build a Goldfinch factory which will enable any business to deploy their own instance of Goldfinch on Base.
- Existing deals on Ethereum L1 Mainnet will stay as they are and will still be maintained. The app will still enable access to these deals for existing investors.
- The Goldfinch operating system will be deployed on a fast, cheap L2, enabling more people to access it, and opening up the design space of what is possible.
“Yes” - You support the Goldfinch protocol deploying onto Base, as outlined in the specifics.
“No” - Do nothing. Stay on an L1.
This is a big step forward in improving the user experience, and it’s what many community members have been waiting for. Yes"
Expanding to L2 to improve the accessibility of Goldfinch is one of the most long-awaited steps in the project’s development by our community. Bravo!
Hi Guys, could you please explain a bit more about why Base and why not other L2s such as Optimism, Arbitrum or Polygon? I think those other L2s have a strong user base and some well known apps. I haven’t heard any major dapp on Base and I never used Base till now.
Though my personal opinion is L2s are pretty inefficient and not made for non technical users because of stupid bridging requirements and insane time lapses and risks involved during bridging. I am definitely not a fan of L2s but given a choice between ETH and L2s, I would definitely opt for L2s to save on gas costs.
Personally, I would love Goldfinch to be on Solana as it seems to be the fastest, easiest and cheapest L1 and once a person downloads Solana wallet, it is straightforward and easy to use for non crypto guys too. Try explaining bridging and L2s to a non crypto person and he will go crazy!
Anyway, I will go with whatever you guys think is good for Goldfinch in long term as you guys are in the weeds and you probably know better than me.
Agreeing with the proposal. As a user it has been a pain interacting with Goldfinch on Ethereum. Base choice also makes sense
This is no-brainer, vote “YES”.
I’ll vote YES. It’s high time to switch to L2.
Absolutely no hesitation in voting in favor of this proposal!
Base is one of the best L2 ATM. Of course, I support
I completely agree with this proposal. The transition to L2 is justified for many reasons:
- greater flexibility both in general and for individual users due to the ability to carry out the required number of transactions without fear of high gas costs;
- compliance with modern trends;
- the potential to attract a large number of small investors (again, due to the low cost of transactions);
- all this, ultimately, should ensure an increase in the popularity and sustainable development of Goldfinch.
But, as @velvetdoctor correctly noted, for some reason Base was chosen from a large number of different alternatives (including available L1 blockchains). Perhaps part of the answer lies in a partnership with Coinbase.
On the other hand, Goldfinch is already using Ethereum and transitioning to another L1 blockchain is impractical, apparently due to rewriting all elements of the system (as I see it from my amateur point of view).
In any case, I accept all the suggestions put forward by the team members, since they have incomparably more experience in this area and, even more so, know the features of Goldfinch better.
I vote “YES”!
The transition to L2 is undoubtedly necessary.
Council has approved the proposal.
will it actually be possible to bridge existing LP positions to an L2? just bridge FIDU?