Goldfinch, a decentralised credit protocol, is effectively entering a wind-down after a token-holder vote.

According to a recent report by The Block, the GIP-87 proposal submitted by co-founders Mike Sall (마이크 살) and Blake West (블레이크 웨스트) had exceeded the voting quorum by more than four times as of June 23 local time. About 1.1 million GFI, Goldfinch's native governance token, were counted in favour, with no votes against. If it passes, Goldfinch will "stop new protocol development and growth initiatives" and focus on loan recovery and maintaining user access.

Warbler Labs, Goldfinch's core development team, will receive $150,000 for ending Prime services, maintaining the legacy app and providing operational support for 2 years. A new trust led by chief restructuring officer Ted Gavin (테드 개빈) will handle loan recovery.

Goldfinch raised $11 million in funding led by a16z and Coinbase Ventures during the 2021 DeFi boom.

It processed about $100 million in loans, but bad debt emerged in some borrower pools, leading to years of restructuring and legal procedures.

Criticism poured in from the community. One user said, "People lost thousands of dollars due to your incompetence and negligence," and another said, "Every deal defaulted or went bankrupt."