Goldfinch African crypto lending project collapses, GFI token plunges 99.8%

ChainCatcher news, according to Protos, the decentralized lending protocol Goldfinch, led by a16z and aimed at serving the unbanked population in Africa, has fallen into crisis. On-chain data shows that out of the project's eight borrowers, two have officially defaulted and six have entered debt restructuring, resulting in cumulative losses exceeding $18 million. Depositors lament that "50 million dollars have been lost." Its native token GFI has plummeted from a high of $32.94 in January 2022 to below $0.07, a drop of 99.8%. The project's market capitalization has shrunk from a peak of $390 million to less than $6 million.