[INVESTMENT] Re-deployment of lending collaterals - Goblin Gold

Hello all,

We are the team from Goblin Gold and we would like to propose re-deploying an amount (to be decided by DAO) of collateral currently in lending protocols to our product, BestAPY.

About Goblin Gold and BestAPY
A yield aggregating vaults protocol aimed to target retailers, DAOs or any treasuries to deposit and maximise yield with capital efficiency. Our current product (BestAPY) is a lending optimiser that does seamless and transparent auto-rebalancing of the funds to generate the best possible yield across the different lending protocols.

After our IDO, we will establish a DAO with our IDO tokens as a form of governance. From there, we can develop strategies, vaults and more products with different risk appetites as well. We aim to build a user-friendly protocol with simple mechanics and architecture; to grow partnerships and integrate protocols across Solana’s ecosystem. Eventually, the heart of Solana DeFi, the Yearn Finance of Solana.

Strategy
Auto-rebalancing of DAO funds allocated in lending protocols through Goblin Gold’s product, BestAPY.

Investment thesis
By doing so, Meta Collective DAO reduces the friction of creating proposals and re-allocating these funds in the different lending protocols — As BestAPY strategy does re-balancing to achieve the best yield.

Execution
[Phase 1]
As Goblin Gold has yet to be audited, Meta Collective DAO members can deposit their funds at their own discretion to test out the protocol first-hand. Additionally, Goblin Gold is awarding early depositors with an appreciation NFT token. Hence, members from Meta Collective DAO can participate in this airdrop and at the same time explore our protocol.

[Phase 2]
After understanding our protocol better and building mutual trust, Meta Collective DAO can decide on the amount of funds that could be allocated into our product.

An official proposal will be created and the DAO can vote. If the quorum is achieved and the proposal is voted through, collateral decided by the DAO are withdrawn and re-deposited into Goblin Gold’s product, BestAPY.

Timeframe
Timeframe for testing our protocol and proceeding to submit of proposal: 1 week

Additional resources

Goblin Gold app

Goblin Gold GitBook

Thread on BestAPY

Smart contract analysis

Renpō DAO article

Why should Meta Collective partner with Goblin Gold?
Both Meta Collective and Goblin Gold have a similar role in the Solana ecosystem — we aim to deploy capital efficiency for not just casual retailers but also experienced investors as well.

With Meta Collective DAO’s partnership, Goblin Gold can

  1. Increase out reach to more users.
  2. Build community and eventually a DAO.
  3. Increase TVL.
  4. Gain more retail trust in Solana ecosystem.
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Very cool! As a first step I would suggest to deploy some nominal amount of SOL to test the platform and support the project, as well as getting the NFT as early adopter!

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Thanks for the proposal! As a full disclaimer, can you confirm whether BestAPY is deploying all capital on a single best protocol or there are some constraints for max % in any given one?

Regardless, this looks very cool and would be happy to deploy capital once it’s fully audited. Yield aggregators are a natural fit for DAO cash management imo. While they do introduce an additional smart contract risk (hence why I think the audit is needed) they optimize yield on the capital that is not deployed.

Right now it seems a good chance to try it out and see how it works. Also MC can put a symbolic amount in order to participate in the airdrop/NFT and start showing early support while waiting for the results of the audit

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Is there a specific amount or % that you recommend?

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Thank you for the input!

Re: Auto-rebalancing and allocation of deposited funds, our smart contracts run calculations to determine the best probable yield out of the integrated lending protocols. The code for the calculation remains close-sourced.

Re: Auditing is on our list of urgent to-dos and we believe that being audited plays an integral role as you mentioned the added risks. Therefore, auditing will come soon, followed by open-source of our code which will explain the above mentioned calculations better.

Read: Our product, BestAPY analysis, which explains how the auto-rebalancing works based on the case study.

I would go ahead with 10 SOL to test out the platform

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Hi, Binye from GoblinGold here. While GoblinGold smart contract has not been audited I would like to mention that we are in the process of it.
One thing to remark is that having an audit does not mean funds are 100% safu. We have recently seen audited code being hacked in Solana. Our code is close-source until we have the stamp from the audit. This makes almost impossible to hack the smart contract since you have no access to the code.
I think this should be considered. Among other people who trusted us are the guys behind RenpoDAO

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https://governance.meta-collective.digital/dao/META/proposal/HLWFLwWuBrDXT9y4a9su6dHVxJFBoHQwPpiezf2JwsVN

proposal added to do the test deplyment!

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