Goldfish Gold

Goldfish Gold is a gold-based token issued by GBBR Inc. under the Ethereum token standard. Each GGBR is designed to correspond to a certain amount of gold; however, the project's underlying asset is not bullion stored in a vault but gold reserves that have not yet been mined and remain in the ground (in situ). The token's value is therefore set with reference to the price of gold per ounce.

The project states that the reserves are verified by independent audits, that the token supply is overcollateralized by the reserves and that conversion into physical gold is offered through regulated intermediaries. It is worth noting that the in-situ reserve model carries different risks from tokens backed by gold that has been mined and is held in vaults: the actual value of the reserve depends on geological assessments, the legal status of the mining rights and the cost of extracting the gold.

GGBR is expected to track the gold price; however, confidence in the issuer and the reserve valuation, the functioning of the redemption process and liquidity in the markets where the token trades can disrupt this relationship. The Goldfish Gold page on Lzzo.com shows DefiLlama's dollar-based reference price; the chart is also drawn from this source's historical series.