What is Gearbox? Recently, Gearbox has raised $4.15M in a DAO strategic diversification round with participation from Placeholder, Zee Prime, LedgerPrime, Polymorphic and GCR.
So, why has this project been receiving so much attention?
Welcome to Barmy’s Project Review Series. Today, we will talk about Gearbox (GEAR).
What is Gearbox?
Gearbox is a Generalized Leverage Protocol, which allows anyone to take leverage in a decentralized way and then use it across various other protocols in a composable way. Users could join the protocol as a liquidity provider (receive high APY), trader, farmer or can borrow assets to trade with 4x+ leverage.
Unique Selling Points
Next, what are the salient features of the Gearbox that could set it apart from other protocols on the market? Find out below!
- The core vision is to become a backend composable leverage protocol that all kinds of users can utilize but don’t even need to interact directly with a specific interface.
- Gearbox Protocol with a highly flexible architecture can be interoperable and extensible on DeFi 2.0. Up to now, Gearbox DAO has 4 protocols: Curve Finance, Yearn Finance, Uniswap V2/ V3 and Sushiswap.
- Liquidity and transactions will not be restricted in the protocol, the goal is to combine and extend the control available to users.
Some other core features are:
Composable & Generalized: Users can leverage across multiple DeFi protocols and assets.
Decentralized & Non-Custodial: Not limited by any intermediaries when users use Gearbox, decentralized and User has full control over assets with personal cryptography.
Gas-Optimized: Optimizing gas fees is the third advantage that Gearbox brings to users, limiting the costs incurred when opening an account, and deploying smart contracts.
In addition, we can also make a profit on Gearbox similar to Compound, Aave, etc by providing liquidity and receiving optional APY.
By looking at the chart below, users could have an overview of how Gearbox works
Tokenomics & Utilities
$GEAR Token Key Metrics
- Token Name: GEAR
- Ticker: GEAR
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: Contract: 0xba3335588d9403515223f109edc4eb7269a9ab5d
- Token type: Governance & Utility
- Total Supply: 10,000,000,000 $GEAR
$GEAR Token Allocation
GEAR supply has been split according to a handful of contributor groups:
- Community and DAO: 58%. No vesting.
- DAO Treasury Multisig: 51.00%. Liquid as the DAO decides. No vesting, managed by the DAO-enacted treasury multisig.
- Credit Account Mining: 5%. Split over 5,000 wallets participated in the ceremony. No vesting.
- Community Testers: 1.267%. No vesting. Token distributor TBA.
- Early Discord members: 0.476%. No vesting. Token distributor TBA.
- Temporary Reserve: approximately 0.26%. No vesting. Token distributor TBA.
- Initial External Contributors: 1.28%. Locked > 1 year + vesting.
- Initial Core Members: 29.20%. Locked > 1 year + vesting.
- Initial core members: 20% (usually referred to as “team” but here the DAO took over during the launch time so that naming wouldn’t make sense). Lockup: 12 months since token deployment (launch), and then linear vesting over 18 months starting after the cliff.
- Initial contributors: 9.20% (usually referred to as “investors” but here they were all forced to put a lot of time in more than half a year before launch so that naming wouldn’t make sense). Lockup: 12 months since token deployment (launch), and then linear vesting over 12 months starting after the cliff.
- Company: 11.52%. Locked > 1 year + vesting.
GEAR is the native token of Gearbox Protocol and is applied as follows:
- Products & rewards in Gearbox.
- Propose and vote on important system changes.
How to earn and own GEAR Token
- Staking: Users can stake to receive GEAR.
- Add Liquidity: Gear will open liquidity pools with attractive APY from 10%.
- Users can buy tokens on supported exchanges.
Team, Partners and Backers
Gearbox Protocol has been built and developed by extremely talented and experienced people in different fields.
Gearbox Protocol has a project Team Builder team consisting of 3 main members, Ivanbi, Mikhail Lazarev and Llgiz.
Gearbox’s DAO treasury (operated by financial multisig) has been replenished with $4,150,000 due to the DAO Strategic Diversification Round — with participation from investors like Placeholder, Zee Prime, LedgerPrime, Polymorphic and GCR.
Besides, Gearbox has been working with 3 big audit firms: ChainSecurity, MixByte, and Consensys Diligence.
To be updated.
Roadmaps & Updates
To be updated.
- Website: https://gearbox.fi/
- dApp: https://app.gearbox.fi/
- User Docs: https://docs.gearbox.finance/
- Developer Docs: https://dev.gearbox.fi/
- Forum: https://gov.gearbox.fi/t/start-here-forum-rules/
- Blog: https://medium.com/@gearboxprotocol
- Github: https://github.com/Gearbox-protocol
- Twitter: https://twitter.com/GearboxProtocol
- Snapshot page: https://snapshot.org/#/gearbox.eth
We introduced you to Gearbox project and provided all the details about the project’s highlights and tokenomics.
BARMY team hopes that you can find valuable information about Gearbox and $GEAR token from our article. Please let us know how to fulfil your expectation in the next Project Review.
All information above is NOT financial advice. Please do your own research.
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