Gearbox: The GEAR token has been fully unlocked, and the DAO holds 39.8% of the supply

ChainCatcher news, the modular leverage protocol Gearbox announced on platform X that the token GEAR has been fully unlocked, with 100% circulation, of which 39.8% of the supply is held by the DAO, releasing only about 3% annually for various programs and rewards.

It is reported that under the reduction of token incentives, TVL increased from $17 million in 2023 to $83 million in 2024. The newly introduced Gauges mechanism in V3 has achieved democratic decision-making for borrowing rates, with over 2.8% of GEAR currently staked. The DAO generated approximately $3 million in revenue in 2024, spending only $486,000 on token incentives.