gearbox

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.

According to ChainCatcher news, Gearbox has now integrated with the OKX Web3 wallet. Users can engage in Earn, lending, Farming, and more through the OKX Web3 wallet on Gearbox.It is reported that Gearbox is a low-collateral protocol for margin lending trading and liquidity mining, focusing on reducing transaction gas fees, allowing liquidity providers to earn higher annualized rates. The OKX Web3 wallet, as a leading one-stop Web3 entry point in the industry, now supports over 100+ public chains and provides a unified user experience across app, plugin, and web platforms.

ChainCatcher news, the decentralized leverage protocol Gearbox stated on X that GEAR has almost entered a state of full circulation, with the freely circulating supply reaching its maximum value, as 40% of the token share is held within the DAO and does not belong to anyone, only to be used at a rate of 3% per year for various donation and funding programs, which is even lower than the common staking inflation rate of Layer 1.

ChainCatcher news, the DeFi composable leverage protocol Gearbox stated that some users were liquidated due to the depegging of ezETH, but the protocol's passive lenders did not incur bad debts. The team will release a report reviewing this incident.

ChainCatcher news, regarding the flash loan attack on Gearbox Protocol, Gearbox Protocol issued a statement indicating that the hacker attack was only related to the Balancer pool, and that the Gearbox contracts and credit accounts are safe, with no losses incurred.ChainCatcher previously reported that, according to Beosin Alert monitoring, Gearbox Protocol suffered a flash loan attack on the Ethereum network, resulting in a loss of approximately $400,000.

ChainCatcher message, according to Beosin Alert monitoring, Gearbox Protocol was attacked by a flash loan on the Ethereum network, resulting in a loss of approximately 400,000 USD.

ChainCatcher news, the DeFi leverage protocol Gearbox Protocol has announced its V3 upgrade, which will build on the V2 features and introduce new liquidity pools, tokens, and immutable smart contracts.In the V3 version, liquidity pool providers will have the option to remain in the existing main blue-chip lending pool or transfer to the new "Alpha Passive" lending pool. The upgrade will allow liquidity providers to choose higher risk exposure and earn higher APY. Additionally, the V3 upgrade brings "minimum viable token economics" for the protocol's native token GEAR, allowing GEAR stakers to decide the direction of Alpha pool earnings and how they are distributed.It is reported that the Gearbox V3 upgrade code is currently under review, and the team may release it by the end of the second quarter, but the final timing has not been confirmed. (source link)

ChainCatcher news, the DeFi composable leverage protocol Gearbox Protocol has launched the GEAR/ETH curve auction program Cider'ed Liquidity, allowing both GEAR holders and ETH holders to participate in this auction event.Specifically, from December 13 to 14, GEAR holders can deposit GEAR into the Cider contract, and from December 15 to 16, anyone can provide ETH to the Cider contract. On December 16, Cider will pair the received GEAR and ETH, provided that the GEAR and ETH in the contract meet the minimum requirements, after which the smart contract will create a Curve V2 liquidity pool, and users will be "calculated" proportional LP tokens.According to rootdata, Gearbox uses credit accounts to enhance capital efficiency within DeFi, allowing users to traverse the DeFi ecosystem without relinquishing asset ownership. The protocol completed a $4.15 million strategic financing on August 10, with participation from LedgerPrime, Zee Prime Capital, and others. (source link)

ChainCatcher news, the DeFi composable leverage protocol Gearbox Protocol indicates that a proposal for the launch of the token GEAR will be released in a few days, with the proposal execution and token transferability expected to be implemented in early December, possibly before December 10.According to a previous proposal, the token issuance will be divided into two phases. The first phase involves selling 150 million GEAR through a Gnosis Auction, with a starting price of $0.015, and the auction will last for 3 days. The second phase will establish a liquidity pool on Balancer and enable GEAR transferability. All funds raised in the Gnosis Auction will be converted to ETH and paired with an equivalent value (based on Gnosis auction pricing) of GEAR, which will be deposited into a new 50/50 liquidity pool on Balancer. (source link)