Gearbox
GEARLeveraged DeFi credit account protocol
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.31% | 11.60% | 11.26% | 22.77% | 31.39% | 19.15% |
Revenue & Burn
Protocol income
$22.35Buyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Nov 2026 | $22.35 | -- | -- | -- |
| Oct 2026 | $81.33 | -- | -- | -- |
| Sep 2026 | $2.77K | -- | -- | -- |
| Aug 2026 | $2.01K | -- | -- | -- |
| Jul 2026 | $294.78 | -- | -- | -- |
| Jun 2026 | $2.02K | -- | -- | -- |
Comparison
Tokenomics
Unlock Progress
On-chain Holding
| Holding Token | Price | Amount | Total Value |
|---|---|---|---|
| No Data | |||
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| Gearbox Protocol: Treasury Multisig (73d1) |   GEAR | 3,035,069,531.63 | 30.35% | $1.46M |
| 0xe8d1...7dae | GEAR | 550,000,000 | 5.5% | $264.86K |
| 0x0e9b...f1c2 | GEAR | 334,758,972.88 | 3.35% | $161.21K |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | BBitgetCEX | GEAR/USDT | $0.0009715 | $4,530 | $4,229 | $64,829 | 925.74% |
| 2 | OOKXCEX | GEAR/USDT | $0.0009694 | $4,678 | $5,904 | $56,522 | 807.12% |
| 3 | PPhemexCEX | GEAR/USDT | $0.0009795 | $306 | $287 | $7,739 | 110.52% |
| 4 | GEAR/WETH | $0.0009739 | $1,469 | $1,464 | $4,223 | 60.31% | |
| 5 | HHTXCEX | GEARBOX/USDT | $0.001826 | $0 | $0 | $14 | 0.20% |
| 6 | OOKXCEX | GEAR/USD | $0.000971 | $250 | $660 | $0 | 0.00% |
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About Gearbox
Gearbox is a leverage lending protocol on Ethereum and Arbitrum that wraps each user's strategy in a separate Credit Account contract: a borrower posts collateral, borrows from a pool, and swaps, provides liquidity or shorts inside that account, with position and debt bound to one address. It solves the need for several transactions and approvals to build DeFi leverage, opening in one step and liquidating on the account's overall health. Funding comes from Passive Pools, where depositors earn interest by utilization and rates float with demand.
A leveraged position runs like this: the borrower deposits collateral, the protocol deploys a dedicated Credit Account, draws assets from a Passive Pool against a limit, and swaps, provides liquidity on Curve or shorts inside that account, with position and debt bound to one address. Health is measured across the account, and when collateral falls to the threshold liquidators repay the debt and take the collateral plus a bonus; depositors earn by utilisation, and withdrawals clear instantly when liquidity is free.
Gearbox Protocol, launched on Ethereum mainnet in December 2021, pioneered composable leverage with its Credit Account framework. In 2022, it secured $4.15M in DAO funding and $1.585M in supplemental financing. The V2.1 security upgrade in July 2023 hardened the codebase, followed by Curve V2 pool integration and the Gearbox Risk Foundation (GRF) launch in August 2023, introducing optimistic liquidation monitoring and transparent multi-sig governance. In 2024, the GEAR token fully unlocked, with the DAO holding 39.8% of supply. TVL surged from $17M to $83M driven by leveraged farming and the Permissionless model enabling custom markets. The protocol maintains a zero-bad-debt and zero-exploit record since inception, positioning it as a leading infrastructure for leveraged DeFi strategies.
On 14 September 2026 KPK launched a frxUSD earn pool on Gearbox with Midas mF-ONE as the only initial collateral, a 5 million dollar cap, an 80 percent utilization limit and an 84 percent liquidation threshold. On 23 September 2026 Gearbox and Frax shipped automated RWA leverage: users borrow frxUSD against mF-ONE or mGLOBAL in one click and exit in a single redemption window without manual looping, following a MixBytes audit of both asset products.
The rollout came after Gearbox released a redesigned app that handles assets with redemption periods of up to a week through asynchronous flows, on a new backend that is not a dependency, so the protocol keeps working with servers off. Strategy-level firewalls introduced in V3 isolate risk per credit account and shared pool, protecting passive lenders from contagion.
Future strategy and roadmap: Gearbox will extend its one-click RWA leverage from live mF-ONE and mGLOBAL to security tokens supported by Securitize, adding more RWA collateral types. Beyond KPK frxUSD yield pool, the team plans more curator pools and refined risk parameters such as liquidation thresholds and utilization caps. V3 strategy-level firewalls isolate risk between individual credit accounts and shared liquidity pools, aiming to bring on-chain leverage to assets still outside DeFi and to extend the asynchronous redemption flow to collateral with longer redemption cycles.
Founder and CTO Mikhail (Mikael) Lazarev brings more than a decade of software engineering across networking, mobile and blockchain, and reached the ETHGlobal finals before writing the first version of the protocol.
Co-founder Ivan, known as ivangbi, convened LobsterDAO in 2018 and became one of the community organisers of DeFi Summer. He co-founded Gearbox in 2021 and long carried its narrative and governance work before moving to the Ethereum Foundation as DeFi coordinator in February 2026. Co-founder Ilgiz Gimaltdinov owns engineering delivery, while apeir99n leads the maths and risk models.
Gearbox charges a one-off flat quota fee when quota is purchased: 0.01% for major assets such as ETH longs and shorts, 0.03% for mid- and long-tail assets and up to 0.05% at some tiers, levied only on the incremental amount when opening, levering up or rebalancing.