As the decentralized finance (DeFi) ecosystem continues to experience rapid growth, it becomes evident that a lack of composability is hindering its full potential. Composability, the ability to seamlessly integrate and combine various components or protocols, is crucial for the efficient movement of assets across decentralized applications (dApps) and chains. Gearbox (GEAR) emerges as a project that aims to address this fundamental challenge and unlock new possibilities within the DeFi space.
What is Gearbox
Gearbox is a blockchain-based protocol and DeFi brokerage that is set to disrupt the lending and borrowing landscape. With a strong focus on composability, Gearbox aims to revolutionize how assets are exchanged and leveraged across dApps. By integrating a wide range of tokens into its protocol, Gearbox enables users to seamlessly exchange and interact with diverse assets within the DeFi ecosystem.
One of the standout features of Gearbox is its leverage functionality. Gearbox allows users to utilize leverage not only within Gearbox but also across other platforms, opening up new possibilities for maximizing returns and diversifying strategies.
The Gearbox team
The Gearbox team is comprised of a group of highly skilled and passionate individuals who are driving the vision and development of the protocol. Led by Mikhail Lazarev, Ivan, and Iigiz Gimaltdinov, the core team members bring a wealth of experience in technology, blockchain, and the internet industry to the project.
How does Gearbox work
Gearbox addresses the problem of incompatibility among DeFi protocols, which leads to an oversupply of unused capital and assets. The protocol enables users to interact with multiple DeFi services in a seamless and interconnected way. It achieves this by incorporating credit accounts that can act as collateral for various activities, allowing users to conduct transactions across different platforms and protocols effortlessly.
Moreover, Gearbox offers the functionality of margin trading on centralized exchanges, providing users with the opportunity to trade on various platforms. By facilitating interoperability, the project aims to revolutionize the DeFi space and usher in a more integrated and versatile financial ecosystem.
Gearbox’s utility token: GEAR
Gearbox's utility token, GEAR, follows the ERC-20 standard and plays a central role in the platform's ecosystem.
GEAR tokenomics
GEAR has a maximum supply of 10 billion tokens, with a circulating supply of over 1.1 billion tokens.
GEAR use cases
The GEAR token has multiple use cases within the Gearbox ecosystem. Firstly, it enables seamless transfer and exchange of assets across various dApps. Secondly, GEAR serves as a governance token, giving holders proportional voting rights on proposed projects and platform decisions through the project’s decentralized autonomous organization (DAO). Lastly, GEAR can be staked by users to earn additional rewards, providing an incentive for long-term participation and engagement in the Gearbox network.
Distribution of GEAR
Gear is distributed as follows:
- 46.71 percent: DAO fund
- 20 percent: Founding team
- 11.52 percent: Treasury
- 9.20 percent: SAFT
- 7.47 percent: Community
- 2.77 percent: DAO Round 1
- 1.28 percent: External contributors
- 1.06 percent: DAO Round 2
Gearbox’s expansion plans
Gearbox has ambitious expansion plans in the DeFi lending and borrowing industry, focusing on three key areas: interoperability, GEAR use cases, and security. Through these expansion plans, Gearbox seeks to drive innovation, foster adoption, and establish itself as a leading player in the DeFi lending and borrowing industry while offering users enhanced functionality, security, and opportunities for financial growth.
