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Tl;dr: Gearbox is a new DeFi protocol for yield and leverage on Ethereum
Gearbox is a new protocol enacting a two-sided marketplace: one for users looking for passive yields on major assets like BTC, ETH, and USDC, and another for traders looking for access to leverage that they can deploy into higher risk, higher yielding farms. There are two types of accounts – Earn Accounts and Credit Accounts. Those using Earn Accounts are depositing assets to earn a yield + GEAR. Those using Credit Accounts are borrowing from the pool of liquidity to deploy into partnered protocols where yields are higher.
Gearbox recently launched the GEAR liquidity mining program to help bootstrap liquidity into the protocol. It’s important to note that the token is currently non-transferable and not liquid for trading. Regardless, Gearbox has seen an explosion of growth since launching its liquidity mining, where TVL has soared to north of $130M
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