DAO Monthly Update: August 2022
GM GM Gearheads, as far as summers go, this one has been as busy as one could have imagined. The DAO has been grinding gears to get everything in place to finally roll out V2 with Leverage Ninja mode, initially, and a complete roll out in the subsequent coming weeks.
Maybe, the merge will be the important catalyst that changes market sentiments, and we will see volatility and green candles once again. Maybe we will have to wait until the next Bitcoin halving. We are not betting our fate on where the price goes. But we are betting our efforts on building new primitives!
So with no more bla bla, below is what the DAO has been up to over the last month covering token launch, DAO fund, YFC Alpha, VIBES, more.
If you want to know about the previous updates, please read here:
To see how the DAO operates, check our Notion:
1. Opening DAO Funding To Community Capital
Multiple DAO members and true chads had interest in contributing capital alongside the larger strategic contributors into Gearbox’s DAO round at the $150M FDV. The minimum limit has now been moved to 50k$ by the discussooors due to risk mitigation reasons, pending DAO vote & subsequent AML/KYC cheques that will be performed by a third-party in favour of the DAO. After all, size needs to be size. You can check the context here:
2. GEAR transferability on the horizon
We have been hearing your consistent questions about when the token is launching. Firstly, nobody clearly knows when the market’s outlook will look better — we are NOT trying to play traders and time it. Secondly, the token is a necessary instrument for incentive alignment on the platform. Thirdly, the protocol needed to be improved and governance to stabilize in order to get to the transferability stage. And it looks like the stars are aligning now…
For now, the plan is to structure a Gnosis Auction, the details of which can be found in the link above. We have not determined on an exact date for the auction, but it should be in the weeks to come. If you are concerned about taking exposure to a (possibly) volatile auction, joining Gearbox as a liquidity provider is likely the easiest pathway to getting a bag of $GEAR.
All pending DAO votes and discussions, so go participate!
3. AllowedList Alpha series to bring you the juiciest APYs
With August, Gearbox finally unveiled its secret blend of composable leverage and DeFi Integrations with YFC: Yearn, Frax and Curve. The complete, updated list on the pools, vaults and assets being added can be referred to on Amantay’s post. That is what is technically ready and has been re-audited (TBA) for the V2 launch in a few weeks. However, it must be noted that any similar vaults or strategies become fairly trivial to add right after!
By adding Frax as an asset, we don’t just diversify on another stablecoin but unlock possibilities of adding multiple high APY vaults and pools on other DeFi protocols. And by adding Curve and Yearn as new adapters we gain access to these pools plus more enabling you to gain capital efficiency on your preferred coins, pools, protocols and risk capabilities.
Addition of more pools and vaults is possible anytime and can be pushed through our discord into a discussion, or better you can work and develop the same as a contributor since Gearbox has. Gearbox is designed to be modular and composable. Ideally, we should be able to integrate a much wider list of DeFi primitives — including that NFT lending venture you keep getting liquidated on. This is taking one more step towards making that a reality.
- Want to know how to earn ~30% APY on Yearn, go here.
- Prefer Curve pools? No worries, go here.
- Just want to learn about Frax can do with Gearbox? Here you go.
Think leverage is just gambling? NGMI, but feel free to get rekt.
4. All of this done while VIBE-ing
We kicked off our VIBES program to a great start: there seem to be a lot of survivors and they took part in our exciting QUIZ. More than 2,000 participants studied the project perfectly and more than 1,800 of them passed to the next stage. You can see the results here. As a result of the same, we have seen our twitter grow by 10% in a month. Not bad for bear market!
The goal of vibes is to onboard new community members, educate them, help them understand the protocol and turn them into users. The same also enables community growth and increasing the reach of Gearbox Protocol. So join in, pitch in, play and earn. The next 10K GEAR might be yours!!
5. Financial Update
As of writing this, the DAO treasury stands with about $3.78M in its address and an additional 5.09B GEAR Tokens. Contributors were allocated $59k and a further ±3.6 million tokens over the month of work (vested for a few months). While the only other expenditure was $150K paid out in bounty for a critical bug detection and $15K to Immunefi as a commission. The protocol generated ~$28K in revenue with majority coming through the LP fee which should go away very soon though, update to follow next week.
Exact numbers can be seen below.
The critical bug mentioned above led to pausing of contracts while the devs worked on the same and were unpaused as the issue was resolved. There was no loss of funds. You can read the exact update below.
This is it for the month of August. We’ll bring out the next update soon!
Disclaimer: Gearbox DAO is a group of enthusiasts, developers, and some companies — contributing to the ecosystem. You should not expect anyone else to work: there are no full-time workers. Anyone is free to work and contribute, and there are some funds to compensate for the efforts — but there is no entitlement in the DAO. Want something done? — Do the work yourself and make a funding proposal! There is no central body overseeing anything, nor should you expect to make any profits with the DAO. You are in control.
WEN V2?! A proper update next week!
If you would like to join — just get involved on Discord. Discuss, research, lead and share. Call contributors out on their bullshit and collaborate on making things better. Here is how you can follow developments:
- Website: https://gearbox.fi/
- dApp: https://app.gearbox.fi/
- User Docs: https://docs.gearbox.finance/
- Developer Docs: https://dev.gearbox.fi/
- Forum: https://gov.gearbox.fi/t/start-here-forum-rules/
- Blog: https://medium.com/@gearboxprotocol
- Github: https://github.com/Gearbox-protocol
- Twitter: https://twitter.com/GearboxProtocol
- Snapshot page: https://snapshot.org/#/gearbox.eth
- And, of course, the DAO working docs:
