Gearbox DAO Update: August’23
August’23 has been one of the busiest months for Gearbox and to stay on top of everything would have been tough, so let us sum it up for you with our DAO update. The goal of these updates is to quickly capture all the important developments from the month before. So here’s Gearbox’s August summed up with Curve V2 deployed, GRF, Security Practices, LUSD and more.
We publish these DAO reports monthly, you can sift through our medium to find the monthly updates. Or check the DAO work on our notion. These reports cover key announcements from our twitter, gov forum, votes and other communication channels.
1. Curve V2 pools are now LIVE!
Curve V2 is Gearbox’s most exciting addition for Q3'23 and it is now live. The below Curve V2 pools and their Convex Counterparts are available to lever up on:
- Tricypto: ETH, WBTC and USDT pool on Curve and Convex
- LDO/ETH pool on Curve and Convex
- CVX/ETH pool on Curve and Convex
- TriCRV: CRV + crvUSD + ETH pool on Curve and Convex* (subject to DAO approval and deployment in a couple weeks)
And the APYs reach as high 50%+ with relatively safe levels of leverage. You can read more details about the additions on the link below.
Some communities have been given access to Curve V2 pools, check here. For others, you can ping us on Discord or post your addy on gov forum to gain access to the pools. The criteria is having minimum $20K in your wallet and ideally some historic activity.
2. Launch of Gearbox Risk Foundation
Over the last few months, DeFi has faced challenges related to exploits and hacks. While Gearbox has remained safe, it’s vital to stay proactively ahead of these challenges.
GRF brings all the possible risks and security measures under 1 monitoring system. It works by mapping out all possible risks and what’s possible of happening. It then specifies what instructions are to be followed for a particular risk in case it occurs. It further real time monitors any risk events that take place. And as a measure to enable anyone to contribute, it lets users easily monitor whether the steps taken are in line with the mapped out ones. This ensures the DAO can spot any malicious attacks easily.
This development on GRF was a planned part by the Gearbox Devs, as highlighted in their Contributor Blueprint below.
3. The Gearbox Roadmap
Curve V2 done. What Next? Before we again see the “Wen, Wen , Wennn” comments, we have brought you the exact roadmap of all that you can expect to come from Gearbox.
The below thread will take you through it all. The transition of Gearbox V1 to V2 and why the leverage farming part was the main focus for users. The security efforts and deployment of V2.1 and how all of this relates to Gearbox Protocol V3, including the product approach.
If you want a summation of the thread above. Well, this image will suffice. Gearbox Spot Leverage Trading, the only perpetual protocol that won’t trade against you. The only protocol that doesn’t rely on it’s users losing money to survive. Their will be no LPs. Real leverage working through DEXes.
4. We take security seriously. VERY seriously.
And between all the building, the Curve V2 pools and Gearbox V3, you can rest assured that the security is something that remains our #1 priority. Which is why of every 1 Dollar that Gearbox spends, 45 cents go towards security.
Our security doesn’t just rely on Audits, which we have 8 of, but is more of a 360 degree strategy between monitoring, risk management, strengething safety and intelligence tools. Read the below thread to know exactly what all Gearbox does to provide you the safest smart contracts to put your funds on.
5. 50% of treasury USDC to be swapped to LUSD
At Gearbox, we live by the DeFi ethos. Our goals and actions are guided by these and GIP-64 was proposed to set this right for the treasury too.
With the passing of GIP-64, the DAO approved to swap 50% of the USDC to LUSD. LUSD doesn’t have any centralisation risks and doesn’t hold any of it’s backing in centralised banks. This is vital to it’s decentralisation. Yet, it maintains a strong peg against the dollar. This is the reason why Gearbox DAO approved to swap USDC to LUSD.
6. Financial Update
As of end of August, the DAO treasury holds $4.2M in its address and an additional 4.35B GEAR Tokens. The realised revenue for the month of July was $42k while spends were at $156k. Contributor costs were at $77K while $25K were spent on grants further. $54K was spent between Immunefi bounties and to ABDK for audits.
For GEAR outflows, 41.6M were deployed as a part of the LM programs on Gearbox Lending Pools, Curve GEAR/ETH pool and to incentivise voting on the bb-g-USD Balancer pool. 3.3M were spent on pending contributor obligations.
This puts the DAO in a healthy financial place with a runway of over 2 years even after factoring in growth.
7. Governance Update
There were a total of 9 governance votes that took place in August, safe to say the DAO has been very active. These can largely be summed up as:
- Treasury: GIP-64, GIP-66 and GIP 68 enabled movement of USDC to LUSD in treasury and cut the LM expenditure on CA side and the FRAX pool.
- Curve Related: GIP-67 and GIP-72 set up the parameters required to add Curve pools.
- Initiatives: GIP-65 and GIP-70 kicked off 2 initiatives for SEO and Front End
- Operational: GIP-69 and GIP-71 focused on reducing the minimum debt and make it easier to open accounts.
You can check these on the snapshot page: https://snapshot.org/#/gearbox.eth
Quick Key Updates
Proactive Risk Management with Optimistic Liquidations
Verifying Deployed vs Audited Curve V2 code
FUD alerts, all SAFU
Yearn Performers
Mikko’s talk at Stable Summit
If you want to access the Curve V2 pools mentioned above, drop in in our Discord or post your addy on the gov forum to gain access. If you would like to join the DAO — 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/
- Risk Documentation: risk.gearbox.foundation
- 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:
