[GIP-264] Upgrade to permissionless: Incentives, long-term alignment, and current markets
AI summary
This proposal outlines a major upgrade for Gearbox Protocol, transitioning it to a "Permissionless" model. This means independent entities called "Curators" will be able to create and manage their own lending pools, taking on risk management and asset onboarding. The protocol will share revenue with these Curators, aiming for scalability and increased overall revenue despite a smaller percentage share per pool. The proposal also details a new incentive program, allocating 300 million GEAR tokens (3% of total supply) over six months to attract and align Curators, replacing the existing liquidity mining program.
If passed, Gearbox will fundamentally change its operational model, shifting from a centralized approach to a decentralized ecosystem of independent lending pools. This could significantly increase the protocol's reach and revenue potential, but also introduces new risks related to Curator performance and the successful migration of existing users. The 300 million GEAR tokens, worth approximately $2.1 million at current market prices, will be distributed to Curators, potentially benefiting them and the protocol's growth, but also representing a significant dilution of the token supply.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Context & Goals
Incentives
Gearbox Protocol is transitioning to a Permissionless model. This means that independent Curators will be able to launch their own lending pools, manage risk parameters, and onboard new assets. In essence, they become owners of their own lending businesses — with full control over the risk side of their pools.
As part of this model, Gearbox will receive a fee split from the pool’s protocol revenue, shared between the protocol and the Risk Curator. This creates an economic alignment, but it must be reinforced with a robust long-term incentive structure. The ide…