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Gearbox(GEAR)

Token Price$0.0003

24h Change+2.9%

All Time HighApr 12, 2024$0.037

All Time LowApr 20, 2026$0.0002

Key Metrics

Market Cap$3.25m

Fully Diluted Valuation$3.25m

Circ. Supply10b GEAR

Max Supply10b GEAR

Outstanding FDV$3.2m

Volume 24h$1,211

CEX Volume$0

DEX Volume$1,236

Token Liquidity$2.99m

Curve DEX · Ethereum$2.99m

Treasury$1.6m

Majors$480,512

Stablecoins$60,178

Own Tokens$1.03m

Others$38,627

Total Raised$8.04m

Private · May 1, 2021$2.3m

DAO round · Aug 31, 2022$4.15m

DAO round · Sep 22, 2022$1.59m

Income Statement for Gearbox

	Q2 2026*	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Gross Protocol Revenue	$86.11K	$222.62K	$523.71K	$897.84K	$511.47K	$1.04M	$1.65M	$2.06M	$10.97M	$4.78M
Borrow Interest	$56.30K	$170.08K	$340.53K	$717.73K	$405.29K	$780.49K	$1.16M	$1.38M	$8.62M	$4.50M
Performance Profit	$19.33K	$52.52K	$183.16K	$180.11K	$106.16K	$268.92K	$488.75K	$677.73K	$2.26M	$283.16K
Performance Loss	$10.46K								$81.07K
Cost of Revenue	$56.02K	$169.40K	$339.36K	$715.58K	$404.04K	$773.65K	$1.16M	$1.38M	$8.60M	$4.45M
Borrow Interest	$56.02K	$169.40K	$339.36K	$715.58K	$404.04K	$773.65K	$1.16M	$1.38M	$8.60M	$4.45M
Gross Profit	$29.98K	$53.04K	$184.33K	$182.25K	$107.41K	$275.74K	$491.99K	$681.87K	$2.37M	$329.98K
Borrow Interest	$162	$497	$1.16K	$2.14K	$1.24K	$6.82K	$3.22K	$4.15K	$21.99K	$46.80K
Performance Profit	$19.33K	$52.52K	$183.16K	$180.11K	$106.16K	$268.92K	$488.75K	$677.73K	$2.26M	$283.16K
Performance Loss	$10.46K								$81.07K
Incentives	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Earnings	$29.98K	$53.04K	$184.33K	$182.25K	$107.41K	$275.74K	$491.99K	$681.87K	$2.37M	$329.98K
Token Holder Net Income	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0

Token Rights and Value Accrual

Updated Mar 10, 2026

Overview

Token(s): GEAR
Token Type: Governance
Utility: N/A

GEAR is the governance token of Gearbox protocol. GEAR token holders govern the Gearbox Protocol through an onchain DAO using a delegated voting model.

Governance Rights

Control

GEAR holders govern the protocol through an onchain DAO. They can propose & vote on major decisions including parameter changes, treasury allocations, new market deployments, funding and protocol upgrades. The DAO cannot change risk parameters (LTVs, Liquidation Thresholds, Interest Rates) of a live market, and the DAO cannot seize or reallocate funds deposited into Curator-managed pools.

Governance Decisions

GEAR

The DAO maintains the core smart contracts that define the protocol's logic. It is the only entity capable of authorizing new versions of system components.

Treasury Decisions

GEAR

The DAO controls treasury allocations

Revenue Decisions

GEAR

GEAR holders decide protocol fees & interest rates

Fee Switch

A portion of revenue goes to purchasing GEAR/ETH Uniswap V2 LP positions

Resources

Treasury Dashboardhttps://gearbox.tokenlogic.xyz/treasury

Gearbox Dashboarddune.com

Primary Value Accrual

Buybacks

Value accrues through an LP buyback model where 25% of the DAO revenue is utilised to buyback the GEAR/ETH LP positions.

Equity Statement

Gearbox has no equity holders, only an onchain DAO governed by GEAR token holders. All value generated by the protocol accrues to the DAO.

Economic Rights

Value Capture

All the fees taken by the protocol are split 50/50 between DAO and Curator by default. A proportion changes requires a DAO proposal

Buybacks

GEAR

25% of DAO revenue is used to buyback the GEAR/ETH Uniswap V2 positions

Dividends

N/A

No dividend or revenue distribution is currently active

Burns

N/A

No burn mechanism is currently active

Ownership

Fundraising: Token Sale
Equity Revenue Capture: No
Associated Entities: DAO

Token Usage

An is required to view token usage.

Unlocks

An is required to view token unlocks.

Yields

Tracking 1 pool, average APY 0.17%

Pool	Project	Chain							30d APY Chart
open in new tab GEAR-ETH	Curve DEX		$235,506	0.17%	0.17%	0%	1.70%