Case Study: Mellow x P2P LRT growth powered by Gearbox
Summary
The synergy between Gearbox’s distribution-focused UX and its tailored rewards structure enabled the creation of a balanced two-sided market, allowing depositors to boost their wstETH staking yield, while leverage users executed strategies that combined points rewards with realized, liquid returns.
These combined efforts helped the rstETH vault grow from 21k to 45k restaked wstETH.
Involved parties
P2P.org is the leading institutional-grade staking provider providing a wide line of products for Asset Manager, Wallets, Banks and more.
Mellow.finance is a liquid vaults stack that enables permissionless creation of variety of products, including actively managed tokenized funds, LRTs, distributed validator vaults and more.
Gearbox.finance acting as a lending stack powering Deposit Pool for earning boosted wstETH yield and Leverage Strategy allowing to take leveraged exposure on Restaking rewards.
Key features
Gearbox's distribution-focused UX
An intuitive UI and single-transaction execution let users open leveraged positions without slippage, with routing handled directly through the Mellow vault minting smart contract.
Mellow, P2P clients, and broader DeFi participants including funds and individual farmers can access leveraged yield strategies through a simple, secure experience that preserves both security and capital efficiency.
P2P & Mellow's structured product offering
Rather than relying on unsustainable incentives or short-lived points valuations, P2P and Mellow adopted a balanced model that blends Symbiotic and Mellow points exposure with liquid incentives creating an attractive yield profile without sacrificing direct economic benefits.
Leverage users earned points with a discounted multiplier Instead of receiving 10× points for 10× leverage, users earned 40% of the total points, while the remaining 60% went to addresses supplied by P2P.
Discounted points were offset with liquid wstETH rewards Each leveraged rstETH position earned a fixed incentive APR paid in liquid tokens, balancing long-term reward exposure with realized profit.
All key Gearbox usage metrics are fully transparent on-chain, enabling flexible, data-driven incentive campaigns tailored to real user needs.
Outcome
The campaign brought more than 24k new wstETH deposits into the rstETH vault, demonstrating the effectiveness of Gearbox’s powerful UX and the flexibility of its product engineering.
If you want to grow your DeFi product, whether it’s an LRT, vault, or any other productive collateral, reach out to Gearbox to power it with Distribution-focused UX and capital-efficient execution.
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