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KYC'd Accounts

Some Gearbox credit markets require identity verification before users can open or manage credit accounts. These permissioned markets use on-chain access control to restrict operations to whitelisted addresses.

How It Works

Permissioned credit managers use a whitelist contract that gates access to core operations. When KYC is enabled on a market:

  • Only whitelisted addresses can call openCreditAccount
  • Existing account owners retain access to manage their positions
  • Liquidations remain permissionless (anyone can liquidate unhealthy accounts)

Checking Access

Before attempting to open an account on a permissioned market, verify that your address is whitelisted:

TypeScript
import { getContract } from 'viem';
import { creditFacadeV3Abi } from '@gearbox-protocol/sdk';

const creditFacade = getContract({
  address: facadeAddress,
  abi: creditFacadeV3Abi,
  client: publicClient,
});

// Check if the facade has access restrictions
const isDegenMode = await creditFacade.read.degenNFT();
const hasExpiration = await creditFacade.read.expirationDate();

// If degenNFT is set, the market requires a special NFT for access
if (isDegenMode !== '0x0000000000000000000000000000000000000000') {
  console.log('This market requires a DegenNFT for access');
}

DegenNFT Gating

The most common permissioning mechanism is the DegenNFT. Markets configured with a DegenNFT address require callers to hold that NFT to open accounts:

  • Each NFT grants a limited number of account opens
  • NFTs are distributed through governance or KYC providers
  • The NFT balance is decremented on each openCreditAccount call
TypeScript
import { erc721Abi } from 'viem';

const degenNFT = getContract({
  address: degenNFTAddress,
  abi: erc721Abi,
  client: publicClient,
});

const balance = await degenNFT.read.balanceOf([myAddress]);
console.log(`Available account opens: ${balance}`);

Implications for Developers

When building integrations against permissioned markets:

  • Check access first - Query the whitelist or NFT balance before constructing transactions
  • Handle rejections gracefully - Provide clear error messages when access is denied
  • Liquidation bots work normally - No KYC is needed for liquidation operations
  • Multicalls are unaffected - Once an account is open, all multicall operations work identically to permissionless markets

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