Roles & Permissions
Gearbox governance is divided into distinct roles with carefully scoped authority. No single role can unilaterally modify a live market — this separation of concerns is the foundation of the permissionless design.
Role Summary
| Role | Scope | Can Affect End Users? | Primary Responsibility |
|---|---|---|---|
| DAO | All chains | No | Protocol-level governance, code approval |
| Technical Multisig | All chains | No | Execute DAO decisions (temporary) |
| Auditors | All chains | No | Verify and sign contract bytecode |
| Instance Owners | One chain | No | Chain-specific infrastructure and PFS |
| Financial Representatives | One chain | No | Fee management per chain |
| Market Curators | Specific markets | Yes (with timelock) | Create and manage markets |
| Emergency Admin | Specific markets | Yes (immediate) | Emergency response |
| Pausable/Unpausable Admins | Specific markets | Yes | Pause/unpause market components |
| Emergency Liquidators | Specific markets | Yes | Special liquidation during emergencies |
DAO (Token Holders)
The DAO represents GEAR token holders and governs protocol-level decisions across all chains. Critically, none of the DAO's actions can modify existing markets.
| Aspect | Detail |
|---|---|
| Scope | All chains |
| Voting power | Proportional to token holdings |
| Current process | Snapshot voting, then technical multisig executes |
| Future process | On-chain voting directly on transaction batches |
DAO Authority
| Area | Actions |
|---|---|
| CCM Management | Manage the Cross-Chain Multisig configuration |
| BCR Management | Add auditors, allow system contracts in the Bytecode Repository |
| Instance Management | Activate instances, set global addresses |
Key Constraint
None of the DAO's actions can modify existing markets. The DAO governs the protocol infrastructure, not individual market parameters.
Technical Multisig
A temporary measure that exists solely to execute DAO decisions. The Technical Multisig has no autonomous decision-making authority.
| Aspect | Detail |
|---|---|
| Scope | All chains |
| Autonomy | None — executes DAO decisions only |
| Implementation | Legacy Safe multisig + Cross-Chain Multisig contract |
| Interaction | Strictly forced to interact with CCM on Ethereum Mainnet only |
This role is designed to be eliminated once on-chain voting is fully implemented.
Auditors
External parties who audit smart contracts and sign verified bytecode. They are the gatekeepers for what code can be deployed.
| Aspect | Detail |
|---|---|
| Scope | All chains |
| Interaction point | BCR on Ethereum Mainnet exclusively |
| Management | Added and removed by DAO |
Auditor Authority
| Action | Function | Description |
|---|---|---|
| Submit audit report | submitAuditReport() | Add an audit report to the BCR |
| Assign contract type | via submitAuditReport() | Assigns contractType ownership to the verified bytecode |
Instance Owners
Instance Owners manage chain-specific infrastructure through a soft power mechanism. Their authority is limited to preparing the environment — they cannot force changes onto existing markets.
| Aspect | Detail |
|---|---|
| Scope | One chain |
| Current composition | 3 core Gearbox members + 9 tech multisig members, threshold 4 |
| Neutrality requirement | Must remain impartial regarding price feed brands |
Instance Owner Authority
| Area | Actions |
|---|---|
| PriceFeed Store | Add, update, and remove token/feed mappings |
| Local addresses | Manage chain-specific address configuration |
| Bot management | Forbid specific bots |
| Infrastructure | Manage router and internal systems |
Key Constraint
None of their actions can modify existing market behavior. PFS changes are not auto-applied to existing markets — they only affect future configuration transactions.
Financial Representatives
Each chain has a Financial Representative who manages fee-related operations. This role requires cooperation with market curators through a 2/2 approval mechanism.
| Aspect | Detail |
|---|---|
| Scope | One chain |
| Appointment | Set during instance activation |
| Replacement | Changed via DAO vote |
Financial Representative Authority
| Action | Function | Requires 2/2 Approval |
|---|---|---|
| Set default fee split | setDefaultSplit() | Yes |
| Set token-specific split | setTokenSplit() | Yes |
| Set insurance amount | setTokenInsuranceAmount() | Yes |
| Withdraw collected fees | withdrawToken() | Yes |
Market Curators
Market curators are the most powerful market-level role. Anyone can become a curator — the DAO cannot deny participation. The DAO has no responsibility for or control over curated markets.
| Aspect | Detail |
|---|---|
| Scope | Specific markets |
| Entry barrier | None — anyone can become a curator |
| Primary gateway | MarketConfigurator contract (supports Ownable2Step) |
| Default timelock | 24 hours (hardcoded minimum) |
Governance Flow
Market Curator Authority — Configurator Level
| Action | Description |
|---|---|
| Set emergency admin | Assign or change the emergency admin for the market |
| Grant/revoke roles | Manage role assignments within the market |
| Create markets | Deploy new markets |
| Shutdown markets | Permanently close markets |
| Add periphery contracts | Register additional contracts for the market |
Market Curator Authority — Market Management
| Action | Description |
|---|---|
| Add collateral tokens | Extend accepted collateral types |
| Create/shutdown credit suites | Manage credit account configurations |
| Upgrade oracles | Change price oracle implementations |
| Upgrade IRM | Change interest rate model |
| Upgrade rate keeper | Change rate keeper implementation |
| Upgrade loss policy | Change loss handling policy |
| Set fees | Configure fee parameters |
| Set limits | Configure borrowing and position limits |
| Ramp LTs | Gradually adjust liquidation thresholds |
| Forbid/allow tokens | Restrict or permit specific tokens |
| Pause/unpause | Halt or resume market operations |
Emergency Admin
The Emergency Admin can act immediately without timelock delays. This role exists for rapid response to security threats or market anomalies.
| Aspect | Detail |
|---|---|
| Scope | Specific markets |
| Timelock | None — effects are immediate |
| Appointment | Set by market owner, can be changed anytime |
Emergency Admin Authority
| Area | Actions |
|---|---|
| Timelock management | Cancel pending batches in the timelock |
| Role management | Revoke roles |
| Oracle management | Configure PriceOracle |
| Pool emergency | Set credit manager debt limit to zero, set quota to zero, pause pool |
| Credit suite emergency | Emergency credit suite management |
Pausable/Unpausable Admins
Specialized roles that can pause or unpause specific market components. These provide granular control over market operations during incidents.
| Aspect | Detail |
|---|---|
| Scope | Specific markets |
| Authority | Pause or unpause individual market components |
| User impact | Can affect end users |
Emergency Liquidators
Accounts with special liquidation rights that are only active during emergency conditions.
| Aspect | Detail |
|---|---|
| Scope | Specific markets |
| Activation | Only during emergencies |
| Authority | Special liquidation permissions beyond normal liquidator access |
Learn More
- PriceFeed Store — How price feeds are approved and managed
- Treasury & Insurance — Fee collection and distribution mechanics
- Guardrails & Role Separation — The three-layer governance model
- Cross-Chain Multisig (CCM) — How governance synchronizes across chains
- Bytecode Repository (BCR) — How code is verified before deployment