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.
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.
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.
