OLD: V1 and V2
Previous versions since launch of V1 in 2021, to V2 in 2022, to V2.1 in 2023.
Last updated
Previous versions since launch of V1 in 2021, to V2 in 2022, to V2.1 in 2023.
Last updated
Gearbox architecture is very modular, so it's not just that there is an allowed asset for the entire protocol - there are different pools and can even be multiple pools for the same asset. There can be different Credit Managers with different Allowed List policies, etc. The information below is just an easy-to-grasp understanding for product users. Developers should dive into the tech section in Gearbox Dev docs and understand the intricacies.
Namely, the tree goes as follows:
Pool
Credit Manager
allowed assets
allowed contracts
Credit Accounts
If you want to check and see the list of currently and old deployed contracts, go here:
sUSD and its related assets (Convex) have been disabled;
GUSD and its related assets (Convex) have been disabled.
Curve ETH+stETH
Convex Curve ETH+stETH
Curve FRAX+3Crv
Convex Curve FRAX+3Crv
Curve 3pool (DAI+USDC+USDT)
Convex 3pool (DAI+USDC+USDT)
Curve LUSD+3Crv
Convex Curve LUSD+3Crv
Curve DAI+USDC+USDT+sUSD
Convex Curve DAI+USDC+USDT+sUSD
Curve GUSD+3Crv
Convex Curve GUSD+3Crv
USDC yVault
DAI yVault
WETH yVault
WBTC yVault
Curve stETH Pool yVault
Curve FRAX Pool yVault
sUSD and its related assets (Convex) have been disabled;
GUSD and its related assets (Convex) have been disabled.
WETH
85
85
94.5
90
85
85
stETH
82.5
82.5
90
94.5
82.5
82.5
WBTC
85
85
85
85
94.5
85
USDC
94.5
92
82.5
82.5
82.5
92
DAI
92
94.5
82.5
82.5
82.5
92
USDT
90
90
82.5
82.5
82.5
94.5
sUSD
-
-
-
-
-
-
FRAX
90
90
82.5
82.5
82.5
90
gUSD
-
-
-
-
-
-
LUSD
90
90
82.5
82.5
82.5
90
steCRV
82.5
82.5
90
90
82.5
82.5
cvxsteCRV
82.5
82.5
90
90
82.5
82.5
stkcvxsteCRV
82.5
82.5
90
90
82.5
90
FRAX3CRV-f
90
90
80
80
80
90
cvxFRAX3CRV-f
90
90
80
80
80
90
stkcvxFRAX3CRV
90
90
80
80
80
90
3Crv
90
90
80
80
80
90
cvx3Crv
90
90
80
80
80
90
stkcvx3Crv
90
90
80
80
80
90
LUSD3CRV-f
90
90
80
80
80
90
cvxLUSD3CRV-f
90
90
80
80
80
90
stkcvxLUSD3CRV
90
90
80
80
80
90
crvPlain3andSUSD
90
90
80
80
80
90
cvxcrvPlain3andSUSD
-
-
-
-
-
-
stkcvxcrvPlain3andSUSD
-
-
-
-
-
-
gusd3CRV
-
-
-
-
-
-
cvxgusd3CRV
-
-
-
-
-
-
stkcvxgusd3CRV
-
-
-
-
-
-
FraxUsdc
90
90
80
80
80
90
yvDAI
90
90
80
80
80
90
yvUSDC
90
90
80
80
80
90
yvWETH
82.5
82.5
90
90
80
82.5
yvWBTC
82.5
82.5
80
80
90
82.5
yvCurve-stETH
82.5
82.5
90
90
82.5
82.5
yvCurve-FRAX
90
90
80
80
80
90
CVX
25
25
25
25
25
25
FXS
25
25
25
25
25
25
LQTY
0
0
0
0
0
0
CRV
25
25
25
25
25
25
LDO
0
0
0
0
0
0
SNX
25
25
25
25
25
25
Gearbox V2.1 was released in June'23, the update was largely focused on improving the security of the codebase. With DeFi exploits on the rise, it was crucial to upgrade and fortify the security of the codebase. Moreover, with V3 being
built over the existing codebase, it enabled the DAO to battle test the V3 codebase even before it's deployment. It improved security 4 ways:
Removed access mechanisms for adapters that had lower utility
Introduced bad debt prevention parameters
Identified and fixed possible existing bugs
Improved Account security at UI and operational level
You can read the complete details in the articles below:
Gearbox V2 upgrade took place in October'22 and led to a $120M+ TVL increase. Post V1s usage, it became abundantly clear that the users are more interested in using Gearbox for Leveraged Farming than trading. V2 was thus born out of the effort to increase the avenues to leverage farm and provide a better user experience to the leverage farmers. With V2, the DAO expanded it's integrations with:
Curve Pools
Convex Pools
Yearn Vaults
Lido Staking
This led to 14 more strategies becoming available to the users to leverage farm on. At the same time though, V1 required users to hop through multiple protocols to deploy a position. V2 was built with UX and ease of use in mind. This was brought on by:
Multicall: Multicall enabled users to open CA, perform required swaps, deploy in farm and receive LP tokens in a single transaction. While the farming happened natively on the integrated protocol, the need to leave Gearbox UI or click multiple buttons was removed.
Up to 10x Leverage: V1 offered leverage up to 4x, this was upgraded by V2 with pools being able to offer as much as 10x leverage. This increased the max APYs a pool could produce significantly.
The 2 factors together enabled V2 to bring leveraged farming to life. You can read more about it in the article below. You can also browse around Medium to find more info on the older V2.
The information about V1 Credit Managers [Allowed List of contracts & assets] was scraped out from the docs to not confuse new users. Those CMs are still on-chain and exist, but only with the option to trade out of CA positions and close, not borrow or open new ones.
