Gearbox Protocol: DeFi Lending's Unlikely Comeback Story
Update: 2025-09-10
Description
Gearbox Protocol defied the DeFi graveyard, rebounding from an 80% TVL drop to $340 million by prioritizing utility over airdrops. Its secret? Credit accounts: smart contract wallets enabling leveraged DeFi strategies across multiple markets, unlike giants like Aave. A March update, Permissionless, expanded Gearbox to 27 blockchains, tripling its reach. Plus, battle-tested risk management—demonstrated during the ezETH depeg—keeps Gearbox debt-free since 2021.
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