Gearbox Protocol
Gearbox Protocol is a DeFi credit infrastructure protocol providing segregated-account-based margin, prime brokerage, and portfolio lending purpose-built for tokenized Real-World Assets, stablecoin issuers, and institutional allocators, with $12B+ in transaction volume since 2021.
- Company typePrivate
- Founded2021
- HeadquartersTórtola, Spain
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Gearbox Protocol does
Gearbox Protocol is a decentralized credit infrastructure protocol founded in 2021, positioned as a 'Tokenisation Lending Stack' for Real-World Assets (RWAs), tokenized securities, and stablecoin markets. The protocol combines margin trading, prime brokerage, and portfolio loan capabilities on-chain, distinguished by a segregated account architecture that enforces KYC/AML whitelists, jurisdiction filters, per-user risk limits, and legal enforcement workflows natively—capabilities the company states traditional DeFi lending pools cannot replicate.
The platform operates two core products: Long-Term Savings, offering up to 14% APY passive yield with $3.7B in cumulative supply and 80% average utilization across ETH, BTC, and other tokenized assets; and Prime Brokerage, offering up to 10x leverage and credit lines to approved participants, with $1.5B all-time borrowed across 10K+ accounts. Underlying technology includes zero-slippage execution, automated leverage with liquidation protection, and modular compliance actions that adapt to each asset's native flows without forcing standardized wrappers. The protocol has been live since 2021 with $3M+ spent on security, 30+ audits, a live Immunefi bug bounty, and zero reported breaches.
Gearbox generates revenue through interest spreads and transaction fees on credit facilities extended via the protocol, with borrow/lend rates determined by market dynamics. Its go-to-market is hybrid: a self-serve application (app.gearbox.fi) targets individual and SMB users seeking yield and leverage, while an enterprise 'Request a Demo' sales motion targets RWA issuers, asset managers, and stablecoin projects. The protocol is governed via on-chain Snapshot governance (gearbox.eth), with core technology integrations across Pendle, Lido, Renzo, Convex, Ethena, and Curve. Disclosed funding totals approximately $14.5M across 2021-2022 rounds from investors including 1kx, Gnosis, Variant, Placeholder, LedgerPrime, Polymorphic Capital, and Zee Prime Capital.
Gearbox Protocol firmographics
Firmographics- Name
- Gearbox Protocol
- Legal name
- Gearbox Protocol
- Website
- https://gearbox.fi
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Gearbox Protocol is a DeFi credit infrastructure protocol providing segregated-account-based margin, prime brokerage, and portfolio lending purpose-built for tokenized Real-World Assets, stablecoin issuers, and institutional allocators, with $12B+ in transaction volume since 2021.
- Ownership category
- akta.pro rank
Gearbox Protocol industry classification
Industry- Product category
- Decentralized Finance (DeFi) Lending Infrastructure
- NAICS
- Securities and Commodity Exchanges (523210), Commodity Contracts Intermediation (52316)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)
- akta.pro secondary industries
- Permissioned / KYC DEXs (Institutional On-Chain Venues) (FSADABAN), Institutional API Connectivity, OMS/EMS & FIX Gateways (FSADAJAJ)
Keywords
Where Gearbox Protocol is headquartered
LocationHeadquarters
- HQ city
- Tórtola
- HQ country
- Spain
- HQ region
- Europe
Markets served
Gearbox Protocol business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Credit/Lending Interest Spread: Protocol generates revenue from interest spreads on lending/credit facilities extended through the protocol. Users borrow against collateral with rates determined by market forces.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Savings Account - passive yield for institutional allocators |
| Usage-based | Pay-as-you-go | Prime Brokerage - institutional leverage and credit lines |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
Gearbox Protocol product offering
Product offeringCore offering
Gearbox Protocol provides institutional credit infrastructure for tokenized real-world assets, combining margin, prime brokerage and portfolio loans into a single on-chain lending stack. It operates two core products — Long-Term Savings (passive yield up to 14% APY for institutional allocators) and Prime Brokerage (leverage up to 10x and credit lines for approved participants) — delivered through segregated accounts with native KYC/compliance enforcement, zero-slippage execution and automated leverage with liquidation protection.
Product overview
Gearbox Protocol is a Tokenisation Lending Stack providing institutional credit infrastructure including margin, prime brokerage, and portfolio loans for real-world assets. The platform operates two core products: Long-Term Savings (professionally managed passive yield for institutional allocators with up to 14% APY and $3.7B cumulative supply) and Prime Brokerage (institutional-grade leverage and credit lines with up to 10× max and $1.5B all-time borrowed). The infrastructure features segregated accounts with per-user risk limits, issuer-aware mechanics, zero slippage execution, and automated leverage capabilities.
Differentiator
Problem solved
Functional benefit
Brands
- Gearbox Permissionless: A permissionless version of the Gearbox Protocol infrastructure, featuring bytecode repository for decentralized deployment.
Products and services
- Long-Term Savings Passive yield product delivering up to 14% APY for institutional allocators through professionally managed credit pools on the Gearbox protocol. Backed by $3.7B cumulative supply with 80% average pool utilization and supports ETH, BTC and additional tokenized assets.
- Prime Brokerage Institutional-grade leverage and credit-line product for approved participants offering up to 10x leverage with automated leverage execution, zero slippage and liquidation protection. Has served 10K+ all-time borrowed accounts with $1.5B borrowed cumulatively across multiple collateral types.
- Gearbox Permissionless Permissionless, curated-onboarding-free version of the Gearbox credit infrastructure including a bytecode repository, designed for decentralized credit market access by any participant without going through the institutional Request a Demo flow.
Quantifiable outcome
- Up to 14% APY for long-term savings users
- +3 more outcomes
Companies that use Gearbox Protocol
Customer profileSegments3 records
Ideal customer profiles4 records
Gearbox Protocol technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Gearbox Protocol partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- PendlecoreDeFi yield derivative protocol integrated with Gearbox ecosystem. Listed as trusted partner with logo displayed on gearbox.fi homepage.
- LidocoreLiquid staking protocol for ETH and other assets. Listed as trusted partner with logo displayed on gearbox.fi homepage.
- RenzocoreLiquid restaking protocol integrated with Gearbox. Listed as trusted partner with logo displayed on gearbox.fi homepage.
- ConvexcoreCRV staking and yield optimization protocol integrated with Gearbox ecosystem. Listed as trusted partner with logo displayed on gearbox.fi homepage.
- EthenacoreStablecoin protocol generating yield through delta-neutral strategy. Listed as trusted partner with logo displayed on gearbox.fi homepage.
- CurvecoreStablecoin-focused AMM and DeFi liquidity protocol. Listed as trusted partner with logo displayed on gearbox.fi homepage.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
Gearbox Protocol competitors and assessment
Company assessmentDirect peers
- Clearpool: Decentralized credit marketplace for institutional borrowers with KYC compliance and lender-set terms. Comparable to Gearbox's institutional credit and prime brokerage offering.
- TrueFi: Institutional uncollateralized lending protocol with KYC-gated pools. Direct peer for Gearbox's Prime Brokerage credit lines to approved participants.
- Ondo Finance: RWA-focused protocol offering tokenized yield products (e.g., OUSG, USDY) backed by traditional securities. Adjacent peer in serving institutional demand for compliant, yield-bearing tokenized assets.
- Silo Finance: Isolated lending markets on Ethereum that allow per-asset risk isolation without contagion. Competes with Gearbox in structuring flexible DeFi credit markets.
- Compound: Foundational DeFi money market protocol offering variable and stable-rate lending markets. Core peer for Gearbox's savings and credit products on Ethereum mainnet.
- Centrifuge: RWA tokenization protocol with on-chain credit pools (Tinlake) and an Aave integration for liquidity. Overlaps with Gearbox in tokenized-asset lending and RWA infrastructure.
- Aave: Largest DeFi lending protocol by TVL, offering overcollateralized lending and increasingly expanding into RWA-backed credit via Centrifuge integration. Most direct competitor to Gearbox in on-chain credit infrastructure.
- Morpho: Optimized lending layer built on top of Aave and Compound, with a growing Morpho Blue market for institutional and RWA credit. Competes with Gearbox for high-quality DeFi credit flow.
- Maple Finance: Institutional credit marketplace for undercollateralized lending with KYC-gated pools. Directly comparable to Gearbox's Prime Brokerage product in serving institutional borrowers.
Broad incumbents
- MakerDAO: Decentralized credit platform issuing DAI, with an RWA-focused vault strategy increasingly serving institutional demand. Competes with Gearbox's RWA credit and stablecoin-market positioning.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Gearbox Protocol social profiles
Digital presenceGearbox Protocol financial estimates
Financial estimateRevenue estimate
Valuation estimate
Gearbox Protocol leadership team
Management profileNumber of profiles
Gearbox Protocol funding detail
Funding detailFunding overview
Funding rounds5 records
Investors14 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Gearbox Protocol M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Gearbox Protocol
What does Gearbox Protocol do?
Gearbox Protocol provides institutional credit infrastructure for tokenized real-world assets, combining margin, prime brokerage and portfolio loans into a single on-chain lending stack. It operates two core products — Long-Term Savings (passive yield up to 14% APY for institutional allocators) and Prime Brokerage (leverage up to 10x and credit lines for approved participants) — delivered through segregated accounts with native KYC/compliance enforcement, zero-slippage execution and automated leverage with liquidation protection.
Is Gearbox Protocol a public or private company?
Gearbox Protocol is a private company. It is classified as venture growth investor backed and is currently operating.
When was Gearbox Protocol founded?
Gearbox Protocol was founded in 2021. It employs 11 to 50 people.
Where is Gearbox Protocol based?
Gearbox Protocol is headquartered in Tórtola, Spain, in the Europe region.
How does Gearbox Protocol make money?
One revenue line is on record: credit/Lending Interest Spread.
Who are Gearbox Protocol's main competitors?
Direct peers on record are Clearpool, TrueFi, Ondo Finance, Silo Finance, Compound, Centrifuge, Aave, Morpho and Maple Finance. MakerDAO is listed as a broad incumbent.
Does Gearbox Protocol have an API?
No public API is recorded for Gearbox Protocol.
What industry is Gearbox Protocol in?
Gearbox Protocol's product category is Decentralized Finance (DeFi) Lending Infrastructure. Its primary akta.pro industry code is FSAFANAO, Digital Asset/Crypto Trade Execution Platforms, with a secondary code of FSADABAN, Permissioned / KYC DEXs (Institutional On-Chain Venues). Its NAICS code is 523210 and its SIC code is 6200.