V1 Push: Box In the Sky

Please see the update here below:

It has come to our attention that V2 is not far away, as well as some DegenMode - judging by this teaser. But as we have yet to see the details, we’ll save that for later.

For now, it feels like with the new additions - V1 still has a lot to offer. As a community and a DAO, we can further test and refine the product suite so that when V2 is out – it’ll be able to offer a truly refined and seamless composable leverage primitive.

So, back to V1.

The recent stats (dune & google studio) show that traders & farmers have been limited by the low limits & low availability of assets. While both of these are addressed in V2 , V1 can actually be used as further test in prod. The demand for increased limits is also visible by the quick governance turnaround on GIP-6 and GIP-7:

  • Increasing Credit Account limits to mid 6 figures, up to 400K. GIP-6.
  • Adds new assets LUNA, FTM, CRV, LDO, SUSHI for the leveraged trading product. GIP-7.

To push the testing forward, we would like to suggest a multi-tier incentive structure for being an LP as well as a Credit Account user, yet not robbing the treasury for too much GEAR. Let’s name it:

Box In the Sky. V1 Dash.

The short version is “LP on the passive side or use Credit Accounts - and receive”:

  • A spot in the pre-liquidity event planned for May or June as discussed in Discord. Details have not yet been voted on, but it might be a type of an event where any DAO sale (a small range of 2M to 4M USD would 100% become POL in the form of LP).
  • Possible exclusive access to use V2 adapters prior to release and thus get higher APY on strategies, which is what we think DegenMode is about.
  • Retroactive GEAR rewards for those who have used the protocol on mainnet in the recent months AND an incentive program before V2 is there, for the next few weeks.

We have some numbers in mind where the total spending should be at about 0.5% of GEAR for this program. That is mostly for future usage for a few weeks (after a proposal passes), and only a smaller part for retroactive. [ivan added to clarify]

Again, majority is for the future. We wanted to hear the community’s opinion first before we hash out the final numbers and put them up for voting. There is no goal to extract money from the treasury, but to give a deserved push to V1 testing limits in the next weeks as a preparation for V2 in summer…

DeFi summer imminent?

PS: we at Focus Labs have been Gearbox fans & friends from the early days, and have loved the DAO traction and product evolution so far. Can’t wait for what happens next! Also, see you all in Amsterdam.


just for the last part i more than approve.
We need the communication it’s gonna bring to attract more liquidity. The timing is gonna be important tho

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Very good idea :+1:
Early users of mainnet should be rewarded a little retroactively :gear:


Yes, guys, you need to motivate your community to encourage it and love it, and this will return to the project in the form of a large number of users.

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Proposal is awesome. :face_with_monocle:
It’s a good idea to reward gearfrens with a bit of retroactively. :gear:

Keep going!

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great proposal. let’s move on. It surely will benefit more users and attract more users.


wow, I love those ideas, pretty cool. It’s probably the time to set up the specific plan for POL.

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Proposal is awesome…nice
Early users of mainnet should be rewarded a little retroactively

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It’s a great proposal to get more friends involved.

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Early users of mainnet should be rewarded a little retroactively

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Looks good, but this paragraph I think needs more clarification. Ideally I’d like to see some combo of users with high TVL, high amount of vault uptime (both these means fees for us), and profitability (giving us insights on good strats) be rewarded. Like a baseline would be given for anyone that used gearbox, then a little bonus if you do well in any of these 3 categories. This could apply specifically to the incentive program. Shoutout @KZ for having a similar idea he shared with me before.

It sounds cool, the users of the mainet helped Gearbox, the incentive program will help attract more new users :slight_smile:

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I think the 0.5% offer is stupid. For the current tvl, 0.05%~0.1% is more reasonable. We should consider the follow-up incentives. We should reward users, but we should not fall into the reward whirlpool. Of course, it may also be me. Stupid, I would neither object to reward retrospective nor agree with this reward.


I think rewards are necessary, but they should be released according to the increase of TVL. Too many users in the early stage and too many rewards will cause selling pressure


I don’t agree, 0.5% is too much. Pls don’t make genesis miners look stupid, those mined by paying eth.


1.Current 0.5% of GEAR on Retroactive rewards could be overspending,I think we need determine reward qualification framework(How many people will be qualified in this framework)before we determine the spending.Coz there are incentives events and LM later,I don’t think it’s wise to circulating too much GEAR before we find PMF.

2.I propose divding retroactive GEAR rewards into two groups:reward 10% to lenders while reward 90% to traders.I think traders should be rewarded more than lenders,traders could provide more valuable info for our risk-math-anayltics group. we need the number of active traders during that period.

3.Reward to traders could be divided into base reward and boost reward.we could rank traders into several groups according their final performance, higher ranked groups receive more rewards,besides base reward, traders who developed good strategies should be rewarded extra GEAR,I suggest evaluting weekly performance for each account in this part.For example, a certain account earned positive ROI during the whole period, and over half of weeks with positive returns,this account deserves boost reward.

I think it’s a little more. Maybe 0.2 is more appropriate, because there are many restrictions on V1 and there are few real users.

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No, I don’t agree with this proposal.If you want gear be use by more people, you should give some incentives to the future users, not an airdrop for early users, we can reward the early users, but don’t need to be airdrop $gear to them.

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I think now is not the best time to discuss the mainnet retroactive rewards. At the beginning, we have many restrictions, including the deposit amount and the number of tokens, so many people did not really participate. We can start from V2 and do some incentive measures to improve our TVL!

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Summarizing some voices from CN community:

  1. 0.5% retroactive drop should be reconsidered which may greatly dilute current CA miners in unnecessary manner, also detailed plans w.r.t. any kind of retroactive drops and/or incentives should be formed more concretely before pushing to the next governance stage. This could also make the auction less attractive and disturb the LP generation event.
  2. DegenMode is a good and interesting idea to reward early users; WL on auction is also a good idea to reward early users. Given these two rewards could already be quite attractive, this could also make retroactive drops not that necessary, especially at 0.5% level.
  3. When proposing airdrop plan please disclose any potential conflicts of interests and proceed with extreme caution. Any reports about insider trading / airdrop hunting from general public could rekt our reputation.