Only 0.07% of the $350M TVL was liquidated last Friday on @GearboxProtocol.
A few reasons for this and why I think so highly of the platform, being on a shortlist of protocols I can confidently turn to for farming stablecoin pairs or correlated assets like staked ETH/WETH.
1⃣ They support curated pairs for farming so that market crashes / directional bets rarely matter to users
2⃣ The platform is tested, it's been running without disruption for 4+ years
3⃣ The design of Gearbox credit accounts is unique, you're not looping in quite the same way as other platforms but the net result is the same looping a stablecoin pair 10x where other protocols execute trades via a giant joint pool of liquidity with virtual balances of each user
4⃣ Gas costs are minimized due to the architecture and design of Gearbox users having their own credit accounts
5⃣ Credit accounts are not deployed by users every time as separate smart contracts, meaning deployment costs are kept to zero for new users
Gearbox worked throughout the night without interruptions and continues operating 24/7 ✅
Despite the extreme volatility yesterday, less than $250K (or 0.07% of TVL), was timely liquidated on Gearbox. The DAO Pools saw a single liquidation while Gearbox Permissionless recorded only 1 partial and 2 full liquidations as the protocol continues to operate securely.
Gearbox remains bad-debt free since 2021.
5.58K
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