Hi, let me share a user-focused update on Gearbox Permissionless 🧰 This post isn't about narratives but about users and what they can expect in the short-term. It's the same Gearbox in a nutshell, battle-tested since 2021 with no bad debt ever recorded. Just now more scalable and fully permissionless 🫂 ----------- @GearboxProtocol shipped a lending/credit stack for permissionless markets a few months ago, so Gearbox Permissionless has been out there for some time already. tested, scaled, refined, and obviously multi-audited. For example, omni-EVM deployments like Plasma and a dozen of other smaller chains & rollups. Some DAO-governed pools remained on mainnet though, so now it's time to fully move to the permissionless stack. A migration towards fully permissionless. It's all opt-in 💯 Nobody can move your money for you, devs dont have control of or access to anyone's funds (they never did), and nothing is being sunset right now - it's all simply moving towards a more scalable and curated stack. YOU choose the markets, you choose the risk exposure, you choose which curator you like more. Migration isn't really the right word because new markets have been created for users to opt-into, not the old ones moving over. The current DAO-governed pools aren't being migrated or sunset as such, they just won't be the focus going forward. The new permissionless markets also have incentives so that new passive lenders can enter those curated markets with juicy yields ( before the borrowers move over and add even more yield to earn from. For $ETH and $wstETH on mainnet, it's chads from @kpk_io (Karpatkey) curating and managing the lending markets ( There are also @cp0xdotcom curated instances if you want to split the exposure across different markets. They've both spent weeks with their technical teams diving into every single aspect of Gearbox Permissionless. Not that one needs to, but because proper risk management requires prepaparation and understanding of all levers inside a lending stack. Not just slapping and LTV and booking incentives ikyk. Since it's a permissionless lending stack, anyone can spin up their own markets. The incentive framework draft was passed ( so that any curator can enter a level playing field competition for the extra incentives to bootstrap and grow their markets (they can also ignore this race though if they simply want the most battle-tested permissionless lending stack). To not spam the chat too much, please ask specific questions in @GearboxProtocol. For stablecoins on mainnet, another cool curator is launching next week, so the move over for stables will start happening next week. There will be more content on the narrative, on the numbers, etc. The guide is in the tweets of the thread linked above ( It shows a UI preview and some more info. TLDR on why: the broad "what will it do for the token" vision piece I posted a couple weeks ago ( The idea is that scaling via this license-like model (what Morpho made successful so far) brings new business and sophisticated managers who have their own needs. We work with technical teams and asset issuers, while they help grow the TVL and thus fees... which go back into the token buyback from the revenue share.