Summary
Gearbox Protocol is set to launch its v3 upgrade, introducing an Onchain Credit Layer that aims to redefine credit in the DeFi and NFT space. The upgrade allows users to control individual credit accounts through smart contracts that manage collateral and borrowed funds. The credit layer will enable users to access increased capital across various DeFi protocols, similar to an in-store credit card. Gearbox v3 will focus on leverage that is not subject to market conditions and will introduce collateral limits for new and large assets. The upgrade will also include modular and composable pools, allowing users to deploy pools as they choose.
Key Points
1. Gearbox Protocol is launching its v3 upgrade, which introduces an Onchain Credit Layer that aims to redefine the concept of credit in the decentralized finance (DeFi) space.
2. The core innovation of v3 is account abstraction, allowing users to gain control over individual credit accounts managed by smart contracts for collateral and borrowed funds.
3. Gearbox v3 will offer on-chain credit similar to an in-store credit card, providing users with increased capital access across various DeFi protocols. It will also implement collateral limits and adjustable rates based on the purpose of borrowed funds.