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[GIP-21] Leverage Ninja Mode & V2 Limits

Voting ended over 3 years agoSucceeded

It is proposed to launch Gearbox V2 in Leverage Ninja mode: the leverage side (aka Credit Accounts) will initially be restricted to a set of degen addresses who will help v2 test in production. That is, so we can see the system run live with real assets. Keep in mind that this list is enforced on a contract level, and is not an interface “trick”.

Leverage Ninja List

  • Only Ninjas will be able to open Credit Accounts.
  • Ninjas will be able to open 1-2 Credit Accounts only. Thus, adding limits to the Сredit Account will make the system more secure - if someone finds a vulnerability, it will most likely be more profitable for him to apply for a bug bounty on Immunefy than to do an exploit. That strongly de-incentivizes any malicious behavior even though the whole user set is anonymous.

There are different addresses sourced by different contributors from Discord DMs, Discord public messages, 1-1 conversations on Telegram, DegenScore cafe, and so on. Some of those are displayed below on forum. The final list will be updated to about 175 after putting all of that together. In the future, new addresses can be added once a week or so (or more frequent)

Limits Min-Max for CA V2

Gearbox Credit Managers have limits - the minimum amount of borrowed amount when opening a Credit Account and the maximum borrowed amount.

Credit Manager Min borrow amount Max borrow amount
ETH 75 600
BTC 5.5 50
USDC 100 000 1 000 000
DAI 100 000 1 000 000
wstETH 75 600

Passive Earn side will have no limits per any pool as V2 presents countless opportunities for the capital to be utilized. In fact, the LM discussion targets a $55M TVL across 5 pools, meaning that over-supplying of capital is basically de-incentivized.

Off-Chain Vote

Approve 1 & 2 both
302.95M GEAR98.9%
Only Leverage Ninja
2.54M GEAR0.8%
Only V2 Limits
630K GEAR0.2%
Disagree with both
208K GEAR0.1%
Quorum:153%
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Discussion

Gearbox[GIP-21] Leverage Ninja Mode & V2 Limits

Timeline

Oct 20, 2022Proposal created
Oct 20, 2022Proposal vote started
Oct 23, 2022Proposal vote ended
Feb 28, 2025Proposal updated