<aside> 🕸️ GEAR supply is 100% circulating, so the market cap is 1:1 to FDV. There are no pending vestings or unlocks from any fundraising rounds. See CoinGecko.

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GEAR supply has been distributed across farmers, miners, backers, contributors, and grant recipients, and has now reached 100% circulation with ~35 being in the DAO treasury. Here are some notable stages of the token launch that having been taking place since 2021:

• DAO Launch Phases where community members have gotten GEAR for different activities: deploying pieces of the protocol, helping with the test versions, etc. Since then, Gearbox DAO has had multiple asynchronous initiatives.
• $1.585M DAO Round Part 2 in September 2022 at $150M valuation FDV with 1 year lockup and 1 year linear vesting after, starting from September 2023.
• $4.15M DAO Round Part 1 in August 2022 at $150M valuation FDV with 1 year lockup and 1 year linear vesting after, starting from July 2023. The list of names: Placeholder, Zee Prime, LedgerPrime, Polymorphic and GCR. See Blockworks piece.
• $2.3M pre-DAO Contributor Round in summer 2021. Read here how these legends have actually helped & contributed to Gearbox Protocol development! The focus was on founders and angels who could help refine as well as push the product out there. Variant Fund, 1kx, Lido Finance [P2P], Focus Labs, eGirl Capital, Igor Barinov of Blockscout (and ex-Gnosis Chain), Maker Mafia (ex & current MKR devs), Stani Kulechov of Aave, Anton & Sergey of 1inch, Cobie, Launchub, Fiskantes & Zee Prime, Darren & Daryl Lau, DegenScore, Sergey of ICODrops, Elias Simos of Rated, Santiago Santos, Larry Cermak of The Block, Encode Club, and others.