Source: https://dune.com/gearbox_fi/gearbox-protocol

Dune has a lot of data, but it might seem a bit messy to interpret at first glance. Let’s focus on key metrics crucial to understanding Gearbox Protocol stats and Fat Account Thesis.

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Security, security, security: $0 bad debt since 2021.

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There has been no bad debt for three years. That is THE most important metric for any lending protocol or anything in DeFi. We are proud to keep doing our best. See https://docs.gearbox.finance/risk-and-security/audits-bug-bounty for audits & bug bounty.

A few security-related points:

• No admin EOAs or any access to user funds, no custody of assets;
• All transactions are under timelocks, no changes happen without voting;
• Chaos Labs vet all parameters & LTVs after multi-week research sprints;
• See Chaos Labs dashboard, IntoTheBlock, and there are a couple more.
• 10+ audits, monitoring systems, pre-deployment rigorous tests, etc.

1. APYs: higher than average

Despite the 24/7 tireless approach to ever-increasing security, Gearbox's passive side (regular lending with no fees and no lockups: https://app.gearbox.fi/pools) has been higher than average YTD. It can achieve this due to strong user demand and modular yet not fragmented architecture (unlike pool-to-pool models however granularized they are). Data speaks for itself.

That’s without any extra incentives. With incentives, the gap is even higher in favor of Gearbox.