Lenders deposit funds into Gearbox and receive interest payments from borrowers.

Gearbox is a non-custodial lending protocol built on Ethereum. Gearbox was founded by Mikhail Lazarev and launched in 2021.

GEAR tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

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Gearbox

# Gearbox Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that execute revenue-generating transactions on Gearbox. User engagement is tracked across different protocol interactions, including depositing liquidity, withdrawing liquidity, opening or closing credit accounts, borrowing, and repaying debt. Through the monitoring of active addresses over a 30-day rolling window, the overall adoption and utility of Gearbox V1 and Gearbox V3 are evaluated. These interactions are classified as the core economic activities that drive protocol fees and interest generation.

## 2. Data sources

- **Blockchain events**: `AddLiquidity` and `RemoveLiquidity` events from `Pool` contracts; `Deposit`, `Withdraw`, `Borrow`, and `Repay` events from `PoolV3` contracts; `OpenCreditAccount` and `CloseCreditAccount` events from `CreditFacadeV3` contracts; `OpenCreditAccount` events from `CreditManager` and `CreditFacade` contracts; and ERC-20 token transfers, covering Ethereum, Monad, and Plasma

## 3. Step-by-step calculation

### Component A: Credit account ownership mapping

- **Purpose**: Establish the historical ownership windows of credit accounts.
- **Logic**: `OpenCreditAccount` events are parsed from `CreditManager` (V1), `CreditFacade` (V2), and `CreditFacadeV3` (V3) contracts to identify the borrower address and the credit account address. Because credit accounts can be reused by different owners over time, a validity window is established for each owner. This window is defined to start at the block timestamp of the opening event and end at the timestamp of the next opening event for the same credit account.

### Component B: Depositor and withdrawer tracking

- **Purpose**: Identify active liquidity providers depositing or withdrawing assets.
- **Logic**: For Gearbox V1, `AddLiquidity` and `RemoveLiquidity` events are parsed from `Pool` contracts to extract the sender address. For Gearbox V3, `Deposit` and `Withdraw` events are parsed from `PoolV3` contracts to extract the owner and receiver addresses, respectively. These addresses are classified as depositors or withdrawers.

### Component C: Borrower tracking

- **Purpose**: Identify active borrowers opening, closing, or drawing funds from credit accounts.
- **Logic**: Direct credit account interactions are captured by parsing `OpenCreditAccount` and `CloseCreditAccount` events from `CreditFacadeV3` contracts for Gearbox V3. Additionally, active borrowing actions are captured by parsing `Borrow` events from `Pool` and `PoolV3` contracts. The credit account associated with each borrow event is matched against the credit account ownership mapping to resolve the active borrower address at the time of the transaction.

### Component D: Repayer tracking

- **Purpose**: Identify active users repaying outstanding debt.
- **Logic**: Repayment actions are captured by parsing `Repay` events from `Pool` and `PoolV3` contracts. To identify the credit account associated with the repayment, ERC-20 token transfers to the pool address are analyzed within the same transaction. The sending address of the transfer is identified as the credit account, which is then matched against the credit account ownership mapping to resolve the active repayer address at the time of the transaction.

### Component E: Monthly aggregation and deduplication

- **Purpose**: Consolidate all active addresses and calculate monthly unique users.
- **Logic**: All identified addresses from depositors, withdrawers, borrowers, and repayers are consolidated into a single dataset. The addresses are deduplicated per 30-day window, chain, and product (Gearbox V1, which includes Gearbox V2 activity, or Gearbox V3) to calculate the final active users (monthly) metric. Monthly boundaries are defined using UTC timestamps.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique revenue-generating users over a rolling 30-day window.

GearboxGEAR

Active users (monthly)

Active users (monthly)

Competitive landscape

Chain breakdown