The Gearbox Protocol will soon release a proposal for launching its token, expected to be executed in early December

2022-11-18 11:04:49

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ChainCatcher news, the DeFi composable leverage protocol Gearbox Protocol indicates that a proposal for the launch of the token GEAR will be released in a few days, with the proposal execution and token transferability expected to be implemented in early December, possibly before December 10.

According to a previous proposal, the token issuance will be divided into two phases. The first phase involves selling 150 million GEAR through a Gnosis Auction, with a starting price of $0.015, and the auction will last for 3 days. The second phase will establish a liquidity pool on Balancer and enable GEAR transferability. All funds raised in the Gnosis Auction will be converted to ETH and paired with an equivalent value (based on Gnosis auction pricing) of GEAR, which will be deposited into a new 50/50 liquidity pool on Balancer. (source link)

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