Gearbox
KPK pools on Gearbox
Protocol overview
Gearbox is a modular lending environment that enables borrowers to open credit accounts to take leveraged positions across whitelisted collateral such as LSTs, LRTs and ERC-4626 vaults. Depositors supply liquidity to ERC-4626 Earn pools and earn yield; curators configure parameters and safeguards for each market.
Curator model
Curators set boundaries for underlying markets such as liquidation thresholds, collateral quota limits, utilisation caps, oracle choices and adapter allowlists. Unlike allocator models (e.g. Morpho), curators don’t move funds between markets. They define safe operating conditions and can pause pools in emergencies.
KPK’s role is twofold: pool creation and pool monitoring. The first sets up each pool with defined parameters and safeguards; the second keeps those settings in line with changing liquidity, utilisation, and risk conditions.
Pool creation and configuration
Initial due diligence before collateral whitelisting.
Dual-oracle pricing for every asset, with staleness/ownership monitors.
Utilisation caps to preserve an instant withdrawable liquidity buffer.
Quota limits (pool-wide exposure caps) per strategy/asset.
Direct LST/LRT withdrawals where supported (e.g. Mellow assets).
Min/max debt limits to bound borrower behaviour.
Strict adapter allowlists (AMM swaps, selected ERC-4626 vaults).
Pool monitoring and fine-tuning
Track borrow utilisation, liquidity depth, oracle health, wrapper status, and governance changes.
Balance borrow and lend sides via parameter updates (quotas, LTs, utilisation caps).
Protective actions on alerts: pause, tighten/disable collateral, adjust limits.
Material changes are recorded in each product’s change log.
For the full methodology, see the Curation Risk Framework.
Vault parameters
Per-pool parameters (tiers, quotas, LTs, oracles, adapters) are documented on the product subpages and kept current in their change logs.
Live metrics: Track TVL, borrow APY, supply APY, utilisation and more for KPK Gearbox vaults on Dune: https://dune.com/kpk/kpk-gearbox-vaults
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