Gearbox introduces 6 high-yield Curve V2 pools on the 660th day of the bear market, offering up to 60%+ APYs

Gearbox Protocol has launched a set of six leveraged farming strategies on Curve V2 pools, positioned as “high-yield” opportunities with advertised APYs of up to about 60%+ by combining Curve trading fees, CRV emissions, and additional incentive tokens. These strategies allow users to take up to 5x leverage on selected Curve V2 pools via Gearbox’s credit account system, meaning users deposit base collateral and borrow additional capital from Gearbox pools to amplify yield — and risk — on Curve liquidity provider (LP) positions. The release was framed by Gearbox as arriving “on the 660th day of the bear market,” highlighting that double‑digit yields remain available in DeFi despite depressed token prices and volumes. The new offerings are built on Curve V2, which is designed for efficient trading of volatile assets and uses an adaptive bonding curve and dynamic fees to support deep liquidity for a wide range of tokens beyond stablecoins. Gearbox integrates these V2 pools as whitelisted “adapters” in its protocol: a user opens a leveraged credit account, supplies liquidity into a chosen Curve V2 pool, and then can optionally stake the resulting LP tokens in Curve gauges or related reward contracts via Gearbox’s integrated flows. Yields come from a combination of swap fees in the Curve pools, CRV token rewards, and any pool‑specific bribes or side incentives, all multiplied by the leverage factor; however, this structure also magnifies downside risks such as impermanent loss, liquidation risk if positions move against the user, and smart‑contract or protocol‑specific risks on both Gearbox and Curve. Strategically, this launch reinforces Gearbox’s positioning as an infrastructure layer for leveraged DeFi strategies, rather than a single‑venue yield platform, by routing user capital into major external protocols like Curve. For Curve, the integration can deepen liquidity and trading volume in the selected V2 pools, because leveraged farmers effectively increase pool size and fee generation. For the broader DeFi ecosystem, the move illustrates an ongoing trend toward composable leverage — where lending, DEX liquidity, and yield incentives are combined into packaged products — while simultaneously underscoring the importance of risk management in a market environment still widely described as a bear market.

✨ AI-generated background, compiled from web sources — not editorial content.

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