Summary
The most critical subjects covered in our audit are functional correctness and safety of the interactions with the underlying pool. Additionally, we focused on front-running possibilities and gas efficiency. We did not find any critical problems in the aforementioned categories. All raised issues have been fixed accordingly.
In summary, we find that the codebase provides a high level of security.
It is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They complement but don’t replace other vital measures to secure a project.
About Gearbox Auction
GEARBOX implements a liquidity bootstrapping contract for a GEAR / ETH Curve crypto pool. The funding is raised in consecutive stages, after which the contract acts as a doorway to the Curve pool for a limited time in which GEAR sellers are paying a premium.
“Gearbox is a generalized leverage protocol: it allows anyone to take leverage in a DeFi-native way and then use it across various DeFi protocols. You take leverage with Gearbox and then use it on other protocols you already love. For example, you can leverage trade on Uniswap, leverage farm on Yearn or Curve and Convex, make complex delta-neutral strategies involving options and derivatives, get Leverage-as-a-Service for your structured product doing complex positions, etc.
The protocol has two sides to it: passive liquidity providers who earn higher APY by providing liquidity; – and active traders, farmers, or even other protocols who can borrow those assets to trade or farm with x4+ leverage.”