Gearbox Protocol is a leverage lending protocol on Ethereum. It connects depositors and borrowers through credit accounts. The collateral and borrowed funds of borrowers are stored in smart contracts called credit accounts, which cannot be withdrawn directly. However, users can choose to use the funds in their credit accounts for other DeFi protocols supported by Gearbox. After over two years of product refinement, the protocol has evolved to version 3 (v3) and has promising business development prospects.