Gearbox Protocol, known for its leverage and lending products in the decentralized finance (DeFi) space, has announced plans to launch its v3 upgrade. The exact date of the launch is yet to be confirmed, but is expected later this month.

Building on the success of its previous iterations, v3 introduces an Onchain Credit Layer, that the project says will redefine the concept of credit in the realms of DeFi, NFTs, and beyond.

The core of v3’s innovation lies in account abstraction. Users will gain control over individual credit accounts, equipped with smart contracts that manage collateral and borrowed funds.

IvanGBi, a pseudonymous Gearbox DAO contributor, told Blockworks that the…

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