Everything valuable will eventually have an onchain representation, but that doesn’t mean everything will be tokenized or traded on a DEX. Gearbox Permissionless is purpose-built to bring institutional-grade lending everywhere, including to non-tokenised, non-DEX assets. Here's how: 💰 DEXes aren't for everything DEXes are a 0→1 innovation for assets traded frequently, but not all assets are built for high-velocity exchange. Yield-bearing assets, RWAs, staked derivatives, and private-market instruments are often designed to be held, not traded. For these assets, DEX liquidity is inefficient: low trading volume means fewer fees, weak organic LP participation, and rising costs to sustain liquidity via incentives. Further, as L2s scale, the cost of maintaining deep liquidity across fragmented venues grows exponentially. Institutions, with strict mandates around cost efficiency, are unlikely to subsidize idle liquidity just to support DEX-based exit ramps, especially when more precise alternatives exist.. ☯️ Alternate Minting/Redemption Mechanisms DEXes are the most common mechanism of entering and exiting assets, but not the only one. @ConvexFinance has $1.5B TVL for @CurveFinance staking, yet none of those positions are tokenised or traded on DEXes. Similarly, @LidoFinance's DVstETH has over $1B locked yet no DEX pool. In both cases, users enjoy better UX and the protocols avoid millions in liquidity costs. Institutions are likely to explore mechanisms like • Direct contract-level mint/redeem flows • Off-chain settlement with on-chain audit trails • RFQs like @CoWSwap for negotiated pricing • Merkle-based accounting like @ConvexFinance • and private market issuance for real-world assets These mechanisms offer predictable pricing, no slippage, and lower costs for institutions but they don't integrate well with traditional DeFi lending protocols that rely on DEXes. 🌐 Gearbox Permissionless: Unlock Lending Everywhere What do Convex staking positions and Lido’s DVstETH share in common? They aren’t on DEXes. And yet, both can be used as collateral on Gearbox. Gearbox Permissionless breaks the mold by enabling lending directly on top of contracts, private or public. Permissionless's architecture utilises programable smart contract wallets called Credit Accounts, not general pools, which can be wired to provide credit directly at the source, even without a DEX, even without a token. This enables Gearbox to serve real world lending segments like • RWAs: $30T • Trade financing: $4T • Inventory backed lending: $2T • Gated markets like @superstatefunds' direct issuance of equities and more! As more valuable assets move onchain, not to be traded, but to be used, the ability to underwrite, borrow, and leverage non-tokenised, non-DEX assets will define the next chapter of DeFi infrastructure. And Gearbox Permissionless is the institutional-grade lending stack to bring real world lending onchain. ⚙️🧰