Current vs Gearbox: Sui yield or multi-chain credit? (2026)

Current and Gearbox both offer lending, but their designs serve different strategies. Current is built on Sui and pairs isolated lending markets with a one-click yield-multiply feature. Its focus on tokenized real-economy yield sets it apart from protocols centered only on more conventional DeFi collateral. Gearbox is a multi-chain credit protocol: users can lend assets or borrow through isolated credit accounts, which can be used across supported DeFi protocols. It also supports complex collateral such as LP tokens, vault shares, and PTs.

Current has the higher reported TVL, at about $56.7 million compared with Gearbox’s roughly $24.1 million. That figure does not establish that one protocol is safer or better suited to your needs. The practical dividing line is strategy: choose Current for Sui-native lending and its tokenized-yield focus; consider Gearbox if you want credit accounts across several networks or need its broader collateral and account controls.

Gearbox specifies that its credit accounts can reach up to 10x leverage. That can increase exposure to a strategy, but it also magnifies losses and raises the risk of liquidation. Current describes one-click yield multiplication, which typically involves looping deposits and borrows to increase exposure; it does not publish a maximum leverage figure. Do not assume the feature has the same limits or risk settings as Gearbox’s credit accounts.

Both protocols use isolated structures to limit some forms of cross-market contagion: Current describes isolated lending markets, while Gearbox uses isolated credit accounts. Isolation does not remove smart-contract, collateral, market, or liquidation risk. Gearbox accounts can interact with multiple supported protocols, and strategies using composable assets add further dependencies. Current’s tokenized real-world yield also brings issuer and counterparty risk beyond on-chain code. If you do not understand how a leveraged position can be liquidated, a non-leveraged strategy is the more cautious choice.

Neither protocol publishes a complete fee schedule. For Current, borrow and supply interest rates, any protocol cut, and costs tied to the multiply feature are not published. Users may also pay Sui network gas for transactions. Check the app for the live rates and costs shown before confirming a position, and account for the effect of repeated transactions when evaluating a multiply strategy.

Gearbox borrowers pay interest, and lenders earn yield from borrower interest, but exact rates, protocol fees, and liquidation penalties are not published. Rates and fees can vary by market, and users also pay gas on the network they use. Gearbox cites up to 14% APY for its Long-Term Savings product, but that is not a guaranteed return or a substitute for checking the current rate and terms. Compare the live costs for the specific asset, market, and chain you plan to use rather than choosing based on headline yield.

Both protocols have two audits listed, but Current does not publish the auditors, dates, or findings. Its short operating history means there is limited time to assess how the protocol performs under stress. Current’s lending contracts face smart-contract, oracle, and liquidation risks; tokenized real-world yield adds dependence on off-chain originators and issuers.

Gearbox says it has been live since 2021, has had 30+ audits, runs a bug bounty, and has spent more than $3 million on security. It also claims zero breaches or incidents. Those are project claims; Gearbox’s listed audit count is two, and independent incident history and audit reports are not published here. Its leverage and complex collateral can expose users to liquidation and linked protocol risks. Tokenized-asset features may also involve compliance controls, freezes, and legal enforcement. Review the terms and risks of the specific market before depositing.

Choose Current if you use Sui, want isolated lending markets, and are interested in its focus on tokenized real-economy yield. Its simpler one-click multiply feature may suit users who understand looping and its liquidation risks, but fees, leverage limits, and important product details are not published. Its lack of a listed protocol token may also matter if you want token-based incentives or governance.

Choose Gearbox if you are an experienced DeFi user looking for credit accounts across multiple chains, borrowing up to 10x, or access to complex collateral and tokenized-asset controls. Its longer track record and more detailed security-program claims may help with due diligence, but they do not remove leverage or market risk. Gearbox is not the easier default for beginners. For either protocol, check the exact market, live rates, network costs, and eligibility before you commit funds.