Gains Network is a decentralized derivatives project in the real income space. Since its launch on Arbitrum on February 31, 2022, it has continued to attract more investment. According to DefiLlama’s data, as of February 19, Gains Network’s total value locked (TVL) ranked fourth in the derivatives sector of the entire market. On the Arbitrum network, the project is second only to GMX.
Top Derivatives Platform about TV Line | Source: DefiLama
Gains Network is a non-custodial derivatives trading platform with up to 1,000x leverage originally built on Polygon. The platform allows users to trade derivatives on various assets, including cryptocurrencies, stocks, commodities and stock indices.
Since its launch on Arbitrum on December 31, Gains Network’s TVL has doubled from $17.76 million in January 2023 to $35.94 million. This shows that Arbitrum is the catalyst for the development of TVL on the platform.
Gains Network’s Real Yield Derivatives Platform Soars in TVL After Arbitrum Launch; Closing Gap $GMX $ GPS @azcoinnews https://t.co/aBDcReejol
— Kyptos (@azcoinnews) February 20, 2023
Currently, the TVL of the project reaches 48.85 million US dollars. According to DefiLlama’s data, among them, Gains Network has the highest proportion of TVL on Arbitrum, which is 31 million U.S. dollars, while the TVL on Polygon is 17.54 million U.S. dollars. The gTrade decentralized exchange (DEX) is one of Gains Network’s products and the main source of income for the project. gTrade runs on a DAI vault where users can stake assets to open positions and receive gDAI in return. In addition, users can stake gDAI to get gNFT-DAI as rewards. According to Dune Analytics, gDAI Vault currently has a TVL of $28.9 million on Arbitrum and an APR of 16.93%.
TVL of GNS | Source: Deferrama
Another product of Gains Network is the staking pool, where users can stake GNS to earn rewards. Currently, the project has recorded $199.64 million worth of stake on the platform. The Gains Network generates revenue from gTrade’s transaction fees to reward stakeholders and gDAI holders.
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After a month of deployment on Arbitrum, gTrade’s trading volume increased from an initial $5.15 million to $1.98 billion. According to Token Terminal, gTrade earned $1.9 million in fees from this trading volume and recorded a revenue of $1.6 million in January 2023. This is also the highest revenue record for the platform. Therefore, this income is shared by the liquidity providers on the platform to conform to the real income nature of Gains Network.
Arbitrum’s daily trading volume 1 month after gTrade implementation | Source: Dune Analytics.
Additionally, the platform’s 7-day average trading volume crossed the $100 million mark for the first time on January 17 and peaked at $177.28 million on January 27. On January 23, the gTrade exchange also surpassed 10,000 users.
Since its launch, gTrade has processed a trading volume worth over $28.7 billion. According to Dune Analytics, GNS stakers on the platform earn about 7.6% APR on their staked GNS tokens.
Get Network Daily Transaction Volume on Polygon and Arbitrum | Source: Dune Analytics
With this growing momentum, Gains Network hosted a Q&A session on Twitter on February 19th to answer questions from the community. During the meeting, the project team shared future plans, including expanding to other layer 2 networks and adding more asset classes to its platform.
Overall, implementing Gains Network on Arbitrum has significantly increased the platform’s TVL and transaction volume. With impressive user numbers and revenue, Gains Network is well-positioned to continue growing in the real-yield derivatives space.
According to a recent report from Bitcoin Magazine, Binance has revealed that it intends to bring the Gains Network (GNS) to its innovation zone. In just a few minutes after Binance announced its listing, the price of GNS increased by more than 100%.
- Gains Network (GNS) Jumps Over 100% in Minutes After Binance Announces Listing
- Nearly 3 billion BUSD has withdrawn from circulation in the past 6 days
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according to Kyptos
