One month after its inception, Gains Network has registered $1.6 billion in trade activity on the Arbitrum blockchain.
Cryptocurrency derivatives market One month after inception, Gains Network has registered $1.6 billion in trade activity on the Arbitrum blockchain. Gains Network, which was first implemented on the Polygon network, operates gTrade, a decentralized margin trading protocol.
The Gains platform offers smart contract-based trading of financial derivatives of multiple assets, including crypto tokens, U.S. equities, and indices. Gains’ gTrade has produced about $1.1 million in fees on Arbitrum since its introduction, which has been dispersed to individuals who stake the platform’s native token, GNS.
GTrade has been a major driver of activity on both the Arbitrum blockchain and the Polygon network since its inception in late 2021. Since October 2021, it has handled more than $23 billion worth of trade activity on the Polygon sidechain network alone.
Gains Network has just established a trading competition awarding traders $100,000 in incentives, which may have contributed to the current increase in volume.
According to CoinGecko statistics, the GNS token was trading for $6.27 at 10 a.m. EST, an increase of 11.5% over the previous 24 hours. The token’s market valuation increased by 40% in the preceding week, reaching $173 million.
Gains Network’s ascent on the Arbitrum blockchain is especially important due to the network’s role as a Layer 2 scaling option for Ethereum, allowing quicker and cheaper transactions while retaining the network’s security and scalability.
Significant user activity has been seen on the site, notably in the field of derivatives trading protocols. With the development of Gains, Arbitrum now offers two popular trading protocols for derivatives. GMX was the pioneer and current leader in the network speciality.
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