gTrade; trade crypto and forex on the blockchain
gTrade is a blockchain-based trading platform where traders can access liquidity, stake, and trade hundreds of cryptocurrencies. In addition to crypto trading, users can also trade forex all at low cost and on-chain. Users can access more than 45 different cryptocurrencies.
gTrade is a product of Gains Network, an innovative DeFi ecosystem developed on Polygon and Arbitrum. Through the Gains Network ecosystem, gTrade users gain access to liquidity, staking services, and a user-friendly secured infrastructure for their transactions.
Features of Gains Ecosystem
- Practice mode: gTrade has a Practice Mode that can be used to test gTrade on a live trading scene but without using real tokens. It is done on the Polygon Mumbai Testnet. Users are required to have a web3 wallet such as Metamask connected to the Mumbai Testnet, Testnet MATIC to pay for transactions, and Testnet DAI to use as collateral.
- Trading pair: gTrade has over 100 trading pairs that are a combination of forex and crypto. Trading pair refers to the two different cryptocurrencies that are being traded against each other on an exchange – crypto or forex. Examples include EUR/USD and BTC/USD.
- Rollover fee: This allows traders to use lower leverages while still allowing adequate risk management for the protocol. Without this, the entire maximum open interest possible for a pair could be taken up for a long time (years even on a low-leverage stock pair for example) – entirely stopping other traders from even having the option of trading on it!
- Leverage trading: Leverage trading, also known as margin trading, is a trading strategy that allows traders to increase their market exposure by borrowing funds from a broker or exchange. The main advantage of leverage trading is the potential for higher profits, but it also comes with increased risk, as losses are magnified in the same way as profits. Traders must also be aware of margin calls, which occur when the value of their account falls below a certain level.
- gDAI staking: Users on gTrade can also deposit DAI in exchange for gDAI, an ERC-20 which represents their ownership in the vault. Stakers are rewarded for depositing DAI. Although, users must follow an epoch system designed into the platform when they want to withdraw their deposit.
- gTrade referral: The gTrade referral system gives users another opportunity to earn rewards depending on the number of persons they refer to in gTrade and the value of trades they make.
- gTrade bridge: gTrade has a Polygon/Arbitrum bridge. Users can use the bridge to transfer their tokens between the different blockchains in the gTrade platform.
gTrade also offers an OTC (Over The Counter) service where users can buy and sell cryptocurrencies without the need for a traditional exchange.
The team behind Gains Trade
Some of the team members behind gTrade include Seb, the founder, who is also a full-stack developer and in charge of strategy; Nathan, the project manager and also a full-stack developer; Lunaman, another Project Manager and business developer.
Others are Crumb, a full-stack developer; Dreamersnat, a frontend developer; Konrad, a frontend developer; Drew, a backend developer; Uri, a full-stack developer, and researcher; Sam, a business developer who is in charge of partnerships & connections; Ross & Kenji as social media coordinators; Jim, designer; Alex, researcher; and Vesnushki, community moderator.
Roadmap of Gains Trade
In Q2 2022, gTrade was integrated with Polygon and Chainlink, $GNS staking for $DAI rewards was initiated, and the referral system was launched. In Q3, some of the highlights were Custom Chainlink oracles price lookback for guaranteed and exact execution of all limit orders, NFT bot incentives optimizations, and on-chain tracking of fees generated (for stats dashboards).
Between October and December 2022, gTrade updated its vault, allowing staking, trading, and receiving rewards from other collaterals in the vault. Other steps taken included major refactor & optimization of the contracts, full documentation of the code, upgrade of the website, complete refactoring/cleaning of the code, full UI and UX implementation and refining, influencer marketing.
In Q1, 2023 trading volume increased from $3.42B to $4.03B, profit distribution rose to $3.34M from $2.3M while governance fund earnings moved from $439,016 to $485,684. There were significant partnerships struck with Fluidity Money, QiDAO, Silo Finance, Pendle Finance, Perpy Finance, and Ramses.
Tokenomics of GTrade
$GNS token is the native crypto of the Gains ecosystem which was distributed to early adopters via liquidity farming. It was first known as $GFARM2 token on Ethereum, which was shared in an ETH pool and a GFARM2/ETH LP pool. It has a maximum supply of 100,000,000 GNS.
This token also serves as the governance and utility token in the Gains Network. It will be the determinant for proposals created for the future of the Gains ecosystem.
With a total of more than 13,000 traders, gTrade has made $26,456,701 in trading fees, and a trading volume of $36,135,332,853 as of April 21, 2023.
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