Gains Network
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Gains Network

gTrade April 2022 Recap

Gains Network in new Polygon liquidity mining campaign, $11B all-time high volume, tutorials, FAQs, dev update and more!

Stocks

Most of the technical developments needed to launch stocks were executed during April. It included adapting and optimizing both the backend and frontend, double checking all potential edge cases, and listing the first stocks on the testnet.

Strategy & Branding

We have made significant progress on our vision for the branding of both gTrade and Gains Network. We’ve also taken a strategic decision to kickstart the growth of gTrade, more details will be revealed soon.

April Revenue Distribution

Gains Network in Polygon Liquidity Mining Campaign

Polygon has launched a KPI-based Liquidity Mining 2.0 campaign in the form of yield farming for protocols and we are in the first epoch!

Here is what’s new this time around according to Polygon:

  • #dApps are selected based on KPIs like Weekly Average Users or Total Value Locked.
  • All dApps that never got LM before are now eligible.
  • Fully transparent and verifiable.
  • Requires no KYC, and one cannot game the system.

Full Twitter thread can be found here.

The significance of this is that we get more exposure among the DeFi space and Polygon community along with rewards to help us grow.

All-Time High Volume

On April 7 we hit a new all-time high trading volume of $10B, however, we have since surpassed that and are a little over $11B now at the end of April.

Guides, Tutorials, FAQ and More Articles

We’ve created a few guides this past month for onboarding users.

The first article will teach you how to set everything up to begin trading on gTrade and also how to bridge cheaply to Polygon from Ethereum using the Umbria Narni Bridge. There is also the option to use OnJuno to on-ramp/off-ramp directly to/from Polygon, without bridging, using mUSDC (Polygon USDC).

This means that you can go from DAI on Polygon to USD in a bank account, in minutes:

The second article is a walkthrough on how to trade on gTrade. Some common trading errors are addressed along with the general UI of the platform:

This third article is our new FAQ which will be periodically updated. It is linked at the top of our Medium publication:

We also wrote an article on what we see as next generation utility tokens coming to DeFi and how our token $GNS fits into this category:

In another article we explain how trading in DeFi has multiple advantages over TradFi such as more user control over funds, more freedom to innovate at the protocol level and widespread access to powerful trading tools:

Lastly, we posted about our NFTs and how the future of NFTs in DeFi may look. We predict that we will begin to see many more use cases for NFTs in general for new and existing projects that will incentivize and reward the holders:

Trading Contest Recap

We had a great trading competition that ran from March 21 to April 21. We gained 830 new traders during the contest and the top 300 traders won a cumulative prize of 80,000 $MATIC + $37,750 $GNS.

You can find the full recap here:

Wallet Migration

We have taken measures to further upgrade our protocol gov and dev wallets to ensure that all possible security measures are taken. Funds were safely transferred and secured.

Scaling the Team

We have on-boarded a new front-end dev to the team. They have been working on cleaning up the front-end code and formatting. Operations will be more smooth now as we scale. We now have 3 devs working on the team (including the founder).

DAO Development

We took to Twitter to ask the community what currently DAOs are lacking in and how they should be improved. We want to create an innovative DAO that can set an example of how things should be run in decentralized organizations to maximize efficiency, impact and fairness. Feel free to continue adding feedback to the thread as we will reference this once the time comes to implement:

Open Interest Updates & More

We have delisted $BNT and decreased the open interest limit on most pairs based on the updated liquidity of each token and on a more precise and consistent methodology. The open interest limit of $APE, however, was increased to $650k. Spreads were also updated based on the liquidity of each token. There was also a ton of technical backend work and a few frontend optimizations completed to improve the trading experience.

Conclusion

This was another productive month for gTrade with behind the scenes development of the next frontier of features coming to the platform. The trading contest proved to be another success, propelling our volume ever higher while our user experience continues to improve consistently. We love hearing the communities’ feedback on everything we’re doing so keep doing what you’re doing and stay alert for exciting new announcements!

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