gTrade August 2023 Recap
Bear Market Building: Step-by-Step Onboarding, Protocol Governance, and Much More…
While the markets were relatively slow this past month, gTrade developments and protocol updates were anything but!
August was a month of ‘bear market building’, which included the launch of Chainlink oracles for the $GNS token, step-by-step onboarding tutorials, a platform-integrated fiat on-ramp and several UI/UX updates.
Let’s take a look at key protocol stats for the last month and break down all the exciting development updates and announcements!
Protocol Growth and Profit Distribution
August was a choppy month across the crypto markets. After nearly 60 days of ranging, $BTC finally broke below $28,000 before hitting support at $25,000. Most major alts followed suit and continue to lack long-term direction.
This saw gTraders turn their attention to the forex markets, which accounted for $606 million of August’s $1.66 billion trading volume — a rise of over $130 million since July!
Key stats for August:
- Trading Volume: $1.66 billion
- Profit Distribution: $1.07 million
- Total Trades: 37,635
- gDAI Vault TVL: $31.7 million
- Governance Fund Earnings: $179,183
- GNS Staking Earnings: $358,790
- New Traders: 426
Platform Updates & Announcements
Platform updates for August included the successful launch of v6.4 lookbacks, Chainlink oracles for up-to-date $GNS price feeds, and several UI/UX improvements to the gTrade platform.
Lookbacks v6.4 Upgrade:
The game-changing v6.4 lookbacks upgrade went live on August 7th! So, what’s new in the v6.4 upgrade, and what does it mean for gTraders?
Lookbacks not only minimize latency and rectify missed orders but also guarantee the execution of all orders — a capability not possible on any other order book platform!
This is achieved through gTrade’s custom Chainlink oracles, which retroactively review recent price data instead of relying solely on current price data.
Lookbacks are developed by and exclusive to gTrade, and as with any new technology, it can be a bit to wrap your head around at first. For a full technical breakdown of the benefits of lookbacks and zero latency trading, as well as refinements to the borrowing fee structure and details on the deprecation of the rollover fee, check out the v6.4 Medium article.
Trading Titans Showdown
The Trading Titans Showdown kicked off on August 9th and ran through August 19th.
It took place on gTrade’s Arbitrum and Polygon platforms, with $50k in total prizes awarded to the 20 top traders from each platform, as well as 20 random draw and consolation prize winners.
Over 10,000 trades were placed throughout the event, and the top 40 traders collectively profited over $500k!
Polygon Winners: https://polygonscan.com/tx/0xb0f630230cee68fed6cb6b59243be8727c4bb41da863f6ff61fcd918222a875f
Arbitrum Winners: https://arbiscan.io/tx/0x54194a2fdee3768a20a75b17c3585bace92ad64e6b596e4f9c2e8f03e26c8713
Chainlink Oracles
gTrade launched Chainlink oracles for the $GNS token on both Arbitrum and Polygon networks, enabling more reliable and accurate price feeds.
This allows other platforms and protocols more reliable access to market data while offering $GNS token holders confidence in its consistent price representation. It also sets the stage for further token utility, including using $GNS as collateral on lending and CDP DeFi protocols.
gTrade is actively in discussions to realize these opportunities, and additional information will be announced via the Gains Network Twitter and Discord!
Chainlink $GNS Feeds:
- Polygon: 0x9cb43aa3D036Cb035a694Ba0AAa91f8875B16cE1
- Arbitrum: 0xE89E98CE4E19071E59Ed4780E0598b541CE76486
Governance and Snapshot Voting
August also marked the launch of Gains Network’s forum and snapshot websites.
Snapshot voting represents a significant step toward establishing protocol governance and will introduce two primary use cases: grants and GIP.
Grant Applications:
If you’re a developer or visionary working on a project that uses gTrade or engaged in activities that benefit the Gains Network ecosystem, you’re encouraged to apply for a grant!
Application templates and additional information can be accessed via the Gains Network Discord channel.
GIP (Gains Improvement Proposals):
The forum will allow community members to put forward their suggestions and proposals about protocol modifications or new core additions.
It will also serve as the central platform for discussions and proposals before they’re moved to on-chain voting via Snapshot.
The token governance mechanism is still under development, and voting via $GNS tokens is yet to be activated. All updates will be announced via the Gains Network Twitter & Discord.
Fiat On-Ramp
To streamline the user experience, gTrade launched a fiat on-ramp that allows users to purchase coins and tokens directly on the platform through third-party integrations like Transak and Coinbase Pay.
This development supports multiple payment options and is designed to make it easier for new users to join the gTrade ecosystem.
For a full breakdown of the ‘Buy Crypto’ feature and to learn how to make your first purchase, check out the gTrade tutorial:
UI Update
In late August, gTrade rolled out a UI update offering default changes and customization options to the trading panel, trade history, and notifications. The updates aim to simplify user experience while allowing for individual preferences.
Step-By-Step Onboarding
Last but not least, gTrade recently introduced step-by-step onboarding tutorials tailored for both beginner and advanced users.
The beginner tutorial provides a 12-step guide on essentials like wallet connection and order types. For experienced traders, the tutorial covers topics like chart customization and gas fee controls.
Partnerships and Community Engagement
While protocol updates took the spotlight, gTrade’s collaboration and community engagement events kept pace!
Throughout August, new partnerships were formed, and gTrade hosted several trading sessions and streaming shows.
Super Mega Streaming Show
Jumper Exchange Galxe Quest
Revest Finance
Wrapping Up August
August was a month of ‘bear market building,’ packed with updates and initiatives to enhance user experience and expand the gTrade ecosystem.
Major updates included the launch of Chainlink oracles for $GNS, the v6.4 lookbacks upgrade and the announcement of snapshot voting and governance.
The Trading Titans showdown was a success, with over 10,000 trades taken in just 10 days and 60 winners sharing in $50k in prize money!
As always, keep an eye on our Twitter and Discord channels for more updates. Here’s to another big month ahead!
