gTrade December 2023 Recap

Bringing in the New Year in Style: Polygon Crosses $30 Billion in Trade Volume, and the gTrade x Arbitrum Incentives Program is Underway!

Gains Network
Gains Network

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First things first… a big shout out to the growing gTrade community for another successful year!

2023 marked some major milestones and protocol updates, including the launch of guaranteed order execution, international support, the doubling of $GNS stakers revenue share, and a whopping $54 billion in total trade volume.

While there’s plenty to celebrate, there’s plenty more to look forward to. Let’s recap December and check out what’s in store for Q1 2024.

Protocol Growth and Profit Distribution

While crypto took the top spot for monthly volume, forex and commodities markets remain popular picks. With a combined monthly volume of $509 million, these markets made up 41.4% of gTrade’s total December volume!

gTrade now supports the trading of 35 major, minor and exotic forex pairs with up to 1000x leverage. Commodities markets include gold (up to 250x leverage), silver and oil (up to 150x leverage).

Key stats for December:

  • Total Trading Volume: $1.74 billion
  • Crypto Trading Volume: $1.23 billion
  • Forex Trading Volume: $455 million
  • Commodities Trading Volume: $54 million
  • Profit Distribution: $1.31 million
  • Total Trades: 70,097
  • gDAI Vault TVL: $24.66 million
  • Project Fund Earnings: $201,868
  • GNS Staking Earnings: $805,948
  • New Traders: 877

Platform Updates & Announcements

New Listings

With gold ($XAU) and silver (XAG) markets growing increasingly popular, gTrade recently added a third commodity. In an on-chain first, oil ($WTI) is now live and ready to trade!

Over 30 new crypto pairs were also listed throughout December, including top market movers, $TIA, $INJ, $MINA, $SUI, and $1INCH.

gTrade now supports the trading of 79 crypto pairs — all with up to 150x leverage!

Polygon Reaches $30 Billion

On December 18, gTraders clocked up an impressive achievement — the protocol’s total trade volume on Polygon reached $30 billion!

A big thank you to all the builders, traders, partners, and community members who made this possible… next stop $50 billion on Polygon!

Fee Tiers Update

Following the completion of a 2 week timelock, gTrade’s v6.4.3 ‘Fee Tiers’ upgrade was released to mainnet on December 18.

v6.4.3 is a points-based system that assigns trader’s tiers based on their trading activity for the past 30 days.

High volume = lower fees.

Traders are yet to be assigned tiers, but points are accumulating and will count towards your future trade fee discount. Once the system is activated, you’ll be automatically placed in your respective tier. The more you trade, the more you will save!

STIP Passes Via Backfund

In early December, Gains Network’s proposal for the Arbitrum STIP (Short-Term Incentives Program) was approved via backfund.

The proposal includes 4.5 million $ARB tokens and a grant match of 65,000 $GNS, which will be distributed to loyal, active and profitable gTraders over 13 weeks, starting December 29.

These tokens will be used to help boost liquidity and attract new users to the Arbitrum and gTrade ecosystems through a trade-to-earn incentives program. Here’s what to expect and how you can participate to earn $ARB rewards.

Trade to Earn

From December 29, 2023, to March 29, 2024, $ARB tokens are being awarded to traders actively participating in the gTrade ecosystem across several trade-to-earn categories.

Of the 4.5M $ARB, 3.825M tokens (85%) are dedicated to incentivizing organic trading activities, such as high-volume and diverse trading, positive PnL, and protocol loyalty. The remaining 675K $ARB (15%) and the 65,000 $GNS are directed towards liquidity incentives.

$ARB tokens are distributed based on a system that incentivizes high-volume trading (fees paid), trade PnL, and consistent daily trading.

Distribution:

  • Fee Rewards: Fee rewards are limited to the platform’s weekly fees to avoid incentivized volume creation and wash trading. Traders can accumulate $ARB or use the tokens earned as a fee rebate. Excess rewards will carry forward to the following weeks — if any remain at the end of the 13 weeks, they will be returned to the DAO.
  • PnL Rewards: Rewarding traders for their profit and loss performance. Win a trade = earn additional $ARB tokens!
  • Loyalty Rewards: Loyalty rewards or ‘loyalty points’ are awarded to active traders who consistently use the gTrade platform — the more days you trade, the more rewards you earn.
  • Relative PnL Rewards: Relative PnL or PnL % rewards are calculated based on the percentage of a trade’s profit relative to its initial value.

Rewards Weightings:

  • Fees: 75%
  • PnL (total): 10%
  • Loyalty: 10%
  • PnL (%): 5%

Rewards for each epoch are visible via the gTrade dashboard. Please note that all points will reset at the start of each week.

For a full breakdown of the gTrade x Arbitrum incentives program, check out the full-length article.

Trade to Earn: The 13-Week gTrade x Arbitrum Incentives Program

Bring on 2024!

While 2023 was a major success for the gTrade community, things are just heating up!

$ARB season is officially underway… for the next 13 weeks, gTraders have the chance to share in 4.5 million $ARB and 65,000 $GNS tokens thanks to the Arbitrum STIP and the trade-to-earn program.

The next few months are set to be action-packed, so make sure to keep an eye on the Gains Network Twitter (X) and Discord to stay up to date with the trade to earn leaderboard, trade of the week, and tips on how you can reap those $ARB rewards!

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