gTrade February Recap
BTC Tops $65K, GNS Stakers Earn $1.81M in Protocol Revenue, and the Quarterly Report Shows a Sneak Peek of What’s in the gTrade Pipeline!
Over the course of February, protocol revenue surpassed $40 million, total trade volume reached yet another milestone at $60 billion, and 1.5 million trades were clocked up since gTrade launched in 2022.
In addition to volume and revenue, new and returning traders are one of the protocol’s most valued metrics. Since the start of 2024, over 5,500 new traders have joined the community, bringing the cumulative total to +24,000!
Now, let’s take a look at what’s new, what’s improved and what’s yet to come!
Protocol Growth and Profit Distribution
Key stats for February:
- Total Trading Volume: $4.6 billion
- Crypto Trading Volume: $3.01 billion
- Forex Trading Volume: $1.54 billion
- Commodities Trading Volume: $64 million
- Profit Distribution: $2.94 million
- Total Trades: 103,477
- gToken Vault TVL: $45.05 million
- Project Fund Earnings: $517,038
- GNS Staking Earnings: $1.81 million
- DAI, WETH & USDC Staker Earnings: $464,368
- New Traders: 970
Platform Updates & Announcements
Most Cost-Effective Perp DEX
On February 8th — about mid-way through the Trade to Earn incentives program — gTrade took stock to see how the $ARB rewards were contributing to fee-saving.
For 2 consecutive weeks, the rewards equated to a trading fee rebate of over 90%, making gTrade the most cost-effective on-chain perp DEX.
Oh, and good news for the HODLers… $ARB is up 10% since then ;)
gTrade Takes the Top Spot for Perpetual DEX Listings
96 cryptos + 35 forex pairs + 5 commodities = 136 pairs and the most tradable assets of any perp DEX!
As if the top spot wasn’t enough, gTrade likes to do things a little differently and prides itself on new and novel listings. On February 5th, Platinum ($XPT) and Palladium ($XPD) were listed with up to 150x leverage!
WETH & USDC as Collateral
Since gTrade v7 went live, traders have had the option to use $WETH and $USDC as collateral and to earn yield via the gToken vaults (in addition to $DAI).
With $DAI deposits remaining stable, gToken Vault TVL is steadily increasing and is currently over $45 million, including 10.8% in $USDC and 14.3% in $WETH.
The daily volume by collateral and daily volume share by collateral metrics tracked on gTrade’s Dune Dashboard show that, in addition to increasing deposits, trading volume using $WETH and $USDC as collateral is on an upward trajectory.
Over the past month, the new collateral listings have accounted for an average of over 20% of the protocol’s total volume.
March 4th was a particularly strong performance for gTrade’s new collateral listings. $WETH & $USDC trading volumes hit $24.4 million and $36.6 million, respectively.
For more information, check out the v7 update article: Introducing gTrade v7: gETH, gUSDC and Multi-Collateral Deposits.
WETH as Collateral
gTrade’s $WETH as collateral model offers significant advantages over the model used by centralized exchanges in calculating notional position and liquidation. Here’s a breakdown of how it works:
Arbitrum Trade to Earn
Over the course of February, 1.17 million $ARB tokens were given away to loyal, active and profitable gTraders. With prices of major tokens, including $ARB, on an upward trajectory for the past few months, Trade to Earn $ARB maxis have come out on top!
With 3 Epochs left, March will round out the 13-week short-term incentives program. So, make sure to be actively trading for the last few weeks — there’s still ~$2 million worth of $ARB left to give away!
GNS Staker Earnings
Protocol revenue is on the rise (currently over $42 million), and $GNS stakers are receiving the bulk of these earnings at ~60% since the tokenomics upgrade.
With ~78% of $GNS staked and the bull market ensuing, it’s important to understand where this ‘real yield’ is coming from. Here’s a breakdown of the utility and mechanics driving gTrade’s native token and how you can get in on the action!
Quarterly Report Q4 2023
In late February, gTrade released its Quarterly Report for Q4 2023. The report highlights include:
- The protocol maintains its position within the top 10 perp DEXs by volume.
- Doubling revenue since Q3 2023.
- Taking the top spot as the fastest fully on-chain perp DEX.
- Completing the major v7 multi-collateral and gToken upgrade.
The Q1 and Q2 2024 roadmap is also outlined. It includes the ability to add or remove collateral to avoid liquidation, v8 ‘Partials’, and an upgraded technical stack for the swift listing of new pairs.
These are just a few of the developments in the pipeline… make sure to check out the full report for a deep dive into what’s on the horizon!
Medium Article: https://medium.com/gains-network/gtrade-quarterly-report-q4-2023-dc370219c298
Full Report: https://docsend.com/view/wdzpssrqhyb5xnsx
Partials Upgrade: gTrade v8
Following on from the v7 multi-collateral and gToken upgrade, gTrade v8 ‘Partials’ is one of the protocol’s most anticipated updates.
The introduction of partials will enable traders to set multiple take-profit levels within a single position, allowing for more granular control over profit-taking strategies.
The v8 upgrade is expected to go live by the end of March — additional information will be released in the coming weeks!
Wrapping Up February
After a year of heads-down, bear market building, it’s exciting to see things coming to fruition for gTrade and the community. The markets are up, with $BTC currently sitting at over $65,000, $GNS stakers are earning 61.5% of protocol revenue ($1.81 million for Feb), v7 is live, v8 ‘Partials’ is inbound, and vault TVL is on the rise at over $45 million!
The protocol updates, new listing and record breaking stats aren’t slowing down, so make sure to stay tuned to the Gains Network Twitter (X) and Discord channels to keep up to date.
Happy trading & staking! 🫡
