gTrade January 2024 Recap

New Year, New Listings, Protocol Records Smashed, and Over $3.4M in ARB Tokens Given Away — 2024 is off to a Flying Start!

Gains Network
Gains Network

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The Trade to Earn incentives program is well underway (over $3.4 million worth over $ARB already distributed), the v7 multi-collateral and gToken update is live, and over 20 new pairs have been listed since the start of 2024.

Now, let’s take a look at what’s new, what’s improved, and what’s yet to come.

Protocol Growth and Profit Distribution

After taking stock on January 10th, when average daily trading volume was at $120 million, it was bound to be a big month.

But finishing the month with $4.31 billion in total trade volume ($2.83 billion on crypto alone), $1.75 million in $GNS staker earnings, and 4,741 new traders exceeded all expectations.

Thanks to everyone who helped make January a month for the record books!

Key stats for January:

  • Total Trading Volume: $4.31 billion
  • Crypto Trading Volume: $2.83 billion
  • Forex Trading Volume: $1.42 billion
  • Commodities Trading Volume: $62 million
  • Profit Distribution: $2.85 million
  • Total Trades: 127,102
  • gDAI Vault TVL: $34.68 million
  • Project Fund Earnings: $480,225
  • GNS Staking Earnings: $1.75 million
  • New Traders: 4,741

Platform Updates & Announcements

With a community from a wide range of trading backgrounds and differing market preferences, it’s always been important for gTrade to support a comprehensive list of assets across crypto, forex and commodities markets.

With bullish sentiment on the rise and trade volume surpassing 2023 records, the start of the year marked a perfect time to list over 20 new assets.

January/February Listings:

  • $ENS
  • $VET
  • $WOO
  • $ZIL
  • $QTUM
  • $KLAY
  • $AGIX
  • $ILV
  • $LRC
  • $ANKR
  • $SUI
  • $JUP
  • $AR
  • $OCEAN
  • $ROSE
  • $KSM
  • $RVN
  • $BAL
  • $ASTR
  • $WTI
  • $XPD
  • $XPT

These additions bring gTrade’s total pairs to 137, including 97 cryptos, 35 forex pairs, and 5 commodities.

Leave a comment on the Gains Network Twitter (X) or Discord with listings you’d like to see added!

Chainlink Data Streams and CCIP

On January 18th, Gains Network announced it would further its Chainlink integrations via Data Streams and the Cross-Chain Interoperability Protocol (CCIP).

Enhancing Market Data with Chainlink Data Streams

Chainlink Data Streams is a next-generation solution for rapid, decentralized market data. It is designed to deliver high-frequency, real-time data using a decentralized and transparent infrastructure.

gTrade will use data streams to secure trade execution, conditional orders, and liquidations, using Chainlink’s data to double-check the results of the gTrade custom DON.

Supporting Cross-Chain Governance and Staking with CCIP

Cross-chain functionality is a large part of gTrade’s long-term roadmap. Plans have been made to utilize Chainlink’s CCIP to facilitate cross-chain staking. This will be achieved via the gToken vaults (gDAI, gUSDC, and gETH — launched in January as part of the v7 upgrade).

CCIP offers unparalleled security and reliability standards in web3. It is backed by the Risk Management Network, which monitors cross-chain operations to prevent suspicious activities, addressing concerns of past security breaches in the industry.

Check out the full-length article for a deep dive into gTrade’s Chainlink integration and its many benefits and use cases.

gTrade v7 Upgrade

Released in mid-January, gTrade v7 brings about two primary upgrades: additional gTokens and multi-collateral trading.

Multi-Collateral

Multi-collateral means that traders are no longer forced to use $DAI to open trades. Instead, they have the option to use $USDC, $WETH or $DAI.

The v7 upgrade has also helped boost trading volume and, in turn, $GNS staker revenue, which totalled $1.75 million in January!

gTokens

To facilitate trading, gTrade uses a vault system, where deposits are used as protocol liquidity and depositors — who serve as counterparties to all trades on the platform — receive a percentage of protocol revenue generated through trade fees and liquidations.

Users who deposit into the vault receive a liquid ‘gToken’ version of their coins, which can be used throughout the DeFi sector to generate additional yield.

As part of v7, gTrade introduced two new liquid yield-bearing tokens — gUSDC and gETH.

For more information, check out the v7 update article: Introducing gTrade v7: gETH, gUSDC and Multi-Collateral Deposits.

Trade to Earn Rewards

After 6 weeks of the Arbitrum x gTrade Trade to Earn incentives program, 1.76 million $ARB tokens worth over $3.4 million have already been handed out.

These tokens can be used as a trading fee rebate, as an offset for negative positions, or HODLed if you’re feeling bullish.

With Trade to Earn running for 13 weeks, we’re only about halfway through. There’s still ~$4 million worth of ARB left to give away!

Here’s a breakdown of how the rewards are distributed and how you can take full advantage of the incentives.

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

Wrapping Up January

Thanks to everyone for a record start to the year!

There’s plenty in the pipeline for the first half of 2024, including the Chainlink CCIP and Data Streams integration, new listings across crypto, forex, and commodities markets, and several protocol updates.

Stay tuned to the Gains Network Twitter (X) and Discord channels for updates and announcements.

Happy trading, and make sure to keen stacking your Trade to Earn $ARB incentives 🫡

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