gTrade June 2023 Recap
Protocol Growth, Platform Updates, and King of the Hill Contest Highlights
June was an action-packed month, with the King of the Hill contest running from June 12th to 30th. To top things off, total trade volume crossed the $40 billion mark, and gTrade celebrated its 1 million total trades milestone.
Let’s take a look at the highlights from the past month.
Protocol Growth and Profit Distribution
Despite a month of relatively low volatility, especially in the crypto markets, the King of the Hill was a big success and helped to boost the gTrade users count and total trade volume. June’s trading volume recorded an uptick from May, with a total of $3.04 billion.
Key stats for June
- Trading Volume: $3.04 billion
- Profit Distribution: $2 million
- Total Trades: 52,605
- gDAI Vault TVL: $47.69 million
- Governance Fund Earnings: $326,751
- GNS Staking Earnings: $670,301
- New Traders: 377
Platform Updates
As always, development efforts are in full swing, and June marked a number of significant platform updates.
GNS Burn Increase
Thanks to the gDAI Vault’s healthy over-collateralization, the percentage of trading losses going to GNS burns has been increased from 5% to 10% on Arbitrum, enhancing the platform’s deflationary mechanisms.
Max Collateral and OI Increases
Last month, the maximum collateral per trade on Arbitrum was doubled to $250k. Max OIs for BTC, ETH, Forex, and commodities have also been increased on Arbitrum. Thanks to the v6.3.2 borrowing fees update, risk management has been made even more efficient, paving the way for these increases.
Stock and Indices Delisting
All stocks and indices have been indefinitely delisted from gTrade due to their low revenue generation in contrast to their outsized risk profiles.
Charting Updates
The platform’s charting feature got revamped with the addition of new candle sizes. Traders can now choose from a variety of options — check it out:
Lookbacks on the Horizon
Lookbacks, a much-awaited feature aimed to guarantee order execution and significantly enhance the trading experience, are 90% complete.
The introduction of Lookbacks will ensure that take-profits, limit/stop orders, and stop-losses are guaranteed across all asset classes and trading pairs, even during rapid market fluctuations.
Make sure to stay tuned — more information on lookbacks will be released very shortly.
King of the Hill Highlights
The inaugural $100k King of the Hill trading contest kicked off on June 12th on gTrade’s Arbitrum and Polygon trading platforms. Traders of all skill levels got involved, leading to a significant spike in volume — over $160 million was transacted in the first few days alone!
Live Streams
During the contest, gTrade partnered with @ThinkingBitmex and @majinsayan, who hosted 6 live streams, providing updates and insights throughout.
JPY Dominance
Interestingly, the Forex market, particularly the USD/JPY pair, drew a large number of traders. It even surpassed BTC and ETH on June 27th, reaching a daily volume of $27.4 million.
King of the Day
One of the standout trades of the contest was made by trader 0x5637. The trader entered a long position on BTC at $26,513 with 102x leverage on June 19th.
They closed the position two days later when BTC reached $28,852, realizing a profit of $1.14 million — an 827.8% gain!
A Spike in Volume & Traders
By the end of the contest, gTrade recorded a total transaction volume of $1.9 billion. Crypto accounted for $1.13 billion of this, but Forex also made a strong showing, contributing $724 million.
Thousands participated in the competition, including 377 new gTraders! Volume by blockchain remained consistent, with Polygon accounting for 10–20%, while Arbitrum volume made up the remaining 80–90%.
With a notable increase in volume and $100k in prizes distributed, the contest was a resounding success for both gTrade and the community… King of the Hill 2024?
Winners were announced on the Gains Network Discord and Twitter pages:
Integrations and Partnerships
June saw gTrade further expand its ecosystem through several collaborations, including partnerships with RAMSES Exchange, Silo Finance, Chronos, and Impermax Finance.
These collaborations are all aimed at enhancing composability, yield-earning opportunities, and rewards for the gTrade community.
RAMSES Exchange
Silo Finance
Chronos
Impermax Finance
Meme Contest Winners
The winners of gTrade’s meme contest were announced on June 19th. Make sure to check out the winning submissions!
Wrapping Up June
June proved to be another milestone month for gTrade and the community. The 1 million trades mark was hit, protocol growth and trading volumes rose significantly from May, new partnerships were formed, and the King of the Hill contest was a major success!
Next on the cards is the long-anticipated release of the lookbacks upgrade for guaranteed order execution. Stay tuned, it’ll be worth the wait!
For regular updates and to join the conversation, drop by the gTrade Discord and follow the Gains Network Twitter.
That’s all for now, gTraders!
