gTrade March 2022 Recap
We launched a $160k+ trading contest, new RPC optimizations, new listings like $FTM & $APE, a couple partnerships and more!
March was an exciting month for gTrade. We had a month full of events, updates, initiatives and milestones. Let’s jump right into it!
Trading Contest
On March 21, we kicked off our second sponsored by Polygon trading contest with a first place prize of $30,000! There are 300 spots available for prizes with the total prize pool being 80,000 $MATIC and $37,750 worth of $GNS.
The contest will end on April 21, at 23:59 UTC.
You can get the full details on our contest here.
Optimizations
We pushed some important optimizations this March. gTrade’s website backend now selects the most synced RPC, block by block. This is the most efficiency we can have at the moment in terms of RPC optimization. The details are as follows:
- Every trade order event should be more responsive by a few blocks. This means a few seconds on average and up to 8 seconds faster.
- Everything should be much more reliable in terms of reorgs and related edge cases.
- Live confirmations have been reduced to five blocks instead of 10. This is a decision based on reorgs being more rare now but it is still being monitored.
Some other recent optimizations and initiatives include:
- Big refactor to the backend. Code separated into modules for better workflow and collaboration.
- Work on real-time trading history
- Work on real-time leaderboard and personal report
- Front-end code cleanup and optimizations
Listings
Our traders have been asking for more listings and we are always gauging trends to decide what are the best cryptos to add.
This March we added $FTM, $FTT, $APE, $CHZ and $SHIB.
Less than a week after the $APE launch, the token was 4th in total trading volume on our platform.
Partnerships & Promos
InsurAce
We partnered with InsurAce in the beginning of March to provide insurance to our $DAI Trading Vault. Staking can be found here and the promo tweet is here.
InsurAce provides “reliable, robust, and secure insurance services to DeFi users, allowing them to secure investment assets against various risks.” These risks include:
➔ Smart Contract Vulnerability
➔ Custodian Risk
➔ IDO Event Risk
➔ Stablecoin Depeg Risk
Immunefi
Next up, we launched our bug bounty program with Immunefi. We are offering up to $100,000 in bounties depending on the severity of the bug/exploit found (if any).
Immunefi is a bug bounty platform for Web3 and smart contract security. They have averted $20B+ in hack damage!
You can read our article on this partnership here and find our promo tweet here.
Polygon Team Twitter Space
Seb, the Founder of Gains Network and Head Developer, joined Polygon’s chinmay.nft on a Twitter Space to answer some questions about gTrade and his journey. You can find the recording here.
Community Feedback & Invite to Submit Content to Our Medium
We asked the community for feedback on Twitter to see what could be added or improved. It should be noted that feedback from our Telegram channel is already being implemented on a regular basis.
Here is some of the feedback we received:
- Display the amount of DAI in wallet on UI
- Add stocks, indices and commodities
- Mixed trading pairs
- Partial take profits
- Ability to increase margin for ongoing positions
- Trailing stop loss
We also invited our community to submit content to our Medium Publication — Gains Network. A few community members’ content is posted under the “Community” tab on our publication. Community members with written content on Medium will be considered to be added to our list of writers with the ability to submit content to our publication.
Update About Stocks
Stocks API integrations and development for gTrade is coming along nicely. We are able to list most of the US stocks. We are aiming to finalize development by the end of April, but we have no official launch date as we are planning a campaign for this launch.
New Marketing Team
We put out an article explaining who the new team members are on Gains Network. The platform was built by just the Founder Seb and the team is now growing. A marketing strategist, content creator and graphic designer was added to the team along with a community dev helping with specific projects. You can find the full article here.
Update About QuickSwap Whitelabel
Our front-end developer from the community, @Crumbtastic on TG, is working on the QuickSwap whitelabel and is almost done with the redesign. He is working on the trading logic part. One of the biggest challenges for this project is making the trading experience fit into a swap-like interface so that the onboarding experience for new users is as frictionless as possible.
Growth
gTrade experienced A LOT of growth this March. Here is rundown of the metrics:
- $300M+ Daily ATH volume was reached on March 4
- $9B+ total volume in 6 months
- 50% increase in unique traders to 4000 total in one month
- Almost 50% (about $1M) increase in profit since February
- 200k total trades milestone reached
- $10M+ revenue in 6 months
Conclusion
gTrade is kicking into a new gear to achieve the vision of becoming the best possible decentralized leveraged trading platform. We are getting closer each day to becoming a full-fledged decentralized autonomous organization (DAO). Our trading contest, strategic partnerships and upgrades have brought in new volume, users and profit milestones. With stocks on the horizon, and the team expanding, we are adjusting to a new phase of growth.
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