gTrade March 2023 Recap: A Month of Trading, Revenue, and Development
March was an eventful month for gTrade and the community, with several noteworthy achievements, milestones, and partnerships.
From launching $ARB trading to surpassing $30 billion in cumulative volume to making strides on v6.3.1, gTrade continues building a stronger decentralized leverage trading platform.
Let’s take a look at how the March market impacted gTrade, what we’ve accomplished over the past month, and what we can expect throughout the coming weeks!
Protocol Growth and Profit Distribution
March proved to be a strong month, with protocol growth continuing its upward trajectory and user adoption increasing.
Several key targets were hit and milestones achieved, including ATHs for profit distribution and monthly trading volume!
Platform growth — February to March:
- Trading volume: $3.42 billion ➔ $4.03 billion
- Profit distribution: $2.3 million ➔ $3.34 million
- $gDAI Vault TVL: $44.1 million ➔ $50.2 million
- Governance fund earnings: $439,016 ➔ $485,684
These strong results allowed gTraders to reap the benefits of increasing protocol revenue and trading fee distribution.
Project Recognition
Launching on Arbitrum has been a significant contributor to the growth of gTrade. We’ve leveraged the network’s high throughput and low gas fees, allowing over $7.5 billion to be traded since launch and solidifying our position as one of the top projects in the ecosystem.
Additionally, the Arbitrum Foundation announced that Gains Network will receive an $ARB airdrop totaling 1.93 million tokens. This will go a long way to benefiting the gTrade platform, bolstering liquidity, and helping grow the community.
By the way, we know how much gTraders love $ARB, and rumors are swirling that a trading contest might be in the works — stay tuned for updates!
https://twitter.com/GainsNetwork_io/status/1641099011468976128
$ARB Trading goes Live
We knew that gTraders were excited about the listing of $ARB, but our expectations were well and truly exceeded.
Since listing, $ARB has become one of our most popular trading pairs, with over $64 million traded in the past 7 days alone!
With the ability to trade on the $ARB token price with up to 150x leverage, traders can now choose from a wider range of assets and have opportunities to diversify strategies.
gTrade Stress Testing
The entire crypto space experienced a challenging weekend in March due to the SVB collapse, which led to a temporary $USDC and $DAI de-peg.
Fortunately, this event had no significant consequences for gTrade or the $GNS token.
In fact, we saw high trading volumes, new user growth, and vault TVL increases over the weekend and through the start of this week. These reassuring metrics displayed valuable insight into the platform’s stability and ability to operate efficiently under pressure.
This stress testing allowed us to take away important lessons to ensure we’re well-prepared for future market challenges. We’ve recognized the importance of vault diversification and solidified our future plans to add additional gTokens to diversify the platform’s liquidity.
https://twitter.com/GainsNetwork_io/status/1634457983970328576
Trading volume milestones
In early March, gTrade reached a significant milestone, surpassing $30 billion in cumulative trading volume!
Many traders are transitioning from centralized to decentralized trading platforms, and our goal is to accommodate this shift — adapting and advancing to provide the best possible on-chain trading experience.
Setting records and breaking ATHs
The week of March 13th marked a big win for gTrade, with a new weekly trading volume record of over $1.38 billion!
Alongside this record, over $1.13 million in total weekly fees were generated over the course of the week, adding to the growing profit distribution statistics.
gTraders in the green!
Mid-March was a turbulent week in the markets. Big bank drama caused a temporary de-pegging of major stablecoins, including $USDC and $DAI, and had many investors worried about broader crypto (and macro) contagion.
However, amidst the chaos, gTraders thrived!
During this period, the top five traders capitalized heavily, collectively profiting over $780,000!
Integrations and Partnerships
Throughout March, we’ve been actively collaborating with a number of protocols, forming new partnerships and further expanding our presence in the Arbitrum and Polygon ecosystems.
Some notable partnerships and collaborations include:
Fluidity Money
In March, we teamed up with blockchain incentive layer Fluidity Money, joining its Atlantean Embassy.
We’re excited to collaborate on an $fDAI vault that aims to provide users of both platforms with additional benefits and rewards.
Learn more in Fluidity’s blog announcement.
QiDAO
Earlier this year, QiDAO launched $gDAI vaults on Polygon that enable $gDAI to be utilized as collateral without any interest charges for minting $MAI. In March, a version of this vault was also deployed on Arbitrum!
https://twitter.com/QiDaoProtocol/status/1631775544839753728?s=20
Silo Finance
gTrade recently joined forces with Silo Finance, co-incentivizing a $GNS Silo that allows users to lend, borrow or collateralize their $GNS tokens.
https://twitter.com/SiloFinance/status/1633487075873005568?s=20
Pendle Finance
Pendle Finance built an interest rate product on top of $gDAI, allowing users to lock in fixed yield returns with $PT-gDAI, making their positions volatility-proof.
https://twitter.com/pendle_fi/status/1633829856101429248?s=20
Perpy Finance
In early March, Perpy announced they will integrate gTrade pairs and asset classes into their vaults. This partnership will expand the yield-earning options and will help boost volume on gTrade.
https://twitter.com/PerpyFinance/status/1632735331450605571?s=20
Ramses
Arbitrum-native DEX, Ramses, integrated both $GNS and $gDAI into their liquidity layer.
We’re working with the Ramses team, leveraging the platform’s ve(3,3) infrastructure to help deepen the liquidity for both pairs and make them accessible to more traders.
https://twitter.com/RamsesExchange/status/1636101313892323328?s=20
gTrade in the media
This month was a busy one connecting with communities and partnering with projects. To accompany the business development efforts, we’ve also been able to collaborate and reach a wider audience with the help of big industry names like The Defiant, Cointelegraph, and DeFi Dad.
Check out some of our recently featured articles, podcasts, and videos:
- The Defiant: What is Gains Network?
- Cointelegraph: The benefits of trading Forex pairs in decentralized finance
- DeFi Dad | The Edge Podcast: gTrade: An Anonymous Founder’s Quest to Build the Ultimate Trading Platform
- The Defiant: Gains Network Joins Fluidity Money’s Atlantean Embassy
Platform upgrades and NFT bot optimizations
At the end of March, we deployed gTrade v6.3.1 with several improvements, primarily focusing on NFT bot incentives.
The update also included changes to the reward distribution system to help prevent NFT bot gas wars and protect against same-bot, same-block spamming.
The new system ensures that all orders, regardless of size, are equally incentivized.
Check out our recently published article for a full breakdown of the gTrade v6.3.1 upgrade!
Another successful month
March was a busy and successful month for gTrade, full of development advancements, collaborations, and community growth.
The platform saw significant growth in trading volume, profit distribution, and TVL for the $gDAI Vault — ATHs across the board!
With over $90 million in trading volume over the past 30 days, the listing of $ARB was well-received by the community and contributed to this month’s success.
gTrade surpassed $30 billion in cumulative trading volume and set ATHs for weekly volume and fees generated, leading to over $3.34 million in profit distribution.
Trading and yield-earning opportunities have expanded through collaborations with a number of emerging DeFi projects, including QiDAO, Silo Finance, Pendle Finance, Perpy, and Ramses.
2023 is off to an incredibly strong start for gTrade — we expect April to be another great month!
