gTrade Quarterly Report: Q4 2023

The fourth quarter of 2023 saw gTrade maintain its position within the top 10 perpetual DEXes by volume. This period marked a significant increase in protocol revenue, which doubled from the third quarter of 2023 for approximately the same traded volume in the platform, which is a direct consequence of the tokenomics upgrade.

The successful launch of the v7 upgrade in early 2024 has expanded gTrade’s capabilities, introducing multi-collateral and new gETH and gUSDC token vaults. This article outlines gTrade’s performance metrics throughout Q4 2023, ongoing platform enhancements, and future direction.

Trade Volume

In Q4 2023, gTrade maintained its standing among the top 10 perp DEXes by trading volume. This was achieved without relying on trading incentives initiatives employed by other protocols to boost volume. October also marked a major milestone, with protocol volume reaching $50 billion!

Revenue Surge & GNS Staker Earnings

A notable highlight of last quarter was the tokenomics upgrade, which led to the doubling of protocol revenue from $1.07M in Q3 to $2.27 in Q4 — a gain of 112%, despite volume increasing only by +12.4%.

This revenue surge also benefited GNS stakers, who have consistently received 60% of protocol earnings since the tokenomics upgrade. gTrade is officially the #1 perp DEX in terms of revenue share for holders!

New Listings & Novel Tradable Assets

Over the past 6 months, gTrade has been aggressively listing new pairs and expanded its offerings. As of February 2024, gTrade has the most tradeable assets of any perp DEX at 136 assets, including 96 cryptos, 35 forex pairs and 5 commodities.

As you know, gTrade likes to do things a little differently… In addition to new crypto and forex listings, commodities like Oil and Palladium are now available to trade at up to 150x leverage!

First of its kind on-chain commodities, and another boost for GNS holders!

Fastest On-Chain Trade Execution

To help provide traders with a seamless and efficient experience, performance is key. gTrade is setting the standard with an average trade execution speed of 0.5 seconds, making it the fastest fully on-chain perp DEX!

Updates and Platform Enhancements

Q4 2023 was marked by significant advancements in gTrade’s platform, directly contributing to its user experience and trading capabilities. Among the developments:

Completion of v7 Upgrade

The successful rollout of the v7 upgrade introduced multi-collateral trading and new gToken vaults. As of Q1 2024, this is operational, and over 1,100 ETH and 3.1M USDC have been deposited into the gETH and gUSDC vaults, respectively.

For a deep dive into the v7 upgrade, check out the full-length article.

UI/UX Improvements

A series of UI/UX improvements were implemented in Q4, aimed at simplifying the trading experience. These enhancements include:

• Panel redesign
• Trade confirmation modals
• Improved wallet integration
• Improved portfolio page — comprehensive view of trading, lending and staking activity
• A redesigned landing page

Market Dynamics and Competitive Advantage

During Q4 2023, gTrade solidified its competitive advantage in the perp DEX market through several key differentiators:

Fastest On-Chain Execution

gTrade established itself as the fastest fully on-chain perpetual DEX, achieving an average execution speed of 0.5 seconds on the Arbitrum network. This performance significantly enhances the trading experience by minimizing delays that can impact trade outcomes.

Guaranteed Orders

Unique to gTrade, the platform offers guaranteed orders, a feature that ensures traders can execute orders at desired price points without the risk of missing the target due to rapid price fluctuations. This reliability is a critical advantage in volatile markets.

Learn more about guaranteed order execution in the v6.4 upgrade article.

Industry-Leading Leverage

gTrade offers the highest leverage among perp DEXes — up to 150x for cryptos, 1000x for forex, and between 150–250x for commodities.

Wide Range of Tradable Assets

The platform’s aggressive listing strategy has expanded its tradable assets to up to 117 pairs in Q4 — currently at 134 pairs as of February 2024. This wide selection is unmatched in the perp DEX space, providing traders with extensive options for diversification and strategy implementation.

Deep Liquidity and One Click-Trading

Thanks to the gToken vaults, where depositors act as trading counterparties in exchange for +60% of protocol-generated fees, gTrade ensures deep liquidity around the clock, mitigating risks of price slippage and ensuring traders can execute orders even during periods of high volatility.

Additionally, the platform’s one-click trading feature simplifies the on-chain trading process, aligning the user experience more closely with that of centralized exchanges.

Read the gTrade documentation to learn more about the benefits of one-click trading and how to activate it.

Roadmap and Future Developments

As we move into Q1 2024, gTrade is on target with its roadmap and poised for further advancements that promise to enhance its ecosystem and user experience. Key highlights from the roadmap and upcoming features.

Multi-Collateral and New Vaults Expansion (Competed Q1 2024)

With the successful launch of the v7 upgrade, gTrade has introduced multi-collateral trading options, now including ETH and USDC, alongside DAI. This expansion allows for a broader range of trading strategies and increases the platform’s TVL. This growth also paves the way for aggregated maximum open interest across all pairs.

Add or Remove Collateral to a Position (Q1 2024)

gTrade is implementing the ability for traders to add or remove collateral to an existing position in order to avoid liquidation. This feature aims to help traders better manage their risk and leverage, especially in volatile market conditions.

Partials (Q1 2024)

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.

Upgrade Technical Stack for Fast Listing (Q1 2024)

To maintain its leading position in terms of the variety of tradable assets, gTrade is focusing on enhancing its technical infrastructure. This will facilitate the swift listing of new trading pairs.

Volume Fee Tiers (Q1 2024)

To attract large-volume traders and enable more sophisticated trading entities and arbitragers, gTrade is introducing a progressive fee structure based on trading volume — the more volume you trade, the lower the fees.

Smart contract trading (Q1 2024)

Trading contracts will be opened up to non-EOAs for improved composability with the broader DeFi ecosystem and more sophisticated integrations.

Referral Revamp

A redesigned referral program aims to incentivize and reward the community for bringing new users to the platform, supporting continued growth and engagement.

On the Horizon

Looking further ahead, gTrade plans to introduce a suite of features, including in-house rewards, cross-margin trading, funding fee adjustments, counter trades, and the listing of popular DEX tokens.

Wrapping Up

Throughout Q4 2023, gTrade demonstrated a strong performance, marked by significant revenue growth, technological advancements, and strategic expansions that solidified its position within the perp DEX landscape.

The doubling of revenue from Q3 to Q4 2023, driven by the tokenomics upgrade and the expansion of tradable symbols, goes a long way in highlighting the platform’s financial success and operational efficiency, as well as community benefits through GNS staking yields of +15% (60% of protocol revenue).

The successful launch of the v7 upgrade, introducing multi-collateral trading and new gToken vaults, marks a major step forward in gTrade’s development.

The roadmap for Q1 2024 is filled with exciting developments which are expected to attract a broader audience, increase trading volume, and further cement gTrade’s position as a premier platform in the perp DEX space. Thanks to the gTrade community for your ongoing support — here’s to another big quarter and beyond!

For a deep dive into protocol stats, updates and what’s on the horizon, make sure to check out the gTrade Quarterly Report: Q4 2023 — https://docsend.com/view/wdzpssrqhyb5xnsx