gTrade September 2023 Recap
Forex Frenzy, Raising the Stakes, and the Arbitrum Short-Term Incentives Program
Heading into Q4, all major and minor Forex pairs are now listed, $GNS staking rewards have been raised, and gTrade has submitted its application for the Arbitrum Short-Term Incentives Program!
Let’s get straight into the highlights for September and check out what’s in store for the next month.
Protocol Growth and Profit Distribution
After another month of ranging crypto markets, $BTC and $ETH spiked ~5% on October 1st — leading many traders to lock in longs and call for ‘Uptober’!
The optimism was short-lived, however, as highs were rejected, and prices of major coins and tokens fell back to their September levels.
Fortunately, Forex markets told a very different story. September Forex volume reached a whopping $662.9 million, overtaking crypto’s monthly volume for the first time in gTrade history!
$GBP / $USD was the main contributor with a 30-day volume of $372 million — more than twice that of $BTC!
This spike in Forex trading has pushed gTrade’s total trade volume to ~$48 billion. Will October take us to the big 5–0?
Key stats for September:
- Total Trading Volume: $1.26 billion
- Forex Volume: $662.9 million
- Crypto Volume: $547.7 million
- Commodities Volume: $56 million
- Profit Distribution: $638,061
- Total Trades: 30,016
- gDAI Vault TVL: $28.25 million
- Governance Fund Earnings: $106,670
- GNS Staking Earnings: $217,643
- New Traders: 281
Platform Updates & Announcements
The past month has marked several significant development updates and announcements, including the listing of 18 new Forex pairs, the v6.4.1 upgrade, and gTrade’s application for the Arbitrum Incentives Program.
Forex Frenzy:
The crypto markets have been slow and ranging these past few months, and Forex has stolen the spotlight — accounting for around half of gTrade’s total volume.
To accommodate this momentum, 18 new pairs were listed in September. These new listings take gTrade’s total Forex pairs to 35, including all 7 major and 21 minor pairs!
New Listings:
- $EUR / $AUD
- $CHF / $JPY
- $EUR / $NZD
- $GBP / $AUD
- $GBP / $CAD
- $GBP / $CHF
- $EUR / $CAD
- $GBP / $NZD
- $GBP / $JPY
- $AUD / $NZD
- $AUD / $CAD
- $AUD / $CHF
- $AUD / $JPY
- $NZD / $CAD
- $NZD / $CHF
- $NZD / $JPY
- $CAD / $CHF
- $CAD / $JPY
Raising the Stakes:
On October 1st, gTrade v6.4.1 went live!
This update involves several changes, including the depreciation of GNS NFTs (in exchange for $GNS tokens) and revenue reallocation from the development fund to $GNS stakers.
As a result of these changes, revenue capture for $GNS stakers has increased by ~70%, and the total fees going to $GNS rose from 30%-60%!
Check out the tokenomics plan (released in July) for a full breakdown.
Arbitrum Short-Term Incentives Program:
Gains Network lodged an application for the Arbitrum Short-Term Incentive Program. The STIP is a community-created initiative to distribute ~50 million $ARB tokens from the DAO treasury to active protocols operating on the Arbitrum network.
Gains Network is proud to have reached quorum, with nearly 94% voting in favor of the proposal!
Although the proposal’s 145M “For” votes weren’t sufficient to be included in the program, we’d like to thank all of the delegates who supported gTrade and congratulate the many deserving protocols that will receive the grants!
Wrapping Up September
With $662.9 million in trading volume and all 7 major and 21 minor pairs now listed, September was indeed a month of Forex frenzy!
The launch of v6.4.1 went smoothly, and $GNS stakers are expected to receive between 60–80% additional earnings.
Last but not least, Gains Network submitted an application for 7 million $ARB tokens and a grant match offer of 100k $GNS as part of the Arbitrum Short-Term Incentives Program!
Congratulations to all the projects that received the grant — we look forward to seeing the growth of the Arbitrum ecosystem in the coming months!
Thanks for another great month, gTraders. Stay tuned to the Gains Network Twitter and Discord channels for more updates!
