Polygon grants Gains Network $250k in $MATIC for 2 trading contests
We are delighted to announce that Polygon is supporting the adoption and growth of gTrade, our decentralized leveraged trading platform, with a $250k grant in MATIC tokens targeted for trading incentives.
Our goal is to make Polygon the best place to trade with leverage. We currently support 43 cryptocurrency pairs and 10 forex pairs and don’t charge any funding fee or borrowing fee to keep trades open. Trades don’t have any price impact on our platform as we use a synthetic architecture connected to a custom Chainlink decentralized oracle network offering real-time medianized spot prices, which also filter bad volatility or “scam wicks”.
If you have never tried leverage trading on gTrade yet, now is the best moment to do it!
There will be two contests with $125,000 worth of $MATIC rewards (= 50,000 $MATIC @ $2.5) from Polygon, and $25,000 worth of $GNS rewards that we sponsor. We will communicate the wallet addresses of the winners to Polygon after the end of each contest as they hold the $MATIC and take care of sending the $MATIC rewards.
🏆 Contests prizes
Nearly everyone who participates will get at least 20 $MATIC as rewards will be given to the top 1,000 traders!
1: 3,800 $MATIC + $15,000 in $GNS
2: 3,800 $MATIC + $7,500 in $GNS
3: 3,800 $MATIC + $2,500 in $GNS
4: 3,600 $MATIC
5: 2,500 $MATIC
6: 1,000 $MATIC
7: 875 $MATIC
8: 750 $MATIC
9: 625 $MATIC
10: 500 $MATIC
11–20: 250 $MATIC
21–50: 150 $MATIC
51–100: 75 $MATIC
101–1,000: 20 $MATIC
📊 Criteria to win the contests
We will use the following formula to calculate the score which sets your position on the leaderboard:
Score = Total PnL % x Sqrt(Total Volume)
With “Total PnL %” being the sum of % PnL (on collateral) for all your closed trades, and “Sqrt(Total Volume)” being the square root of the sum of the position sizes (collateral x leverage) of all your trades.
The goal is to incentivize volume but at the same time also give a chance to traders who use smaller position sizes to rank high in the leaderboard, as the PnL % is more important than the volume in this score.
You don’t need to worry about this formula if you don’t understand it, you will be able to see your position in the leaderboard on our trading platform directly.
Important: Only trades opened and closed during the contests will count for your score, and you can only win a prize if your total pnl % is positive.
📅 What are the dates for the first contest?
Start: January 7th 0:00 UTC
End: February 7th 0:00 UTC
Dates for the second contest will be announced after the end of the first contest.
Quote from Polygon
Leveraged trading is one DeFi sector poised for massive growth in 2022. gTrade is already putting in solid on-chain volumes due to smooth UX on the Polygon PoS chain. We believe it has potential to grow a lot, as it fulfills a big DeFi ecosystem demand. — Asif, Polygon Defi Growth
Quote from our founder
It is a great pleasure for us to work with Polygon for this trading incentives program. Gains Network’s mission with gTrade has always been to give an innovative, decentralized, and fair solution to leveraged trading. It is now time for the world to realize that Polygon is THE blockchain to trade with leverage! — Séb
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.
About Gains Network
Gains Network is a cutting-edge suite of DeFi products building on Polygon.
Its first product, gTrade, is a highly liquidity-efficient decentralized leveraged trading platform integrated with a custom Chainlink DoN, offering up to 150x leverage on 40+ cryptocurrencies and up to 1000x leverage on 10 forex pairs.
No funding fee, 0% price impact, 100% on-chain execution, trade directly from Metamask.