Subscribe to Bankless or sign in
Tl;dr: A fast-growing perpetuals DEX is outperforming.
Gains Network is a perpetual futures DEX. Gains utilizes a unique model where users deposit collateral (DAI) into a vault in order to trade equities, crypto, and forex with up to 100x, 150x, and 1000x leverage respectively. This DAI vault acts as the counterparty on the DEX, paying out profits to traders while accruing fees and losses. Gains is governed by the GNS token, which holders can stake to earn 40% of trading fees generated from market orders and 15% from limit orders. GNS is also used to backstop the protocol, as treasury tokens will be sold OTC in the event that the DAI vault becomes undercollateralized.
Gains has facilitated $21.1B in trading volumes since its launch in October 2021. Gains has managed to grow in the back half of 2022 despite depressed trading volumes in the broader market. The protocol has managed to post four consecutive months of growth between June and October 2022, with monthly trading volumes rising 115% from $847.5M to $1.8B. The protocol also generated $1.7M in revenue during this period. This growth has been due in large part to the protocol diverse set of tradable assets, as the DEX has become a popular destination for trading forex, which has experienced tremendous volatility in recent months, on-chain.
Subscribe for free to continue reading
- Support the Bankless Movement
- Access to thousands of articles
- Complete archive of Bankless episodes
- Embark on free quests in Airdrop Hunter
- Daily alpha in your inbox
Already subscribed? Sign in
