- Ticker: GNS
- Sector: DeFi - Perpetuals
- Network: Polygon, Arbitrum
- FDV: $192.8M
- Hotness Rating: 🔥🔥🔥🔥
Gains Network is a decentralized perpetual futures exchange currently deployed on Polygon and Arbitrum. Gains employs a model similar to GMX’s GLP, in which a DAI vault acts as the liquidity provider and counterparty for traders on the platform. Gains is unique in that it offers equities, crypto, and forex trading with 100x, 150x, and 1000x leverage respectively. The protocol is governed by the GNS token, which can be staked to earn a share of protocol fees. The protocol is governed by the GNS token, which can be staked to earn a share of protocol fees. GNS will also be burned when the DAI vault is overcollateralized, and minted as a backstop when it becomes undercollateralized.
Gains recently deployed on Arbitrum. To date, this instantiation has been a massive success, having facilitated $1.8B in trading volumes since going live on December 30. The DAI vault on Arbitrum also has more collateral than the one on Polygon, with $24.5M for the former compared to $14.9M for the latter.
This growth of the Arbitrum deployment has helped fuel considerable outperformance in GNS, with the token soaring 81.7% against USD and 75.3% against ETH during this period. The yield for GNS stakers on Arbitrum currently sits at 12.1%, with these tokenholders having earned $446K in trading fees since December 30.
Hotness Rating (🔥🔥🔥🔥/5): GNS has outperformed on the backs of its fast-growing Arbitrum deployment. While competition in the perpetuals exchange remains fierce, investors looking to gain exposure to L2-based, secularly growing projects with large addressable markets would be wise to take a closer look at Gains.