Rapid organic growth has put Gains Network’s decentralized gTrade platform well on the way towards achieving the first major milestones on its roadmap. Now, armed with $250,000 in funding from the Polygon DeFi, its founders are confident it will soon hit its second set of milestones.
Gains Network is intending to build a blazing-fast and liquidity-efficient leveraged trading platform with a decentralized architecture on the Polygon blockchain, giving investors the benefit of lower fees and faster trades. gTrade currently offers 43 cryptocurrencies and 10 major Forex pairs. Its asset-agnostic synthetic trading architecture, which is powered by the minting and burning of its native GNS token, ensures investors benefit from median spot price leverage, no fees and zero price impact. The exchange also claims to offer the fairest prices, with each asset trade executed at the median spot price across multiple exchanges.
gTrade also has the huge advantage of not needing liquidity for each trading pair, with 100 percent liquidity settlements on all pairs backed by the GNS/DAI pool and the DAI vault.
Those benefits are clearly not lost on crypto investors, who have been flocking to gTrade in their droves. As a result, Gains Network said it is already close to hitting its primary goal of sustaining $30 million in daily trading volume for 10 days, with a current average of $20 million traded through its platform each day. It’s also on the verge of hitting its target of a maximum $20,000 per-trade collateral enabled by its DAI Vault, with its current max sitting at $18,000 per-trade collateral.
Other targets on gTrade’s roadmap include reaching $4 million in GNS/DAI liquidity and $2 million total value locked in the DAI Vault. The first of those objectives has already been reached, with gTrade boasting $7 million in GNS/DAI liquidity, while the DAI Vault is getting close with $1.8 million in total value locked.
Gains Network has now unlocked $250,000 worth of MATIC tokens with its first Polygon grant, and once its initial goals have been reached it will receive a second, $500,000 grant to help it hit its next set of milestones. Those call for $100 million in daily trading volume, $50,000 maximum per trade collateral, $10 million in GNS/DAI liquidity and $5 million staked in the DAI vault.
“It is a great pleasure for us to work with Polygon for this trading incentives program,” said Gains Network founder Sébastien. “Gains Network’s mission with gTrade has always been to provide an innovative, decentralized, and fair solution for leveraged trading.”
Original Post: newsbtc.com
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