Gains Network (GNS crypto) is a decentralized trading platform that enables users to engage in leveraged trading of cryptocurrencies and forex. If you are interested in it, this article is for you.
What Is GNS Crypto?
Gains Network (GNS) is a decentralized trading platform that allows users to trade cryptocurrencies and other financial assets using leverage, aiming to establish a future-proof decentralized finance ecosystem. Their gTrade platform, built on the Polygon (Matic) blockchain, bo asts a unique architecture that enhances capital efficiency compared to competitors' platforms.
The network incentivizes users through reward pools, such as the DAI Vault, where staking DAI earns DAI rewards based on platform volume, and the GNS/DAI Pool, available on the Polygon (Matic) mainnet, which offers GNS and dQUICK rewards for LP staking. GNS crypto serves as the utility token, following the ERC20 standard, with a total of 38,500,000 GNS and a maximum supply of 100,000,000 GNS. Additionally, Gains Network offers five categories of NFTs, namely Bronze Keys, Silver Keys, Golden Keys, Platinum Keys, and Diamond Keys, each serving as master keys within the ecosystem, with a total of 1500 NFTs available.
Who Is The Founder Of Gains Network?
Gains Network, established in 2021, has an anonymous founder named Seb and reportedly comprises a team of around 10 members. The platform is currently gearing up to transition into a Decentralized Autonomous Organization (DAO); until that happens, the founder retains full control over the platform.
Gains Network has undergone eight security audits conducted and published by Certik, with the latest update, v6.2, soon to be released. The team conducts audits for every major update and plans an overall audit upon releasing the final major update. Since its launch, gTrade has generated over $11.7 million in trading fees, with approximately 35% distributed to liquidity providers and an average of 35.2% of fees going to GNS stakers with the new v6.2 update. Despite a decline in gTrade fees since the ir peak in March 2022, recent months have shown some growth.
The DAI vault plays a vital role in the protocol as it serves as collateral for all open trades. Although the vault was significantly affected by the May crash, it has since recovered and currently stands at 108% collateralization. Once the vault reaches 130 % collateralization, excess DAI will be used to buy back and burn GNS tokens.
Final Thoughts
Recently, investors have been drawn to protocols that generate tangible revenues, and Gains Network aligns with this trend by passing on revenues to stakeholders. And, this is what GNS crypto is.
