gTrade Receives First Part of 750K Grant From Gains Network By CoinQuora
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gTrade Receives First Part of 750K Grant From Gains Network
- Gains Network applies for $750,000 in financing from the Polygon DeFi.
- This is to enable them to grow its decentralized leveraged trading platform, gTrade.
- An initial budget of $250,000 in MATIC tokens has been unlocked to meet its target.
Gains Network, the company behind gTrade, the next-generation decentralized leveraged trading platform, has submitted to the Polygon DeFi for $750,000 in funding to help it reach the next two important milestones on its roadmap.
According to the team, they have set aside a $250,000 budget in MATIC tokens to help it meet four major objectives over the next two months. The company’s first goal, which was set a month ago, includes a daily trading volume of over $30 million for at least 10 days, with maximum per-trade collateral of $20,000, as enabled by its DAI vault.
Additional milestones which also have already been met include $4 million in GNS/DAI liquidity and $2 million in total value locked in the DAI vault. While these goals were lofty when they were set, gTrade says it is now well on its way to achieving them, with an average daily trading volume of $20 million and maximum per-trade collateral of $18,000, up from $6,000 before the DAI vault update less than two weeks ago.
It also has over $7 million in TVL in GNS/DAI LPs and has reached $1.8 million TVL in its DAI vault just four days after it opened. Clearly, Gains Network is developing gTrade, a decentralized leveraged trading platform that makes the most of the Polygon blockchain.
Furthermore, gTrade’s unique asset agnostic synthetic trading architecture, driven by the minting and burning of its native GNS token, provides significant benefits for traders, including leverage on median spot prices and the guarantee of 0% financing fees and 0% price impact.
With a fully on-chain structure, the gTrade platform presently supports 43 cryptocurrencies with 5 to 150 times leverage, as well as 10 main Forex pairings with up to 1000 times leverage. Gains Network’s on-demand Chainlink Decentralized Oracle (NYSE:) Network executes trades at the median spot price derived from several exchange sources, ensuring traders receive the most competitive prices.
gTrade also has the advantage of not requiring liquidity for each pair, as the GNS/DAI pool and the DAI vault provide 100 percent liquidity for all trading pairings. The gTrade platform, according to Gains Network, is now equipped to handle thousands of users and hundreds of millions of dollars in volume.
To meet its second milestone, which requires $100 million in daily trading volume for at least 10 days, $50,000 maximum per trade collateral, $10 million in GNS/DAI LPs, and $5 million staked in the DAI vault, the company’s ambitious roadmap calls for an additional $500,000 in funding from the Polygon DeFi.
Sébastien, the founder of Gains Network confirms that the firm’s ultimate goal is to make gTrade and Polygon the go-to places for decentralized leveraged trading on the blockchain.
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!
Continue reading on CoinQuora
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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gTrade Receives First Part of 750K Grant From Gains Network
- Gains Network applies for $750,000 in financing from the Polygon DeFi.
- This is to enable them to grow its decentralized leveraged trading platform, gTrade.
- An initial budget of $250,000 in MATIC tokens has been unlocked to meet its target.
Gains Network, the company behind gTrade, the next-generation decentralized leveraged trading platform, has submitted to the Polygon DeFi for $750,000 in funding to help it reach the next two important milestones on its roadmap.
According to the team, they have set aside a $250,000 budget in MATIC tokens to help it meet four major objectives over the next two months. The company’s first goal, which was set a month ago, includes a daily trading volume of over $30 million for at least 10 days, with maximum per-trade collateral of $20,000, as enabled by its DAI vault.
Additional milestones which also have already been met include $4 million in GNS/DAI liquidity and $2 million in total value locked in the DAI vault. While these goals were lofty when they were set, gTrade says it is now well on its way to achieving them, with an average daily trading volume of $20 million and maximum per-trade collateral of $18,000, up from $6,000 before the DAI vault update less than two weeks ago.
It also has over $7 million in TVL in GNS/DAI LPs and has reached $1.8 million TVL in its DAI vault just four days after it opened. Clearly, Gains Network is developing gTrade, a decentralized leveraged trading platform that makes the most of the Polygon blockchain.
Furthermore, gTrade’s unique asset agnostic synthetic trading architecture, driven by the minting and burning of its native GNS token, provides significant benefits for traders, including leverage on median spot prices and the guarantee of 0% financing fees and 0% price impact.
With a fully on-chain structure, the gTrade platform presently supports 43 cryptocurrencies with 5 to 150 times leverage, as well as 10 main Forex pairings with up to 1000 times leverage. Gains Network’s on-demand Chainlink Decentralized Oracle (NYSE:) Network executes trades at the median spot price derived from several exchange sources, ensuring traders receive the most competitive prices.
gTrade also has the advantage of not requiring liquidity for each pair, as the GNS/DAI pool and the DAI vault provide 100 percent liquidity for all trading pairings. The gTrade platform, according to Gains Network, is now equipped to handle thousands of users and hundreds of millions of dollars in volume.
To meet its second milestone, which requires $100 million in daily trading volume for at least 10 days, $50,000 maximum per trade collateral, $10 million in GNS/DAI LPs, and $5 million staked in the DAI vault, the company’s ambitious roadmap calls for an additional $500,000 in funding from the Polygon DeFi.
Sébastien, the founder of Gains Network confirms that the firm’s ultimate goal is to make gTrade and Polygon the go-to places for decentralized leveraged trading on the blockchain.
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!
Continue reading on CoinQuora
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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