Gains Network Clocks Record Volume on Arbitrum
Gains Network, a decentralised exchange (DEX), has recorded over $1.5 billion in trading volume on the Arbitrum blockchain just over a month after its launch.
Gains Network was initially released on Polygon and has contributed to the recent increase in transactional activity on that network. It enables users to trade financial derivatives of various assets such as tokens, US stocks, and indices by matching user trades using smart contracts.
Such offerings have piqued the interest of global traders, who would otherwise be unable to trade US-listed instruments without relying on banks and complying with extensive Know Your Customer (KYC) requirements.
Data shows that the platform has processed over $25 billion in trading volume on the Polygon and Arbitrum networks, all without the use of third parties. As of Friday, holders were earning 10% on their deposited GNS tokens.
According to Dune Analytics, the $1.5 billion in trading volume on Arbitrum has generated $1.1 million in fees for users providing liquidity to the platform, increasing the utility of the platform’s native GNS token.
In the last 24 hours, over $220 million in trading volume was processed. Over $120 million of that came from crypto derivatives and $70 million from products tracking foreign currency (forex), with the remainder spread across US-listed stocks and indices such as Apple (APPL) and Amazon (AMZN).
(With inputs from Shikha Singh)
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