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January 20, 2022
Crypto News

Fast-growing gTrade Platform Gets $250K Grant As It Closes In On First Major Milestones

Rapid natural progress has put Gains Network’s decentralized gTrade platform nicely on the way in which in the direction of reaching the primary main milestones on its roadmap. Now, armed with $250,000 in funding from the Polygon DeFi, its founders are assured it should quickly hit its second set of milestones.

Gains Network is intending to construct a blazing-fast and liquidity-efficient leveraged buying and selling platform with a decentralized structure on the Polygon blockchain, giving buyers the good thing about decrease charges and sooner trades. gTrade at present presents 43 cryptocurrencies and 10 main Forex pairs. Its asset-agnostic artificial buying and selling structure, which is powered by the minting and burning of its native GNS token, ensures buyers profit from median spot price leverage, no charges and nil price affect. The alternate additionally claims to supply the fairest costs, with every asset commerce executed on the median spot price throughout a number of exchanges.

gTrade additionally has the massive benefit of not needing liquidity for every buying and selling pair, with one hundred pc liquidity settlements on all pairs backed by the GNS/DAI pool and the DAI vault.

Those advantages are clearly not misplaced on crypto buyers, who’ve been flocking to gTrade of their droves. As a outcome, Gains Network stated it’s already near hitting its major aim of sustaining $30 million in each day buying and selling quantity for 10 days, with a present common of $20 million traded by way of its platform every day. It’s additionally on the verge of hitting its goal of a most $20,000 per-trade collateral enabled by its DAI Vault, with its present max sitting at $18,000 per-trade collateral.

Other targets on gTrade’s roadmap embody reaching $4 million in GNS/DAI liquidity and $2 million complete worth locked within the DAI Vault. The first of these targets has already been reached, with gTrade boasting $7 million in GNS/DAI liquidity, whereas the DAI Vault is getting shut with $1.8 million in complete worth locked.

Gains Network has now unlocked $250,000 value of MATIC tokens with its first Polygon grant, and as soon as its preliminary targets have been reached it should obtain a second, $500,000 grant to assist it hit its subsequent set of milestones. Those name for $100 million in each day buying and selling quantity, $50,000 most per commerce collateral, $10 million in GNS/DAI liquidity and $5 million staked within the DAI vault.

“It is a great pleasure for us to work with Polygon for this trading incentives program,” stated Gains Network founder Sébastien. “Gains Network’s mission with gTrade has always been to provide an innovative, decentralized, and fair solution for leveraged trading.”

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