gTrade July 2022 Recap
Every day at Gains Network we strive to innovate and improve gTrade — our first product in what will become a suite of DeFi projects dedicated to creating real value.
Our V6.1 Upgrade Success
Our v6.1 upgrade has given us the ability to offer the widest range of leverages! With the minimum now being 4x, we are monitoring the new risk management system to deduce how low leverage we can offer.
We are now also able to add more trading pairs than we could before and most of the pairs delisted before have been re-added.
This update has also allowed us to expedite the allowance of higher collateral sizes. So we have increased the threshold back to the previous 100,000 DAI maximum.
You can learn more about the benefits of V6.1 here: https://medium.com/gains-network/gtrade-v6-1-26129477b9ef
v6.2 & Beyond
We have laid out what the development of gTrade will look like for the year and beyond.
This July, the dev team has been fully focused on delivering and setting the scope for v6.2, which consists of $GNS staking for $DAI rewards (this is the first iteration with no locks), a new referral system (with whitelist), price aggregator optimizations for NFT bots’ oracle fee calculations, and more.
You can find more info about v6.2 here (renamed from v6.1.1): https://gainsnetwork-io.medium.com/gns-staking-a-new-referral-system-and-much-more-v6-1-1-b6c8166ad210
This new development has required a lot of smart contract work and unit testing.
You can see what’s next on the list for the team here:
Ongoing work on the website
We’ve made very good progress on refactoring the codebase, and have worked on our organization to be more efficient as a dev team.
We’ve also pushed a solid amount of minor UI / UX improvements such as using a real 24h window to display the 24h changes on the assets listed on gTrade instead of counting from midnight, optimizing our modal system, disabling the 900% TP option for shorts with < 10x leverage (price would need to be < 0), better handling custom DAI allowances, fixing the pending PnL on trades opened on pairs that are currently closed, etc.
Handling our first 2 stock splits
This month we’ve handled the GOOGL (1:20) and GME (1:4) stock splits successfully, by creating a new pairs (eg. GOOGL_1) that returns the post split price, and returning the pre split price on the previous pair.
That way every trade that was open on GOOGL for example kept the same PnL percentages and can be closed smoothly, and new trades are opened and closed on the accurate post split price of GOOGL.
New Feedback Form
Upon receiving overwhelming suggestions about how to improve our product, we decided to launch a feedback form to automate the tracking of suggestions, questions, ideas and more. You can find the form here:
Faster Order Confirmations
The number of block confirmations on gTrade has been lowered from 5 blocks to 2 blocks (10 seconds to 4 seconds). Trades are therefore placed 2.5 times faster — scalping is now a little smoother.
Coinbase Wallet Support
We have added support for Coinbase Wallet. This means that the site is now more accessible to a greater set of DeFi users. Ultimately, we want the onboarding process to be as easy as possible.
We were recently featured on the MaticNews site. This is an ongoing collaboration where we plan to release exclusive articles about gTrade and the Polygon ecosystem on their site. Check out the article here:
PolyDoge x MaticNews Twitter Space
MaticNews invited us to a Twitter Space with 18+ other DeFi projects on Polygon. The theme was project actions in a bear market. Essentially, we spoke about how this bear market has made us stronger.
You can check out the recording here, our bit starts at 45:08 :
TradingView Chart Saving
Gainers are now able to save the charts they create on the site using the cloud icon on the top of the chart.
Link to tweet announcement:
Twitter Space on V6.1
Séb, the Founder of Gains Network, spoke a little about what the v6.1 update entailed. You can listen to the recording here:
Highest Volume Project on Polygon
In the 7 days leading up to July 26, we achieved $379.92M in trading volume on our token.
The v6.1 update was a success in fortifying our risk management. And with the new medium-term roadmap, our course is set for achieving new heights in both product development and marketing.
The dev team is getting much more organized and efficient at getting tasks done, and made really good progress this month with many UI/UX improvements on the gTrade website.
Finally, the v6.2 update has required our full attention. We will be able to scale our marketing with influencers and projects using new whitelisted referral links. These efforts have also allowed us to become one of the first projects where token stakers really own the protocol with real yield coming directly from the protocol revenue.
Gains Network 🍏
3 183 members, 275 online Gains Network ($GNS) brings the most liquidity efficient decentralized leveraged trading…