gTrade June 2022 Recap
gTrade has come much closer to realizing its vision this June with the launch of v6.1 along with other milestones and achievements for the month.
V6.1 Launch
gTrade v6.1 allows us to offer leveraged trading on the price of nearly anything without compromising platform risk! The development of v6.1 was the highest priority in June. It was deployed at the end of June and we have now reached a more finalized design of gTrade. This means that the vision is coming together nicely.
You can learn more about the endgame of our trading model from this article by Séb, the Founder:
You can find more information about gTrade v6.1 methodology here:
In essence you will learn that v6.1 resulted in:
- Short-term trades paying fewer fees than before (collateral + PnL closing fee reduced from 1% to 0.5%)
- Strategic new fees for trades deemed riskier (rollover, funding)
- Price impact added on cryptos and stocks (additional oracle manipulation security)
- Relisting of most delisted pairs (18 crypto pairs — DOGE, AAVE, BAT, COMP, OMG, SNX, YFI, CRV, DASH, MKR, THETA, TRX, ZRX, XMR, ENJ, FTM, APE, SHIB)
- Minimum leverage lowered from 10x to 4x on cryptos, and from 30x to 10x on forex
- Max collateral per trade raised from 30k to 75k DAI
- Base spreads more than halved on many pairs
- Increased max open interest limits significantly on all pairs
- Funding fee farming
Other Developments
There has been a lot of refactoring and performance optimizations done for the website frontend. This will increase the efficiency of any devs working on the protocol and will allow us to more easily add UX/UI improvements. Basically, the work being done to the codebase will allow for any requested features to be added more smoothly.
Finally, we have also started working on the first UX improvements and on the UI polishing (we have a full-time designer working on it from now).
June Revenue Stats
Overall June saw lower profits than previous months. However, the product was functioning at a fraction of its previous parameters. This is because of temporary limitations set due to risk management over the negative Terra Luna crash externalities. All other trading platforms have suffered a significant volume decline as well due to the bear market. We are now back this month stronger than before and are steadily increasing momentum.
Polygon June dApp of the Month
In June we were honored as the dApp of the month by Polygon for the Liquidity Mining 2.0 campaign. You can see the full tweet/announcement here:
The Liquidity Mining campaign is a fun program Polygon has put together to promote the most used dApps on the Polygon Network while also rewarding these dApps.
Live on TokenTerminal
TokenTerminal has graciously added gTrade to their dashboard! You can now get even more in-depth statistics about our platform. Check out the dashboard here:
Community Requested Pairs & Considerations
We asked the community what pairs we should look into adding next. Here are some of the responses we got:
- Crude Oil WTI
- S&P
- NASDAQ
- Dow Jones
- Yuan
- Ruble
- Gold
- Silver
- DXY
- VIX
- Wheat
It should be noted that with the flexibility v6.1 provides, adding any of these pairs is possible given we find the right APIs for them. More info on future pairs will be released in due time.
Our Tweet asking for what pairs to list next can be found here:
Social Features Feedback
More social features are planned to come to gTrade in the future. This will become a priority as we get closer to launching a new UX/UI design.
We asked the community what social features they’d like to see. Here are some suggestions we received:
- Sharing any trades at any time in history
- Copy trading
- More trading competitions
- Feedback / idea aggregator w/ social functions
- Public win-streaks w/ rewards
We have a lot of ideas for gamification / social features and are really excited to start working on them.
Original post here:
Back to Fundamentals Article
This is a thought piece we wrote up to emphasize the importance of fundamentals in any project. No matter the market conditions, the base case for value for any project comes from their fundamentals. The projects which give the most value back to the world are the ones that will survive.
Check out the full article here:
Miscellaneous Achievements
- Our Trading Vault became the second largest DAI holding on Polygon:
- Our liquidation bots account for 99.7% of Chainlink’s direct requests (431,000+) in the last 30 days at the time of the Tweet:
- We reached a milestone of 5000 unique traders!
Scaling the Team
A lot of work has been done on the marketing team to make it operational, and we are making a lot of progress on scaling the development team as well (now made of 4 people).
It is going to stay a core priority because we want to be able to reach our vision and goals as efficiently and as fast as possible, and it is only possible with a strong and operational team.
Conclusion
June was a dev heavy month for gTrade with the full focus of the dev team being on launching the new risk management model. This new model has brought us closer to a more finalized version of gTrade in which the robustness of the product and the possibilities for innovation has increased tenfold. Lower leverages now available, more pairs, increased max collateral and lower spreads are some of the key allowances this upgrade has offered.
Momentum is increasing here at gTrade as the core product is now coming closer to realizing the vision. Our community continues to thrive in providing key feedback for future product development.
Being recognized as Polygon dApp of the month, integrating with TokenTerminal, accumulating one of the largest DAI vaults on Polygon and reaching 5000 unique traders shows that we are on our way to reaching new heights in our development.
With the long awaited single sided staking and a brand new referral system in the works next month, the community will be able to capture greater value from the project and contribute even more to its growth!
