- Gains Network has applied to the Polygon DeFi for $750,000 in funding.
- This will allow them to expand their gTrade decentralized leveraged trading platform.
- A $250,000 budget in MATIC tokens has been set aside to fulfill this goal.
Gains Network, the startup behind gTrade, the next-generation decentralized leveraged trading platform, has applied for $750,000 in funding from the Polygon DeFi to assist it in fulfilling the next two key milestones on its plan.
According to the team, the team has put aside a $250,000 budget in MATIC tokens to assist it in fulfilling four main targets over the next two months. The company’s initial aim, announced a month ago, is to trade over $30 million every day for at least ten days, with maximum per-transaction collateral of $20,000, thanks to its DAI vault.
$4 million in GNS/DAI liquidity and $2 million in total value locked in the DAI vault are two more milestones that have already been accomplished. While these targets were ambitious when established, gTrade claims it is well on its way to meeting 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 approximately $7 million in TVL in GNS/DAI LPs and $1.8 million in TVL in its DAI vault, which debuted just four days ago. In addition, gains Network is working on gTrade, a decentralized leveraged trading platform based on the Polygon blockchain.
Furthermore, gTrade’s asset-agnostic synthetic trading architecture, powered by the minting and burning of its native GNS token, offers major benefits to traders, such as leverage on median spot prices and the promise of 0% financing fees and 0% price effect.
The gTrade platform now offers 43 cryptocurrencies with 5 to 150 times leverage and ten major Forex pairs with up to 1000 times leverage, thanks to its entirely on-chain structure.
Gains access to the network’s on-demand content The Chainlink Decentralized Oracle Network conducts deals at the median spot price calculated from numerous exchange sources, guaranteeing that traders get the best deal possible.
The GNS/DAI pool and the DAI vault offer 100 percent liquidity for all trade fairs. Hence gTrade does not require liquidity for each pair. According to Gains Network, the gTrade platform can currently handle thousands of users and hundreds of millions of dollars in volume.
The company’s ambitious roadmap calls for an additional $500,000 in funding from the Polygon DeFi to meet its second milestone, which requires $100 million in daily trading volume for at least ten days, $50,000 maximum per trade collateral, $10 million in GNS/DAI LPs, and $5 million stakes in the DAI vault.
Gains Network’s creator, Sébastien, affirms that the company’s ultimate objective is for gTrade and Polygon to become the go-to sites for decentralized leveraged trading on the blockchain.